Mortgage Market Review

Finally the MMR has been introduced. So what has changed?

The answer is; not much really. Most lenders and brokers have been gearing up towards this over the last few years and so were already operating in a post MMR environment.

MMR is generally all good common sense – affordability based lending.

It is not Daily Mail scaremongering about no more steak or golf! Outgoings are factored into your ability to pay the mortgage, but not what you eat and drink and discretional expenditure that can vary week to week, month to month. It’s about medium to long term commitments; loans, credit card debt, childcare and school fees etc.

Each mortgage lender has a slightly different approach to assessing affordability, so a thorough knowledge of the lenders is very important.