Changes have been made to the following areas of the Mortgage Application Express (MAX) system:
• Future Commitments
• Deposit Information
• Existing Mortgage Accounts
• Future Changes to Income
• Future Lump Sums
• Plans for the Property
• Future Rate Rises
And a user guide has been produced to help brokers understand what they need to do differently and how these changes may impact their pipeline business.
Rules for pipeline business
There is a specific section in the MMR MAX User Guide that gives detailed information relating to the Woolwich guidance for applications started before and from the 26th April.
Key dates around MMR communications
Week commencing 24 March – policy updates communicated
Weekend 29 and 30 March – limited access to MAX systems
31 March – MAX updated with key systems changes
31 March – MMR dedicated page on the website including:
The MMR user guide will include updated residential lending criteria, MMR FAQs, an updated affordability calculator and the residential affordability rate.
With effect from 31 March the affordability rate on residential applications will be 6.74% (the affordability rate for Family Springboard and Help to Buy: mortgage guarantee applications will remain at 7.49%).
The affordability calculator will reflect these amendments.
In a statement the Woolwich said: “Our focus is very much business as usual. The MMR MAX User Guide will ensure we make things as easy as possible for you now and post our MMR changes.
“We’re ready for your business. Please familiarise yourself with these changes.”
