MMR may be causing mortgage cool down

MMR may be causing mortgage cool down

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Video transcript

Mortgage approvals hit their lowest level for nine months in April, which could mean it may be a wise decision to let an experienced mortgage broker help find the most suitable deal for you.

The Bank of England has indicated that homebuyers given the requisite funds fell below 63,000 during the month, down from more than 66,500 in March. It was the third month in a row that approval numbers had fallen, furthermore it came in below the level anticipated by some mortgage market analysts.

This slowdown has coincided with the introduction of the Mortgage Market Review (MMR) rules, which can increase the amount of questions that lenders will ask before letting you borrow the money you need via a mortgage plan. The idea behind this tightening up is to make sure people only take out mortgages that they can afford.

At First Choice Finance, we have over 25 years of mortgage product experience and aim to use our knowledge and history to match you to the right mortgage from our panel, so reducing stressful delays at completion stage. All you need to do to start is talk through your plans with one of our mortgage advisers for them to guide you without obligation on what is available through us and very importantly how much it will cost. Then and only then you decide whether to go ahead or not.

They`ll aim to come back with a free personal home loan illustration then, if you`re happy with the mortgage presented to you, we`ll process the mortgage case to get your money to you as quickly as practical.

Find out more about how First Choice Finance can identify a good mortgage for your circumstances, visit firstchoicefinance.co.uk or call us for a confidential chat on 0800 298 3000, or dial 0333 003 1505 if using your mobile.

 Best £150 000 Mortgage Over 25 Years. Countrywide mortgages and loans for UK consumers.

Are you seeking a mortgage loan that has affordable rates and great terms? We offer various types of mortgages from multiple lenders, you shouldn`t have a problem finding what you are looking for. With the no obligation mortgage advice we are sure we can find an excellent mortgage solution for your individual circumstance. You will be able to find low current interest rates for a home loan, second mortgage, refinancing and certain types of equity release. No longer do you need to visit a mortgage loans broker in person to negotiate a great interest rate. We will search countrywide for the best offers and bring them right to your home via phone, post and the internet.

When searching for the best mortgage loans, we will go the extra mile for your business to bring you the best home loan rates. Finding you the best interest rate for your first or second mortgage, refinancing, and home equity. These mortgage quotes are completely free for you to receive, and there is no obligation to agree to any of the offers presented to you. Once you have a few offers with current applicable terms and rates, use a payment calculator to fully understand how they will affect you finances.

We offer mortgages countrywide, but we also feature great companies offering mortgage loans that could be used to purchase a property abroad. Regardless of what you are looking for from this site, whether it be great interest rates, calculators, refinancing, second home loan equity or other types of equity, your financial needs should be met by taking advantage of the great deals presented on this site.

Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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