The Financial Services Authority (FSA) has met with a divided response from the UK mortgage industry over its proposals to ban loans that require no proof of income. The City regulator last October proposed a ban on “self-certification” loans, which have allowed 1m borrowers to take mortgages without proving their income. Self-cert loans were intended to help the self-employed buy homes by taking their word about what they earned. On Tuesday, it published a 34-page Mortgage Market Review feedback statement in response to a discussion paper on the proposals. But the FSA said its proposal to make income verification a requirement for all mortgages generated a polarized reaction from those in the mortgage industry.

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3d rendering of a row of luxury townhouses along a street

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