| Subscribe via RSS

March 2014 Newsletter – MMR: Support is the Key

March 18th, 2014 | No Comments | Posted in Monthly Newsletters

TMS

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 a mortgage and a product that best suits your circumstances.

Tags: , ,
  • The Mortgage Store (TMS Ltd.) is a firm of professional Advisers who specialize in all types of Mortgages and Related Insurance Services.


    For Free Advice on Mortgages and related Insurance Services or Use our CONTACT Page to send us a message

  • Latest Feedback

    We couldn’t thank you enough, you really helped us so much!

    Roselyn


  • FEES:
    We are normally only paid by way of commission from the lender, Alternatively you can choose our Fee Only option where you pay us a fee instead and we rebate our lender commission to you. Depending on your circumstances there might be an additional fee charged for mortgage advice, and if so it will not exceed 1% of the mortgage amount.
    Your home may be repossessed if you do not keep up repayments on your mortgage.