Mortgages  

Skipton to unveil ‘smooth’ MCD plan

Skipton to unveil ‘smooth’ MCD plan

Skipton Intermediaries has outlined its plans for the Mortgage Credit Directive and how it will help its broker partners’ transition to the new rules.

Paul Darwin, head of intermediary relationships at Skipton Intermediaries said he would be attending a business exhibition this week and talking live about Skipton’s MCD plans.

He said the firm was committed to implementing all changes smoothly, professionally and in partnership with brokers.

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Mr Darwin said: “With the MCD fast approaching, we want to make sure everyone is up to speed with these changes and aware of the impact this may have on their business.

“We feel it’s important that brokers know what our approach will be, and how to deal with the new disclosure documents and manage pipeline business during the run-up to the MCD launch.”

Last month Skipton Intermediaries said it would use European standardised information sheets (ESIS) from the start of next year as part of the new MCD rules.

Background box

The MCD comes into force on 21 March next year, with the current key facts illustration document to be phased out by 2019 and lenders will be forced to use the ESIS. The FCA has told firms they can either have an ESIS in place or stagger it and use a ‘KFI+’ until 2019.

Among other lenders, Nationwide said it would implement the new MCD rules in early 2016, ahead of the March deadline