Skipton adopts ESIS
The society decided to adopt the documentation ahead of European Mortgage Credit Directive implementation in March 2016.
The current Key Facts Illustration (KFI) document will be fully replaced by ESIS by 2019, but lenders have the choice to either switching to ESIS or KFI+ in the meantime.
Paul Darwin, Skipton’s head of intermediary relationships, said: “We feel it’s important that we implement the new MCD rules promptly to ensure that both we and our broker partners can deliver the transition smoothly and professionally for our mortgage customers, we really empathise with our broker partners who will have to deal with yet more changes in the mortgage industry so close to the recent changes under MMR.
“That’s why we’ve opted to issue the ESIS straight away from 14 December 2015, rather than going through the longer process of switching to KFI+ and then ESIS by 2019. Launching early will also ease transitional pipeline challenges around a binding offers and reflection period.”