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Skipton first lender to replace KFI with ESIS

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  • 08/12/2015
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Skipton first lender to replace KFI with ESIS
Skipton Intermediaries will switch to using the European Standardised Information Sheet (ESIS) on 14 December in advance of the Mortgage Credit Directive’s (MCD) implementation.

The lender said it was conscious of further change to the industry so soon after the Mortgage Market Review, and wanted to ‘reassure and help’ brokers navigate their way through the new legislation.

From 21 March 2019, all lenders will be required to provide an ESIS as documentation to customers, but will be allowed to use the Key Facts Illustration+ (KFI+) as a stop gap from 21 March 2016 for first charge mortgages.

The majority of lenders have opted to use the KFI+ initially, with Ipswich Building Society, Buckinghamshire Building Society and TSB among those who will adopt the ESIS from the offset.

Paul Darwin, Skipton’s head of intermediary relationships (pictured), said: “We feel it’s important that we implement the new MCD rules promptly to ensure that both we and our broker partners can deliver the transition smoothly and professionally for our mortgage customers.

“That’s why we’ve opted to issue the ESIS straight away from 14 December 2015, rather than going through the longer process of switching to KFI+ and then ESIS by 2019. Launching early will also ease transitional pipeline challenges around a binding offers and reflection period.”

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