Skip to content

Lifestyle quiz to secure a mortgage

Mortgage applicants face tougher questions about their lifestyle, under new rules that take effect on Saturday.

26 April 2014
Home
Mortgage

The changes are designed to "hardwire common sense" into the mortgage application process, the Financial Conduct Authority (FCA) said.

Questions from lenders about customers' regular outgoings - including childcare costs and even haircuts - could be included in affordability checks.

Brokers say the changes could lead to delays and rejections of applications.

The Council of Mortgage Lenders (CML) said the transition to the new rules would be smooth, despite it being the biggest change to the mortgage market for more than a decade.

And many lenders have already changed their systems so they comply with the new rules.

http://www.bbc.co.uk/news/business-27128734

Advisor Magnifyglass

Get in touch with your local MoneySave adviser.

Financialadvisor Family

Take our FREE no obligation Financial Health Check

Start your Health Check today
Sign up to our newsletter to receive regular updates.