Mortgage borrowers have been coming to terms with the new lending rules which came into force last month.
The changes were part of the regulators, the Financial Conduct Authority (FCA), tough stance and serious clamp down on irresponsible lending. Essentially it requires any lender to pay close attention to a potential borrower’s income, their expenditure and ultimately their affordability.
Initially we thought that the new rules were an added layer of complexity and disclosure that could slow the housing market down. In reality these fears have been unfounded.
One area that has become apparent is the amount of time it takes to organise a mortgage. The big name lenders’ in-house advisers have struggled to come to terms with the additional compliance requirements and the increased workload.
Happily, Platinum IFS have always operated under the strictest code of conduct so the changes are welcome from our point of view, because the rest of the market place is now forced to comply to the same high standards we have always set ourselves.
This has meant we have seen a substantial increase in enquiries from our clients. Our dedicated mortgage adviser, Nick Moynihan, has been very busy ensuring our clients manage to arrange the finance package they need on a ‘mortgage deal’ suited to their needs.
If you have any queries or would like to discuss the options further please do not hesitate to get in touch. Equally don’t hesitate to call if you are concerned with potential interest rate changes.