The mutual’s general manager of business development, said all applications that had been given a successful decision in principle but were not fully submitted before midnight on 12 April would need new decisions under MMR rules.
However, Mr Richardson added that advisers would only notice “minimal changes” ahead of the implementation of the MMR, as it had already stopped offering new non-advised business apart from buy-to-let, and had a “well-established affordability” model in place for more than two years.
He said: “We welcome the introduction of MMR and are well-placed to support our intermediary partners. Our regional development managers will be available until 8pm each day up to 25 April to offer extra support if needed.”
Elsewhere, Halifax Intermediaries has announced it will be MMR-ready from 14 April, with loan and debt repayments, such as childcare costs, school fees, student loans and other committed expenditure, accounted for in affordability assessments.
Barclays has also confirmed its position, with all applications made after 31 March assessed under the new MMR rules. However, pipeline cases started before this date, but submitted before 26 April, will be assessed under pre-MMR rules.
Meanwhile, NatWest Intermediary Solutions, which will be MMR-ready by 15 April, is to offer advisers extra support during the transition to the new rules by introducing a new Saturday opening for its broker instant messaging service LiveTalk, offering information on products, rates and criteria.
Sarah Taylor, service development manager for NatWest Intermediary Solutions, said: “With intermediaries expected to be extra busy over the next few weeks we wanted to support them.”
| MMR plans of top 10 mortgage lenders | |
| Lloyds Banking Group | Halifax Intermediaries MMR-ready by 14 April, other brands yet to announce |
| Nationwide Building Society | MMR-ready by 14 April |
| Barclays | MMR-compliant as of 31 March |
| HSBC | MMR-compliant advised sales launched 17 March. Non-advised sales to be withdrawn before April 26 |
| Santander | MMR proposition relaunched on 7 April |
| RBS Group | NatWest for Intermediaries – MMR-ready by 15 April |
| Coventry Building Society | MMR-compliant on 14 April |
| Virgin Money | MMR-compliant, all non-advised should be completed by 17 April |
| Yorkshire Building Society | MMR-ready as of 29 March |
| Clydesdale Bank | MMR-compliant |
Adviser view
Mick Mullings, director of The Mortgage Mart, Leicestershire, said: “I don’t see any problems from a broker’s point of view, as we have always been thorough when asking for details over affordability. It depends on how efficient lenders are with their affordability calculators. I think the new rules will play into the hands of the broker community.”
