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New mortgage rules
Threebabes
Posts: 1,272 Forumite
I have been reading about the new affordability rules that are coming out this weekend with regards of mortgages.
We are hoping to sell up but Im now thinking that we won't be able to borrow enough to move.
Anyone else in the same situation, any comments? How strict are the lenders going to be?
Thanks
We are hoping to sell up but Im now thinking that we won't be able to borrow enough to move.
Anyone else in the same situation, any comments? How strict are the lenders going to be?
Thanks
0
Comments
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The new mortgage rules will make things stricter. They will check whether you can afford a rate of repayment even at 7%. It will affect each person differently. They will want details about your spendings and earnings and savings each month. Those with childcare will find it more difficult than those without. So it depends on what your family and financial position is.0
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There are some MMR calculators knocking about, and IIRC many lenders have already updated their affordability calculators to take into effect the new requirements.
Sorry I can't link to anything at the moment as I'm at work.I have a simple philosophy:
Fill what's empty. Empty what's full. Scratch where it itches.
- Alice Roosevelt Longworth0
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