Nationwide improves its mortgage affordability calculations
Nationwide for Intermediaries has made changes to its mortgage affordability calculator as the lender looks to ensure more applications are approved.
In a note to brokers, Nationwide explained their improvements are being made to refine some of the areas relating to applicants’ monthly financial outgoings and also borrowers’ bonus income.
There is a huge amount of competition to attract mortgage customers at the moment following the implementation of the Mortgage Market Review. Nationwide may have found they are not as generous as they used to be and noticed a slowdown in applications, particularly as they recently introduced a 4.75 times income lending cap.
Aaron Strutt, product manager at Trinity Financial, says: "The lenders use different calculations to work out how much they will lend and some banks and building societies are more generous than others. Trinity still has access to lenders happy to lend five times both single and joint incomes."
If you would like help to secure a mortgage with a generous income calculation, call Trinity on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
