It will also be operating within the new Consumer Buy to Let regulatory framework for brokers with the appropriate CBTL permission on the Financial Services Register.
As part of the process changes in February, the Society will also begin issuing binding offers with a 10 day reflection period from the date of issue. Customers will be able to opt out of the reflection period by completing and returning their binding offer within this period.
If a signed acceptance of the current offer has been received on or before 20 March, the completion will proceed under the current regulations, if not the Society will issue the offer under the new regulations.
To help minimise the impact of the changes to its brokers and customers, the Society will use transitional provisions in February and March to streamline the move to MCD. The pipeline will also be monitored on a case-by-case basis to assess which applications may be affected and the Society will be working individually with both brokers and customers to reduce any disruption.
Mortgage Credit Directive Project Manager, David Charlton, said:
“We have already made great strides in assessing the needs of the new regulatory environment and are on course to implement the necessary changes ahead of the 21 March deadline. We’re now giving our brokers notice of what key changes they can start to expect.
"At the Society, we take pride in the personal service that we provide and we will be monitoring our mortgage applications closely in the weeks ahead as we make the transition into the new regulatory regime.”
