Mortgage Market update on MMR and why there are delays in processing applications
Worth reading if you're planning to apply for a mortgage. Some lenders have been affected worse than others, so it is worth checking with your mortgage broker what sort of delays you can expect. For instance, if one particular lender is offering a slightly more competitive rate, say 0.2% cheaper but there are huge delays and bottle necks, is it worth the risk? Such delays could see home buyers losing a property. The main change is the distinct slowdown in the turnaround of the assessment of cases. This is a major problem for buyers, especially in the fast paced London market.
It's a mortgage brokers responsibility to give their clients a realistic and truthful view of current market conditions. That includes telling them which lenders have been affected worse by the impact of MMR.
John Yerou
MD of Freelancer Financials
Worth reading if you're planning to apply for a mortgage. Some lenders have been affected worse than others, so it is worth checking with your mortgage broker what sort of delays you can expect. For instance, if one particular lender is offering a slightly more competitive rate, say 0.2% cheaper but there are huge delays and bottle necks, is it worth the risk? Such delays could see home buyers losing a property. The main change is the distinct slowdown in the turnaround of the assessment of cases. This is a major problem for buyers, especially in the fast paced London market.
It's a mortgage brokers responsibility to give their clients a realistic and truthful view of current market conditions. That includes telling them which lenders have been affected worse by the impact of MMR.
John Yerou
MD of Freelancer Financials
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