A host of mortgage lenders have announced the additional questions they intend to ask borrowers as part of a revised mortgage application process.
Accord Mortgages, part of the Yorkshire Building Society, has told brokers they will expect applicants to disclose if they intend to take out any form of further finance after their mortgage completes.
Also, Nationwide Building Society has said they will want to know the ages of applicant’s children and any associated childcare costs. Figures for travel expenses, proof of deposits if they exceed £20,000 and evidence of any annual or quarterly bonus payments will also be expected.
The lenders are making these changes to ensure borrowers are not overstretching themselves financially following the Mortgage Market Review being introduced later next month.
March 14, 2014