MortgagesDec 9 2015

Skipton switching to ESIS from next week

Search supported by
Skipton switching to ESIS from next week

Skipton Intermediaries has confirmed it will be switching to European Standardised Information Sheet in advance of the EU Mortgage Credit Directive changes coming into force next March.

The lender has opted to launch ESIS from 14 December, rather than wait until 2016 and go through the process of implementing the Key Facts Illustration Plus before moving on to ESIS by 2019.

Paul Darwin, Skipton’s head of intermediary relationships, reinforced the importance of implementing the new MCD rules promptly to ensure that broker partners can deliver the transition smoothly and professionally for mortgage customers.

“Launching early will ease transitional pipeline challenges around a binding offers and reflection period.”

In October, the company outlined its plans for the MCD and how it will help its broker partners’ transition to the new rules, with Mr Darwin stating he would be attending a business exhibition to explain preparations.

Skipton’s move follows recent announcements of early adoption from Nationwide and Lloyds Banking Group.