This will see the implementation of the Mortgage Credit Directive.
The MCD will involve even more paperwork and some positive changes:
Secured loans will now become regulated
Buy to let mortgages will be categorised differently
New information will need to be provided on illustrations
Mortgage offers will become binding on the lender
Lenders are already starting to adapt and prepare for these changes and so by the time March comes around, I am sure there will not be the chaos that was predicted for the MMR. However it is another layer of administration and tinkering that is not at all welcome given the upheaval of the Mortgage Market Review last year.
There are other changes that have had just as much impact - if not more - already in the marketplace but have not necessarily received the same publicity.
Under new rules, lenders are no longer allowed to lend more than 15% of their total new residential mortgages at more than 4.5 times income. This has led to many lenders now reducing what they are willing to lend.
In the past few weeks alone, we have seen Halifax, NatWest and Santander all reduce their maximum income multiples. This is not helpful when we are in an area in which house prices are rising much faster than wages.
There is also a similar situation in the buy to let market. As lenders are facing different stress test requirements for affordability, there have been reductions in the rental calculations for several lenders.
BM Solutions and Accord (Yorkshire Building Society) have changed their figures meaning you can borrow less for the same rental income - and I expect other lenders to follow suit over the coming months.
So yet again we are going to be facing more obstacles in order to get mortgages. External influences are making it harder and adding more bureaucracy to a market that was already overburdened.
Despite this, there remains an appetite to lend from most banks and building societies - so it is not all doom and gloom. If you can meet the criteria and tick the right boxes, you will benefit from some great interest rates and fantastic deals on offer at present.
Hopefully this will continue well into the New Year so that we can start 2016 with a real feelgood factor. Well that's my wishlist sorted!