Precise Mortgages transitions to Mortgage Credit Directive system
Precise Mortgages has transitioned to a Mortgage Credit Directive version of its online mortgage application system for first charge lending.
KFI+ documentation will be issued for all new residential and consumer buy-to-let applications, while applications received before 19 January will be managed by the old systems with a standard KFI.
Pre-19 January deals must be completed by 18 March 2016 or the application will have to be resubmitted.
Alan Cleary, managing director of Precise Mortgages, said: “Brokers will see minimal operational change from the introduction of the new MCD-compliant system on first charge lending, so we expect it will be business as usual.”