New MMR rules could force lenders out of the adverse mortgage sector


With the introduction of the Mortgage Market Review (MMR) in April, rules which oblige lenders to make stricter affordability checks are likely to tighten criteria which could narrow the market, according to some adverse credit lenders.

According to Kensington, this may even cause some lenders to leave the sector altogether.

Roy Armitage, head of risk at Kensington said: "There may be occasion where the extra depth of information required by lenders - especially in relation to the quality of life and essential cost expenditure - may impact the size of loan an applicant may be able to borrow.

He added: "However, some lenders may, after reflection on the new rules and the operational implications, decide that credit impaired lending for debt consolidation is no longer within its risk appetite, assuming that it is already. Of course this depends on how lenders interpret reasonable steps."

Read the full story here via Mortgage Solutions

call us

Speak to an account manager on:

0161 971 0775
email

Enquire by email:

info@simplyonlineleads.com
online

Sign up and start buying leads today

Register Online

Simply Online Leads Awards

close awards

Wealth & Finance Magazine Finance Awards 2015

Most Trusted Lead Generation Firm 2015 - UK

Acquisition International 2014 Finance Awards

Most Outstanding Lead Generation Firm 2014 - UK

Wealth & Finance Magazine Finance Awards 2014

Best Network for Mortgage Brokers

Wealth & Finance Magazine Finance Awards 2014

Recognised Leader in Lead Generation

Acquisition International 2013 Finance Awards

Most Outstanding Lead Generation Firm 2013 - UK

Close SoSmartMoney

SoSmart Money Our Comparison Website

sosmartmoney

SoSmart Money, our own online comparison site, provides thousands of consumers with a free and simple way to shop online for a number of different personal finance products, including mortgages and insurance.

As a reliable comparison site, the mission of SoSmart Money is to provide information, articles and guidance for consumers on finding the best products for them, whilst working closely with brokers to ensure they are being provided with the best quality leads.

SoSmart Money has a trusted relationship with a wide network of partners – yet consumers just need to fill in one easy, secure form to access quotes or speak to a professional adviser. The customer journey is kept simple for the consumer – and keeping this transparent for the broker allows you to maximise conversion once you pick up the enquiry from the customer.