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First Choice Finance - Mortgage BrokerCompare Home Owner Loans


Mortgage Market Review rules begin

Mortgage Market Review rules begin

 



Video transcript

There are now more stringent rules in place if you want to get a mortgage, so using an advice providing broker like First Choice Finance could become a more popular way to navigate the mortgage lender maze.

The Mortgage Market Review (MMR) means lenders will probably dig deeper into the finances of would be borrowers so that all of their outgoings are considered, including childcare costs and even how much is spent on things like haircuts.

One of the ideas behind MMR seems to be to make sure that customers are only matched up with mortgages they can afford, which could help to avoid the kind of high income multiple lending which contributed to the financial crisis around 2008, that the economy is only just making a concerted recovery from.

Martin Wheatley, the chief executive of the Financial Conduct Authority, which is overseeing MMR implementation, explains that `we`ve come out of a period, particularly in 2008-09, when there was no attempt to verify people`s ability to pay, and we`ve ended up with….. lots of people in mortgages that are problematic for them`.

In an attempt to dispel fears about people with lower incomes or smaller deposits being frozen out of the market, the BSA`s Paul Broadhead indicates that `it is highly unlikely that a single purchase or category of expenditure will make the difference between yes or no decisions`.

Get help understanding MMR and its implications for what mortgage may be available for you by coming to an experienced mortgage intermediary like First Choice Finance, get in touch through firstchoicefinance.co.uk or call us to suit you on 0800 298 3000 or from your mobile dial 0333 003 1505

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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The wide variety of special offers on?mortgages?can be bewildering speak to a knowledgeable mortgage expert from First Choice Finance who will talk you through the different mortgage options available.?



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