What do mortgage changes mean?
New mortgage lending rules are coming into force on April 26.
The changes – implemented by the Financial Conduct Authority (FCA) – are being introduced under a Mortgage Market Review (MMR).
They are designed to ensure people only take out a mortgage they can afford, and to prevent a recurrence of the irresponsible lending practices of the past.
The rules are aimed at mortgage lenders and advisers but will mean your mortgage application could take longer to complete and may be more complicated.
Getting your mortgage approved could also become more difficult.
It means making buyers need to make sure that they have everything lined up to ensure a purchase goes smoothly – including a survey.
Read more about the new rules here: http://tinyurl.com/n6693yz
Remember you can always contact us on 023 92697193 or email [email protected].
New mortgage lending rules are coming into force on April 26. The changes – implemented by the Financial Conduct Authority…