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Mortgage checks are 'no hard brake' on market, says CML

Tuesday, 12 August 2014  |  Admin


Mortgage checks are 'no hard brake' on market, says CML

New affordability checks have only put a "gentle dampener" on the UK mortgage market during their first months of operation, lenders say. The new rules - known as the Mortgage Market Review (MMR) - came into effect at the end of April.

It meant home loan applicants had to give more details about their income and outgoings during longer mortgage application interviews.

Lenders are reporting a steady rise in first-time buyers despite the changes. There were 28,600 loans given to first-time buyers in June, a rise of 7.1% on the previous month and 18.7% higher than in June 2013, according to the Council of Mortgage Lenders (CML).


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Source: BBC Business News

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