4 in 10 worry about providing supporting evidence post-MMR
4 in 10 (39%) of those surveyed thought they would not find it easy to provide all supporting evidence of expenditure information needed when applying for a mortgage, according to research from credit information provider, Equifax, conducted in collaboration with What Mortgage.
However, of those who had already applied for a mortgage, less than half of this number (17%) actually found it difficult to provide all the information required.
The release of the research coincides with the anniversary MMR, and demonstrates the contrast in consumer perceptions about the mortgage application process and the reality of the property purchase process since the new rules came into effect.
Lisa Hardstaff, Equifax’s Credit Information Expert, said:
“It seems that the affordability rules, introduced as a result of the Mortgage Market Review, are having less of an impact on the application process than was originally anticipated – and than homebuyers might expect.”
As well as fears about information-gathering being unfounded, the Equifax and What Mortgage research has also identified that only 40% of home buyers found the process slower as a result of the new rules than they expected. Only just over 1 in 10 actually found they had over-estimated what they could borrow.
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