New mortgage lending regulations?

BristolExile

Hi folks

Just heard about these new affordability regulations coming in next April 26th. Are there any details yet? We are planning to move house around then and would like to know the playing field before applying in terms of desired debt to income ratios etc!

Any advice gratefully received.

poormaria

A lot of the focus so far will not just be looking at debt ratio, but looking at current accounts.
Keep your accounts as clean. I know some were lobbying for any regular payment to be classed as a full outgoing, meaning if you spend £500/month on shopping then that will be classed as an outgoing.

Full details are not available apart from what is being drip fed to us

As always, the details won't be the same across the board as it will be a case of meeting certain criteria in all cases.

Thrugelmir

BristolExile wrote: »

Hi folks

Just heard about these new affordability regulations coming in next April 26th. Are there any details yet? We are planning to move house around then and would like to know the playing field before applying in terms of desired debt to income ratios etc!

Any advice gratefully received.

Lenders have been ahead of the regulations for some time. Change of management post the financial crisis saw to the imposition of better lending policy.

BristolExile

Thanks both. Looks as though there won't be any 'new' or 'different' hurdles to jump through after April then if the banks have already considered this in their current lending criteria.

Thrugelmir

Lenders policy will be determined more by their own business objectives and wider economic issues rather than further tightening of the rules.