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Leeds Building Society issues MMR update

Leeds Building Society expects minimal impact to intermediaries as it prepares for the introduction of the Mortgage Market Review (MMR).

“We have reviewed our products and processes as we’ve prepared for MMR and we’re confident intermediaries will notice minimal changes,” said Martin Richardson, Leeds Building Society’s General Manager – Business Development.

“Our affordability model is well-established, having been in place for more than two years, and usability for intermediaries will be largely unchanged.”

As part of these preparations, the Society will not be accepting any new non-advised business (excluding Buy to Let) from 1st April.

In addition, as part of minimum submission requirements, from this date the Society will require details of future changes to income and affordability, the cost of interest only repayment strategies and how fees are paid.

Martin added: “We are well-placed to support our intermediary partners and welcome the introduction of MMR.”

Ends

Notes to Editors

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £11.2bn (as at 31 December 2013). The Society has operated from the centre of Leeds since 1886.