The FSA says it is expecting another peak in applications before April 30 (this Friday) – the date by which completed applications have to be submitted for a firm to be certain that it will be processed by October 31.
The regulator says it will make every effort to ensure that applications received after that date are processed in time for Mortgage Day but that this cannot be guaranteed.
Under the Financial Services and Markets Act, the FSA has six months from the date an application is received to make a decision on an application from which no information is missing.
By close of play on March 31 2004 – the end of the discount period for firms applying for mortgage permissions or mortgage and general insurance permission – the FSA had received 4,229 applications, of which more than 70% were from mortgage firms. 80% of these were submitted electronically.