Lenders have acknowledged the disruption caused by the MMR but praised its effects on the mortgage market.
According to Brad Fordham, head of intermediaries at Santander, the regulation involved key changes, and brokers had interpreted new affordability guidelines in different ways.
He added: “The MMR was disruptive for the industry, but definitely needed to be done. No one wants to go back to a pre-2008 crisis.
“Post MMR, the mortgage landscape is a much stronger market to maintain and is great for intermediaries. Things have definitely ironed themselves out and it has been a really good journey for the industry as a whole.”
James Broome, head of mortgage product management for Nationwide, said: “Consistent mortgage rate cuts over recent months are a clear illustration that lenders want to lend, and most have stated growth ambitions for the coming year.
“There has obviously been a continued focus on longer-term affordability and the new rules have increased the requirements for lenders to lend responsibly and provide high-quality advice.”
Matthew Bird, mortgage adviser for Gwent-based Seer Green, said: “The market was totally negligent in the past. Lenders were not doing their due diligence.
“The system is a lot more sensible now.”