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The mortgage Market Review

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The Mortgage Market Review (MMR) comes in to affect from the 26th April 2014.

What does this mean?

Mortgage interviews may be longer because advisers might need to ask more questions to determine what mortgage product is suitable for you, taking into account your individual needs and circumstances.

One of the cornerstones of the new rules is that there must be a careful and detailed assessment of the affordability of the mortgage for you. This assessment has to focus not just on the affordability of initial payments, but future ones as well - in an environment in which interest rates may be higher, and allowing for changes in your circumstances that can be reasonably foreseen at the time you take out your mortgage.

Lenders are in the market to lend but they quite rightly need to ensure that when lending it is affordable to you.

How can you prepare and how can we help?

There are ways to prepare for applying for a mortgage and as advisers we are here to assist you. You don't need to be thinking of taking a mortgage out immediately, it may be 6 or even 12 months ahead. We can help you prepare as planning ahead will help. We can go though what questions you will be asked, what documents will be required and inform you of how to best to prepare any mortgage application with the right information and presented correctly. 

As a guideline always retain evidence of all your income sources, if self employed it is a good idea to obtain your SA302's in addition to up to date finalised accounts, retain your current account bank statements showing income and your regular outgoings and be prepared to answer detailed questions on your monthly outgoings not just credit payments but also utility costs, monthly grocery costs, travel costs, socialising, childcare costs etc.

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