Mortgage Express changes product criteria

Amanda Jarvis

January 11, 2006

Mortgage Express regularly reviews its products to ensure compatibility with market changes and evolving customer needs.

As a result of an extensive review, Mortgage Express has made several changes which focus on bringing an element of affordability into the equation, while ensuring it remains a responsible lender.

Changes include the introduction of new, increased income multiples for a wide range of products including Self Cert, 100%+, Standard and FlexAbility mortgages, based on the applicant’s gross income.

Tim Sturley, Head of Distribution says that the changes will allow Mortgage Express to increase the number of customers it can help with its specialist mortgages.

“Our market analysis clearly demonstrates that the higher the applicant’s income, the greater amount of disposable cash they can attribute to housing costs. As a result, we have introduced higher income multiples for higher earners,” said Sturley.

The second significant change to lending criteria is an increase in LTV maximum amounts. While the maximum LTVs and LTV bands for each product remain the same, Mortgage Express has enhanced the amounts it will lend at each limit. For example, on its Self Cert product it used to lend £250k up to 90% and £300k up to 80%. Now it will lend £400k up to 90% and £500k up to 80%.

“We review our products regularly to ensure they reflect what is happening in the market and changing customer needs, while helping us to maintain our competitive edge. These changes to the criteria are consistent with wider changes in the industry and will keep Mortgage Express at the forefront of product innovation’’ Sturley said.

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