HALIFAX INTERMEDIARIES MORTGAGE CREDIT DIRECTIVE FREQUENTLY ASKED QUESTIONS. For the use of mortgage intermediaries and other professionals only.

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1 HALIFAX INTERMEDIARIES MORTGAGE CREDIT DIRECTIVE FREQUENTLY ASKED S.

2 MORTGAGE ILLUSTRATION OPENING SECTION On the Mortgage Illustration why is the valid until date the same as the date the illustration was produced? The Illustration will state the information only remains valid on the date produced because the products available could change after that date. When Mortgage Offer is produced the offer expiry date will be based on the product latest completion date as it is now.

3 MORTGAGE ILLUSTRATION SECTION 3. MAIN FEATURES OF THE LOAN What is the minimum property value figure? The minimum property value figure is based on the maximum LTV of the product selected and where applicable it is limited by an LTV restriction based on credit score. Is the property purchase price on the Mortgage Illustration? The purchase price will not show on the illustration or offer although it will continue to show on the conveyancer offer. The product selection and loan to value calculations will continue to be based on the lower of purchase price or valuation.

4 MORTGAGE ILLUSTRATION SECTION 4. INTEREST RATE AND OTHER COSTS Is a legal fees estimate included within the Mortgage Illustration? No, a legal fees estimate no longer shows in the fees section and is not included in the APRC calculation. How is the second APRC calculated? The second APRC provides an examples of how payments could increase if rates increase based on the highest borrowing rate over the last 20 years. This APRC is based on the highest Bank of England (BoE) base rate in the last 20 years of 7.5%, minus the current BoE base rate of 0.5%, plus our SVR which is currently 3.99%, giving an APRC of 10.99%.

5 MORTGAGE ILLUSTRATION SECTION 6. AMOUNT OF EACH INSTALLMENT How is the first payment calculated? The first payment quoted in section 6 includes the initial interest amount and assumes a 1st of the month completion date as explained within the Supplementary Information document. Where section 6 in the Mortgage Illustration quotes the impact on payments if the interest rates were to rise to the example higher rate, why does this show even where the customer has chosen a fixed rate product? When calculating the impact this rate rise would have on payments we disregard any initial product rate as trying to give the customer a longer term view on how payments could be impacted.

6 MORTGAGE ILLUSTRATION SECTION 9. FLEXIBLE FEATURES Why has the 10% overpayment concession wording been removed from the new Halifax Intermediaries Mortgage Illustration? Removing the 10% overpayment concession wording from the Mortgage Illustration is not due to a criteria change. The wording will continue to be detailed in the Information About Your Mortgage booklet which is sent to the customer as part of their Mortgage Offer pack. The Information About Your Mortgage Booklet can be found in the Literature section of the intermediary website and on the customer website

7 MORTGAGE ILLUSTRATION SECTION 10. OTHER RIGHTS OF THE BORROWER Section 10 states the customer has 10 days to reflect before committing themselves to the mortgage. Can the customer waive this period of reflection? Yes, the customer may proceed as soon as they wish to, they do not have to wait for the 10 day reflection period to elapse. To proceed to completion, the customer simply needs to instruct their conveyancer to request the mortgage funds.

8 OTHER S BINDING OFFER How will the binding offer requirement impact Halifax Intermediaries? Halifax already issues binding offers which are not subject to conditions around further checks to be made, so there is no change to the current process. INDEPENDENT FIRMS Do intermediaries have to advise on equity release/lifetime products as well as first and second change to call themselves independent? It is not for us as lender to advise intermediaries as to their naming conventions, the extent of their access to the lending markets or whether they can describe themselves as independent. Ultimately, it s up to intermediaries to seek an opinion from their own Compliance Officers (or the FCA).

9 OTHER S SAMPLE MORTGAGE DEED What does customer do with the mortgage deed they receive as part of their Mortgage Offer pack. The MCD rules state that we, the lender, must send a copy of the mortgage deed to the customer, however it is only a sample for their records. The customer should sign and return the copy received from their conveyancer. SAMPLE MORTGAGE DEED Will the intermediary receive a copy of the sample mortgage deed as part of their Mortgage Offer pack? No, only the customer will receive a copy of the sample mortgage deed as part of their Mortgage Offer pack.

10 OTHER S CONSENT TO LET Are Consent to Let (CTL) agreements, where an existing borrower applies to let their current home, impacted by the new Buy to Let regulatory framework introduced as part of MCD? MCD rules apply to new mortgage contracts from 21 st March CTL is not a new contract, it is a contact variation, therefore out of scope for MCD (much like Product Transfers).

11 Contact your local Business Development Manager for more information or visit halifax-intermediaries.co.uk FOR THE USE OF MORTGAGE INTERMEDIARIES AND OTHER PROFESSIONALS ONLY. For the use If you of do mortgage not have professional intermediaries experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of and other the professionals information contained only. in this communication, to be used with or to advise retail clients, you must ensure it conforms to the Financial Conduct Authority s advising and selling rules. Halifax is division of Bank of Scotland plc. Registered in Scotland No. SC Registered Office: The Mound, Edinburgh EH1 1YZ.

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