writes FSA in a press release on Tuesday. Banks and other companies that provide mortgages to publish the average rate for each maturity as their customers are offered the last month. For there must also include history for the last twelve months. The information should be published on corporate websites.
The companies must also provide information about what affects the rate that different customers are offered. This may involve the customer’s income, loan size or savings. Everything to mortgage customers will get better insight and thus a better understanding of how mortgage rates are determined.
The new rules improve the opportunities to make a conscious decision about the mortgage and compare offers. It is therefore an important step to empower consumers, writes the FSA.
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