Henley Standard Property
HOME

Date:

Order your copy Advertise with us! HENLEY PAGES
Delivering the news from Henley on Thames and South Oxfordshire for over 100 years
  News     Sport    Celebrity   What's On Regulars Community Info Henley Standard TV Lifestyle Property Jobs Classifieds Gallery Trade
                               Follow us    Follow us    Newsfeed Search the Henley Standard  
Mortgage update means more time for processing
Published 02/06/14



LAST month the Mortgage Market Review — or MMR — was introduced to ensure people take out a mortgage they can afford instead of overstretching their budgets.

The new reforms involve lenders conducting thorough screening processes to double check that borrowers can definitely afford their projected mortgage repayments, based on their specific incomings and outgoings.

The two main changes are that customers looking to get a new mortgage to buy a home, increase their current mortgage or remortgage need to prove that they can afford the mortgage. In order to borrow an interest-only mortgage there will need to be a credible repayment strategy.

Greg May, mortgage services director of Romans estate agents said: “We’ve always put affordability at the forefront of our mortgage advice and we were obtaining evidence of income prior to the rule changes, so the way we work with our clients hasn’t been altered much by the new MMR.

“However, lenders now require a more detailed picture of their clients so we’re working even harder to obtain as much of the relevant documentation and paperwork upfront to support each application and minimise any disruption caused by the new regulations. This will ensure our clients are able to proceed as quickly as possible with their purchase or remortgage.


“One of the biggest changes we’ve seen is the amount of time we’re left on hold waiting to get in touch with the lenders, which can be up to an hour, although this is slowly improving as the lenders get used to the new rules.

“Our customers don’t need to worry about this though as we contact the lenders on their behalf and conduct all of the administration tasks, saving them a lot of time and frustration.”

Brokers recently told Mortgage Strategy, a mortgage trade publication, that delays from lenders, conveyancers and surveyors are pushing completion times back by several weeks or even months in some cases.

Romans is recommending that anyone looking to get a new mortgage, or change their current one, should start the process sooner rather than later.

Romans mortgage services’ advisers guide their customers through the entire mortgage application process.

To find out more and book an appointment with a local adviser talk to the team at your local Romans branch or visit www.romans.co.uk/mortgages

Published 02/06/14

MOST POPULAR
Most residents support M&S development
Gillotts celebrates best ever GCSE results
Rewind promoter forgives blue Bob
The penalty points capital of England
Queues of traffic on hill ‘are deliberate’
No action to be taken against David Silvester
Brakspear sales rise despite pub closures
Re-opening date set for Whitchurch Bridge
LATEST BUSINESS NEWS HEADLINES
Revamped café takes on starring role at cinema
Local pub gets new lease of life
Nat West closes branch despite protests
Most residents support M&S development
New barbers replaces tattoo parlour
Bid for third title
Gift your gear plea
Idyllic settings for your dream home
Specialist steak restaurant moving in
Pub named best in South-East for food
Brakspear hails pubs after lift in beer sales
Latest Video View more from   Henley Standard TV
ADVERTISE WITH US
LATEST SPORTS HEADLINES
Henley's winning run ends at High Wycombe
Peppard Stoke Row clinches promotion
Welsh visitors have edge in close encounter
Carp haul wins it for Shillitto
Single winning rink enough for victory
Top Videos
 
Most Popular
 
 
 
 
Higgs Group
HIGGS GROUP
Tel: 01491 419400
www.higgsgroup.co.uk
HENLEY PAGES
Tel: 01491 419419
www.henleypages.com
HIGGS PRINTING & DESIGN
Tel: 01491 419429
www.higgsprinting.co.uk
HIGGS OFFICE SUPPLIES
Tel: 01491 419499
www.higgsofficesupplies.co.uk
HENLEY LIFE MAGAZINE
Tel: 01491 419449
www.henleylife.co.uk
HIGGS GROUP, Caxton House, 1 Station Road, Henley on Thames, Oxfordshire, RG9 1AD.

Cookie Policy | Copyright and Terms | Competition Rules | Contact Us | Advertise with us | Site Map
© Higgs & Co (Printers) Limited 2013  |  Registered in England number 1418717