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We no longer check to see whether Telegraph.co.uk displays properly in Internet Explorer version 6 or earlier. To see our content at its best we recommend upgrading if you wish to continue using IE or using another browser such as Firefox, Safari or Google Chrome. Accessibility links Skip to article Skip to navigation Telegraph.co.uk Wednesday 07 March 2018 /* EPOCH time at the end of Header */ var tmgHeaderTimerEnd=Date.now(); Home Video News World Sport Business Money Comment Culture Travel Life Women Fashion Luxury Tech Film Advertisement document.write(tmgAdsBuildAdTag("ban", "970x250,970x90,940x250,728x90,468x60", "adj", "", 2)); Home» Finance» Personal Finance» Borrowing» Mortgages How to beat the mortgage drought A radical shake-up of the mortgage market will make it harder to get a home loanWe examines the options for home owners and buyers Photo: HOWARD McWILLIAM By Emma Simon 5:07PM BST 23 Oct 2009 Tens of thousands of home owners could struggle to remortgage when their current deal comes to an end, if strict new mortgage regulations are enforcedUnder proposals published by the Financial Services Authority this week, lenders will be required to impose tough affordability tests to determine whether borrowers should be approved for a mortgage Full coverage of mortgages As a result, many home owners may find they can no longer access the best fixed-rate or tracker-mortgage dealsWorst hit are likely to be the self-employed, first-time buyers and buy-to-let investors – many of whom could see competitive mortgage deals dry upPeople who fail new affordability tests will be forced to stay on their lenders' standard variable rates (SVRs) – which could prove expensive if interest rates rise againThe problems will be acute for those hoping to move house – if their current deal is not "portable" they could find it impossible to access a mortgage Mortgage experts say these proposals effectively "codify" the current market conditions, where banks have become far more stringent about who they will lend to, and how much they will advanceTwo years ago, at the height of the housing boom, credit was cheap and plentifulCash-strapped first-time buyers could borrow more than the value of their home (Northern Rock's Together mortgage, for example, lent 125pc of the property's value) at competitive rates The self-employed and those with irregular earnings did not even have to verify their income if they opted for a slightly more expensive "self-certification" mortgage instead Related Articles Home owners pay 70 pc more for mortgage insurance 23 Oct 2009 Mortgage rates edge higher 22 Oct 2009 Homeowners 'will struggle to remortgage' under FSA rules 19 Oct 2009 Mortgages to be more expensive and scarcer 19 Oct 2009 Q&A: how the FSA's plans will affect our chances of getting a competitive mortgage 19 Oct 2009 Regulator seeks to ban self-certified mortgages 19 Oct 2009 But with house prices sliding and bad debts rising, lenders have withdrawn from both these marketsThe FSA may stand accused of slamming the proverbial stable door after the horse has bolted: why ban mortgage deals that don't now exist? But its main concern is to ensure prudent lending practices remain when the economy improves, house prices rise and credit starts to flow again David Hollingworth, from the mortgage broker, London & Country, said: "Borrowers who are sitting tight for now should take note: the good times aren't returningThe current market conditions may be as good as it gets – at least for the foreseeable future." So what will borrowers need to do to get a mortgage? The self-employed Melanie Bien, director of independent mortgage broker Savills Private Finance said: "These recommendations will make life particularly difficult for the self-employed." There are more than one million self-employed in the UK and only one self-cert loan is available: Platform charges 6.84pc annual interest for a two-year fixed deal; although it is only available to people borrowing up to 65pc of the property's value and comes with a £1,495 fee If these mortgages are banned, the self-employed will have to wait at least two