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MMR: 25-year maximum term officially dropped

The FSA has officially dropped its previous requirement that affordability should be accessed on a maximum term of 25 years.

In feedback from its last consultation paper it says that there was “strong consensus” to drop the regulator’s initial requirement of assessing affordability on the 25-year cap.

The FSA says: “Respondents felt this was too restrictive and in particular would prevent younger customers from getting on the property ladder.”

They also argued that dropping the proposal would be consistent with increasing life expectancies and working lives of customers.

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