Acceptable sources of income and supporting documents remain the same but the application form will be amended to make these requirements more explicit for brokers.
Aaron Conlon, head of operations at more 2 life, said: “The MMR is very welcome as it mainly supports what is already happening in the equity release market which is why we’ve moved to be fully compliant ahead of the deadline.”
Any applications received by 4 April will be offered by 26 April under the current rules subject to underwriting.
Those applications which are received on or after 7 April will be subject to new affordability rules and and expenditure evidence.
The lender is holding three webinars on 3 April with the online sessions starting at 10am, midday and 2pm.
The MMR rules will be formally implemented on 26 April.
Brokers can sign up to the webinars by contacting Emma Rodman at emma.rodman@more2life.co.uk.
