Fancying a smoke, a drink or three, a weekend shop, a chockie or two, or a night at the cinema could rule you out of getting a mortgage under tough new proposed rules in Britain from the country's financial regulator, the FSA.

The proposed new rules would also ban what's called "self certification" mortgages (they would be no doc or low doc loans here). Re-mortgaging a home (or refinancing an existing mortgage, would also become tougher). Lenders would become virtually responsible for their borrowers.

The whole idea seems to be de-risk home lending to the absolute minimum by a key regulator still coming to terms with its failures during the huge housing boom. It failed to regulate non-bank lenders, failed to spot the problems of banks borrowing short term in wholesale markets and lending long term on mortgages, and most crucially, it failed to spot or stop abuse by borrowers and lenders.