Brokers disagree on MMR

A quarter (24%) said business levels have increased, a further quarter (25%) said MMR caused them to fall, while the majority (43%) reported no change.

John Heron, director of Paragon Mortgages, said: “The research from the first quarter is really interesting. What it shows is there is still some uncertainty in the market about the long-term impact the MMR changes will have on business volumes.

“This isn’t unexpected, as with any significant change in regulation there will always be a period of adjustment, but it is important the industry monitors this carefully.”

The survey also found that three quarters of intermediaries (75%) find getting a mortgage for the self-employed difficult, followed by retirees (52%) and those with complex incomes (51%).

Heron added: “Looking at the feedback from intermediaries on the underserved areas of the market also provides a valuable insight into what lenders could be doing better.

“We need to recognise that there is no such thing as the average mortgage customer anymore, people have a greater variety of circumstances and we need to be more innovative in order to meet increasingly varied demand from customers.”