Chancellor's warning

Peter

In today's Evening Standard there is a warning from Alistair Darling to banks and building societies that they need to become more responsible in their lending having created a unsustainable housing boom.

There are a number of comments on the site primarily blaming the government for the situation which may, or may not, be fair comment. However I'm still surprised so very few lenders insist on proof that a repayment vehicle is in place.

If, as the FSA is quoted as saying, that 1 in 10 people have no idea how they will pay off their mortgage surely a mandatory repayment vehicle would be a step in the right direction?