Replacing mortgage point of sale KFIs with ESIS

From Monday 4 February 2019, we’ve replaced our new business mortgage point of sale Key Facts Illustration (KFI) with the European Standardised Information Sheet (ESIS).

Why have we changed to ESIS?

We’ve made 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 change 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.

When will sourcing systems be updated?

Sourcing systems will be updated in early February to reflect this change.

£90 administration fee

All of our valuation fees are non-refundable, however, if the applicant cancels the valuation before it’s carried out, we’ll now refund the £90 administration fee in full (previously non-refundable).