26-04-2014
Major changes to the mortgage application process
- Many more questions – One of our clients was asked what they spend on socks!
- Dependants including children and a partner that doesn’t work will now affect the lending figure for all lenders
- All outgoings considered such as lottery, cigarettes, petrol. Deductions from payslips now taken into account too… pension contributions, child care vouchers, salary sacrifice…..
- All new mortgage lending by banks must now be advised
- Timescales – Massive changes (mainly direct to bank) have resulted in appointments taking weeks to materialise & mortgage interviews taking several hours and slower processing times. The application process via brokers is slightly longer given the extra questions adding approx. 5 minutes to a mortgage interview.
"I would not hesitate to recommend Fox Davidson to family and friends. I am a first time buyer and therefore the house buying process was a little daunting to start with but I was kept fully up to date throughout the whole process to the point where I would receive an update email at least twice a week."
Miss R Power, Bristol"Having been let down by another mortgage broker (who seemed to only want to assist with a mortgage if we took other products too) I stumbled across Fox Davidson. As I am based half in London and half in Bristol, they seemed the perfect fit. Having connected with them and receiving prompt, relevant and helpful advice at the outset of our property search, I had no hesitation in coming back for the mortgage itself."
K Gibson, London"After using Fox Davidson for my first buy to let purchase I didn’t hesitate to get in touch again when the time came to buy a second property. Being an expat living and working in Thailand I had found through my own research that the options available to me would be limited, however I needn’t have worried. Fox Davidson found me a mortgage that suited my circumstances perfectly. They have helped to make what could have been a complicated process very simple and stress free."
Mr Christopher Hoare, Thailand
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