Tougher mortgage rules to come in

Press Association
File photo dated 27/01/14 of for sale signs displayed outside houses in Finsbury Park, North London. House prices surged by 8.8% year-on-year in January as they continued to increase at their fastest pace since 2010, Nationwide has reported.  PRESS ASSOCIATION Photo. Issue date: Wednesday January 29, 2014. See PA story ECONOMY  House. Photo credit should read: Yui Mok/PA Wire
File photo dated 27/01/14 of for sale signs displayed outside houses in Finsbury Park, North London. House prices surged by 8.8% year-on-year in January as they continued to increase at their fastest pace since 2010, Nationwide has reported. PRESS ASSOCIATION Photo. Issue date: Wednesday January 29, 2014. See PA story ECONOMY House. Photo credit should read: Yui Mok/PA Wire

%VIRTUAL-SkimlinksPromo%People applying for a mortgage face more probing questions into their spending habits when the biggest shake-up of the market for a decade comes into force in one month's time.

Toughened industry-wide rules means that from April 26, mortgage providers will take a keener interest in an applicant's outgoings, which could include what they spend on childcare, clothes, phone bills, hobbies, travel and season tickets, in order to work out whether or not they can afford their home loan.