Speaking ahead of the first anniversary of the implementation of the MMR this Sunday, 26th April, he said: “MMR has brought about disruptive change for the market in the most positive sense.
“Implementing the required changes presented a number of challenges but the industry has come out the other side stronger, fairer and more sustainable as a result.
“The journey has been good for the industry as a whole and takes us ever closer to ensuring that banks lend responsibly and consumers borrow affordably.
“Of course there is still work to be done, but the mortgage market has come a long way in the past year and looks set to continue on this positive path.
“Like any major policy change there were challenges at the beginning but given the scale and complexity of what was implemented these were relatively minor.
“All in all, MMR has had a significant and positive influence on the market.”
