Simplifying UK mortgage rules, affordability assessments, and Consumer Duty

The FCA's mortgage rule review marks the most significant rethink of residential lending regulation in years. What does simplification actually mean for firms operating under these rules today?   How will streamlined affordability assessments change how lenders handle borrowers looking to reduce their mortgage terms? And what has the retirement of previous FCA guidance left in its place?  Jean Price, counsel at A&O Shearman, and associate Giannis Giortzis join knowledge lawyer Louise Bralsford to unpack the consultation's key proposals. These include the removal of the interaction trigger, the new approach to affordability for term-reduction cases, and the practical implications for consumer outcomes under the new Consumer Duty.  Whether you advise mortgage lenders, manage regulatory compliance, or work with clients navigating the shifting rules, this episode gives you a clear picture of where the regulation is going and what firms need to do now.