From Mary LockyerI’ve had a case with Halifax for nine weeks and it has still not been offered. It was submitted packaged with 12 consecutive, certified payslips from British Airways. Despite this, I was told an income reference would be required. But BA’s references are computer generated and only detail the last three months’ average flight pay so annual profit share bonus, pay deals and language pay are omitted. Also, if a BA client was on leave and their flight allowances were lower than usual, this will not equate with the true average picture. In the case in question, the em-ployer’s reference was 5,500 lower than the actual pay and despite sending in a further three payslips – again confirming income during the past year as realistic – the computer said no. Halifax’s new lending policy dictates that the employer’s reference has to be taken on variable pay, even when it is incorrect and even if 12 payslips are supplied. I am told this policy has been set due to risk assessment and that common sense no longer counts. Be aware of this underwriting rule. It will affect any flight crew applicants until normal service is restored. Mary Lockyer, IN Partnership, By email
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FRom Marie O’Reilly I am writing in response to Keith Butler’s letter headlined ‘Brokers should know about lenders’ processing times’ (Mortgage Strategy June 5). “Are there any lenders willing to publicly state their average application to offer times and allow these to be independently verified?” asks Butler. The answer is yes. He should visit www.accordmortgages.com. […]
Platform is planning a series of initiatives in anticipation of the plethora of new entrants lined up to burst into the specialist lending market. It has reacted by reviewing its strategy and widening and enhancing its product range. The first initiative launches today with a revised product range including additions to lending criteria and new […]
Mortgage Next is launching a two-year base rate tracker buy-to-let mortgage on June 19.The product is funded by West Brom for Intermediaries and is available to members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.The buy-to-let mortgage consist of a base rate tracker plus 0.20% for two years giving […]
Nearly twice as many people would be likely to apply for a mortgage online if they could be sure they were getting the cheapest deal available, reveals research from Direct Line Mortgages. With almost 80% of respondents to Direct Lines first online mortgage index anticipating that online mortgages will become more popular, the direct mortgage […]
The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath.
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