years before they qualify for a mortgageMost lenders will only lend if there are two years of verifiable accounts – some lenders will want threeAlternatively, tax statements going back two years will sufficePeople who have recently started a business will be disadvantaged Those with self-certification deals, who want to remortgage will need comparable accountsIf you have yet to build up this record – or if the income you generate no longer supports your current loan – you will have to stick with your lender's SVRMs Bien added: "This may be fine while rates are low, but it could be more problematic as interest rates rise." Ray Boulger, from mortgage broker John Charcol, said this could effectively "trap" those looking to move home, even if they are downsizing and trying to pay down debt: "Mortgages will only be 'portable' if they still meet the banks' lending criteriaThese are likely to have changed, so even though a borrower may have a good repayment history and is looking to reduce the size of the loan, they could still be turned down if they don't meet current lending guidelines." First-time buyers Life has never been easy for first-time buyers and looks set to get tougherIn recent years lenders have used "affordability" models to determine how much people can borrow, rather than strict income multiples, but these are likely to become more intrusive Mr Boulger said: "Until now, lenders have used general guidelines on typical household expenses, given the size of the family and where they are buyingNow they are going to ask for a more detailed breakdown of monthly spending." Those who hoped to pay for part of their deposit on a credit card – or take out a separate loan to cover this cost – could run into problemsBanks will want to know how you are funding a deposit – and won't lend to those they perceive as taking on too much debt The new mortgage guidelines will also make it harder for borrowers to use interest-only mortgages to get on the housing ladderMonthly repayments on an interest-only loan are lower than a capital repayment mortgage, so many first-time buyers opt for thisBut the new proposals suggest that lenders calculate "affordability" on a repayment basis only, even if borrowers then opt for an interest-only loan Similarly, lenders will have to calculate whether a mortgage is affordable over a 25-year term – so again borrowers won't be able to opt for a longer term to give additional leverage when making their first purchaseAnd once first-time buyers have jumped these hurdles, they still face more expensive rates Buy-to-let investors There are an estimated 1.8 million buy-to-let landlords in the UK, many of whom moved into this market over the past decade as house prices rose and mortgage finance became more affordableAt present, buy-to-let mortgages are not regulated by the FSA, as they are deemed commercial loans, but the proposals suggest this changes According to the Council of Mortgage Lenders (CML), there were almost 1.2 million buy-to-let loans outstanding in June 2009, worth some £140bn, more than twice as many loans outstanding five years agoIf the FSA does regulate this sector it seems inevitable that affordability tests would be tightened Rather than look at a borrower's income, buy-to-let lenders now look at just the rental yield – in other words how many times will the rent generated cover the interest charged on the mortgage? Now, most lenders demand rental cover of at least 125pc and will lend a maximum of 75pc of the property's value At the height of the property boom some lenders were asking for 100pc rental cover on 90pc LTVIf lenders are required to adopt the affordability tests seen in the residential market, then buy-to-let investors could find it difficult to refinance when current deals come to an end – their income may not support mortgages on four or five properties, and the rental cover arrangements have changedThis could leave landlords on more expensive default rates as rates rise A spokesman for the CML said: "There needs to be wider consultation about this issueWe could end up with the wrong type of regulation for the buy-to-let market" Ms Bien added: "Buy-to-let regulation