Brian Murphy, Head of Lending at Mortgage Advice Bureau (MAB), comments:
“Activity remained strong during March despite many lenders engaging heavily in the final preparations for tomorrow’s Mortgage Market Review (MMR) deadline. Looking at the seasonally adjusted figures, purchase and remortgage volumes were only marginally down on the preceding months and significantly higher than March 2013.
“While the MMR changes are receiving a lot of attention, the question of affordability has been an increasing focus for some time and the intermediary market especially is already well equipped to provide the clarity of advice that underpins the new rules.
“It’s important to remember that taking on a mortgage is often the biggest financial commitment that you will make, so it is only right to give due consideration to the best product to suit your needs and the appropriate amount of borrowing you can afford. The changes are designed with customers’ long term interests firmly in mind and brokers will be able to help navigate the process and weigh up the options available.”