Midnight of 25th of April is a huge turning point for anyone buying residential property in the UK, with the introduction of a new “gruelling” process, as some have described. The mortgage borrowing process has never been easy but as of midnight tonight, things will change dramatically, as lenders will be quizzing buyers with intrusive questions about their life style and spending habits. Let’s face it, you don’t want your bank to know how much you spend on alcohol on a Friday night, the cost of your gym membership, how much you spend on toiletries, or how much you bet on a horse. Should your life style influence whether you can get a mortgage? The answer in short is, you should be able to get what you want from your mortgage lender. Whilst brokers anticipate delays and applications being rejected with the new detailed questioning, you can challenge that process with the help of a property solicitor and a broker.
Don’t ask yourself whether the new process is a sensible approach, but rather, ask what the change means in practice. It would be great if lenders considered what people are already paying in rent and whether they will completely change their spending habits and life style when they find a home they want to buy. Since there’s a new “gruelling” process to go through, prepare yourself to go through it and come out a winner, by keeping in mind the following basic steps to get on track:
1 – Let a mortgage adviser assess your affordability – DG Law can advise.
2 – Change your spending habits in the next 6 months – talk to DG Law for help on this.
3 – Find the right property solicitor – DG Law can help.
4 – Find the right broker – DG Law can put you in touch with the best brokers.
5 – Prepare for the interview – DG Law and your broker will help you.
Remember that all the lender wants is to find out whether you can afford a mortgage or not, and all you have to do with the help of a property solicitor and broker, is to prove that you are ready for a mortgage, irrespective of the new rules. Email us if you would like more information.
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