Latest News Headlines
Commercial Credit News
|Over half of consumers believe mortgage affordability assessments will slow down applications|
|Thursday, 19 March 2015|
The latest research from Equifax, the credit information provider, reveals that over half (59%) of people who are either considering, or are in the course of applying for a mortgage believe that the obligation placed upon mortgage lenders to assess their ability to repay will slow down the application process. 32% of those who have yet to apply also said they would find it fairly difficult to obtain evidence of all the expenditure information they believe a lender needs to assess a mortgage application.
As figures suggest house buying is at its busiest during the spring, 69% who responded to the survey also expressed concern that more detailed affordability checks would affect the amount they could borrow. 40% are also worried about the time it will take to complete their mortgage application. The responsibilities placed upon lenders, which came into effect in April 2014, as a result of the Mortgage Market Review, place even greater onus on the lender to assess an applicant’s ability to repay. The applicant’s credit history is likely to play a crucial role in that assessment, alongside other information gathered as part of the application process.
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197