Saffron Building Society claims it will be ready to implement the changes required by the Mortgage Market Review (MMR) with effect from Thursday 24 April.
The Society says the changes it has made have been “minimal” and brokers will be able to use the same submission process as before.
A new affordability calculator will be available for use by brokers. The Society will be e-mailing more detailed information about the new calculator to brokers prior to the implementation of MMR.
There will also be a new single mortgage application form which can be used for all mortgage application types. Brokers used to Saffron’s approach to assessing affordability will see only minor changes in terms of additional documentation requirements.
Sarah Howe, chief marketing officer at Saffron Building Society, said: “I can confirm that Saffron Building Society is ready for MMR and we will be ‘going live’ with effect from 24th April.
“We have capitalised on the opportunity to simplify our application process by introducing a new single application form which will cover all mortgage types and we have developed a new easy to use online affordability calculator, which will show brokers and their clients how much we’re willing to lend. Brokers will find our submission procedures reassuringly familiar.”