Changes to CCCFA finally revealed
The act was widely attacked for needlessly adding expensive paperwork to mortgage advisers, and for blocking credit to solid borrowers who would normally sail though the approvals process.
These outcomes led to a blitz of criticism and the Government agreed to review the new rules less than two months after they were enacted.
The first of two tranches of that review process is well underway and draft proposals have just been given to the lending industry for further feedback.
The proposals include excluding savings and investments from the definition of the ‘listed outgoings’ of a would-be borrower.
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