CLC advises stress testing for 40% workload falls

Conveyancers should stress test for 40% workload falls: CLC

The voice of the UK mortgage i... The voice of the UK ... | 1 year ago

“It will not come as news to you that the economic outlook for the UK is uncertain,” the trade body told its members in an advisory note. “The global economy is challenging and the pressures on UK businesses and citizens are well known.” The association says that the 2007-08 global financial crisis saw a more than 40% drop in conveyancing transactions from one year to the next. However, it points out that the turnover of its regulated firms fell by ...

housingbubble.blog housingbubble.blog | 1 year ago

Removal of mortgage stress test ‘will not result in free-for-all’

theguardian theguardian | 1 year ago

First-time buyers may get a boost from this week’s announcement that the Bank of England will no longer expect lenders to check if they can afford mortgage payments at higher interest rates – but experts do not expect it to lead to a mortgage free-for-all.From 1 August, banks and building societies will no longer be required to stress-test a borrowers’ finances with the mortgage market affordability test when working out how much to lend.The test meant checking that a borrower could still ...