From May 2014 getting a mortgage will be a little bit harder.
The changes, brought in by the Financial Conduct Authority (FCA), mean lenders must ensure borrowers only get a mortgage they can afford.
The changes are:
- You will be asked to set out your financial commitments in more detail
- The application process will take up to 4 times longer (according to Money Saving Expert)
- New Borrowers will be stress tested for affordability
- Remortgages will become harder to obtain because of the stress tests
You can get further details from the FCA
Money Saving Expert have a useful Mortgage Calculator
Will this slow down the housing market?
One thought on “Will new mortgage rules slow down the property market?”
Hello, all is going sound here and ofcourse every one
is sharing information, that’s really fine, keep up writing.