Skipton helps broker partners transition to EU MCD
The mutual is making this statement of intent to reassure brokers worried about pipeline transition and the new rules that will come into force next March.
Conscious of further change so soon after MMR, Skipton said it is committed to implementing all changes smoothly, professionally and in partnership with brokers. This is in line with its Real Life Lending approach and pledge to ensure clear and timely communications.
Kris Brewster, Skipton’s head of products, said: “We feel it’s important that we implement the new MCD rules promptly to ensure that both we and are 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.
“We want to reassure brokers and help them as they navigate their way through this new legislative challenge. That’s why we’ve opted to issue the ESIS from the start, rather than implement the KFI+ and then later down the line move on to the ESIS.
“Launching early will also ease transitional pipeline challenges around binding offers and cooling off periods.”
From 1 October Skipton will be unable to accept applicants who earn or plan to repay their mortgage from sources of any currency other than sterling as it isn’t cost effective for the lender to manage the currency risk.