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Loans FAQ - Santander UK
Mortgage Credit Directive (MCD) is a new piece of EU law that must be transposed in the UK and across Europe by 21 March 2016 - we will implement the changes before that date. Despite the fact that the UK has a strong regulatory framework, the Mortgage Market Review 2014 has shown that MCD is in a position to enable standardization throughout the EU.
Finally, it will supersede the Key Facts Illustration (KFI), which is currently used for all mortgage loans and which is like an offer for a particular mortgage business. The ESIS will be mandatory for all creditors from March 2019. This is known as the Annual Percentage Rate of Charge (APRC) for creditors using the ESIS.
It must be provided for mortgage loans that have a floating interest at a certain time during the life of the loan, e.g. a fixed-rate mortgage converted to our standard floating interest rates or a trackers interest mortgage. Your reflective phase begins with the preparation of your mortgage proposal. As of 21 March, the mortgage proposal received from a creditor is "binding" on the creditor, i.e. it cannot be revoked without good reason:
In this case, the mortgage is classed as a FX mortgage. In the case of a mortgage in a different country, you must be conscious of the effects of changes in interest rates. Inside the CFI we show the effects of a 20% negative change in the parity.