2014 is the year of the mortgage misfit
Such ‘misfits’ include older credit worthy borrowers and people stuck on unfavourable deals due to their lender failing to follow the Financial Conduct Authority’s transitional arrangements.
Those present included Paul Broadhead, head of mortgage strategy at the Building Societies Association, Sue Anderson, head of members and external relations at the Council of Mortgage Lenders and Ipswich chief executive Paul Winter.
Winter said: “Lenders need to balance the parameters set by MMR with acting in the best interests of the customer.
“While we’ve not seen the hysteria played out in the media pre-MMR pan out, the affordability rules have seen sections of the community finding it harder to obtain a mortgage.
“This includes older borrowers, individuals on the average UK salary and self-employed borrowers.
“At a time where we have an ageing population and a growing number of people going self-employed, it’s of macro-economic importance that they are not excluded from the mortgage market.”
Building societies now account for 29% of the market, above its natural place of 20% according to Ipswich.