Click the video to hear more on eligibility and the MMR.
Speaking to Mortgage Solutions at The Mortgage and Protection event in Manchester, Lynda Blackwell, manager of mortgage policy at the FCA said mortgage trade bodies including AMI and the CML were working to create a clear, standard format for brokers to work to.
Blackwell said: “My understanding is that trade bodies are working together to try and bring some sort of standard format to the eligibility criteria that lenders can look at and to do some form of date stamping, because there is an issue over what dates the criteria was relevant.
“Hopefully that will go some way to addressing the intermediaries’ concerns.”
On Monday Blackwell heard brokers’ tales of frustration with often-unpublished lender affordability criteria at The Mortgage and Protection Event 2013. Having apparently strong cases rejected with no explanation is a particular problem, brokers told her.
To review all the coverage from Mortgage Solutions’ Mortgage and Protection Event 2013, click HERE.
