The plans outlined by the regulator could help homebuyers to secure a property.
Rules on mortgages and contactless payments could be shaken up as part of wider moves to boost economic growth.
In the letter, FCA chief executive Nikhil Rathi said the regulator would: “Begin simplifying responsible lending and advice rules for mortgages, supporting home ownership and opening a discussion on the balance between access to lending and levels of defaults.” Mortgage lending rules were toughened after the 2008 financial crisis, to make sure there could be no return to irresponsible lending.
“Banks will always lend responsibly but the current rules are restricting the number of people who can get a mortgage and so could be relaxed.”
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