Nationwide's decision in principles may not be honoured
Nationwide for Intermediaries' has said applicants will need to reapply for a mortgage if they do not submit a full application before mid-April.
The Financial Conduct Authority has conducted a comprehensive review of the mortgage market and this has led to them forcing lenders to ask applicants more affordability questions.
Nationwide will be Mortgage Market Review (MMR) compliant and operating under the new rules from 14 April 2014, two weeks ahead of the official deadline. The impending changes mean some applicants may not meet their new lending requirements after this date.
The lender says any decision in principles submitted before 14 April, but not progressed to a full mortgage application, will need to be reprocessed and reassessed under the new MMR regulations.
If you would like help to apply for a mortgage, call Trinity Financial on 020 7016 0790.
February 28, 2014
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