Abbey for Intermediaries has been accused of biting the hand that feeds it after it emerged that mortgage brokers are on its list of “high-risk” jobs when assessing self-employed mortgage applications.
The lender would not confirm how long brokers have been on the list which it says is reviewed regularly. Other jobs on the list include professional actors, dancers, sportspeople, car salesmen, property developers and bankers.
The company will no longer accept accountants’ certificates for what it deems to be high-risk jobs and now only accepts the last three years of accounts, or two years if a firm has only been trading for two years.
A spokeswoman says: “We regularly review and update our lending criteria to ensure we are lending responsibly and that borrowers are not overstretching themselves.
“In the current economic climate, there will clearly be some occupations that are deemed higher risk than others and, as a responsible lender, we may employ more robust underwriting when lending to such self-employed borrowers if we believe this is necessary.”
Savills Private Finance managing director Mark Harris says: “It is a sad sign of the times that the hand that feeds them is on the list. It does not bode well for the future of our sector if an intermediary-focused lender has not got a great deal of confidence in individual mortgage brokers.”
Chadney Bulgin mortgage partner Jonathan Clarke says: “It is shocking there is a list and it is a bit insulting that we are on it.”
Email Mortgages chief executive Michael White says: “It is frustrating to have to bow to these constraints which seem to have no logic. You cannot just say that a person is high-risk because of what they do, there is a whole range of factors.”