Preparation for Mortgage Market Review
The Society has reviewed all relevant products and processes and expects minimal impact to the way our intermediary partners interact with the Society.
Our affordability model is well established having been in place for over two years and usability will be largely unchanged.
The accuracy of information provided to the Society with the mortgage application has always been highly important. Maintaining high levels of accuracy under MMR will reduce the potential impact on brokers having to re-contact customers to obtain additional information and enable them to provide the best possible service to their clients.
As part of our preparation for MMR, the Society will not be accepting any new non-advised business (excluding Buy to Let) from 1st April. In addition, as part of our minimum submission requirements, details of future changes to income and affordability, the cost of interest only repayment strategies and how fees are paid will be required.
As is current practice, details of any significant commitments should continue to be provided. A significant commitment can include, but is not restricted to loans, hire purchase agreements, student loans, maintenance payments, leasehold payments, maintenance lease, ground rent, service charges, mortgages, school fees, the cost of any interest only repayment strategy and other significant outgoings. Further details can be found within the Society’s policy guide by clicking here.
In summary, Leeds Building Society Intermediary Services is well placed to support its partners and welcomes the introduction of MMR.
Further information regarding our intended approach to pipeline cases will follow shortly.