Leeds BS confirmed plans to launch an updated Key Facts Illustration+ (KFI+) adding it is ‘on track’ for the new Europe-wide mortgage regulations which come in on 21 March.
“We’ve been working for some time to ensure that our computer systems are ready to meet the directive’s requirements and our preparations are on-track so now we are well placed for when the provisions come into force,” said Martin Richardson, Leeds Building Society’s director of business development.
“The seven-day reflection period has been incorporated into the mortgage offer acceptance form, which has to be returned prior to completion. The customer can waive the right of reflection and complete within the reflection period by signing and returning the offer acceptance form early.”
He said changes have also been made to help brokers identify consumer buy-to-let cases.
“Pipeline applications where the signed offer acceptance form is received by 1 March 2016, or applications which have been submitted after our MCD systems implementation on 20 December, will not require any further action. Other pipeline applications will receive additional MCD disclosures closer to the regulation date.
“Furthermore, we are encouraging brokers who want to submit consumer buy-to-let business to apply to join the FCA register as soon as possible.”
For a summary of all lenders’ MCD plans, the Legal and General MCD lender matrix lists many of the key providers’ plans.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
