News
Mortgage reform could slam door on homebuyers.
Dec 19, 2011
More than 600,000 borrowers who took mortgages out during the housing market boom could have been denied a loan under new rules proposed by the Financial Services Authority (FSA) to prevent a return to risky lending.
Self-certification loans will become a thing of the past, as lenders are forced to verify the income of every borrower, affordability checks will be tougher and borrowers will no longer be able to use interest-only mortgages as a cheaper alternative to a repayment deal.
Lenders will also be forced to "stress test" mortgages using predictions of future interest rate movements to ensure borrowers can still afford repayments even if rates rise.
Source : The Guardian page 20 - 19.12.11. Also reported in Daily Mail page 1, The Times page 38, The Daily Telegraph page 1, The Independent page 47 and Daily Express page 2.
Typically a fee of £199 will be charged upon mortgage application but the exact amount of this fee will be dependent on your circumstances. Please contact us for full details.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Select Mortgages Solutions,
Regents Pavillion,
4 Summerhouse Road,
Northampton,
NN3 6BJ
Tel: 0845 22 42 162
Email: info@selectms.co.uk
SOL 504
Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Services Authority.
Regents Pavillion,
4 Summerhouse Road,
Northampton,
NN3 6BJ
Tel: 0845 22 42 162
Email: info@selectms.co.uk
SOL 504
Select Mortgage Solutions is an appointed representative of Stonebridge Mortgage Solutions Limited which is authorised and regulated by the Financial Services Authority.
