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IMLA says MMR will hinder recovery

The Intermediary Mortgage Lenders Association has warned that the FSA’s mortgage market review will hinder the recovery of the mortgage market.

Speaking at the Mortgage Expo 2009 at the London Olympia, IMLA executive director Peter Williams said the MMR will make it harder for new entrants to enter 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 added: “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 cost and higher prices paid for owning your own home.”

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