As part of this regulatory change, we are updating the format of our mortgage documentation in line with the framework, and introducing a Mortgage Illustration which will be compliant with the European Standard Information Sheet (ESIS).
Over the next couple of weeks, the mortgage documentation you and your clients will receive from us for any new applications will be in the new format.
For applications currently in the pipeline, we’ll take the following approach:
|Application stage||Our approach|
|Pre-offer||Offers and Offer Illustrations will be issued in the new format.|
|Post-offer||No new documentation will be issued unless there is a material change to the application and your client requires a revised Offer. In this instance, the Offer we issue will be in the new format.|
The good news is there is no action for you to take and you’ll soon start to see our updated mortgage documentation. If you do have any queries, please talk to your dedicated Business Development Manager
Additional borrowing policy change
We are making an update to our lending policy in the coming days. The maximum LTV for remortgage applications with additional borrowing for the purpose of debt consolidation will be 80%.
We are giving you advance notice of this change and we’ll write to you again to confirm when this change has been made. Please submit any outstanding decisions in principles (DIPs) for your clients who are affected by this change as soon as possible. DIPs will be honoured for the usual 90 day validity period.