In some way, shape or form we have all been hit either directly or indirectly by the "credit crisis." Moving the mortgage, loan and housing markets forward is now a top priority or the government to avoid any recession like slump.
In the UK, the Financial Services Authority, responsible for regulating the mortgage industry, focuses on treating customers fairly and ensuring that when you apply for a home loan brokers and lenders determine your affordability to service the loan payments from your disposable income, not just today but throughout the entire term of the loan.
When you apply for a home loan through a mortgage or loan adviser should take a detailed breakdown of your income and expenditure to make sure you are not exposing yourself the risk of the loan becoming unaffordable at some point in the future. If they do not then you are not receiving proper advice.
It is of the utmost importance that the industry makes affordability a top priority within the mortgage and loan market moving forward, to avoid another replay of the credit crisis which is still taking its toll on customers, lenders and brokers alike.
The best advice would be to always research the market and work out a reasonable budget based on your net income and overall outgoings before applying for a home loan or mortgage. Get comparisons from the top lenders by using a mortgage/loan broker and only when you are certain that the loan you wish to take out is affordable to you should you then apply.
You could also have a go at using some online loan calculators to see how much your loan may cost and how much you can really afford each month before applying.
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