Mortgage Lenders Relax Affordability Criteria In The Hunt For New Business

Some of Britain’s major banks and building societies are loosening their mortgage affordability restrictions in a bid to boost lending.  Many would-be homeowners have struggled to obtain loans because of strict affordability assessments introduced in April 2014. In some cases applicants have been penalised for having adult children living at home, even if they are financially independent from their parents. However, data published by trade body UK Finance showed that the number of new house buyers had been stagnant, meaning lenders are being forced to open up if they are to attract customers. Read more on the Daily Telegraph website.

https://www.telegraph.co.uk/personal-banking/mortgages/mortgage-lenders-relax-affordability-criteria-hunt-new-business/