Mortgage Market Review—background and implementation
Mortgage Market Review—background and implementation

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Mortgage Market Review—background and implementation
  • Background to the Mortgage Market Review
  • Final rules on the MMR
  • Key proposals of the MMR in PS 12/16 which remained unchanged
  • Key proposals of the MMR in PS 12/16 which were reconsidered
  • Advice
  • Transitional arrangements
  • High net worth customer opt-out
  • Existing interest-only mortgages and the MMR
  • Other mortgage developments besides the MMR
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Please note that the contents of this Practice Note reflect the amendments that were made to the Financial Conduct Authority’s (FCA) Mortgage Conduct of Business Rules (MCOB) and other relevant parts of the FCA Handbook as a result of the implementation of the mortgage market review (MMR). This note does not reflect subsequent amendments to FCA requirements affecting mortgage lenders and intermediaries, such as changes made as a result of the implementation of the Mortgage Credit Directive (Directive 2014/17/EU) (MCD). Financial Services has updated content on the MCD which can be found in the following content: Mortgage Credit Directive (MCD)—essentials and Authorisation requirements for CBTL mortgages—flowchart. This note and related notes on aspects of the MMR regime have been retained for reference purposes but state the law as at 26 April 2014. It is no longer maintained.

As a result of the economic crisis which began in 2007, the Financial Conduct Authority (FCA)

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