The Nationwide Building Society says it supports the principles of the MMR and welcomes initiatives that are designed to protect the mortgage market from the poor practices that were seen prior to the credit crisis.

However, it has questioned the regulator’s timing.

Andrew Baddeley-Chappell, head of mortgage strategy and development at Nationwide, said: “We welcome the review and the fact that the FSA has responded to the issues raised by borrowers and lenders. However