The Mortgage Market Review (MMR) has now been with us for a year, having come into effect on the 26th April 2014, and last year we predicted the impact it would have on the property market.
As TM Secure Account Director Jon Horton suggested at the time: “So the increased time it may take to reach exchange brings an increased risk of a chain falling apart for numerous reasons, something that conveyancers and estate agents have always been challenged with. There are policies that conveyancers and agents can offer to the consumer to insure against the loss of fees in the event of the transaction becoming abortive for reasons beyond their control.”
So this month, we want to see whether Jon’s prediction was accurate – with the tightening of mortgage approval have you seen the number of abortive or failed transactions change? Answer this quick poll for us and we’ll reveal the results in next month’s newsletter.