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With concerns about repossessions and following the double dip depression, new regulations were set in place on 26th April to tighten the rules on mortgage providers offering mortgages without a thorough check on the applicants, the Mortgage Market review has however brought concern to all involved, The Financial Conduct Authority (FCA) aimed to “Hard-wire common sense into mortgage lending” thus avoiding people just saying “Yes, I can afford the repayments” and finding themselves in trouble a couple of years down the line.

So what is the difference? Mortgage Lenders will be going through your bank statements with a fine tooth comb. Payments for pet or dental insurance, or direct debits to wine companies will all count against you. You could also get asked about your spending on holidays, nights out, season tickets, childcare and pension contributions, along with details of any existing debts.

The new rules also ensure that you must have your meeting with a qualified advisor. If you are using a mortgage broker, ensure that they are qualified, otherwise you may have to start all over again.


Our advice? If you are shopping around, be fairly certain who you are going to go with before spending between two and four hours going through the process. If you are unsure, go to a mortgage broker, they can take all of the details down once and pass them on to the mortgage providers themselves. There may be a small additional cost, but that may be worth the time you could spend.

Prepare yourself for all kinds of questions, take a good look at your incomings and outgoings before you have your meeting. Have a good idea of what you can afford (£ per month) and hope that they agree!

Of course, there are those lucky people who don’t require a mortgage in order to purchase a property, should they be ensuring that they take a closer look at whether they can afford their outgoings after all that expenditure?

For more information on the Mortgage Market review, visit the FCA here .

Managing Director of Homefinders Plus Ltd. A brilliant start up company that specialises in the relocations of individuals and corporate employees alike. Homefinders Plus offers the full 'Phil and Kirstie' service, with searches, accompanied viewings, consultation, negotiation and full monitoring of the purchase process right up until you get the keys! We also offer area packs for those not accustomed to this wonderful part of the world... all of this for a price that not only looks good but is likely to be fully paid for by the hard work of our negotiators, all with the aim of ensuring you get your perfect home.

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