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New advisers say MMR will create more criteria consistency

by: Samantha Partington
  • 28/08/2014
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New advisers say MMR will create more criteria consistency
Newly qualified advisers believe that the Mortgage Market Review (MMR) will lead to greater consistency in lending criteria and stability in the mortgage sector.

Advisers, who have completed their CeMAP qualification in the last three years, were asked to give their opinions on how the MMR would impact the market.

As well as more uniform criteria, advisers said the new rules would promote a more responsible lending culture.

Of the 650 brokers surveyed by IFS University College, 57% said it would allow the majority of customers access to the mortgage market.

Janine Davis, who completed CeMAP within the last six months and currently works as a mortgage specialist for Ulster Bank, said: “2014 has seen huge changes introduced to the mortgage market, which ultimately seek to protect the consumer and ensure they get access to lending which is both fair and affordable.”

With mortgage lending at its highest level since 2008, the research also showed that many advisers are going beyond what is required of them regarding qualifications.

More than half want to continue studying, having already gained their CeMAP qualification, while more than a third are already studying for the advanced mortgage advice award provided by IFS University College.

Many respondents said they were looking to expand their professional skills by studying for financial planning, financial adviser and complaints handling qualifications.

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