Study indicates access to mortgages has improved

During the first six months of 2014, 34 per cent of mortgage brokers hadn't been able to find a mortgage product that was suitable for at least one borrower. However, following the introduction of the new regulations, only 25 per cent reported the same difficulties during the same period in 2015. A similar improvement had been experienced by mortgage brokers trying to help first time buyers during the first half of 2014, with 28 per cent having problems. In 2015, the percentage had reduced to just 20 per cent.

According to the executive director of IMLA, Peter Williams, the housing market is becoming livelier, with positivity increasing since the introduction of the MMR regulations. According to the study, 74 per cent of mortgage brokers are now concerned with the introduction of the European Mortgage Credit Directive this year. The research indicates that 40 per cent of brokers are more concerned about the MCD than they were about the MMR. A further 11 per cent believe that the challenges faced will be greater than previously dealt with.

For many mortgage brokers who have undertaken CeMAP training, the challenges will be faced professionally, knowing that they have a solid understanding of the mortgage industry. Williams added that changes to regulation are always a challenge to the balance between protecting customers and getting access to suitable products.