May was the best month of 2014 so far, with the Mortgage Club seeing £4.2bn in applications and £3.13bn in completions. The figures contradict concerns that MMR would see a reduction in activity.
Stephen Smith, Director, Legal & General Mortgage Club and Housing, said:
“The fact that the MMR hasn’t seen any noticeable drop off in the levels of applications and completions shows that concerns around a ‘drag effect’ caused by MMR are largely unfounded. It also serves as an emphatic endorsement of the processes and practices put in place by Mortgage Club members and lenders to ensure a smooth transition to the new rules. Many were expecting MMR to slow down the market, but our figures show that this isn’t actually the case.”