One month until new mortgage rules kick in
The UK mortgage industry is preparing itself for the implementation of the Mortgage Market Review. It includes the biggest set of changes to the market seen in a decade.
With a month to go, the banks and building societies are already changing their processing and acceptance rules, potentially making it harder for borrowers to secure a mortgage.
The Council of Mortgage Lenders points out that many applicants will be expected to provide a more detailed assessment of their expenditure, including normal spending as well as credit card and other loan repayments.
The Mortgage Market Review policies will be implemented on the 26 April 2014. The rules, which are being introduced to reinforce consumer protection, are overseen by the industry regulator, the Financial Conduct Authority (FCA).
If you would like help to arrange a mortgage, call Trinity Financial on 020 7016 0790.
March 27, 2014
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