Will the London Property Market be Hit by the Mortgage Market Review (MMR)?
May 19th, 2014
The Financial Conduct Authority (FCA) has now implemented the Mortgage Market Review (MMR). In fact, the Financial Services Authority began the process in 2009 after the subprime mortgage debacle. The idea of the review is to reform the mortgage market to ensure avoidance of a worldwide disaster like that of 2007. For many first time homebuyers it is making it more difficult for them to secure the down payment and get onto the property ladder whether it is in London or not. The good news is that many retirees, over 55s, are in London and they have significant equity in their homes. This equity can be released to help their children with the down payment they require. There are different equity releases such as interest only lifetime mortgages, impaired equity release schemes and drawdown lifetime mortgages. …read more