Obtaining a mortgage seems to get more complicated every year. In addition to the UK’s regulatory review of the mortgage market in 2014, we now have the Mortgage Credit Directive (MCD) imposed by the EU which came into force on the 21st of March 2016 adding another layer of regulation.
The effect of the constant regulatory change in the UK is that it is now paramount for any mortgage borrower to get advice from an independent adviser. Each time there is a regulatory review different mortgage lenders interpret the new rules in many different ways and this results in hugely varying lending decisions. As a mortgage borrower if you were to ask ten banks what you could borrow, you would get ten very different answers to the same set of circumstances! Where one bank would not lend another would happily. This is why the vast majority of mortgages are now arranged through an intermediary such as ourselves.
Obtaining advice is essential although choosing the right adviser is equally so. Because of the extra regulation many advisers have chosen to offer restricted advice where they do not offer a truly independent service. At Choice Financial Solutions we are committed to remain independent for Mortgage, Investment or Pension advice.
If you would like to discuss the MCD changes with our highly qualified advisers, please call us on 0800 6128099