Borrowers to have their Outgoings Scrutinised

The Governments Help to Buy Scheme, as well as an upturn in the economy, are helping to fuel a boom in the property market, but new ways to assess the spending habits of borrowers may result in it becoming more difficult to get a mortgage. We are already seeing a delay in mortgage offers coming through as lenders start to apply the new rules around affordability. Far more scrutiny is being made of monthly outgoings and people need to be prepared to accurately list how they spend their money, including such things as child care, costs of travelling to and from work, plus any other regular monthly payments. These are quite drastic changes and they may result in people being unable to borrow as much as they had hoped. It is not just the usual bills that will be considered more carefully by the lenders, they will also want to see all the entertainment spending such as nights out or takeaways. Lenders will be going over bank statements with a fine tooth comb to check whether borrowers can afford the repayments.  Those worried about how this will affect them can visit The Money Advice Service, which offers free and impartial advice. At Lanyon Bowdler we recognise moving house is an expensive process, we are able to offer a fixed price for conveyancing fees. Customer service is paramount and we are prepared to stand by our promises by also offering service level guarantees.