If you are currently in the process of changing your mortgage, has your current provider, adviser, arranger advised you of the regulatory changes that are due to be implemented shortly? This is especially important if you are looking at buying a new build property that may not be completed until after March 2016. One of the key areas of the new Mortgage Credit Directive is that lenders must issue a ‘binding offer’. This means that unless a material change occurs, post mortgage offer, or the customer has provided inaccurate information, the lender cannot re-underwrite the case. This sounds pretty straight forward. However, if you are arranging your mortgage today and on current lender structures, come March 22nd, your offer will be null and void. Thus between now and 21st March, the lender should send you another mortgage offer which will be compliant with the new regulations. This new offer also introduces an obligation on lenders to give customers the right to seven days of reflection (a cooling off period). These are just two examples of a number of new regulations that are coming into effect and that you should be aware of. More news will follow on this. Of course, as with the last regulatory changes (Mortgage Market review – April 2014) you can be certain that the national press will publicise all you need to know, just a week before the regulations hit the market!
Finally, we’re just over a week away from Horsham’s FREE and dedicated LANDLORD event. On Saturday 28th November, at the Drill Hall, Denne Road Horsham, a number of local businesses will be exhibiting and offering key information and regulatory updates that come in to effect in 2016. Whether a first time Landlord or an experienced portfolio investor, the event will offer information and assistance for all. Organised by AToM and Spofforths Accountants, exhibitors include the National Landlords Association, Courtney Green, Guy Leonard, Leaders, Rix & Kay Solicitors, David Everett Plumbing, Lady Decorators, Community Fire Services, Durrants Removals, Sharon Davis Inventories and much much more! Hope to see you there!