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One Year On

Posted on Friday 22nd May, 2015

One year has passed since the Mortgage Market Review, and we thought we should take a look at the impact it’s had on homebuyers and the general market. Since last April we’ve noticed a lot of movement caused by the stricter criteria for lending.

Introduced to make the market more secure and stable for borrowers and lenders alike, the MMR has certainly left its mark.

Who’s been affected?

Many borrowers are still securing mortgages, but with the new rules making irresponsible lending very difficult, the numbers of new borrowing has fallen – as was expected.

In the effort to make sure people can afford to borrow, many potential borrowers have been frozen out of the mortgage market by lenders. These include older borrowers and the self-employed. Getting a mortgage was never easy for these groups, but since the tougher rules came in, the struggle has intensified.

Without predictable monthly salaries, self-employed people are finding it very difficult to secure funds. As for older borrowers, the changing economy means many can only buy later in life, yet the lenders seem to be erring on the side of caution, and using the MMR to decline such applicants.

Using a Mortgage Broker therefore makes sense in order to ensure that you receive the appropriate advice in whatever circumstances you are in.

Give us a call on 0800 970 1795


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© Acorn4Mortgages Limited. Registered address: 1-3 The Mall, Ambrose Lloyd Centre, Mold, Flintshire, CH7 1NR. Registered in England & Wales under number 4270415.

Acorn4Mortgages Limited is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service. You may be able to submit a claim through the EU Online Dispute Resolution Platform if you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.