View more on these topics

Stuart Gregory: Preparing for the MMR


Well it is on its way,  the mortgage market review – fundamental changes which if you are not on Planet Mortgage, you will be unlikely to have heard much about yet.

Lenders are issuing their guidelines on pipeline business, so what can we expect?

Judging by a conversation I had with Santander recently on a help-to-buy case where it queried an applicant’s milk delivery costs, scrutiny is an apt word to consider when thinking about the changes.

If you experienced the implementation of mortgage regulation, then the chances are you will be prepared already, but we need to get the word out to our clients.

My worry, however, is that existing UK borrowers will only become aware of this at the last minute.

It is easy to forget that many borrowers have little idea of how many changes have happened since 2008.

For instance, I saw clients recently who were given an interest only mortgage in 2008 by another broker at 85 per cent loan to value – with no repayment vehicle.

We then had an open discussion on how the market had changed since then.

Managing expectations is my new slogan.

We know that the world has changed but it is down to us to inform our clients, who in turn can tell their friends.

I am not expecting many media pieces until the changes take effect.

I have recently seen more clients who seem to be picking up on the benefits
of providing a copy of their credit report.

There is nothing more important than clarity on a client’s current circumstances when the important research is being completed.

Recently, I presented a seminar to a group of accountants and the feedback was immense.

The presentation on screen was not fancy (as my 8-year-old daughter designs Powerpoint better than me) but it was all about the content.

Changes to sole trader assessments and the removal of self-certification are likely to have a big impact, depending on capital allowances.

If you are not talking to your accountancy contacts, get them in a room and tell them what’s going on out there. I have been engaging with accountants a lot over the past two years – not all have wanted to listen and take on board what was said about the mortgage market changes, but now I sense a change.

Let’s be careful out there.

Stuart Gregory is managing director of Lentune Mortgage Consultancy



TPAS chief urges Govt to rethink ‘face-to-face’ pensions guidance plans

The Pensions Advisory Service chief executive Michelle Cracknell has urged the Government to rethink plans to offer “face-to-face” guidance to savers when they reach retirement. Chancellor George Osborne yesterday stunned advisers and insurers by announcing a radical overhaul of the pensions tax system. The changes mean that from April 2015 anyone aged 55 or over […]


Partnership extends annuity guarantee and cancellations period

Partnership has extended its annuity guarantee and cancellation periods following the reforms announced in the Budget this week. Chancellor George Osborne set out on Wednesday that from April next year, people will be able to take their entire pension pot as cash from aged 55. Following the move, Partnership has decided to extend its 30-day cancellation […]

Economic recovery fuels staff retention worries

The economic recovery is generally good news but it is driving concerns among UK financial firms about retaining their best staff. Research by recruitment firm Robert Half found that 87 per cent of companies are worried about losing their top employees to other firms and more than half plan to increase base salaries for existing employees. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm