Reduce affordability checks for remortgage customers – Stockton
Just taken an hour on the telephone to arrange a rate swap with my current lender – ridiculous.
Bill Dudgeon
The unintended consequences of the MMR – analysis
The BTL market needs to be regulated as well as residential mortgages and the government missed a trick in not doing this last month when introducing MMR. It would have created a more even playing field between investors and house-buyers particularly FTBs.
I am hopeful after writing to the Bank of England that the PRA and FCA will begin to look at this issue so there will only be repayment mortgages available to landlords.
This would “cool” the property market which the governor of the BoE is looking for, along with many economists.
Colin Cloy
Reduce affordability checks for remortgage customers – Stockton
Great point to be raised by a true industry innovator and leader. I’m not sure that two hours are required for the process but affordability for existing borrower with a proven tracker record of repayment shouldn’t be as strict as new entrants borrowing just because of the MMR.
There will be even more mortgage prisoners otherwise!
MJR
