Delaying your mortgage search could mean missing out on buying a home.

New mortgage affordability rules are to come into force from this April, and some would-be buyers could finding themselves facing tougher checks which could end up with them being refused a deal.

 

From April applicants will see a change in how mortgage affordability is calculated. Lenders will require proof that monthly repayments will still be made even if interest rates rise.

 

The changes are being introduced to prevent a return to unsustainable borrowing. Applicants will be 'stress tested' and will now have to provide much more paperwork to prove their income.

 

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There will be buyers who could face missing out on being accepted for a mortgage if they delay making an application, and for some this could make home-ownership a distant dream. In addition mortgage rate pricing could also be impacted as lenders limit the number of application they receive.

 

If you want to buy a home or remortgage you are advised to act without delay. Missing out on a deal could mean remaining in rental accommodation for the foreseeable future, or being unable to remortgage to a better deal.

 

If you want to be approved for a mortgage you are advised to call 0800 048 8828 and speak to a mortgage adviser.

 

For a low rate quote and impartial advice call 0800 048 8828.

 

 start mortgage search


Article published: Sunday, February 23, 2014
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