The Financial Services Authority, chief executive, Hector Sants has announced during a speech to the British Bankers Association (BBA) that there will be no rule changes to the mortgage market review (MMR) before 2012. 'The MMR is still only at ‘the stage of analyses’.
It has been confirmed that the independent body will provide a ‘full impact analysis of the MMR this summer. Also, the body will aim to outline the ‘proposed framework’ within the autumn months of 2011. It was still at the stage of analysis and consultation and no rule changes will be made before 2012.
It was stated that the ‘goal will be to reduce the possibility of consumer detriment in relation to affordability occurring without impacting the ability of the market place to offer affordable mortgages .
Many industry experts have been concerned at the reaction of lenders to the proposals contained in the MMR consultation papers. Many have restricted their lending criteria; this has slowed a fragile market and has had a significant impact on first-time borrowers in particular.
Mis-sold Mortgage Claims > Mortgage News
Mortgage Market Review will not change lending rules before 2012
Fri, 04 Mar 2011
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