Those considering a remortgage are now facing a more relaxed process going forward. The Financial Conduct Authority, or FCA, has now changed the rules regarding mortgage lending. A remortgage is now more easily obtainable if it satisfies some new criteria. These new rules will make it possible for those in a seemingly difficult mortgage situation to find a way out through remortgage.

Remortgage rules are changing and making it possible for those facing future mortgage deal challenges a way out. Lending criteria is changing to accommodate those who would normally be unable to be approved for remortgage.

In the past, lending criteria for those at the end of their initial mortgage deal or those looking to remortgage randomly has been quite challenging. It has made it impossible for many who have missed payments, been late on payments, or had other missteps to remortgage into a better lending situation. Now, the FCA has changed the lending rules to favour property owners looking to improve their financial future.

If the new deal has lower interest rates and therefore lower monthly payments, the property owner will be seen as a good candidate for approval of the loan. This means more house owners approaching the maturity date of their current loan will potentially be in a much more attractive financial position sooner rather than later.

This also means property owners will be finding deals which offer a path to lower monthly payments and therefore less stress in quite a short amount of time. Housing experts see this as another example of what makes this currently a borrowers’ market compared with a lender market.