The FCA says it is not concerned by claims that appointments with a branch mortgage adviser will take over three times longer as a result of the mortgage market review.
Earlier this month, Money Marketing’s sister title Mortgage Strategy revealed some lenders are expecting appointments with their in-house advisers to take as long as three and a half hours due to the more onerous affordability rules.
Lenders are warning behind closed doors that borrowers could be forced to wait weeks for a branch appointment as lenders struggle to get enough qualified advisers in place.
Speaking at an MMR press briefing in Canary Wharf last week, FCA director of mortgages and consumer lending Linda Woodall said the regulator is not concerned that appointments could take longer.
She said: “There is undoubtedly an issue around getting slicker.
“But I think we would also make no bones about the fact that a mortgage is, for most people, the biggest financial commitment they make and for a process to be a bit more thorough around affordability, we think will lead to more sustainable outcomes than we have seen in the past.”