The Mortgage Works has made transitional arrangements for the Mortgage Credit Directive coming into force on March 21.
The Mortgage Works has made transitional arrangements for the Mortgage Credit Directive coming into force on March 21.
Borrowers who submit an application between March 7 and 21 but receive an offer after that date have to sign a declaration showing they understand they are not being regulated as consumer borrowers.
From March 7 consumer buy-to-let applications will be accepted from intermediaries signed up to the FCA’s consumer buy-to-let register, which allows brokers to advise on regulated mortgage contracts.
Nationwide has already added additional questions on its application to determine whether borrowers should be classed as consumer buy-to-let.
Ian Andrew, managing director of group intermediary sales at Nationwide, said: “As the introduction of the MCD draws closer, we are aiming to provide intermediaries with as much detail as possible to support them as cases progress to the offer stage.
“This includes the launch dates for the new processing needs for both TMW and Nationwide mortgages, and the key dates and requirements in order to manage the pipeline.
“We will also be offering help and guidance through the usual channels, including through BDMs and telephone support, as well as updating our dedicated MCD web pages.”
