Can You Spot a Mortgage Misfit? [Infographic]

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:


Ad Policy

About author

Master of the budgets. Provider of the tips. Author and owner of
    Related posts

    What Can You Use A Personal Loan For?

    Credit CardsLoans

    What Is APR And What's In It for Me?

    InsuranceLife Insurance

    How Much Life Insurance Do I Need?

    GuidesMoving HouseProperty

    How To Fix Broken House Sale Chains

    📬 Get Money Saving Tips in your Inbox

    No spam guarantee
    Privacy policy