Commenting on the publication of the FCA's Mortgage Rule Review Feedback statement and Roadmap, Robin Rouwenhorst, Mortgage Policy Manager, said:
 

“The BSA welcomes the FCA’s Mortgage Rule Review Feedback Statement and Roadmap which aims to shape the future mortgage market. The FCA has clearly listened to the feedback to their Discussion Paper and we are pleased that our members key asks and priorities have been included as areas for consultation in 2026.

“We have consistently highlighted the need for a broader perspective when comparing the customer outcomes of homeowners with those remaining in rental accommodation and therefore welcome the focus on targeted reforms to support first-time buyers and the self-employed to make it easier to get a mortgage, including exploring ‘part and part’ interest-only mortgages.

“We would encourage the FCA to prioritise changes that could deliver the greatest benefit to market growth, helping more people into homeownership, through a phased permissive approach.

“As people live and work longer, the mortgage market must evolve to support borrowing into retirement. The regulator’s planned review of Retirement Interest Only mortgages is therefore a welcome step forward to a functioning mortgage market for older borrowers.

“Building societies have consistently innovated to help support more people into homeownership. We are pleased to see that the FCA has committed to support innovation and the adoption of new technology in the mortgage market.

"Alongside regulation change, it is vital that the mortgage industry collaborates and co-ordinates to ensure that we enable a dynamic, growing and inclusive market, for now and the future”

Ends

Contact: pressoffice@bsa.org.uk

About the BSA

The Building Societies Association (BSA) represents all 42 UK building societies, as well as two mutual –owned banks and 7 credit unions. Building societies and mutual-owned banks have total assets of almost £680 billion. They hold residential mortgages of almost £495 billion, 29% of the total outstanding in the UK. They also hold over £495 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 46% of all cash ISA balances.

They employ around 52,300* full and part-time staff and operate through approximately 1,300* branches, a 35%* share of branches across the UK.

* data reflects building societies only and does not include mutual-owned banks