Photo: James Stringer
The MMR was officially introduced at the weekend. It is not the measles, mumps and rubella vaccine. That may sound like an obvious statement, but many buyers in the UK may well presume that to be the case, as new research from Experian reveals that 72 per cent do not know what the Mortgage Market Review is.
Almost three-quarters of aspiring homebuyers do not know what MMR is, the global information services company’s survey found. Among the 28 per cent that are aware of it, many are ill-informed are confused about it. 43 per cent of them think that it means mortgages will be made more affordable, enabling them to apply for loans with smaller deposits.
The opposite is more likely to be the case, though: the Mortgage Market Review is designed to stabilise the lending market and minimise the risks involved in lending to those who can only afford small deposits.
Indeed, 19 per cent believe lenders will have relaxed their lending criteria after April 26th 2014, when affordability checks will in fact become much more stringent, checking financial backgrounds of applicants to ensure they can pay back their mortgage, particularly with the prospect of interest …read more
Source: The Movechannel