Removal of Mortgage Stress Tests
From the 1st of August, The Bank of England are going to be removing their ‘stress tests’ to hopefully help bring more first-time buyers to the market.
A stress test is where the mortgage lender will assess to see if the buyer will be able to continue repaying even if the interest rate increases by another 3% on top of the reversion rate.
This will be welcomed by first time buyers as some are paying large monthly rental payments but were being penalised by mortgage companies for not passing the stress test.
If you are open to finding a better mortgage for you, call Fingerprint Financial on 03452 100100.
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