A longer sales process could well be one of the main challenges for brokers and lenders to overcome as a result of the impending EU Mortgage Credit Directive.

Speaking at the inaugural Financial Services Expo (FSE) yesterday, Lynda Blackwell, manager of mortgage policy at the Financial Conduct Authority, explained the directive would see more details being required by lenders which could in turn impact the length of the overall sales process.

Blackwell also emphasised that the challenges being faced were on-going and that the FCA was having regular conversations with a number of working groups from the first and second charge markets.

She said: “We still have lots of thinking to do regarding the challenges facing the overall mortgage market and will continue consulting with a number of people within the industry on how best to implement these directives.”