L&G Mortgage Club launches MCD matrix for brokers

Legal & General Mortgage Club has launched a Mortgage Credit Directive matrix to inform brokers of the changes planned by lenders 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 must adopt the new rules between 21 September 2015 and 21 March 2016.

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 sometime 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.”