The Leeds doesn’t expect MMR impact

Published on

Leeds Building Society

The Leeds Building Society expects minimal impact to intermediaries as it prepares for the introduction of the Mortgage Market Review (MMR).

“We have reviewed our products and processes as we’ve prepared for MMR and we’re confident intermediaries will notice minimal changes,” said Martin Richardson, Leeds Building Society’s general manager of business development.

“Our affordability model is well-established, having been in place for more than two years, and usability for intermediaries will be largely unchanged.”

As part of these preparations, the Society will not be accepting any new non-advised business (excluding buy-to-let) from 1 April.

In addition, as part of minimum submission requirements, from this date the Society will require details of future changes to income and affordability, the cost of interest only repayment strategies and how fees are paid.

Richardson added: “We are well-placed to support our intermediary partners and welcome the introduction of MMR.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Bank of England expected to hold interest rates at 4.5% amid economic uncertainty

The Bank of England is widely expected to maintain interest rates at 4.5% when...

£6.5k bill for homebuyers who miss stamp duty deadline

Rent and mortgage spending rose 7.7% year-on-year in February, as more homeowners moved from...

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...

Nationwide ups LTV limits for interest-only and foreign national borrowers

Nationwide has announced changes to its mortgage lending criteria, increasing the maximum loan-to-value (LTV)...

Other news

Bank of England expected to hold interest rates at 4.5% amid economic uncertainty

The Bank of England is widely expected to maintain interest rates at 4.5% when...

£6.5k bill for homebuyers who miss stamp duty deadline

Rent and mortgage spending rose 7.7% year-on-year in February, as more homeowners moved from...

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...