New FCA rules allow some clients to borrow advice costs

"The new rules allow lenders to use a different and more proportionate affordability assessment for customers who meet certain criteria, such as being up-to-date with payments under their existing mortgage and not looking to move house or borrow more." https://www.financialreporter.co.uk/mortgages/new-fca-rules-allow-mortgage-prisoners-to-borrow-advice-costs.html read more

FCA confused about major changes in mortgage market

This is a good article stating how the FCA attempts to fix the mortgage market with technology is not the complete answer https://www.mortgagesolutions.co.uk/news/2018/12/14/fca-wants-to-change-mortgage-advice-rules-sinclair/?utm_source=customsell&utm_medium=email&utm_campaign=ms-house-advert-1412-first-send-1544780172 read more

Business is down for broker

Looks like a slightly lower business levels is explained in this article. Broker produce over 70% of the mortgage business so, why are people not moving? https://www.mortgagestrategy.co.uk/broker-business-volumes-lowest-in-over-two-years-imla/ read more

May will allow councils to build more house by raising cap

May then went on to say that the cap on how much councils can borrow against their housing revenue account assets in order to build houses “doesn’t make sense,” before adding: “today I can announce that we are scrapping that cap.” https://www.mortgagestrategy.co.uk/may-announces-end-to-council-borrowing-cap/ Do we really have a housing shortage in Scotland? Rates are low, you only need a 5% deposit and there are plenty of terraces and flats on the market so, can someone tell me where the shortage is?????? read more

Bank demanding you payoff your interest only mortgage?

I always wondered what would happen to all those endowment mortgages were customers cashed in their policies with cash rewards and didn't apply them to the loan? Now we have an answer. https://www.telegraph.co.uk/personal-banking/mortgages/banks-turn-equity-release-providers-bail-problem-interest-only/ read more

Is it hard to get a mortgage from a bank?

Planning to buy a home, or switch your existing mortgage? Prepare to answer a litany of questions, spend hours at the bank and endure forensic analysis of your daily spending habits. Even after jumping through all those hoops, success is not guaranteed, as there are now strict affordability rules that force lenders to ensure borrowers will be able to afford to pay their mortgage in the future. The main bulk of the current rules surrounding lending came into force in 2014 through the Mortgage Market Review, which read more