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Flurry of MCD start dates revealed by lenders

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  • 15/10/2015
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Flurry of MCD start dates revealed by lenders
A further spate of lenders have announced their plans for the Mortgage Credit Dierctive (MCD) and dates from when the rules will be adopted.

Information on Legal & General’s MCD matrix shows that Yorkshire Building Society and its intermediary arm Accord Mortgages will begin to adopt the MCD rules from 23 January next year.

Other lenders have been vaguer on their plans, with Barclays to take on the new rules from the end of January, Virgin Money in early quarter one of 2016 and Kensington in December 2015.

Metro Bank has provided a timescale of early 2016 while Skipton Building Society plans to implement the requirements from some point in December or January next year.

Smaller lenders have also provided dates for when the rules will be adopted. Buckingham Building Society will adopt the rules on 21 March 2016, while the Principality has announced a date of 1 December 2015.

In recent weeks lenders have begun preparations for the upcoming regulation, with a number announcing their withdrawal from foreign currency lending. The industry has been warned of the potential issues that pipeline business in the run up to the MCD could create for brokers, as they are faced with staggered lender implementation dates.

Speaking at a conference in Manchester earlier this year, Financial Conduct Authority (FCA) mortgage technical specialist Keith Hale said: “Firms aren’t obliged to all go live on the same date so you as brokers will be faced with lenders who have chosen to go at different times. Sometimes you’ll be giving out CCA advanced copy agreements sometimes you will have a consideration period sometimes a reflection period. You’re going to be busy.”

This week the FCA wrote exclusively for Mortgage Solutions on how firms should best prepare for the MCD.

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