Mutual society opens doors to those trapped following MMR

Ipswich Building Society has announced that it has extended a helping hand to those borrowers stuck with their current providers due to new regulations.

The Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review (MMR) was conducted in April of 2014 and saw lenders introduce new tougher affordability criteria, to ensure they complied with the additional regulation introduced. Some borrowers have become trapped with their current mortgage provider, as they fail to meet the new affordability requirements.

The Financial Conduct Authority has given lenders enough flexibility to be able to make a decision when it comes to existing borrowers, where none of their circumstances have changed, but many high street lenders are being accused of disregarding this to avoid getting into trouble with the regulatory body.

The lending programme launched by the Ipswich Building Society means that it will view all cases from customers from those wishing to transfer transitional lending.

The mutual’s chief executive, Paul Winter, explained:

“It is possible to still give people a choice while retaining a diligent approach to lending. I would urge my peers at other lenders to think about making the mortgage market work more effectively for mortgage misfits by offering choices for those who fall outside the norm.”

As a qualified mortgage advisor, you will have had to undertake the relevant CeMAP training and pass the end exam. You will then be able to interview customers and assess their needs, and having conducted a full affordability check in line with your employer’s procedures, you can recommend the most appropriate mortgage package.



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