Scottish Building Society has expanded its intermediary mortgage proposition across mainland UK, giving brokers in England and Wales access to its specialist lending range for the first time.
The expansion builds on the mutual’s existing presence in Scotland and the North of England and includes lending for borrowers whose income, assets or circumstances may fall outside conventional affordability models.
Its proposition includes pension-backed lending, Retirement Interest Only mortgages and lending based on foreign-currency income, alongside a newly launched professional mortgage offering of up to six times income.
WIDER VIEW OF AFFORDABILITY
Scottish Building Society said its pension-backed approach was designed for cases where earned income alone does not reflect a borrower’s overall financial strength.
The Society can consider assets, pensions and accumulated wealth as part of the assessment, potentially providing additional options for affluent and later-life borrowers.
Its RIO range offers lending of up to five times income, with affordability assessed against sustainable retirement income and individual circumstances.
The Society can also take non-sterling earnings into account for borrowers paid in foreign currencies, targeting internationally mobile professionals who may struggle with standard UK affordability models.
6X INCOME FOR PROFESSIONALS
Alongside the geographical expansion, Scottish Building Society has launched a professional mortgage proposition offering eligible applicants borrowing of up to six times income.
The mutual said the proposition could be particularly relevant in London and the South of England, where higher property values can leave professional borrowers constrained by standard income multiples.
Chris Hunter, chief operating officer at Scottish Building Society, said: “Entering the England and Wales market is a significant step for the Society and reflects growing demand for more flexible mortgage options that help borrowers access the right product for their circumstances.
“Clients do not always fit the boxes lenders build for them. We have built our proposition around giving brokers more choice, backed by nearly two centuries of mutual heritage and mortgage underwriting experience and a market leading approach to technology, through MSO originations software.”
‘A FULLER STORY’
Stephen Brown (main picture), mortgage channels & platforms lead, added: “Assets, pensions and accumulated wealth can tell a fuller story about a client’s financial strength than income alone, and that is the gap our specialist lending is designed to fill.
“By taking a more individual view of affordability, we can help brokers support more clients whose circumstances are strong but do not fit a standard lending model.”
