The Financial Conduct Authority (FCA) has simplified its mortgage rules to make the remortgaging process easier for borrowers, while saving them time and money.

The regulator stated that it aims to support growth by ensuring more people can benefit from choice in the mortgage market and the security of homeownership.

As part of the changes, the FCA will make it easier for borrowers to reduce their mortgage term to help lower the total cost of borrowing, will easily allow customers to remortgage with a new lender, and will give borrowers the opportunity to discuss options with their mortgage provider and get advice when they need it.

The FCA said that reform of the mortgage market is possible because of its high standards. This includes effective affordability checks, support for those who get into financial difficulty and Consumer Duty.

While the changes are voluntary, the regulator said that supporting sustainable home ownership and a competitive mortgage market is a "collective responsibility", with lenders expected to consider what is appropriate to identify consumers who need advice or other support.

Director of retail banking at the FCA, Emad Aladhal, said: "We are helping more people navigate their financial lives by supporting those who can afford to buy a home and supporting competition in the mortgage market.

"Consumer needs have changed over recent years, and our rules are changing too. Today’s changes support growth by simplifying some of our rules, saving consumers time and money, while ensuring they still benefit from advice, where needed.

"We want lenders to use these changes to innovate and better serve aspiring homeowners and existing borrowers. These reforms are another significant step in our mortgage rule review, which we’re delivering quickly. They are supported by the strong protections we’ve already put in place for consumers in the mortgage market."

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