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<p>The Government is committed to maintaining an accessible mortgage market. The Financial
Conduct Authority (FCA), which is responsible for regulating the market and protecting
consumers, found in their Mortgage Market Study, published March 2019, that the market
is working well and that consumers have access to mortgages that are suitable and
affordable.</p><p> </p><p>The FCA recognises that lenders should have flexibility
to decide what type of evidence of income they can accept from customers, including
those who are self-employed or have alternative sources of income.</p><p> </p><p>Many
lenders also offer custom mortgage products designed for contractors or the self-employed.
These commonly include features designed to account for income volatility, such as
the ability to make capital repayments at any time, or income assessments using averaged
figures to smooth out monthly variations.</p><p> </p><p>Beyond the FCA’s regulations,
decisions around the type and availability of mortgage products are commercial decisions
for lenders, and the Government does not seek to intervene in these decisions.</p>
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