April 26th implications

amnblog

Are all of you borrowers out there aware that things will get 'bumpy' for mortgage applicants in the next few weeks?

You may find you are asked for information or paperwork that was not requested initially.

You may find the goalposts moving.

If you are going direct to the lender have sandwiches and a flask of coffee handy.

Expect a back log of applications and delays in May.

tigsly

If the mortgage is due to complete before the 26th are we safe?

I went direct and was asked a number of 'lifestyle' questions, how much we sepnt on food, clothes, phones, internet, council tax (although this would be different in the next house) ..

What else could they ask? My shoe size??

amnblog

Any Lender may adopt new rules at any time.

Having your mortgage offered and completing before the 26th is a sure as you can get for avoiding issues.

Dubito_ergo_sum

I understand e.g the YBS has implemented the changes on 1st april but their online calculator is coming up with the same results it did a few weeks ago, so does anyone know if its a case of they havent updated it yet or the MMR changes dont impact on the online calculation ?

Mortgage_Mark_2

Things like online calculators are being reviewed at the moment by many lenders, even those who are already on their MMR processes. Funnily enough we had a visit from the Kensington BDM yesterday who mentioned that their online calculator is not accurate at present, and will be being updated very soon.

DIP's too - Halifax's is due to change considerably soon.

shaniannie

What about those of us who operate household budget spreadsheets, and could give you a complete breakdown of where each penny goes each month with complete ease? (I literally have paperwork and statements for everything going back to 1997...lol)

ACG

Your spreadsheet could be manipulated - lenders have and still will go off statements. However i think they will be more thorough with statements going forward.

I read an article yesterday one lender has said they think their appointments will take over 3 hours!!! Ridiculous.
Because they will take 3 hours, they do not have the staff and so there will be a backlog to make appointments.

Not sure how true that will be but it came from one of the lenders directly.

Dubito_ergo_sum

so basically anything an online calculator is telling me is not worth the time of day as it may not have been updated, is there anything in place to say they need to be updated by x date ie 26th april ? just trying to work out when i can trust them again ? and are brokers calculators in the same boat ie best wait until after 26th to see a broker ?

sharon7_2

If we have our mortgage approved before this date, will we be affected?

S

Mortgage_Mark_2

sharon7 wrote: »

If we have our mortgage approved before this date, will we be affected?

S

You shouldn't be, no.

Kazza_Monkey

sharon7 wrote: »

If we have our mortgage approved before this date, will we be affected?

S

I was going to ask the same thing, thanks Mortgage_Mark.

We had our mortgage approved on friday so no problems there:)

of course at the moment all lenders seem to be extremely busy due to the amount of people trying to get apps in before 26th April deadline by the looks of it.