CALLS by the Economic Development Minister for new regulations to outlaw 100% and 110% mortgages were ignorant and ill-considered, according the man behind the Mortgage Shop.
Peter Seymour (pictured), yesterday criticised Senator Philip Ozouf following his comments in the States this week. Mr Seymour said that 110% mortgages had never been available in Jersey and stressed that it was stupid to make comments based on the UK experience of the credit crunch, as Jersey’s market was very different.
The minister revealed in the house that he was preparing the ground for the introduction of regulations to govern the way in which lenders operated.He said that he would want the regulations to outlaw 100% and 110% mortgages and ensure that consumers were given clear and accurate information.
Mr Seymour said that if the minister had done any research, he would have known that a voluntary code of practice had just been launched to deal with such issues.
