Sunday 15 December 2013

BSA cause confusion on their mortgage instructions

LENDERmonitor has advised conveyancers via their update service about uncertainty relating to BSA mortgage instruction changes. 
The BSA introduced mortgage instructions (their version of the CML Handbook) for its members in January 2010. The BSA Mortgage Instructions are currently being used by 31 lenders.

As is the case with the CML Handbook, the BSA Mortgage Instructions comprise of two sections: a core set of mortgage instructions; and specific requirements setting out individual lenders’ requirements. 

The following warning was issued by LENDERmonitor: Please note that the BSA have recently made some wholesale changes to their website including the formatting of their Mortgage Instructions. We have identified a number of potential errors including important questions having been removed. We strongly recommend that before completing on any transaction with a BSA lender that you contact the lender directly to send you their updated mortgage instructions.

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