Market Harborough Building Society relaxes residential stress testing

By

iain smith

Complex case specialist Market Harborough Building Society has relaxed its interest stress testing for residential cases up to £5m, including expat scenarios.

This means that the stress rate is now lower for many scenarios, giving even more borrowers access to the Society’s specialist lending solutions due to a boost in affordability.

The new rules mean that many clients will see an increase in their maximum borrowing potential, including new borrowers, those looking to remortgage, expats and high net worth individuals.

For example, clients with a household income of £100k looking for a residential repayment mortgage on a two-year discount rate could now borrow up to £55k more under the Society’s new stress testing.

Market Harborough’s head of mortgage distribution Iain Smith said:

“Easing our residential stress testing is another step in making our mortgage solutions even more accessible.

We’re seeing a welcome market shift in how affordability is assessed, and these changes are designed to support more clients with complex needs on top of what we’re already offering, including multi-generational and JBSP solutions, interest-only deals, and no LTI cap across our products.

It’s all part of our commitment to evolving with the market and listening to our brokers to provide flexible solutions that meet real-world client needs.”

Google NewsFOLLOW ON GOOGLE NEWS