The FSA plans to:
- Restrict the amount lent to borrowers
- Outlaw ‘self-certified’ mortgages
- Calculate affordability based on repayment rather than ‘interest only’ mortgages
- Ban ‘fast-track’ underwriting
This means that it will become much more difficult to secure a mortgage, particularly if you are self-employed or if your income has reduced since you took out your current loan. Analysts estimate that up to one in five borrowers will not be able to remortgage under these new rules.
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I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.