FCA in talks to overhaul mortgage applications

“It is difficult to have one standard for every bank. It is to do with risk assessment – the risk a lender is willing to take on, and how they assess income to be sustainable. 

“I don’t think we could have a standard for all banks. Would that eliminate an element of competition between banks? The FCA don’t want to be seen restricting competition.

“We get so many different scenarios - it is to do with people and their unique lives. To put a standard set of requirements together is difficult.”