The Financial Conduct Authority’s (FCA) consultation on proposed changes to UK mortgage lending rules closes today, marking the final opportunity for the industry to comment before the regulator considers its next steps.

The proposals aim to make mortgages more accessible by giving lenders greater flexibility when assessing affordability, particularly for first-time buyers, self-employed borrowers and older applicants.

Among the changes under consideration are measures to support borrowers with variable incomes, improve access to mortgages for those paid in foreign currencies, and encourage lenders to assess affordability based on a customer’s current financial position rather than isolated historic credit issues.

Supporters of the reforms argue the changes could help more people access home ownership, while acknowledging that lending standards must remain responsible.

Tom Eyre, chief executive and co-founder of financial wellbeing and credit-building platform Loqbox, said the proposals represented progress but warned they addressed only part of the challenge.

He argued that improving access to mortgages also requires earlier support to help consumers build stronger credit profiles before they submit a mortgage application, reducing the risk of affordability problems further down the line.

Eyre said: “The FCA is right to widen access to mortgages. Proposing to judge people on their current circumstances, rather than allowing minor or historic credit issues to become a lasting barrier, is a genuine step forward. However, changing the rules at the point of assessment only solves part of the problem.

“Even the best assessment can only judge what’s in front of it. One of the quiet failures of our system is that we ask people to make the single biggest financial commitment of their lives with almost no prior preparation. Many do the ‘sensible’ thing and avoid credit altogether, only to discover that a thin or non-existent history can be just as much of a barrier as a poor one.

“Easier access has to be matched by earlier, clearer help to get people genuinely mortgage-ready: treating it as a gradual process built over years, not a last-minute hurdle at the point of purchase. Without that, we risk simply swapping rejection now for over-stretch later.

“The FCA has made the door easier to open, recognising the huge “pre‑prime” group who are doing the right things but haven’t yet been able to prove it on paper. The job now is making sure people arrive ready to walk through it.”