The Sunday Times - Money Made Easy: Your guide to mortgage market review
In the three months since the financial regulator’s mortgage market review (MMR) came into force, banks have been widely criticised for being too strict on borrowers.
The review was designed to curb irresponsible lending of the kind seen before the credit crunch, but critics say some lenders have gone too far. FCA chief executive Martin Wheatley said: “It is still relatively early days for the MMR and those issues are being ironed out.”
Top tip
Lenders are relying more on credit scores when assessing a borrower’s affordability. You can view your credit report at experian.co.uk or equifax.co.uk.
Aaron Strutt of broker Trinity Financial said: “Make sure your finances are in order before you apply for a mortgage. Ensure you know what documents you will need. If you cannot produce the required payslips or prove your income, the application may be declined.”
Click here to view the full story £
Please note, we are not responsible for the accuracy of the information contained within the linked sites accessible from this page.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
