Mortgage Market Review—key changes

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

  • Mortgage Market Review—key changes
  • Key changes to the UK mortgage market introduced by the MMR
  • Conduct of business: Responsible lending and borrowing
  • Conduct of business reforms: Distribution and disclosure
  • Conduct of business: Arrears management
  • Prudential reform
  • Reconsidered approach to the MMR
  • Responsible lending: Transitional provisions
  • Distribution: Advice
  • High-net-worth and business lending
  • More...

Mortgage Market Review—key changes

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 It is no longer maintained.

This Practice Note looks at key changes brought about by the MMR. The

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