Family Building Society has released a significant update to its residential affordability model for repayment and interest-only mortgages.
The change to its affordability calculator substantially increases borrowing power by up to 25%.
Darren Deacon, head of intermediary sales at Family Building Society, commented: “This significant uplift in the amount of borrowing we are able to offer will provide a welcome helping hand for those looking for the next step on the housing ladder or older borrowers who continue to be shunned by the high street lenders. This announcement, coupled with our manual underwriting which considers each application on a case-by-case basis, will mean even more borrowers can benefit from our unique mortgage offering.
“Alongside our ongoing commitment to continue paying the same proc fee for product transfers as we do for new business, unlike many other lenders, this change to our affordability model demonstrates our continual commitment to the borrower and to our intermediary partners.”
