New regimePosted: April 28, 2014
Will the new mortgage rules tilt the playing field even further in favour or the housing haves and against the have-nots?
On the face of it’s hard to argue with the idea that lenders should check whether borrowers can actually afford their mortgage before they make the loan. But is it quite that simple?
After a long consultation, the new Mortgage Market Review (MMR) regime finally came into force on Saturday. The aim is to prevent a repeat of the irresponsible surge in lending seen before 2007. The lax rules then were symbolised by the self-certified mortgage, or liar loan, which is now banned.
Read the rest of this post on Inside Edge, my blog for Inside Housing