Sunday, November 5, 2006
Standard Life encourages responsible lending
Standard Life Bank is insisting that mortgage providers should lend on affordability rather than salary multiples. To lend responsibly, Standard Life Bank believes that reviewing an individual's full financial situation is essential when making a decison as to how much to lend. The flexible mortgage specialist, which was an early adopter and pioneered the practice of lending on affordability as early as 1999, considers a would-be homeowner's income and financial commitments rather than simply a multiple of their current salary and the equity in the property (the Loan to Value position).