But Moneyfacts added that it was clear that a significant number were only using a temporary system. Moneyfacts undertook a survey of all lenders to find out who was ready and who wasn’t in terms of online KFIs. Most said they had some form of system in place.
The information provider surveyed 107 lenders, with 104 lenders responding. A total of 99 mortgage lenders said they could produce a KFI direct to a customer while 47 stated they could produce a KFI online. 77 out of the 104 lenders said they could produce a KFI through intermediaries.
The survey also found that in the run-up to 1 November, Direct Line suspended mortgage lending for 11 weeks and currently Giraffe Mortgages and Sainsbury’s Bank are not accepting new mortgage business.
Others have simplified their range of mortgage products including Abbey which has withdrawn its flexible mortgage range.
Moneyfacts added that some mortgage providers had complained they were unable to lend as they are still waiting for a list of authorised intermediaries from the FSA.
London-based sole broker Roy New commented: “It’s pretty pathetic that only 47 lenders guaranteed they can provide online KFIs. Lenders had been given plenty of warning about KFIs so they should have had their systems in place months ago. Instead, come ‘Mortgage Day’, us brokers are running around like headless chickens.”
