The product range uses an affordability calculation based on income & 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.
Key features of the affordability range include:
- No Higher Lending Charge (HLC) on any of the products
- Available up to 95% LTV Full Status only
- Affordability calculator available across Mortgages 'lc’s entire range - including Near Prime Plus, Near Prime, Super Light, Light, Medium, Heavy and Fastrack products
- 12 month & 3 year discounted and 2 & 3 year fixed rates available, many with no ERC overhang period
- £200 cashback available on the Heavy and Fastrack remortgages
Simon Snape, head of products at TFC Homeloans, said: “TFC Homeloans has seen a big increase in interest in affordability based mortgage products a'd we’re delighted to be launching Mortgage' plc’s entire range via our website. The online affordability calculator makes life really 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 & Marketing Director at Mortgages plc added: “Mortgages plc has 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 I’m delighted that TFC Homeloans is the first of our partners to promote our affordability calculator and products via their 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.”
