My colleagues have blogged about the MMR (Mortgage Market Review) over the past few months. To summarise:
- The Financial Conduct Authority published new financial guidelines for mortgage lenders.
- The guidelines in the MMR require advisers to collect more information than they had generally been gathering – particularly around income and affordability.
- Buyers started to see delays, because they have to produce an advised sale rather than giving the clients options and asking them to select what they thought was the best deal.
- Some industry commentators are noticing a slow-down in the pace of growth across the market (and look at the MMR as a contributing factor.)
So, that’s all bad news, right?
Well, not entirely – especially for independent financial services (like us). We have found people starting to use our services to make sure they find a mortgage they can afford instead of going to in-branch advisors, who are seeing delays.
Also, we have not slowed down at all because we have always both provided advice and taken affordability into account.
So, if you are not sure whether your mortgage application could be delayed, why not get in touch? We can help you find an affordable product and provide mortgage advice without delay.