EXCLUSIVE: MMR will speed up homebuying
The online agency, backed by Dragon’s Den star James Caan, says the removal of affordability assessments is likely to make the process more streamlined.
Russell Quirk, founder of eMoov, said: “If anything it [the MMR] may speed it up particularly as affordability assessment is no longer a requirement.”
When asked about claims that some major banks were not prepared for MMR and whether that could lead to a backlog in mortgage approvals quirk said “I’m sure they will find their way around it”.
Trevor Kent, former president of the National Association of Estate Agents and owner of Trevor Kent Estate Agency, agreed.
He said: “I can’t believe major lenders won’t be in full control of lending. I’m sure that lenders don’t see a problem.
“From an estate agency angle I don’t see a problem with this at all.”
MMR will come into effect on 26 April this year.