Mortgage application changes 14-04-14
Discussion
The new mortgage application changes are coming in tomorrow.
This is something that has completely slipped me by and I have only found out now I am selling/buying a new house and trying to get a mortgage agreed in principle.
Long story short, we can't get a mortgage agreed in principle until this new FSA regulation is in place as the whole application process changes.
I have been looking into it and it could result in a stricter lending criteria as it will no longer be based on a earnings multiple but actual affordability.
My house is sold, and we found a few houses we like this weekend which we have put an offer in on one of them.
We should be ok, as the price would mean we are well within the affordability calculators we have done online, but I am a bit nervous that these changes could affect us.
For example: the people buying our place. They had a mortgage agreed in principle but will need to reapply under the new rules tomorrow.
Is this really going to be as bad as some of the news articles I have just been reading about it?
People are talking of it putting a holt on the housing market as people struggle to get the loans they need and the process taking a lot longer
This is something that has completely slipped me by and I have only found out now I am selling/buying a new house and trying to get a mortgage agreed in principle.
Long story short, we can't get a mortgage agreed in principle until this new FSA regulation is in place as the whole application process changes.
I have been looking into it and it could result in a stricter lending criteria as it will no longer be based on a earnings multiple but actual affordability.
My house is sold, and we found a few houses we like this weekend which we have put an offer in on one of them.
We should be ok, as the price would mean we are well within the affordability calculators we have done online, but I am a bit nervous that these changes could affect us.
For example: the people buying our place. They had a mortgage agreed in principle but will need to reapply under the new rules tomorrow.
Is this really going to be as bad as some of the news articles I have just been reading about it?
People are talking of it putting a holt on the housing market as people struggle to get the loans they need and the process taking a lot longer
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