Romans’ Mortgage Market Review Fact Sheet

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4 Aug 2014

Romans’ Mortgage Market Review Fact Sheet

Author: Greg May

On 26th April the Mortgage Market Review (MMR) reforms came into effect. The change will help to deliver a mortgage market that works better for consumers and is sustainable for all participants; basically it ensures people take out a mortgage they can afford.

The reforms involve lenders conducting thorough screening processes to double check borrowers can definitely afford the mortgage repayments, based on their specific incomings and outgoings.

If you’re thinking of buying a property soon Romans is advising you to:

  1. Make sure you get advice early

You need to ensure your finances are in order, ideally six months before you apply. This shows the lenders you are able to maintain a healthy bank account and maintain regular direct debits.

Ensure you know how much you can borrow before you start the search for your new home.

Most mortgage transactions will take place on an advised-basis rather than the lender presenting you with several options to choose from. Due to the demand to see a qualified mortgage adviser we recommend you book your appointment early.

  1. Use your time efficiently

The application stage will now take longer. This is due, at least in part, to the length of time it will now take a lender to underwrite your application. By speaking to an adviser who can look at a range of lenders, you will avoid doing this more than once.

  1. Ensure you get the right advice

The amount of money you could borrow, and the choice of mortgage product available to you, could be influenced by whether you speak to an adviser who has access to a range of lenders.

If you are thinking of buying a new home, make sure you speak to a Romans Mortgage Adviser first: romans.co.uk/mortgages.
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Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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