Two lenders have announced they are introducing affordability calculators on their mortgage products.
The Mortgage Business (TMB) says it is dumping its old income multiple model in favour of an affordability calculator saying the new model will represent a fairer approach to lending. The lender is also launching an affordability calculator on its website to enable mortgage intermediaries to calculate the maximum loan available to their client based on their individual circumstances. Bill Dudgeon, managing director of TMB, says the move is a common sense approach without over committing a client. “Offering standard income multiples to all, regardless of personal situation, is an obs...
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