The Sunday Times - New mortgage crackdown will 'push up cost of borrowing'
Controversial plans to ban “self-certification” and “fast-track” mortgages and make it much harder for borrowers to meet affordability criteria were outlined this week in a consultation on the future of the mortgage market.
Aaron Strutt, of Trinity Financial, says: “More people bank online nowadays, so they do not have statements at home, making it more time- consuming to provide proof of income. It can take up to two weeks to get new printed statements through the post, which is likely to delay an application.”
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