Before anything else, preparation is the key to success”
The Mortgage Market Review has arrived
On 26th April, most of the changes outlined in the Financial Conduct Authority’s Mortgage Market Review (MMR) will take place. In this post we examine what that means for you and others like you.
The MMR in brief:
The MMR came about following a discussion paper in 2009 post global banking collapse. The FCA state that the MMR exists to make the mortgage market work better for consumers after it became apparent that there had been an issue with high risk lending and borrowing in the past.
In reality – for you – it will probably mean a greater number of affordability checks and a lengthier mortgage process. Lenders will want to see more evidence of whether you can afford the mortgage and, importantly, whether you will continue to be able to afford the mortgage if interest rates rise. They will do that by gathering more evidence of your day-to-day incomings and outgoings.
How will it impact what we do here at Number One Mortgages?
As we have always offered a very thorough overview not much is going to change and we hope that we will be even more useful when it comes to guiding mortgage seekers through the additional paperwork and affordability guidelines. There are some things you can do in advance to make sure your application is in the best possible health and it is our job to help you out with those right from the start. That is where we add value, so if you feel we could help you then please do get in touch.
Do you think anyone else might need some guidance?
We want to make sure that everyone knows about the new regulations and is prepared, because preparation is the key to success. So if you know someone who might need to be aware of the MMR changes (a family member, friend or colleague for example) then please feel free to forward on this newsletter and we can put them in the best position. They can then reach us on 01273 736536 or by emailing info@numberonemortgages.co.uk if they need further advice.