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Balloonist

My Experience Getting A Mortgage In The Post Mmr World

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And to be honest, it was easier and less hassle than a few years ago.

I originally took out a mortgage in 2012 and have re-mortgaged this year.

Back then they wanted 3 months worth of personal and company (I'm a Ltd company director) bank statements, probed into the work I'd been doing and I had to supply more documentation over what they initially asked.

Just gone through the re-mortgage process recently and they only wanted the previous month's statement for personal and company bank accounts.

No real questions about outgoings to the extent that I've heard about and they just wanted proof of earnings from HMRC and the past few years company accounts (both of which were needed back in 2012 as well)

From my, admittedly limited, point of view it seems that MMR hasn't really changed anything.

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And to be honest, it was easier and less hassle than a few years ago.

I originally took out a mortgage in 2012 and have re-mortgaged this year.

Back then they wanted 3 months worth of personal and company (I'm a Ltd company director) bank statements, probed into the work I'd been doing and I had to supply more documentation over what they initially asked.

Just gone through the re-mortgage process recently and they only wanted the previous month's statement for personal and company bank accounts.

No real questions about outgoings to the extent that I've heard about and they just wanted proof of earnings from HMRC and the past few years company accounts (both of which were needed back in 2012 as well)

From my, admittedly limited, point of view it seems that MMR hasn't really changed anything.

I think the key to your post is that you were re-mortgaging.

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Yeah pretty sure re-mortages where the borrower isn't changing lender are MMR exempt.

I did change lender, it's a completely new mortgage.

Not sure if that makes a difference or not, but I was surprised at how lax they were.

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Well my own recent experience...am not currently working (should be starting again soon) and wife part-time making <£20k a year...asked TSB about getting a BtL mortgage to buy a place in London which was a bit over £1mm, they said they didn't even need to know what our income was, they could do it in principle no problem at all at low-3% for a 2y...had a decent deposit in fairness, but 50+ times income? Insane...I reckon BtL mortgages being used to get around new rules limiting owner-occupied ones.

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