Lending criteria change welcomed

Loans: Mortgage applicants are likely to find it much harder to be approved for loans, a property expert predicts.

Jonathan Rolande of House Buy Fast said the cost of living crisis is set to result in banks introducing tighter and more stringent checks on those applying for home loans.

His comments come after Santander became the latest bank to announce they were changing lending criteria.

Mr Rolande said: “We should expect other banks to follow. Responsible lending is vital and it is easy to see why lenders are changing criteria due to the huge increase in living expenses we all face.”