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Remortgage Affordability checks
Bennwaa
Posts: 13 Forumite
I seem to recall reading that affordability checks are due to be dropped by lenders in August. I’m due to remortgage soon. I’m I correct in believing this? And if so what checks do they now run. Thanks
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Comments
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Affordability checks will always be run on a mortgage or remortgage. It's a fundamental part of lending. You may be confusing it with proper changes to the stress test.
It's only when moving products with the same lender that they may not be run.1 -
@bennwaa Affordability assessments aren't going away. For details of what the recent changes in stress tests may mean for borrowers, please see this thread
https://forums.moneysavingexpert.com/discussion/6372894/lenders-will-no-longer-have-to-apply-an-affordability-assessment-to-their-mortgage-customersI am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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