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...
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