x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
  
newsletter-button

New guide makes lenders responsible for affordability

02 November 2010
Written by rosalind renshaw

Mortgage industry trade bodies have produced a guide for lenders and brokers, explaining the responsibilities each have in the mortgage sales process.

The Association of Mortgage Intermediaries, the Intermediary Mortgage Lenders Association and Council of Mortgage Lenders have produced the Working Together guide.

It makes it clear that ultimate accountability for the affordability of a mortgage lies with the lender, and not the broker. However, the intermediary is responsible for establishing affordability to make sure that a particular mortgage is appropriate to a client’s circumstances and in accordance with the lender’s criteria.

Robert Sinclair, director of AMI, said: “I would like to extend my gratitude to all the lender and broker representatives who have given time and effort to arrive at what is an extremely practical document.”

Comments

Breaking News
MovePal MovePal MovePal