The Mortgage Lender releases resi affordability changes

The Mortgage Lender has made amendments to its residential affordability criteria.

The changes include child tax credit and working tax credit being accepted as a source of income, providing applicants meet employment conditions.

In addition, 100 per cent of shift allowance, bonus or commission and child benefits, providing the children are under 13, will now be accepted.

The Mortgage Lender deputy chief executive Peter Beaumont comments: “In a competitive market it’s imperative we’re providing our distribution partners with real life lending options that meet the needs of their customers and offer borrowing at competitive prices.

“The changes to residential affordability reflect the reality of the complicated circumstances borrowers are presenting when they apply for a mortgage while ensuring lending decisions remain prudent and affordable.”

This comes after The Mortgage Lender hired Scott Callaghan to take up the position of mortgage operations director, at the back end of last year.

Recommended

The Mortgage Lender hires new mortgage operations director

The Mortgage Lender has created a new role of mortgage operations director and hired Scott Callaghan to take up the position. Callaghan has been with The Mortgage Lender since launch and was head of finance and risk. In his new role he leads a team of 40 across the underwriting, customer service, collections and completions […]

landlord, BTL, words

L&G and The Mortgage Lender team up with new BTL product

Legal & General Mortgage Club has launched an exclusive buy-to-let mortgage product through The Mortgage Lender. The lender launched its first range of BTL products in May of this year, extending its offering in the following month. It’s newest BTL offer comes as a five-year fixed rate product on up to 80 per cent LTV […]

1

Keith Street joins The Mortgage Lender as chief commercial officer

Keith Street (pictured) has been appointed as chief commercial officer to The Mortgage Lender, subject to regulatory approval. Reporting to deputy chief executive Peter Beaumont, Street’s new role will see him command the distribution strategy and the sales team, as well as provide input to marketing and product functions. Street’s CV surely needs little introduction: […]

missold mortgage

Topaz Finance set to launch two mortgage brands

Topaz Finance is set to launch two new UK mortgage companies. The firm has registered two new names and logos, Jasper Mortgages and Rosinca Mortgages, according to recent Intellectual Property Office filings. The firm’s mortgage servicer parent, Computershare, declined to comment on any plans for the two new firms. But Computershare has previously announced plans […]

Guide front cover - thumbnail

Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.

Newsletter

News and expert analysis straight to your inbox

Sign up