Recent research has shown that more than 12 months after the MMR was conducted by the Financial Conduct Authority (FCA), potential borrowers still feel confused and that they will be less able to obtain the mortgage they are hoping for.
Almost half of all borrowers who had anticipated buying following the MMR have so far not done this. Others feel less confident in their mortgage application being approved.
The research was carried out by credit reference agency Experian, and revealed that despite the increased focus on affordability, and the introduction of tighter lending guidelines, many borrowers were still not prepared financially when it came to placing a mortgage application.
Just under 50% had not checked their financial report held with Experian and other credit reference agencies before, which would have given them a indication on how the lender would view their request for a mortgage.
James Jones, who is Experian’s head of consumer affairs, explained:
“Preparation is the key to successfully navigating the mortgage market post-MMR. But it can take time to build a positive credit history and a solid track record of positive money management, so it’s important you start preparing as soon as you make the decision to buy.”
Once you are qualified, following the completion of your CeMAP training and final exams, you will be the person that potential borrowers turn to for advice and guidance on buying their dream home.
You will undertake a full analysis of their affordability and conduct a credit search to decide if they are eligible for a mortgage. You can then best advise them on the mortgage products available.
