Mortgages plc’s affordability approach is integrated within its online ‘On Demand’ system. This enables intermediaries to obtain instant binding DIPs across Mortgages plc’s entire product range (except buy-to-let). A standalone version of the calculator for quick checks can be found at Mortgages plc's website and this now shows the maximum borrowing amount available to the applicant(s).
Additional recent enhancements to Mortgages plc’s affordability approach also include increases to the maximum loan size on certain products, extending the maximum term to 40 years and making it available on right-to-buy applications.
Pete Thomson, sales director at Mortgages plc, said: “Affordability has proven to be extremely popular on our full status range and we are delighted to extend this to also include self certification applicants. There is widespread acceptance in the market that affordability based underwriting is the most appropriate way to determine suitability for a mortgage. We were the first lender to make this available online in the adverse credit market and we will continue to develop and evolve our affordability approach to ensure it remains a strong feature of our product proposition.”