should ultimately be a good thingThe sector should really have been regulated at the same time as residential mortgages because it isn't just for professional investors – many landlords have just one or two propertiesBut what is needed are more buy-to-let products as those remortgaging at present have very little choice "There is also the danger landlords will have to pay the price for this regulation with higher rates and fees on these mortgages." var optaTeamLinkingCallback = function () { var teamMapping = { "team-3": "arsenal", "team-7": "aston-villa", "team-57": "watford", "team-8": "chelsea", "team-31": "crystal-palace", "team-11": "everton", "team-45": "norwich-city", "team-13": "leicester-city", "team-14": "liverpool", "team-43": "manchester-city", "team-1": "manchester-united", "team-4": "newcastle-united", "team-91": "bournemouth", "team-20": "southampton", "team-110": "stoke-city", "team-56": "sunderland", "team-80": "swansea-city", "team-6": "tottenham-hotspur", "team-35": "west-bromwich-albion", "team-21": "west-ham" }; var rugbyTeamMapping = { "team-800": "argentina", "team-100": "australia", "team-953": "canada", "team-550": "england", "team-954": "fiji", "team-650": "france", "team-2850": "georgia", "team-600": "ireland", "team-952": "italy", "team-3000": "japan", "team-2900": "namibia", "team-850": "newzealand", "team-951": "romania", "team-950": "samoa", "team-700": "scotland", "team-900": "southafrica", "team-750": "tonga", "team-2800": "uruguay", "team-2950": "usa", "team-500": "wales" }; for (var team in teamMapping) { $('.fixtures dl.matches dt.match span.' + team). add('.standings-container table tr.' + team + ' td.team'). add('.fixtures-plus table tr.scoreline td.' + team + ' .team-name'). add('.fixtures-plus table tr.scoreline td.' + team + ' .relative-holder').each(function () { var textNode = $(this).contents().filter(function () { return ( this.nodeType === 3 ); }).last(); var link = document.createElement('a'); var text = document.createTextNode(textNode.text()); link.appendChild(text); link.setAttribute('class', 'opta-team-linking'); link.setAttribute('href', 'https://www.telegraph.co.uk/sport/football/teams/' + teamMapping[team]); link.onclick = function () { var menuSec = "opta-" + $('meta[name="GSASectionUniqueName"]').attr("content"); $.cookie('tmg_navPos', menuSec, { path: '/', domain: 'telegraph.co.uk'}); }; textNode.replaceWith(link); }); } for (var team in rugbyTeamMapping) { $('.fixtures dl.matches dt.match span.' + team). add('.standings-container table tr.' + team + ' td.team'). add('.fixtures-plus table tr.scoreline td.' + team + ' .team-name'). add('.fixtures-plus table tr.scoreline td.' + team + ' .relative-holder').each(function () { var textNode = $(this).contents().filter(function () { return ( this.nodeType === 3 ); }).last(); var link = document.createElement('a'); var text = document.createTextNode(textNode.text()); link.appendChild(text); link.setAttribute('class', 'opta-team-linking'); link.setAttribute('href', 'https://www.telegraph.co.uk/sport/rugbyunion/international/' + rugbyTeamMapping[team]); link.onclick = function () { var menuSec = "opta-" + $('meta[name="GSASectionUniqueName"]').attr("content"); $.cookie('tmg_navPos', menuSec, { path: '/', domain: 'telegraph.co.uk'}); }; textNode.replaceWith(link); }); } }; Telegraph Mortgage Comparison» #MSMfeaturedcard { background-color: #f4f4f0; width: 450px; float: left;}#MSMfeaturedcard img { width: 120px; padding: 3px;}#FCdetails { font-family: Arial; font-size: 12px; color: #262626;}#FCtitle { font-family: Verdana; color: #262626; font-size: 15px;}#MSMcta { width: 80px; height: 40px; background-color: #a12828; color: #ffffff; font-family: Verdana; font-size: 12px; text-align: center; vertical-align: middle; line-height: 40px; border-radius: 4px;}#MSMcta:hover { width: 80px; height: 40px; background-color: #be3030; color: #ffffff; font-family: Verdana; font-size: 12px; text-align: center; vertical-align: middle; line-height: 40px; border-radius: 4px; box-shadow: 0px 2px #a12828;}#repExample { font-family: Arial; font-size: 11px; color: #444444; font-style: italic;}#MSMnote { font-family: Arial; font-size: 