In a survey by technology firm EDM Mortgage Support Services (EDM MSS) brokers were divided over whether mortgage borrower risk assessments were more accurate now as a result of the MMR, with 45% saying lenders were being too cautious and 39% saying the MMR had made little difference.

However, all brokers agreed the administrative burden of the new regime has become heavier since the MMR with 60% describing the impact on times as ‘significant’.

EDM MSS managing director Joe Pepper said: “The MMR was always going to increase the administrative burden on mortgage brokers, it was just a question of how much. But the jury is clearly still out on whether the risk assessments under the MMR have actually been worthwhile.”

The Financial Conduct Authority has raised concerns that some lenders are interpreting the rules in way which was not intended, by applying too stringent an approach to affordability assessments, not using the waivers provided to help mortgage prisoners and over-complicating product switches.

A review of the MMR will take place later this year to assess the impact of any unintended consequences.