New research from identity data intelligence specialists GBG today reveals that old-fashioned and outdated mortgage application processes are creating barriers for UK consumers to get on the property ladder.
Under new lending rules, known as the Mortgage Market Review, set out by the Financial Conduct Authority (FCA) in 2014, individuals applying for a mortgage must provide proof of ID and address in the form of bank statements, utility bills and/or council tax statements. To satisfy money laundering requirements, these documents must be originals and not printed online copies.
Four out of five buy-to-let landlords believe that client money protection (CMP) should be made compulsory when they use a letting agent to rent a property out, new research has revealed.
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