NBS will adopt the KFI Plus initially before moving to the European Standardised Information Sheet prior to the regulatory deadline of 21 March 2019. It will also display the second Annual Percentage Rate, which will form part of the KFI Plus and it has also been confirmed that only first charge lending will be undertaken.
‘Binding offers’ will be issued at the same point that NBS currently issues conditional offers and it will also offer 10 days right of reflection, which can be waived by the customer or the acting solicitor. The online case tracking service has been updated to provide mortgage brokers with information as to when the binding offer has been issued with a copy available for download.
NBS has also confirmed it will accept Consumer Buy To Let lending applications before 21st March 2016 and the application process has been updated to reflect this.
Following a review of application volumes, NBS will only provide loans to applicants paid in UK sterling. Loans that fall under the new MCD definition of Foreign Currency Loans will no longer be accepted.
Steve Carruthers, Head of Mortgage Distribution, at NBS, said: “We’ve been working for some time to ensure that our people and systems are fully up to speed with the new requirements.
We’re pleased to be prepared in advance of the deadline date and have developed communication updates for our brokers to bring them up to speed on what the changes means for them. We’re confident it will be a smooth transition for both our organisation and the brokers we work with.”
