There is now just one month to go until the Mortgage Market Review (MMR) changes are formally implemented.
To help consumers prepare for the changes, the Council of Mortgage Lenders (CML) has been working with the Money Advice Service, which will publish online guides in April to explain how applying for a mortgage works under the new system.

The CML will work with lenders to assess the impact of the new rules and minimise any disruption while they are put in place. A recent FCA survey found all firms planning to conduct mortgage business – brokers as well as lenders – will be ready to implement the new rules on the 26 April. Some lenders have already announced their MMR lending criteria and have chosen to implement certain aspects of the rules in advance of 26 April. However, the CML has warned that the sheer scale of the changes to firms’ systems and processes may affect transition to the new rules in the short term. The CML will work closely with the FCA and lenders to ensure any implementation concerns are minimised.
Paul Smee, director general at the CML, said: “The introduction of MMR regulation will bring the largest change to how the mortgage market works in over a decade. The industry has shown that it is ready, and we anticipate a smooth transition into the new framework. We hope and expect the new rules will provide a robust and stable framework for the long term.
“We hope that any transition issues can be managed in a way which minimises their impact on the borrower, and the CML is ready to assist the FCA in this task.”