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.”