It will hardly come as a surprise but the introduction of the Mortgage Market Review – now in force across the UK – has led to dozens of news sites and magazine style websites commenting on the new situation. Some have reported on the straight facts as we currently know them, while others have looked into specific areas the rules could now have an influence on.

Will people pass the new tests?

This is the main question many websites and newspapers are asking at the moment. Some talk directly to the reader and guide them through a typical situation. The new style of mortgage means the entire application process is likely to be a lot longer than the old one. It also points out a face to face interview will be required – one that at least one website estimates could last for three hours.

Will the new mortgage regime resign more people to long term renting?

It is thought that the rental market will get a boost from the new mortgage rules. Some people who may have looked to get a mortgage and buy a home may now find they can no longer do so. There is some uncertainty over how intrusive the mortgage questions will be – and indeed how intrusive they should be. In any case it is expected that more people will be rejected for mortgages they may otherwise have got in the past.

This will lead to many more people being forced to rent for the long term. While renting a home is more popular in other countries than it is in the UK, it looks as though this change in the rules could lead to a tipping point in the UK as well. Good news for those with rental properties but bad news for anyone looking to get onto the housing ladder.

Those looking to remortgage will also be affected

Another area that has been latched onto by many newspapers and news outlets is that people with a mortgage who wish to remortgage will also be subjected to the questions. One supposes they could be challenged to a greater degree if they are looking to increase their mortgage as opposed to swapping to a better deal without altering the amount they are borrowing. However it remains to be seen whether this will be the case.

Is this goodbye to fixed rate mortgage terms?

Many experts think the fixed rate deals will certainly become rarer than they are now. They may still be available but it is likely people will struggle to find deals that are as competitive as they are now.

In short, the new rules are going to bring in a host of changes in one way or another. Experts – and those looking to get a mortgage – will be watching closely to see what happens in the near future. Only time will tell whether the mortgage market will be safer as a result of the new rules – and whether mortgages are indeed much harder to come by.

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