Precise launches MCD-compliant system
By Tom BelgerPrecise Mortgages has released a Mortgage Credit Directive (MCD) ready version of its online mortgage application for first charge lending.
Section: mobile apps categories
Precise Mortgages has released a Mortgage Credit Directive (MCD) ready version of its online mortgage application for first charge lending.
The specialist lender said all new residential and consumer buy-to-let applications submitted will now be issued with a KFI+.
Any residential and consumer buy-to-let applications made before 19th January – where the customer has received a KFI - will have until 18th March 2016 to accept an offer, but after this date the application will need to be re-submitted to ensure MCD rules are met.
The system will then produce a KFI+ and the application will be re-underwritten.
Alan Cleary, Managing Director of Precise Mortgages, said: “Brokers will see minimal operational change from the introduction of the new MCD-compliant system on first charge lending, so we expect it will be business as usual.”
Keywords: Precise Mortgages, Secured Loans, Lending, MCD, Residential property, Second charge loan, Buy to let, KFI
Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/precise-launches-mcd-compliant-system