TFC Homeloans, the branded lending division of mortgage distributor The Finance Centre, is making Mortgages plcs entire range of affordability based products available online.
The product range uses an affordability calculation based on income and expenditure rather than traditional income multiples. Intermediaries also have access to an online affordability calculator, which makes the task of identifying maximum loan limits quick and easy.
The affordability range includes no higher lending charge on any of the products, and are available up to 95% LTV full status only. The affordability calculator is available across MPLCs entire range – including near-prime plus, near-prime, super light, light, medium, heavy and fastrack products.
There are 12 month and three year discounted and two and three year fixed rates available, many with no ERC overhang period. In addition, 200 cashback is available on the heavy and fastrack remortgages.
Simon Snape, head of products at TFC Homeloans, says: “TFC Homeloans has seen a big increase in interest in affordability based mortgage products and were delighted to be launching MPLCs entire range via our website. The online affordability calculator makes life easy for brokers as they can give their clients immediate information about maximum loan limits, rather than having to wait for feedback from lenders. I have no doubt it will be a big hit.”
Peter Beaumont, sales and marketing director at MPLC, adds: “We have invested considerable time and effort developing an affordability range of products and an online calculator. We are making both available to a select number of key distributors and Im delighted TFC Homeloans is the first of our partners to promote our affordability calculator and products via its website.
“It has become clear that traditional income multiples based on gross incomes are inflexible and do not reflect a borrowers true ability to pay based on their net disposable income. I have no doubt that more lenders will adopt this approach to underwriting in the future.”