Homebuyers to face tough new questions from lenders

Homebuyers looking for a mortgage after next week will face far more intrusive questioning about their finances, after reforms ordered by the Financial Conduct Authority (FCA) take effect.

After concerns that people were taking on mortgages they couldn't afford - and with interest rate rises starting to look likely - banks and building societies have been ordered to get a clearer picture of a borrower's finances before offering a loan.

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