Interestingly enough despite the significant lack of awareness, 41 per cent of those aware of MMR believe it will ensure they only borrow what they can afford to repay so see the changes as a good thing. And aspiring buyers seem to be better as preparing themselves before submitting mortgage applications with 49 per cent saying they will check their credit report before applying for a mortgage. Additionally, 29 per cent will try to pay off outstanding debts before applying for a mortgage to meet the increased affordability requirements under the MMR.
TSB mortgages director Ian Ramsden said: "Although the MMR is usually recognised as a positive change by people who understand it, many still have worries as it remains shrouded in mystery."
Perception Finance managing director David Sheppard says: "It is surprising to hear so many people are still unaware of the MMR given the level of press exposure it has had. I wouldn't expect consumers to understand all regulatory changes but because this one has been so hard-hitting, it is worrying." If you are looking to take out a new mortgage or want to review your current mortgage Enable IFA’s can help explain the implications of MMR to you and talk you through your options.
Your home could be at risk if you do not keep up your mortgage repayments.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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