Delaying your mortgage search could mean missing out on buying a home.
New mortgage affordability rules are to come into force from this April, and some would-be buyers could finding themselves facing tougher checks which could end up with them being refused a deal.
From April applicants will see a change in how mortgage affordability is calculated. Lenders will require proof that monthly repayments will still be made even if interest rates rise.
The changes are being introduced to prevent a return to unsustainable borrowing. Applicants will be 'stress tested' and will now have to provide much more paperwork to prove their income.
There will be buyers who could face missing out on being accepted for a mortgage if they delay making an application, and for some this could make home-ownership a distant dream. In addition mortgage rate pricing could also be impacted as lenders limit the number of application they receive.
If you want to buy a home or remortgage you are advised to act without delay. Missing out on a deal could mean remaining in rental accommodation for the foreseeable future, or being unable to remortgage to a better deal.
If you want to be approved for a mortgage you are advised to call 0800 048 8828 and speak to a mortgage adviser.
For a low rate quote and impartial advice call 0800 048 8828.
