Can You Spot a Mortgage Misfit? [Infographic]
An infographic on ‘mortgage misfits’.
Ipswich Building Society have released a fantastic infographic around the concept of mortgage misfits.
The idea of mortgage misfits follows the Mortgage Market Review (MMR), which came into force in April 2014 and led to the introduction of new stricter affordability criteria across the mortgage industry.
Although the rules were not necessarily created to prevent access to mortgages, some customers are now finding it harder to remortgage following the end of their existing mortgage product – creating a new class of ‘mortgage prisoners’.
Thankfully there are ways around these problems, such as putting in place transitional arrangements which allow lenders to bypass the new regulations in certain circumstances. You can read more about this on the Ipswich Building Society website here.
View the infographic in full below:
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