A mortgage is usually the biggest debt that people face during their lives. Now the rules governing who can secure a home loan are tightening.
The new system, which comes into force fully on 26 April, ensures that lenders conduct a full affordability check on mortgage applicants.
This will have practical implications for the amount people can borrow and the length of time that an application might take.
The aim is to prevent any return of the pre-crisis mortgage lending that many described as “reckless”.
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