Mortgage market review (mmr)
There has been a stream of media stories over recent months about lenders rejecting new mortgage applications from existing borrowers in their 40s or 50s who want to remortgage or move home.
Every day there seems to be a new headline, highlighting record low mortgage rates and fierce competition in the market. So what are the driving forces behind the low rates on new mortgage deals?
Building societies reported poor performance levels in the last quarter of 2014 as business volumes took an unexpected tumble, in contrast to the majority of financial services firms which boasted growth.
Other Mortgage market review (mmr) articles
As criteria and underwriting requirements become more complex post-Mortgage Market Review, lenders are ramping up field and phone-based support to guide brokers through their processes.
Lending to first-time buyers, home movers and remortgagors fell in November, but the buy-to-let lending market was the only sector to increase instead of showing a seasonal lending dip on the previous year.
Despite the fact that my spell checker says there is no such word as 'transitionals, I think we all know what I mean. Under the Mortgage Market Review, lenders are explicitly allowed to ignore the new income assessment rules and can take on borrowers from other lenders who would not normally meet their new criteria, provided the mortgage is for the same amount, and that the customer has no adverse credit history.
The implementation of MMR in 2014 was one of the biggest changes (and challenges) for our industry and will continue to be so this year.
House building propped up the construction sector's rate of growth in December despite expanding at its slowest rate since June 2013.
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.
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
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