Family Building Society has introduced a major update to its owner-occupier affordability model, increasing potential borrowing capacity by up to 25% for repayment and interest-only mortgages.
The updated calculator has been designed to support a wider range of borrowers, including those seeking to move up the housing ladder and older applicants who may face restrictions with high street lenders.
The society said it continues to use manual underwriting, assessing each application individually.
Darren Deacon, head of intermediary sales at Family Building Society, said: “This significant uplift in the amount of borrowing we are able to offer will provide a welcome helping hand for those looking for the next step on the housing ladder or older borrowers who continue to be shunned by the high street lenders.
“This announcement, coupled with our manual underwriting which considers each application on a case-by-case basis, will mean even more borrowers can benefit from our unique mortgage offering.
“Alongside our ongoing commitment to continue paying the same proc fee for product transfers as we do for new business, unlike many other lenders, this change to our affordability model demonstrates our continual commitment to the borrower and to our intermediary partners.”
