---MMR - What & Why? -----

ACG

I have just been sent this, it might help answer questions... it may cause more questions in turn but hopefully it will help give a bit of understanding to why the changes are happening.

http://www.fca.org.uk/your-fca/documents/getting-a-mortgage-rules-that-affect-you?gator_td=ogSHh8Vv9J1utaZeztEzN%2faM%2b%2b4%2bB4m6npuQVbRGIh1Aw1Nr3uDQ2B1%2bMI8ZvMMuOWEcc%2b2z2DccZqR%2fBdAuf5tNN%2bGD0ZZsJQvwd5CyMCyxn2T1j%2fZURXG0kG4KIp6s7ZesR02dsN9pgHtCFPH0rVcjNmAzqr1qF0wR8HDqUR8%3d

Alphamare

We want to borrow no more than 3.5 one salary with 10% deposit. This should still be ok? No car loans or student loans and only a tiny amount on a 0% credit card which is being paid off at a chosen amount 125£. It will be paid off in about 7 months. We live a frugal lifestyle. We want to start looking in the next three or four months and want to make sure we don't end up looking in the wrong price bracket! Thanks

ACG

Check the lenders criteria/calculators or consult a broker.
Some lenders will ignore the loan if it has less than 12 months left on it.

Alphamare

Have any of them changed their online calculators yet? Has the post office for example?

ACG

No idea about the post office as they dont deal with brokers.

Most companies have, i think there is the odd one or 2 left. They will (or should) all be updated by the 26th as thats the cut off point.