Mortgage applicants face new rules

A mortgage lending clampdown comes into force today which will see lenders delve more deeply into people's personal lives, from their plans for parenthood to how they will spend their old age.

The industry-wide changes affect home buyers and people looking to re-mortgage and they will mean that lenders have to take a much stronger interest in people's spending habits and how their life plans could affect their ability to meet their repayments.