MMR is a hurdle to recovery, warns Imla
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The Intermediary Mortgage Lenders Association has warned that the FSA’s mortgage market review will hinder the recovery of the mortgage market.
At the Mortgage Expo 2009, executive director Peter Williams said the MMR will make it har- der for new entrants to the market, harder for people to get a mortgage and could exacerbate the funding shortage.
He said: “Imla believes it could go as far as to prolong the funding shortage and could result in some people never being able to afford to buy their own home unless they have parents willing to help them.”
He said the MMR could stall the market and said there is likely to be a shortage in funding for some years to come.
Williams said: “The MMR as it currently stands will limit and restrict the market, in particular, it could stop innovation and competition in the sector which is something we have been very proud of in the past.
“It could also result in further consolidation within the intermediary market. There are likely to be higher costs and higher prices paid for owning your own home.”
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