Total mortgage lending within the UK has been steadily climbing, before reaching levels of £19 billion in October, which were last seen at the time of the housing market’s crash back in 2008.

As experts within the field call it a new norm, some people voiced concerns over where it’s leading, and what the impact on borrowers will ultimately be.

In the June of 2007, before the financial crash, lending levels hit just under £35 billion. As the crisis unfolded, they spiralled to £23 billion Jun 2008 and a record low of £12 billion the following year.

As we enter December, the market generally quietens as people concentrate on preparing for Christmas. The Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR), which was conducted by the Financial Conduct Authority in April, has impacted on borrowing as it clamps down on inappropriate lending, ensuring that those providing mortgages establish the affordability of the product to their customers before agreeing any borrowing.

Mortgage interviews are now more detailed, and a full income and expenditure analysis is carried out when looking at how much can be borrowed.

Jonathan Harris, of brokers Anderson Harris, said:

“The regulators didn’t want it to prevent credit worthy people from borrowing but it had an effect across the board even impacting private bankers lending to clients.”

Mortgage professionals have a duty of care and responsibility to their customers. Having achieved accreditation following your CeMAP training, you will be able to work ethically within the required regulation, to establish your customers’ needs and advise them on the most suitable mortgage solutions.

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