Examining the trends in lending prior to and after MMR was introduced, Blackwell noted that while some forms of lending had decreased or ceased entirely as a result - such as self-cert and credit impaired - others, such as self-employed, had begun to drop prior to the introduction of the MMR.
Blackwell discussed that as a means to reduce irresponsible lending, MMR was achieving those aims, and that the new rules would 'not allow' the siutation that occured in the crisis and its aftermath to happen again.
She added:
"There will be no more self-certification, no more stretching affordability requirements with interest-only mortgages, and credit no longer will be extended to marginally-credit worthy borrowers," noting that some borrowers would have restricted choices in the post-MMR landscape but that, by and large, the new rules ensure that those who can afford credit will have access to it.
