MortgagesApr 17 2014

Banks’ MMR roll-out delayed by technical glitches

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Technical issues affected the roll-out of Halifax’s new Mortgage Market Review proposition this week, a spokesman has confirmed.

The launch of the lender’s intermediary product transfer and further advance application process was delayed on Monday due to the issues.

An intermediary update said the process had been postponed, and asked advisers to hold back any product transfer or further advance applications until the issue was resolved.

The problems came after Santander for Intermediaries announced last week that “some users” were unable to log on to its introducer website when it transitioned to its MMR-compliant model on 7 April.

The Halifax update added that the halifax-intermediaries.co.uk website was updated on Monday morning to stop any applications being submitted, even if they appeared to have been submitted successfully.

A spokesman for Halifax for Intermediaries said the problem was rectified by the morning of 15 April.

Ray Boulger, senior technical manager for London-based broker John Charcol, said: “The issue with these problems is that lenders are capturing more information, and some have had to introduce some significant IT changes. The MMR represents the complete opposite to what the FCA calls common sense lending.”

New provisions under the Mortgage Market Review officially come into force on 26 April.