Introduction of European Standardised Information Sheet for product transfers

From Monday 5 November 2018, we’ve replaced the Key Facts Illustration (KFI) that we issue in our Online Mortgage Transfer Service (OMTS) for product transfers with the European Standardised Information Sheet (ESIS).

At this time, we’re only making this change for product transfers. We’re not making any changes to the KFIs and offers we issue for new business applications. We’ll be changing these documents at a later date. 

Why are we changing to ESIS?

We’re making changes to comply with the EU Mortgage Credit Directive which requires all mortgage lenders to issue their offers and illustrations in the standardised ESIS format by Thursday 21 March 2019.

What’s the difference?

The ESIS layout is very similar to the existing KFI and provides customers with the same information, with both documents explaining the mortgage product in a standard format to make it easy to compare different products and providers. 

  • A notable difference in the ESIS is the change from APR (Annual Percentage Rate) to APRC (Annual Percentage Rate of Charge) but the calculation is the same.
  • We’ve improved some of the wording to make it clearer.