Qualified advisers answering your
Financial Questions
call 0800 092 1245

New Mortgage Rules Set To Reduce Fraud

A number of bodies involved in the provision of mortgage finance have grouped together to produce a new set of rules which will see mortgage fraud drop substantially over the next few years. The rule changes by the Council of Mortgage Lenders (CML) and the Royal Institution of Chartered Surveyors (Rics) will come into force immediately and see the disclosure of more information from developers and builders.

The main concern seems to centre around the array of incentives which have been offered to new home buyers in the past with legal fees, new kitchens and the like all attracting buyers to many areas of the UK - although city centre flats and apartments have come under most scrutiny.

The process sees incentives offered to buyers when at the same time the property itself may be over valued, thereby encouraging more and more homes buyers to take out mortgages which may not be fully covered by their homes even at the time of purchase. The new rules will force developers and builders to disclose what kind of incentives have been offered to buyers. It is hoped that this new openness will allow mortgage companies to make more informed decisions which could save customers thousands of pounds in the long run.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details