Coventry prepares brokers for MMR
The building society will be officially MMR compliant from Monday 14 April 2014, while any decisions in principle not completed by 11 April will have to be re-entered.
Over the next few weeks Coventry will introduce a new affordability calculator available online and MMR compliant literature.
To assess customers’ essential expenditure, such as council tax and utility bills, information will be collected from the Office of National Statistics.
To obtain household expenditure, monthly costs will be examined including child maintenance, student loans, pension contributions, school fees and contents insurance.
Planned retirement age will also be required, as well as anticipated gross annual retirement income.