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<p>HMT notes that consumer engagement in the mortgage market is high, with over three
quarters of borrowers switching within 6 months of the end of an introductory deal.</p><p>
</p><p>HMT has worked closely with the FCA to consider how to remove the regulatory
barriers that prevent some customers from accessing better deals. HMT welcomes the
FCA’s plans to move the affordability assessment from an absolute test to a relative
one. This change removes the regulatory barrier that prevented some customers, who
otherwise may have been able to switch, from accessing new mortgage products.</p><p>
</p><p>HMT will continue to support the work the FCA is currently undertaking to improve
switching and consumer engagement in the mortgage market.</p>
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