MMR: Support is the key



The 26th April will stand as a landmark date in the mortgage world as the Mortgage Market Review (MMR) is to be introduced. As lenders adjust to making significant changes within their branch networks to accommodate this new regulation, now may be the time to utilise the services of your broker.

 

Although MMR will undoubtedly have a positive effect on lending it could certainly cause some initial frustrations. One significant change will be the requirement that all mortgage sales must be 'advised'. This key change will certainly test the lenders resources and have an impact on the perception that a direct application may be quicker than applying through an intermediary.

 

Although it may seem that applying for a mortgage is now more complex, the implementation of MMR is ultimately meant to rectify and resolve questions surrounding affordability. The response from the lenders has been to develop a series of questions to ascertain detailed spending habits. As a result you may be faced with a smaller market of prospective lenders than initially thought so your broker will guide you through the process of applying for a mortgage and ensure that you have mortgage and a product that best suits your circumstances.