Brokers will receive an email before the MMR deadline with more details, it said, to detail any extra documentation the lender will require.
Sarah Howe, chief marketing officer at Saffron Building Society, said: “I can confirm that Saffron Building Society is ready for MMR and we will be ‘going live’ with effect from 24th April.
“Brokers will find our submission procedures reassuringly familiar,” she added.
Special Situations and Everyday Situations range of products will also continue to be marketed via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options and tbmc.
On Friday at the Council of Mortgage Lender’s lunch, director general Paul Smee said the FCA needed to take a sensible view allowing a bedding in period without penalising lenders struggling to comply immediately.
“Regulatory interventions need to distinguish between the deliberate foul and the technical breach,” he said.
And in a warning to both the industry and press, he said: “It would be helpful if the various parts of our industry did not start shooting at each other at the first sight of change, delay or minor glitch. It won’t help borrowers and it won’t help the sector’s reputation. Scare stories can be fun to read but run and run beyond their natural shelf-life.”
Despite lending figures hitting a six-year high in December,
reports of a month-on-month slowdown in Q1 this year suggest lenders are already pricing less favourably to ease case flow and help bed in new systems ahead of the MMR deadline.
Last week’s Credit Conditions survey from the Bank of England also confirmed lender intentions to rein in short-term lending volumes.
