New Mortgage Rules (MMR)

  • Expert Mortgage Advice
  • Thousands of Mortgage Products
  • Speak To Us To See If We Can Help

Get in touch today for a free, no-obligation chat about how we might be able to help you. 
1 Your Details
Get in Touch
The internet is not a secure medium, and the privacy of your data cannot be guaranteed.
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right
FormCraft - WordPress form builder

New Mortgage Rules (MMR)

Your home may be repossessed if you do not keep up repayments on your mortgage.

The financial services industry regulator, the Financial Conduct Authority (FCA), has set out a new set of rules for mortgage advisers, and lenders, to improve the process of getting a mortgage.

In the past, some people were allowed to take out mortgages they couldn’t afford. This meant they fell behind with payments or lost their homes.

The Financial Conduct Authority (FCA), the financial services industry regulator, has set out a new set of rules for mortgage advisers like us, and lenders, to improve the process of getting a mortgage, and prevent these past problems.

Under the new rules, which came into force on 26 April 2014, your lender must check that you can afford your repayments now and in the future. To do this they will need information about your income and outgoings. You will have to tell them if you expect your income and outgoings to change in a way that means you’ll have less to spend on your mortgage payments.

You will also need to give your mortgage lender evidence of your income.

This article (New mortgage rules (MMR)) is intended to provide a general appreciation of the topic and it is not advice.