The MMR was a comprehensive review of the mortgage market, which started with a Discussion Paper in 2009 and culminated in a Policy Statement and final rules in October 2012. All policy papers are listed at the bottom of the page.
The MMR set out the case for reforming the mortgage market to ensure it is sustainable and works better for consumers.
It had become clear by the height of the market in 2007, that, while the mortgage market had worked well for many people, it had been a cause of severe hardship for others. The regulatory framework in place at the time had proved to be ineffective in constraining particularly high-risk lending and borrowing. The MMR package of reforms is aimed at ensuring the continued access to mortgages for the great majority of customers who can afford it, while preventing a return to the poor practices that we saw in the past.
The majority of the MMR changes came into effect on 26 April 2014. Those that will be most relevant are:
Second charge mortgages: The government decided that the responsibility for regulating second charge mortgages should transfer to the FCA alongside the wider transfer of consumer credit regulation in April 2014.
The Mortgage Credit Directive: There is a proposed Directive on Credit Agreements relating to Residential Property, known as the Mortgage Credit Directive. The directive is being discussed by the European Parliament, Council and Commission. Once the directive has been formally adopted and published, it is currently proposed that Member States will have two years to implement it into national law (some additional transitional arrangements, for a further year, have been proposed by the Parliament).
The Treasury and the FCA will consult on any legislative and regulatory changes that are necessary within this timeframe.
3 February 2014: MMR intermediary workshop webcast
23 December 2013: MMR intermediary workshop FAQs
11 December 2013: MMR lender workshop FAQs
30 May 2013: MMR roadshow webcast
11 April 2013: MMR lender roadshow Q&As
22 February 2013: MMR intermediary roadshow Q&As
19 December 2011: FSA CP11/31: Mortgage Market Review: Proposed package of reforms
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