Sept 15 – MCD is coming

Any broker or firm that has not read the AMI or FCA publications on the Mortgage Credit Directive needs to start looking at these now. All firms need to make decisions about whether they will be offering second charge mortgages as part of their service and if they are interested in consumer buy-to-let business. All firms will need to change their declarations of scope and provide tangible documents setting out their service and remuneration practices. All of these change need to be in place by March next year. The FCA is now open for registrations on consumer buy-to-let and this is not a regulated activity, but the rules are set out in statute. Brokers should expect lenders to start talking to them about their readiness for MCD.