View more on these topics

L&G creates MCD matrix detailing lenders’ changes

Legal & General Mortgage Club has launched a Mortgage Credit Directive matrix so brokers know what changes lenders are going to make to comply with the incoming rules.

It details when lenders will adopt the rules, whether they will use the KFI+ or the new European Standardised Information Sheet and when they will introduce the mandatory seven-day cooling off period.

The matrix also shows what will happen to pipeline business and whether foreign currency mortgages will be offered.

The club has also launched a guide to the directive for brokers.

Lenders can adopt the new rules anytime between 21 September and 21 March.

Director Jeremy Duncombe says: “Our new MCD matrix is a one-stop shop for brokers looking for information on how the rules will impact them and when lenders plan to begin enforcing them. The fact that many lenders are likely to begin applying the rules some time before the official deadline means that brokers will need to stay on their toes to keep their practices up-to-date.

“I’m pleased that we’ve been able to provide a practical solution to this, with the mortgage club once again leading the way as the place to go for MCD news, as we were with the MMR last year.”

Recommended

Sign-Signing-Letter-Contract-Business-700.jpg

Letters: Get real on older borrowers

Star letter: Get real on older borrowers Earlier this month, Mortgage Strategy ran a feature on the problems with lending into retirement and why larger lenders were ignoring older borrowers. Why is it that such articles have a tendency to avoid the basics? Lending is basically a gamble – and a long-term gamble at that. […]

Leader: We are living in the age of the broker

Brokers’ fortunes have improved dramatically over the past few years.  Back in 2009, not only were firms battling to stay afloat but a lot of lenders were doing all they could to drive direct business, mainly through dual-pricing. At that time, less than 50 per cent of mortgages were intermediated. Things were tough. However, as […]

Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.

Newsletter

News and expert analysis straight to your inbox

Sign up