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.