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BSA conference: MMR still traps borrowers

The Building Societies Association is warning about mortgage borrowers being trapped by the Mortgage Market Review despite transitional arrangements in the last paper.

Speaking to the BSA conference in Manchester outgoing chairman Peter Griffiths some borrowers will not be able to meet the changed affordability criteria.

He believes that despite all the positive changes by the Financial Services Authority a substantial number of mortgage borrowers will remain trapped.

He says: “This issue relates to existing mortgage borrowers who may have a spotless payment record but whose financial circumstances mean they can’t meet the affordability criteria that lenders will be required to apply.”

He calls on the regulator to develop an exceptions policy with lenders to allow them more flexibility over such borrowers.

Griffiths also warned that increased income verification checks could lead to intrusive questioning and make home buyinga  substantially longer process.


Manchester Expo gains CPD credit

The Mortgage Business Expo Manchester 2012, has achieved Continuous Professional Development Event Accreditation from the Chartered Insurance Institute. This is the first time MBE Manchester has achieved such accreditation, which means all delegates are now able to include their attendance at the event as part of their CII CPD requirement should they consider it relevant […]

How to cut mortgage fraud risk

Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]


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