In Summary - The Author, due to having recently switched from being a full-time to a freelance worker, cannot prove that he has the ability to pay the mortgage he's applying for and thus his application was denied.
The rest of the article being about how he owns several properties outright (that he rents out) and apparently has money in the bank is somewhat immaterial since the part that a lender cares about most is "can you continue to pay your debt from your sustainable income stream" - not your rental business which can be volatile and unpredictable income wise.
That lending rules have been tightened is surely a good thing even if it does mean the some people will find it harder to own property. Borrowing money to own a home is nobodies right, but something you should have to prove you're able to do - as the swathe of sub-prime mortgages that subsequently went underwater only a few years ago shows.
The rest of the article being about how he owns several properties outright (that he rents out) and apparently has money in the bank is somewhat immaterial since the part that a lender cares about most is "can you continue to pay your debt from your sustainable income stream" - not your rental business which can be volatile and unpredictable income wise.
That lending rules have been tightened is surely a good thing even if it does mean the some people will find it harder to own property. Borrowing money to own a home is nobodies right, but something you should have to prove you're able to do - as the swathe of sub-prime mortgages that subsequently went underwater only a few years ago shows.