Mortgage market review (mmr)
This year has posed many challenges for the mortgage industry which it has risen to with admirable fortitude.
Virgin Money has stopped accepting buy-to-let mortgage applications from first-time buyers following a review of its lending policy.
When I started in this industry back in 1978, working for the Abbey National Building Society, the piece of legislation we operated under was the Building Societies Act 1964.
Other Mortgage market review (mmr) articles
So we made it through the year. A year which saw the biggest changes in mortgage regulation since M-Day in 2004.
Where there's change, there's opportunity says Richard Pike, sales & marketing director at Phoebus Software on the Mortgage Credit Directive
There are noticeable efforts among mortgage lenders of late to reach out to underserved parts of the market which have been neglected since the financial crisis extinguished any appetite for risk, perceived or real.
It seems ironic that at a time when we have a significant aging population that lenders are suddenly pulling back on lending that is likely to take people over retirement age.
As ever more Britons become self-employed (the latest proportion is around 15%) and the average age of first-time buyers creeps upward, there is a growing army of ‘non-standard' mortgage customers who fall outside the traditional core of salaried borrowers with no credit blemishes who can pay off their loans before a set retirement date.
Find out what it takes to make it as a broker in the new-build market with our free-to-download app, Mortgages for people who break the mould, created by the Mortgage Solutions team.
It appears that lenders who played it safe through the months following the Mortgage Market Review have now reviewed their criteria and are adapting it into Q4.
Nationwide has refuted suggestions in the national media that a £900m drop in its mortgage lending is linked to an unwillingness to lend to borrowers into retirement.
The number of remortgage loans fell 21% in October compared to the same period last year resulting in 23,505 transactions, according to research.
Nationwide's gross mortgage lending dropped by nearly £1bn in the first half of the year to £13.1bn compared to H1 last year when the building society lent £14bn of new loans.
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