Those hoping to find a mortgage in the future might benefit from a more customized way of lending, a report by a leading mortgage lender suggests.
The days are numbered of mortgage lenders considering only a potential mortgage holder's salary when the person applies for a mortgage, Alliance and Leicester Mortgages suggests.
In future, mortgage lending will focus more on affordability as criteria for potential mortgage holders, the mortgage lender believes.
Lending to an individual on the basis of affordability is a growing trend among mortgage lenders .
The mortgage lender's study, undertaken by the Centre for Economics and Business Research found that this approach is more sophisticated and responsible towards mortgage borrowers .
Instead of only considering a potential mortgage borrower's salary, affordability lending is based on the disposable income of the individual, whilst personal circumstances are taken into consideration.
Potential mortgage holders who have no debt will benefit most from this tailored mortgage lending, believes the mortgage lender's director, Stephen Leonard.
"The move towards affordability based lending means that more people will get a helping hand onto the property ladder – and homeowners will continue to be able to 'move up' as their incomes rise," Mr Leonard concluded.
Mortgage lenders adopt customised affordability approach
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Mortgage lenders adopt customised affordability approach
Mon, 17 Oct 2005
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