NEW LENDING RULES HIT HOME BUYERS HARD
Dec 22, 2021
3 minutes
Major changes to the Credit Contracts and Consumer Finance Act (CCCFA) that came into force from December 1 are already having a detrimental effect on house buyers.
Banks are declining mortgages at a bigger rate after taking a fine-toothed comb to people’s spending habits, missed payments and unarranged overdrafts.
Lenders are now forced to trawl through bank statements in detail looking at every aspect of an applicant’s life, including where they shop and what they
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