The Financial Conduct Authority has announced that it will conduct a review to gauge the effects that the Mortgage Market Review (MMR) had on the London property market and consumers; the new review will aim to ensure that mortgage brokers are not returning to the "unaffordable lending practices of the past", which saw almost all applications approved. Last year"s MMR is believed to have greatly impacted the property market, with the National Association of Estate Agents claiming that two thirds of agents suffered a decrease in buyers as a result.
The Financial Conduct Authority has announced that it will conduct a review to gauge the effects that the Mortgage Market Review (MMR) had on the UK property market and consumers; the new review will aim to ensure that mortgage brokers are not returning to the "unaffordable lending practices of the past", which saw almost all applications approved. Last year"s MMR is believed to have greatly impacted the property market, with the National Association of Estate Agents claiming that two thirds of agents suffered a decrease in buyers as a result.