Newcastle Building Society Intermediary Services - MMR Update
28 March 2014
Key Dates:
| Friday 11 April 2014 | Last day to receive any non-advised applications. |
| Monday 14 April 2014 | Only advised applications can be received from this date onwards. |
| Saturday 26 April 2014 | MMR implemented. |
| Friday 25 July 2014 | Any non-advised applications must have completed or be resubmitted on an advised basis. |
Key headlines:
- We already have a compliant affordability calculator - please see 'How to Apply' for details of our process.
- Our lending policy is already fully aligned with MMR.
- We do not have any additional information requirements beyond those already stated in our policy and application form.
- The key features of our lending policy, for brokers to check our criteria, are already laid out in an easy to read A to Z format - please see 'Criteria'.
- From 14 April 2014 we will only accept applications that have been submitted on an advised basis. We will no longer accept any non-advised cases.
- Any non-advised cases that have been submitted to us prior to this date must be complete by 25 July 2014 or they must be submitted again on an advised basis.
- Any material changes, which need to be made to an application from Monday 14 April up until completion, must be done on an advised basis (in other words the whole application must then become advised).
- We will deal directly with existing borrowers on any material changes that require advice (just as we currently do).
- We have made very minor changes to our Mortgage Intermediary Terms and Conditions, recognising that advisers are responsible for checking that applications meet our criteria?
Frequently asked questions:
- How will we assess affordability?
As at present, brokers can access the affordability calculator on our intermediary website. This is already MMR compliant and no further changes are planned exclusively for MMR.
- How can I check your criteria?
Simply search the A-Z of the 'Criteria' section of our intermediary website. Alternatively, you can check the Lending Policy document found in the 'Useful Documents' section of our website. If you have any queries don’t hesitate to contact our Support team on 0345 602 2338.
- Are there any policy changes I need to be aware of to be MMR compliant?
No. Our policy already meets MMR requirements.
- What about DIPs already submitted?
As our affordability calculator is already compliant, and there are no changes to policy or information requirements, DIPs already submitted will be considered in the normal way.
- Will you accept any non-advised cases?
No. From Monday 14 April we will only accept advised applications. Any non-advised applications received prior to this date must complete by Friday 25 July or be resubmitted on an advised basis.
- What additional information do I need to send with my application as a result of MMR?
None. There is no change to our requirements which are set out in our lending policy and application form.
- How will you treat material changes?
Any material changes, such as changes to loan amount, term or product, which need to be made to an application from Monday 14 April up until completion, must be done on an advised basis (in other words the whole application must then become advised). Any material changes which are required post completion will be done on an advised basis by us dealing with the borrower direct.
- How will you treat payment of fees?
All fees you have elected to pay should be paid with the application. Any fees that remain unpaid must be paid prior to completion. Non payment will delay completion.
- What other changes are being made?
We will make very minor changes to our Mortgage Intermediary Terms and Conditions, the main one being we will ask the broker to ensure the customer and application meets our Lending Policy.