11px; color: #616161; font-style: italic; text-align: right;}#MSMfeaturedcard a { text-decoration: none;} Telegraph Mortgages Fee-free, expert advice on the right mortgage for you1,000's of deals compared Compare Mortgages Finance » Personal Finance » Borrowing » Related Partners View your Experian credit report online for free Compare mortgages and remortgage products Manage your debt with expert advice In Mortgages   First rate rise in 'August 2019' - latest market prediction   The 'real' best buys: two, five and ten-year fixed rate mortgages   Get our free weekly Money newsletter Read more Personal Finance News» Howard Marks: 'I rely on royalty cheques'   Fame & Fortune: Howard Marks, an Oxford University graduate turned drug smuggler, made millionsNow he eagerly awaits royalty cheques The kitchen coup – how cash shifted the balance of power over household chores   Economic study charts how women’s increased presence in the workplace has driven men to compensate by doing the dishes The inspector calls – and house prices jump   How the Ofsted effect could add thousands to the value of your house (or send it sliding) Advertisement var optaTeamLinkingCallback = function () { var teamMapping = { "team-3": "arsenal", "team-7": "aston-villa", "team-57": "watford", "team-8": "chelsea", "team-31": "crystal-palace", "team-11": "everton", "team-45": "norwich-city", "team-13": "leicester-city", "team-14": "liverpool", "team-43": "manchester-city", "team-1": "manchester-united", "team-4": "newcastle-united", "team-91": "bournemouth", "team-20": "southampton", "team-110": "stoke-city", "team-56": "sunderland", "team-80": "swansea-city", "team-6": "tottenham-hotspur", "team-35": "west-bromwich-albion", "team-21": "west-ham" }; var rugbyTeamMapping = { "team-800": "argentina", "team-100": "australia", "team-953": "canada", "team-550": "england", "team-954": "fiji", "team-650": "france", "team-2850": "georgia", "team-600": "ireland", "team-952": "italy", "team-3000": "japan", "team-2900": "namibia", "team-850": "newzealand", "team-951": "romania", "team-950": "samoa", "team-700": "scotland", "team-900": "southafrica", "team-750": "tonga", "team-2800": "uruguay", "team-2950": "usa", "team-500": "wales" }; for (var team in teamMapping) { $('.fixtures dl.matches dt.match span.' + team). add('.standings-container table tr.' + team + ' td.team'). add('.fixtures-plus table tr.scoreline td.' + team + ' .team-name'). add('.fixtures-plus table tr.scoreline td.' + team + ' .relative-holder').each(function () { var textNode = $(this).contents().filter(function () { return ( this.nodeType === 3 ); }).last(); var link = document.createElement('a'); var text = document.createTextNode(textNode.text()); link.appendChild(text); link.setAttribute('class', 'opta-team-linking'); link.setAttribute('href', 'https://www.telegraph.co.uk/sport/football/teams/' + teamMapping[team]); link.onclick = function () { var menuSec = "opta-" + $('meta[name="GSASectionUniqueName"]').attr("content"); $.cookie('tmg_navPos', menuSec, { path: '/', domain: 'telegraph.co.uk'}); }; textNode.replaceWith(link); }); } for (var team in rugbyTeamMapping) { $('.fixtures dl.matches dt.match span.' + team). add('.standings-container table tr.' + team + ' td.team'). add('.fixtures-plus table tr.scoreline td.' + team + ' .team-name'). add('.fixtures-plus table tr.scoreline td.' + team + ' .relative-holder').each(function () { var textNode = $(this).contents().filter(function () { return ( this.nodeType === 3 ); }).last(); var link = document.createElement('a'); var text = document.createTextNode(textNode.text()); link.appendChild(text); link.setAttribute('class', 'opta-team-linking'); link.setAttribute('href', 'https://www.telegraph.co.uk/sport/rugbyunion/international/' + rugbyTeamMapping[team]); link.onclick = function () { var menuSec = "opta-" + $('meta[name="GSASectionUniqueName"]').attr("content"); $.cookie('tmg_navPos', menuSec, { path: '/', domain: 'telegraph.co.uk'}); }; textNode.replaceWith(link); }); } }; var optaTeamLinkingCallback = function () { var teamMapping = { "team-3": "arsenal", "team-7": "aston-villa", "team-57": "watford", "team-8": "chelsea", "team-31": "crystal-palace", "team-11": "everton", "team-45": "norwich-city", "team-13": "leicester-city", "team-14": "liverpool", "team-43": "manchester-city", "team-1": "manchester-united", "team-4": "newcastle-united", "team-91": "bournemouth", "team-20": "southampton", "team-110": "stoke-city", "team-56": "sunderland", "team-80": "swansea-city", "team-6": "tottenham-hotspur", "team-35": "west-bromwich-albion", "team-21": "west-ham" }; var rugbyTeamMapping = { "team-800": "argentina", "team-100": "australia", "team-953": "canada", "team-550": "england", "team-954": "fiji", "team-650": "france", "team-2850": "georgia", "team-600": "ireland", "team-952": "italy", "team-3000": "japan", "team-2900": "namibia", "team-850": "newzealand", "team-951": "romania", "team-950": "samoa", "team-700": "scotland", "team-900": "southafrica", "team-750": "tonga", "team-2800": "uruguay", "team-2950": "usa", "team-500": "wales" }; for (var team in teamMapping) { $('.fixtures dl.matches dt.match span.' + team). add('.standings-container table tr.' + team + ' td.team'). add('.fixtures-plus table tr.scoreline td.' + team + ' .team-name'). add('.fixtures-plus table tr.scoreline td.' + team + ' .relative-holder').each(function () { var textNode = $(this).contents().filter(function () { return ( this.nodeType === 3 ); }).last(); var link = document.createElement('a'); var text = document.createTextNode(textNode.text()); link.appendChild(text); link.setAttribute('class', 'opta-team-linking'); link.setAttribute('href', 'https://www.telegraph.co.uk/sport/football/teams/' + teamMapping[team]); link.onclick = function () { var menuSec = "opta-" + $('meta[name="GSASectionUniqueName"]').attr("content"); $.cookie('tmg_navPos', menuSec, { path: '/', domain: 'telegraph.co.uk'}); }; textNode.replaceWith(link); }); } for (var team in rugbyTeamMapping) { $('.fixtures dl.matches dt.match span.' + team). add('.standings-container table tr.' + team + ' td.team'). add('.fixtures-plus table tr.scoreline td.' + team + ' .team-name'). add('.fixtures-plus table tr.scoreline td.' + team + ' .relative-holder').each(function () { var textNode = $(this).contents().filter(function () { return ( this.nodeType === 3 ); }).last(); var link = document.createElement('a'); var text = document.createTextNode(textNode.text()); link.appendChild(text); link.setAttribute('class', 'opta-team-linking'); link.setAttribute('href', 'https://www.telegraph.co.uk/sport/rugbyunion/international/' + rugbyTeamMapping[team]); link.onclick = function () { var menuSec = "opta-" + $('meta[name="GSASectionUniqueName"]').attr("content"); $.cookie('tmg_navPos', menuSec, { path: '/', domain: 'telegraph.co.uk'}); }; textNode.replaceWith(link); }); } }; /* EPOCH time at the start of MPU Ad */ var mpuAdTimerStart = Date.now(); Advertisement document.write(tmgAdsBuildAdTag("mpu", "300x250,300x600", "adj", "", 2)); Telegraph Financial Services» Equity release calculator   Find out how much cash you could unlock from your property. Telegraph Mortgages .calculatorList { width: 300px; background-color: #f4f4f0;}.calculatorList table { border-collapse: collapse; width: 300px;}.calculatorList td { padding: 6px; padding-left: 10px; font-family: Arial; font-size: 12px; color: #262626;}.calculatorList td:hover { background-color: #CACAC1; text-decoration: underline;}.calculatorList a { text-decoration: none; color: #262626;} How much can I borrow? » How much will it cost? » Rate change calculator » One Minute Mortgage Check » Overpayment calculator » Buy to let mortgage calculator » Buy to let rental calculator » House Price Calculator » Telegraph Mortgages - Best Buys var optaTeamLinkingCallback = function () { var teamMapping = { "team-3": "arsenal", "team-7": "aston-villa", "team-57": "watford", "team-8": "chelsea", "team-31": "crystal-palace", "team-11": "everton", "team-45": "norwich-city", "team-13": "leicester-city", "team-14": "liverpool", "team-43": "manchester-city", "team-1": "manchester-united", "team-4": "newcastle-united", "team-91": "bournemouth", "team-20": "southampton", "team-110": "stoke-city", "team-56": "sunderland", "team-80": "swansea-city", "t

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