From Ricky Okey
I was disappointed to read the analysis of Abbey’s latest mortgage offering by Peter Mounty (Mortgage Strategy November 13) as he had not made much effort to research his subject matter before putting pen to paper.
He may have found that on closer inspection (or even a casual glance) Abbey’s new offering is more than a ‘5 x income multiple’ catchphrase.
As many brokers have told us, affordability measures are the way forward rather than rigid income multiples that prevent borrowers from getting onto the property ladder.
Abbey considers income multiples as a guide to how much it might lend, not an offer. In fact, we treat all our mortgage applicants on their individual levels of affordability.
We would hope that brokers are able to get past the media headlines and see that Abbey is just developing innovative products to ensure that those people who are able to afford to borrow a certain amount are not constrained to archaic mortgage models.
Abbey for Intermediaries