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Over 70% of lenders and brokers worried by MCD

Over 70% of lenders and brokers worried by MCD

Almost three-quarters of mortgage brokers are worried about the impact the European Mortgage Credit Directive (MCD) will have on lending.

Research by the Intermediary Mortgage Lenders Association (IMLA) found a similar number of lenders also had concerns about the consequences of MCD. 

40% of brokers felt that a smooth implementation of the MCD would be more demanding for the industry than the Mortgage Market Review (MMR).

Peter Williams, Executive Director of IMLA, said the industry was facing yet another challenge following a series of major adjustments.

“It has been encouraging to see life returning to the market as this year progresses, and sentiment is about as positive as we have seen at any point since the MMR was introduced,” said Peter. 

“The changes may be more of a technical nature this time round, but we must hope that the transition to the MCD rules does not weigh down too heavily on activity in the months ahead.”

Peter added that every new layer of regulation brought danger that could upset the balance between protection and access for consumers with legitimate cases to be granted as well as imposing extra costs and reducing fees.

“The Governor of the Bank of England recently highlighted the scheduled open forum in November when it is planned to look at the impact of the reform agenda in financial markets,” added Peter. 

“It would be helpful if the mortgage market was part of this to ensure we can move forward on a stable footing.” 

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