The reforms are intened to make life easier for first-time buyers and to help older homeowners unlock housing wealth for a more comfortable later life. The FCA says it plans to simplify mortgage rules to allow more flexible products that reflect different working patterns and income levels at different stages of life and to review retirement interest-only requirements to make them more accessible. On the innovation front, the FCA intends to encourage the use of data and technology, such as AI, to help brokers give better and faster advice while keeping a human touch. It is also looking at ways to make advertising and disclosure rules simpler, so consumers can understand information online more easily. David Geale, executive director for payments and digital finance, says: "Reforming the mortgage market can help address the fact that as a society we’re saving too little for later life, yet people have huge wealth tied up in property." He says the FCA will start to consult the public on proposed rule changes from early 2026 and aim to have the first reforms in place later that year. A secondary market study will also be undertaken to consider how the FCA can support the market to adapt and innovate, so consumers can access fair value products that meet their needs. Terms of reference will be published in the first quarter of next year.