New mortgage lending rules come into force at the end of the month. Here, Professional Adviser affiliate title, Your Money, assesses how they will affect existing and future homeowners...
From 26 April 2014, fresh mortgage lending rules come into force following the Mortgage Market Review (MMR). The changes, implemented by the City regulator, the Financial Conduct Authority (FCA), are designed to ensure people only take out a mortgage they can afford, and to prevent a recurrence of the irresponsible lending practices of the past. The rules are aimed at mortgage lenders and advisers, but will mean clients' mortgage application could take longer to complete and may be more complicated. Getting a mortgage approved could also become more difficult (though for the right rea...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.