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Banks pushed to be more competitive under new UK mortgage lending rules

( July 21, 2025, 21:30 GMT | Official Statement) -- MLex Summary: UK mortgage lenders have received new rules from the Financial Conduct Authority aiming to make it easier for borrowers to reduce their mortgage term, remortgage with a new lender, and discuss options with their mortgage providers. The watchdog said the Consumer Duty, introduced two years ago, has made it possible to grant mortgage providers more permissive rules. While these changes are voluntary for firms, supporting sustainable home ownership and a competitive mortgage market is a collective responsibility, the watchdog said.Statement follows and policy statement is attached....

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