The specialist lender has chosen to use the Key Facts Illustration Plus disclosure document rather than the European Standardised Information Sheet (ESIS) which all lenders must adopt by March 2019.
All applications received by the lender from 19 January for residential and consumer buy-to-let cases will receive a KFI Plus.
Alan Cleary (pictured), managing director of Precise Mortgages, said: “Brokers will see minimal operational change from the introduction of the new MCD-compliant system on first charge lending so we expect it will be business as usual.”
All residential and consumer buy-to-let applications made before 19 January, where the customer has received a KFI, will have until 18 March to accept an offer. After this date, the application will need to be resubmitted to ensure the MCD rules are met. The system will then produce a KFI Plus and the application will be reunderwritten.
Leeds Building Society announced this week it would use the KFI Plus and reassured brokers its systems were ready to meet the directive’s requirements.