Changover to AFFORDABILTY calculation
From MONDAY 16th APRIL 2012, we will be changing the way we assess mortgage applications from Income Multiples, to AFFORDABILTY calculation.
There are just five days to go to the change over, and all applications submitted from next MONDAY 16th APRIL, will be assessed using the information from our borrowing calculator which will be available here on our website.
It’s important to remember the following which will help you with your applications;
- Any DIPs based on income multiples, accepted up to and including April 14th will still be accepted as full applications until close of business on Friday April 20th
- Our website will be temporarily unavailable on Sunday 15th April while our systems are updated to implement the change
- For all Buy to Let applications, we will not use Affordability to assess the loan, it will remain as being assessed dependent on rental income
- The Loan to Value is no long relevant
- In addition to the income and commitment information, provided by the customer, we will use average household expenditure to reach our decision on the maximum loan amount which we believe is affordable.
We’re sure you will prefer this method of assessing the size of loan your client can have. You can talk to a member of the sales team if you have any queries about the switch and help will be available here on our website.