Keep informed about changes to lending regulations and how they may impact your loan, such as new affordability criteria or consumer protection measures. The FCA regularly updates its Mortgage Conduct of Business (MCOB) rules to ensure fair treatment of borrowers.
Be aware of any new consumer protections or rights related to secured lending, such as the right to fair treatment or access to alternative dispute resolution. The Financial Ombudsman Service (FOS) can help resolve disputes between borrowers and lenders.
Understand how changes in tax laws could affect your ability to deduct loan interest payments or other borrowing-related expenses. The UK government phased out tax relief for mortgage interest payments in 2020.
Follow updates from regulatory bodies such as the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to stay informed about changes in the lending market. The FCA and PRA regularly publish guidance and updates on their websites.
Consider seeking advice from a financial professional to navigate complex regulatory changes and understand their impact on your borrowing options. Financial advisers are regulated by the FCA and must adhere to strict professional standards.