Nationwide has announced transitional measures to the Mortgage Credit Directive taking place later in the month.
Nationwide has announced transitional measures to the Mortgage Credit Directive taking place later in the month.
The society will use the Key Facts Illustration Plus rather than the European Standardised Information Sheet when the MCD implementation goes through on 21 March.
Ian Andrew, managing director of group intermediary sales at Nationwide, said: “We continue to outline the detail of our approach to the changes ahead of the new MCD regulations, including how to best manage pipeline cases, as part of our programme of support and communication to intermediaries.
“As well as regular updates to brokers, we continue to offer help through our BDMs, online and through telephone support, as well as our new broker chat facility, to enable as smooth a transition as possible.”
Additional questions may be generated for applications submitted before 22 February that require changes, or if the application hasn’t completed, although no new KFI will be needed.
When applications are submitted after 22 February Nationwide will include additional information with the mortgage offer including the changes involved such as the reflection period and binding offer.
Brokers can view the changes on two websites launched by Nationwide, NFI Online and TMW Online.
