The downloadable form is available to all mortgage brokers, packagers/distributors, clubs and networks with immediate effect.
Mortgages plc became the first lender in the marketplace to offer a tailor-made affordability declaration after the FSA warned brokers to ensure borrowers are fully aware of factors that could affect their ability to repay their mortgage. The declaration also emerged ahead of the BBC2’s The Money Programme’s expose, which showed a number of brokers encouraging consumers to exaggerate their incomes to secure self-cert loans.
Mortgages plc’s affordability declaration spells out the effect of rising interest rates (and other financial commitments such as credit cards and loans) on future mortgage payments, and is designed to act as a final ‘sanity check’ before the borrower signs on the dotted line.
The document is downloadable from Mortgages plc’s website (www.mortgagesplc.com) which companies can re-brand with their own corporate identities.
Peter Beaumont, sales and marketing director at Mortgages plc, said: “The response to this common sense development has been excellent and we are delighted to make it available to any broker, network or club who wants to use it. This is a simple but highly effective way of ensuring borrowers do consider the important issue of affordability, which has to be a positive move for the whole mortgage industry.”
For copyright reasons, those interested in rebranding the statement must contact Julian Wells, head of marketing, on 020 7570 2948 or e-mail: [email protected]
