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MMR - will it affect existing customers?
clar
Posts: 8 Forumite
Hiya all, how will MMR affect existing customers looking to switch to a new deal (with the same lender)?
Will the lender check affordability and/or run credit checks? Up until now they weren't doing that, and deal switching (for instance going from SVR to fixed rate or switching from a fix rate when deal ends to another fixed rate) was very simple, provided that the borrower didn't request more funds or looked to extend term.
Thank you.
Will the lender check affordability and/or run credit checks? Up until now they weren't doing that, and deal switching (for instance going from SVR to fixed rate or switching from a fix rate when deal ends to another fixed rate) was very simple, provided that the borrower didn't request more funds or looked to extend term.
Thank you.
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I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks, it looks like if there is no addt'l borrowing/mortgage term extensions affordability checks won't be required -- but what are those contingency premium rates you mentioned? Some sort of insurance premiums?0
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