The Telegraph - New mortgage rules: the questions you will be asked
The industry-wide changes affect home buyers and people looking to re-mortgage and they will mean that lenders have to take a much stronger interest in people's spending habits and how their life plans could affect their ability to meet their repayments.
Aaron Strutt, of mortgage broker Trinity Financial, said lenders had now completely ditched the old measure of affordability ' income multiples ' for lending decisions.
Where lenders used to advance five or six times a borrower's annual income, they now use affordability calculators that take account of all spending, he said. The checks being applied are much more thorough."
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April 26, 2014
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