Scottish Building Society has expanded its mortgage lending across mainland UK, opening its intermediary proposition to brokers across England and Wales.
The expansion builds on the mutual's existing lending in Scotland and the North of England and gives brokers wider access to its standard and specialist mortgage products.
Its specialist proposition includes pension backed lending for borrowers whose income may not fully reflect their financial position. Affordability assessments can take assets, pensions and accumulated wealth into account, with the products aimed at later life and affluent borrowers who may fall outside mainstream lending criteria.
The Society also offers Retirement Interest Only mortgages, with lending available up to five times income. Affordability is assessed using sustainable retirement income and the applicant's individual circumstances.
Foreign currency income can also be considered for affordability purposes, providing an option for borrowers who are paid in non sterling currencies.
Alongside the geographical expansion, Scottish Building Society has launched a professional mortgage offering loans of up to six times income for eligible applicants.
Chris Hunter, chief operating officer at Scottish Building Society, said: "Entering the England and Wales market is a significant step for the Society and reflects growing demand for more flexible mortgage options that help borrowers access the right product for their circumstances.
"Clients do not always fit the boxes lenders build for them. We have built our proposition around giving brokers more choice, backed by nearly two centuries of mutual heritage and mortgage underwriting experience and a market leading approach to technology, through MSO originations software, ."
Stephen Brown, mortgage channels & platforms lead, added: "Assets, pensions and accumulated wealth can tell a fuller story about a client's financial strength than income alone, and that is the gap our specialist lending is designed to fill.
"By taking a more individual view of affordability, we can help brokers support more clients whose circumstances are strong but do not fit a standard lending model."
