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Mortgage checks in the UK are changing – are you prepared?

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Major changes to UK mortgage lending rules are coming into action this April. These new rules mean that any person wanting to apply for a mortgage will have their financial situation and personal details closely examined by lenders to ensure that the applicant can afford to pay back whatever sum they decide to take out.

Research in the past has found that homeowners have failed to calculate the total cost of either buying the home or planning for running costs, resulting in them struggling to cope with looming repayments.

Money Advice Service has put together a mortgage checklist designed to help people be prepared and to gather up any documents or information they may be asked to display or provide to the lender. You can have a look it yourself by looking at the graphic above.

If you’re struggling to work out if a mortgage is affordable to you or not, the Money Advice Service has created a mortgage calculator which you can try for yourself by visiting www.moneyadviceservice.org.uk

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