It all comes down to recent changes to the Credit Contracts and Consumer Finance Act (also called the CCCFA). These changes mean all lenders, including banks, have additional requirements around checking loan affordability. In particular, lenders now need to collect and verify specific information about a borrower’s income and expenses. So, applying for a loan can take longer and we may need to ask you to provide more details about your expenses – even if you’ve had lending with us before.
There are a few things you can do that could help speed up the process though, which we’ll take you through here.