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The Mortgage Credit Directive


The Mortgage Credit Directive (MCD) provides an EU-wide framework of conduct rules for mortgage activities. It sets minimum regulatory requirements that members must meet to provide consistency in protecting consumers taking out credit agreements for residential property. We have summarised the key changes and how we intend to meet these before the implementation date of 21 March 2016.


Mortgage Credit Directive changes will be implemented by the Melton on 15th March 2016.


Although the ESIS (European Standardised Information Sheet) will replace Key Facts Illustration (KFI) by 21st March 2019, we will initally be moving to KFI+ and you should be able to produce these in the same way as you currently produce KFI’s.

Reflection Period

We will be introducing a 7 day reflection period. A customer can accept the offer at any time and request funds without restriction by the reflection period – to do so customers should email or telephone the Completions Team on 01664 414141.

Binding Mortgage Offers

Mortgage offers will be binding on the date of issue subject to the conditions detailed within it.

Consumer Buy to Let

We will be lending in the new catergory of Consumer Buy to Let and will be launching a product when we implement our MCD changes. Any firms wanting to submit a Consumer Buy to Let application must hold the relevant new FCA CBTL permissions. Our application forms have been updated to help you to identify the type of buy to let application being made.

Foreign Currency Mortgages

Foreign currency mortgages will not be offered or accepted – only income paid in UK £ sterling and liable to UK tax will be considered. Assets held abroad or in a currency other than UK £ Sterling will not be considered as a suitable repayment strategy for interest only mortgages.