The Nottingham Building Society will adopt KFI+ and has ruled out offering foreign currency mortgages after the Mortgage Credit Directive comes into force.
The Nottingham Building Society will adopt KFI+ and has ruled out offering foreign currency mortgages after the Mortgage Credit Directive comes into force.
The society said it will aim to provide a mortgage offer for applications received before 14 January before the 21 March MCD deadline. Brokers who miss the boat will be contacted directly.
The society will accept both consumer buy-to-let and investment property loans.
Chris Parker, head of intermediary sales at The Nottingham, said: “We have decided to implement the MCD rules early to ensure all of our mortgage offers are MCD compliant going forward.
“We will be providing a binding mortgage offer with an eight day reflection period for applicants. In addition we will be providing a KFI+ illustration which will include the required additional regulatory information and will then move to a European Standardised Information Sheet (ESIS) ahead of the 2019 deadline. All applications submitted to us from now on will not need any additional MCD action by advisers or applicants.
“For applications submitted before 14 January we are aiming to provide a Mortgage Offer before the 21 March deadline. We will be in contact with any advisers who may have cases that fall outside of these timescales.”
