Alliance & Leicester Mortgages introduces greater lending flexibility, moving away from traditional income multiples to assess how much a customer can borrow.
Maximum loan amounts are now based on individual financial circumstances and brokers can confirm maximum loan amount for clients.
This will particularly help those with higher disposable incomes and first time buyers.
The move is supported by a new affordability calculator available to brokers 24 hours a day. It can confirm the maximum amount A&L is willing to lend a customer based on a number of questions.
The online DIP service has been enhanced to also provide a bespoke maximum lending decision. Brokers can also print a mortgage certificate for clients confirming this figure, which is binding for 28 days.
A&L head of intermediary mortgages Mehrdad Yousefi says: “Whilst many affordability calculators are based on average assumptions of customers’ disposable incomes according to region, age and number of dependants, A&L’s proposition takes this a step further and provides a more realistic and accurate decision based on the individual’s circumstances and then offers a maximum loan amount. For some customers this will mean that we can lend more.”