The FCA’s mortgage market review (MMR) came into force on Saturday. A number of key changes came into force. These include: • Mortgages have to be proved as affordable. • All income must be verified. • Expenditure needs to be assessed over a longer time period. • Anyone giving mortgage advice must be qualified. • All mortgages must be “stress-tested” to ensure customers can afford the repayments when rates rise. • All interest-only mortgage customers must have an affordable repayment strategy in place We understand that a large amount of lenders are struggling to cope with these changes and are taking weeks before you can make an appointment. We are here, ready and able to help now YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE An admin fee of up to 1% of the mortgage (typically only £345) may be charged before the mortgage completes. We will also be paid commission from the lender. The precise amount will depend on the complexity of the work involved and will be discussed and agreed prior to submitting the mortgage application.
Posted on: Sun, 27 Apr 2014 19:37:19 +0000
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