If you’re thinking about moving house or have recently moved, you’ve probably heard of the Mortgage Market Review, which came in last April. It meant that new affordability criteria could make it harder for some people to get a mortgage when their existing deal comes to an end, resulting in them getting stuck on their providers’ higher SVR.

If you’re looking to remortgage when you’re existing deal comes to an end so that you can switch to a lower SVR, providers should be applying ‘transitional arrangements’ which means that the provider does not need to employ the affordability tests under the mortgage market review. This should be the case if the customer’s circumstances haven’t changed and they are not looking to increase their borrowing. However in many cases, the provider’s application process is automated and the system is automatically refusing them as it cannot deal with these ‘transitional’ cases. Ipswich Building Society, however, uses a manual underwriting process and considers each case individually, even considering applications from those that have already been turned down for a remortgage by their existing lender.

Do you fall in to any of the groups of people who are having this difficulty? This neat infographic from Ipswich Building Society details the tell-tale signs of a ‘mortgage misfit’.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS

Ipswich Building Society has opened up its lending programme and will now consider applying transitional arrangements for applicants up to 75% LTV, to enable those with previously limited options, access to greater choice.