Expect wide scale MMR disruption
Terrington told the HSBC Great Housing Debate: “Lenders and brokers are unprepared for MMR, I predict there will be widespread disruption caused in the short-term.”
He also slammed the MMR as being too intrusive and demanding too much information.
However, David Newnes, executive director, LSL Property Services welcomed the changes brought about by MMR. He said: “[MMR] has been implemented to make sure that previous mistakes are not repeated.
“At LSL we welcome MMR and the positive changes it will bring. Some people will find it intrusive but others will welcome a more detailed and beneficial evaluation on affordability.”
The divide in the panel was reflected by the audience, which was undecided on whether MMR would provide greater consumer protection.