The Financial Conduct Authority (FCA), the mortgage regulator, has introduced tough new rules requiring mortgage lenders to thoroughly check that borrowers can afford repayments, both now and in the future before approving applications. To do this they will now need to delve into your personal life and obtain a clear picture of your income and outgoings. As a result, it is feared that many applications will now be declined with many potential borrowers simply failing to meet the strict new criteria. Dean Dunham reveals what you need to know.
If you have received a PPI pay-out from the Lloyds Banking Group (which includes Halifax and Black Horse), Barclays or RBS/Natwest you may have been short-changed and therefore may be in line for a further pay-out. Dean Dunham gives the lowdown.