With the arrival of the Mortgage Market Review, so came the dawn of the execution-only sale, the replacement for non-advised mortgages.
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Lenders want an injection of common sense into the Mortgage Market Review (MMR) rules on execution-only sales which they say are causing frustration among borrowers.
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As the MMR lengthens mortgage interview times putting pressure on retail branch resources and customers' schedules the online mortgage option has started to grab attention and spark debate.
Brokers "over-arching" responsibility to act in the consumer's best interests could mean walking away from the sale when the Mortgage Market Review (MMR) rules are implemented on 26 April.
The Financial Conduct Authority has raised concerns that lenders' growing reliance on technology to improve efficiency post-MMR implementation will put consumers at risk.
Virgin Money has become the latest lender to announce its Mortgage Market Review (MMR) changes including confirmation it will accept execution-only business following the introduction of the new rules.
The Financial Conduct Authority has published a Frequently Asked Questions document in a bid to clear up advice-related confusion ahead of the incoming Mortgage Market Review on 26 April.
From April next year, new obligations under the Mortgage Market Review (MMR) mean execution only-sales will have to be dealt with far more carefully to remain compliant, said vScreen.
An FCA survey suggests a third of the industry cannot confirm it has a plan in place to prepare for Mortgage Market Review implementation on 26 April next year.
Adviser firms offering non-advised protection sales can't be good for the consumer, according to the majority of advisers, life offices and reinsurers.
Few advisers will drop out of the industry after the Retail Distribution Review (RDR) and most plan to go independent, research from Capital Platform suggests.
Mortgage professionals, High Net Worth (HNW) borrowers and business customers will be able to sidestep the mandatory advice proposals and take out mortgages on an execution-only basis.
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