Mortgage drought fears allayed

Mortgage drought fears allayed

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Video transcript

A member of the Financial Conduct Authority (FCA) has moved to calm fears that the Mortgage Market Review (MMR) will lead to home loan availability drying up.

The MMR will see new checks introduced so that lenders can be more confident in ensuring the borrowing consumer can afford the mortgage or remortgage repayments. This has led to concerns that it could bring the mortgage market`s recovery to a sharp halt.

However, that`s something that`s been rejected by the FCA`s Linda Woodall. The authority`s director of mortgage and consumer lending has assured would be borrowers that `the MMR will take the froth off the market`, but she adds that she doesn`t think it `will be the cause of a fall in mortgage lending`.

The market is still advancing, according to the Bank of England`s Trends in Lending report, which shows that mortgage approvals for house purchase continued to go up in the three months to February 2014, taking the level considerably higher than the same period in 2013.

This comes hot on the heels of Council of Mortgage Lenders` figures that showed gross lending in March stood at £15.4 billion. That was four per cent up on February and for the first quarter a whole, 2014 outperformed 2013 by 37 per cent.

Whatever the MMR impact is, First Choice is committed to finding you the most suitable mortgage for your needs from our lender panel. We can scour our product market and if we can help we will provide you with a no obligation personal illustration for you to consider.

To speak to our in house mortgage adviser team go to firstchoicefinance.co.uk or call us for free on 0333 003 1505 or 0800 298 3000.
 

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