The Financial Conduct Authority (FCA) has produced a short guide that explains the changes that the Mortgage Market Review will bring.
The guide can be downloaded here.
About half a million copies will be given out to prospective borrowers in branches of high street lenders, mortgage advisers, and estate agents.
Martin Wheatley, the FCA’s chief executive, said: “In the past too many people got a mortgage by simply telling their lender they would have no problem repaying their debt, and that was that. Getting a mortgage can be one of the biggest financial decisions people will ever make, so it needs careful consideration.
“Our new rules will hard-wire common sense into mortgage lending, and the guide we have created will help explain those changes to borrowers.”
