New mortgage rules that came into force on the 26th of April mean mortgage applicants face grilling for up to three and a half hours on their lifestyle and expenditure.  The new rules are designed to ensure that people are not lent more than they can afford to repay but the media are questioning the intrusive nature of some of the questions.  “Is your husband a member of a golf club?” “How often do you eat steak?” are just two of the questions reported this week.  Families’ increasing childcare costs are leading to concerns that people will try and ‘hide’ costs from their bank statements in order to play the system.  Reportedly mortgage applications are down as a result of the new measures which may serve to cool rapidly rising house prices.

With the rules becoming so strict on mortgage applications it is more important than ever to have a healthy credit reference file.  The big two credit reference agencies, Equifax and Experian notify lenders of all descriptions about your creditworthiness.  County Court Judgments, defaulted payments, excessive credit applications and even no track record of managing credit responsibly can all significantly lower your credit score.  They do not give reasons for their decisions so if you are refused credit you may not know why.  It is worth contacting Equifax and Experian who will provide your credit report for a small fee.  Mistakes do happen and if you find something on your credit report that should not be Griffin Law can help you put it right.

To learn how you can be protected from these rules, or indeed inaccuracies, contact Donal Blaney at