The MMR 9Mortgage Market review) was a systematic analysis of the mortgage market undertaken by the Financial Conduct Authority (FCA). After the housing market collapse, it was discovered that there were so many cases of high-risk lending and borrowing prior to the recession, resulting in many people being left in financial distress because they couldn’t afford the repayments.
As a result, the FCA decided to take a close look at the industry to assess the issues and determine what could be done to improve things. It then laid out a series of measures aimed at ensuring that mortgages are still easily available to those who can afford them, but also avoiding a return to the bad practises of the past and ensuring that those who can’t afford them aren’t left struggling.