Mortgages.scot

What happened to the mortgage affordability stress test?

The Financial Policy Committee, part of the Bank of England held a consultation with a view to removing the requirement to stress mortgage rates to ensure robust affordability testing. They determined it was no longer needed. So why are lenders still using it?

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Personal Finance Society - What has gone wrong?

The Personal Finance Society offers a range of financial services training to obtain qualifications and chartered status. Their parent is the Chartered Insurance Institute and it is they who appear to have fallen out with their child! Why?

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7% Interest rate? Chaos for Homeowners?

The fallout from the recent budget announcement has triggered all sorts of concerns for homeowners, or more specifically those with mortgages. With predictions of 7% interest rates, falling house prices and mortgage lenders removing products then adding new ones at a higher rate, what does it all mean?

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Have lenders stopped using the interest stress test?

From the 1st of August 2022 lenders were able to stop stress testing mortgages. An affordability test that was introduced in 2014 to ensure borrowers could still cope with an interest rate shock. Although we are only 3 weeks on have any lenders dropped the test?

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Mortgage Stress rates after Interest rate increase

In February 2022 the Bank of England increased interest rates for the 2nd time this year. What few are talking about is the impact on the mortgage stress rates banks need to apply.

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Is Klarna bad for your mortgage application?

Is Klarna bad for your mortgage application? I keep seeing a lot of focus is given to this. What is this really about and does Klarna negatively impact your mortgage application?

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As a mortgage sanctioner do you always follow policy?

I am a mortgage sanctioner and have had the following question from a mortgage advisor that found the site recently. Interesting question and it is one that I am sure many wonders about when it comes to someone that approves mortgages.

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Do I really need a mortgage advisor?

is a question I get often and am actually surprised I have not covered it before. When looking for a mortgage deal do you really need to use a mortgage advisor?

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CeMAP Qualification, a good option for you?

CeMAP, should you get qualified by sitting the industries most recognizable mortgage qualification? There are many reasons you may want to study it, not just to become a mortgage advisor.

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A mortgage for live-work units, feasible?

When is a home not just a home? It could be that it is also a workplace. Commonly referred to as a live-work unit, many lenders are reluctant to lend against this type of property and I will look at why here.

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