Nigel Stockton, financial services director at Countrywide, said remortgage customers were unhappy with the length of time taken to undergo a full affordability check.
“In the main, first-time buyers and home movers accept that this is what needs to be done and they are comfortable that they need to do spend two hours with a mortgage adviser in order to get a mortgage,” he wrote in a blog for Mortgage Solutions.
“However, we are beginning to see issues in the remortgaging sector, where these types of borrowers are less happy to attend a two-hour appointment to discuss a mortgage they have already been paying for a number of years.”
Stockton said he expected the trade bodies and regulator to re-assess the situation in the near future and consider rules for other areas of the market.
“I expect AMI, the CML, and the FCA to look at this carefully in the coming months and off the back of this we may see a relaxation of the full affordability exercise. Similarly, I expect the lending into retirement and equity release products to be the subject of a similar review in the coming months.”
To read the blog, click HERE.
