The theory is that the majority of advice firms in the mortgage market have had their MMR ducks in a row for some time. So,forward-thinking advisers in the industry are thinking about the post-MMR market and how in reality this will change the way lenders, distributors, brokers and consumers interact with each other.
A U-turn from the top hierarchy of the country's decision makers is ordinarily viewed as a sign of weakness.
It's now a widely accepted belief that rates are as low as they are going to go. The Council of Mortgage Lenders believes that the rock bottom pricing in the market at the moment is as good as it is going to get apart from some minor undercutting going on in the marginalised 95% loan-to-value lending space.
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Improving conditions in the mortgage market are inducing smaller lenders, in terms of their volume of mortgages, to make big statements about their lending ambitions for 2014.
The Council of Mortgage Lenders forecasts the mortgage market will lend £195bn in 2014, a 30% increase on last years' estimate. But the servicing logistics of stepping up a gear won't be the only challenge facing the industry in 2014.
After years of negotiations, the European Parliament has quietly passed the EU Mortgage Credit Directive today. This means firms will soon be following the same rules as mortgage professionals across the European Union.
On Monday, a broker audience at The Mortgage and Protection Event 2013 exploded with indignation. The speaker was the Financial Conduct Authority, and the issue was the impossible task of working out opaque lender affordability criteria.
In just one week, the private life of Reverend Paul Flowers has become headline news. But while the public absorbs the revelation a former Co-op Bank chair took cocaine and ketamine, financial services firms will be pondering the damage a single, poor appointment can do.
Help to Buy 2 is off to a flying start. More than 2,000 applications made under the mortgage guarantee scheme in the first month have been agreed in principle, and interest shows no sign of flagging.
They snap up million pound properties in Mayfair. They invest in badly-needed new build developments. They may be looking for a fashionable pad, or simply a safe place to park their money.
“Be prepared.” This is Bankhall’s warning to directly authorised firms, and their compliance staff when it comes to the Financial Conduct Authority.
As many as 30,000 borrowers could be forced into arrears if the Bank base rate increased, HML researchers suggested this week. A few days earlier, Citizens Advice raised concerns about the impact of an interest rate rise on buy-to-let landlords – and the knock-on effect for tenants.
The mortgage market has changed since March. The government’s Help to Buy scheme has had an electric effect on the first-time buyer market, meaning some renters can now afford to buy.
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