New rules Will Make it Harder to get a Mortgage

The video discusses the challenges faced by individuals seeking mortgages, highlighting the increased scrutiny and paperwork involved. It explains the new rules that require banks to examine personal expenses more closely, impacting potential homebuyers. The video also explores the effects of these changes on the housing market, particularly in Bristol, and provides historical context for the reforms, questioning their necessity.

What was one of the main reasons Maggie Weston was denied a mortgage?

• She had a low credit score.

• She recently moved from self-employment to a full-time job.

• She did not provide enough paperwork.

• She had too many existing loans.

What new aspect of personal finance are banks scrutinizing under the new rules?

• Only employment history

• Only income levels

• Only credit scores

• Detailed personal expenses

How might the new mortgage rules affect potential homebuyers in Bristol?

• They will find it easier to get a mortgage.

• They might stay in rented housing longer.

• They will face fewer questions from lenders.

• They will need a smaller deposit.

What historical event influenced the introduction of these mortgage reforms?

• The introduction of digital banking

• The Brexit vote

• The financial crisis

• The housing boom

What is a potential consequence of the new mortgage rules on the housing market?

• An increase in first-time buyers

• A decrease in housing prices

• A slowdown in the housing market

• More people staying in rented accommodation