Property News · April 12, 2014

Need a mortgage? New rules mean you'll have to ditch all those little extras


The Mortgage Market Review, which comes into force on 26 April, means lenders will have to check every tiny detail of your finances down to the last purchase of an appThinking of taking out a mortgage in the next few months? Then start living like a monk now. Home loan experts are advising would-be borrowers to pay off debts and cut right back on their spending for at least three months before applying for a mortgage.That could mean cutting back on the “extras” that show up on a bank statement – which means ditching nights out and takeaways and forgoing other luxuries. These could include regular payments to streaming services such as Netflix and Spotify, purchases of music and apps, and subscriptions to online games, magazines, wine clubs and so on. Continue reading…

Source : theguardian.com
Read more…Need a mortgage? New rules mean you’ll have to ditch all those little extras

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