Underwriter

Benorient

Thanks Dave. Ill keep biting my nails for now!

amnblog

Stewpot1776 wrote: »

Hi AMNblog,

What sort of things are changing to the affordability, HTB, Interest? Just curious, they tightened up in April, have they tightened again?

Thanks

Stu

Tighter still, they hardly did anything in April as they had already made their changes well before then.

Dubito_ergo_sum

Are these changes to affordability only an Abbey internal thing or is it industry wide ?
I haven't seen anything in the news and my app is currently with underwriters so if its a industry wide change, what is this new change called ? i just want to google the new rules - NB i am familiar with MMR

Thrugelmir

Dubito_ergo_sum wrote: »

Are these changes to affordability only an Abbey internal thing or is it industry wide ?
I haven't seen anything in the news and my app is currently with underwriters so if its a industry wide change, what is this new change called ? i just want to google the new rules - NB i am familiar with MMR

The new rules are in effect the culmination of 5 years of changes. As lenders across the board stopped lending practices that emanated originally in the mid to to late nineties, continuing through to the crazy easy credit years of 2003-2007.

The legislation is not just about affordability either. It's to reduce the risk of the taxpayer being required to bail out the banks again in the future.