ibs logo

Give us a call on 0330 123 1073

Monday - Friday 9.00am - 5.00pm

0330 123 1073

Mon - Thu 9am - 5pm
Fri 9am - 5pm
Sat 9am - 1pm

Introducing our like for like remortgages

You'll most likely be familiar with industry-wide affordability assessments, applying a stressed interest rate to applications. For many existing mortgage holders this could mean they find it difficult to move to a new lender - something the FCA is working to solve.

However, we're able to bring you a range of new like-for-like remortgage products which utilise existing regulation to stress on the product pay rate only, meaning the mortgage may now be deemed more affordable for your client than when applying a stressed rate.

These products may be well suited to borrowers struggling to move away from their current lender or so-called mortgage prisoners.

We do apply some additional conditions on these products, including:

- The applicant must have a good credit history with regular monthly mortgage repayments

- The applicant must have been with their provider for 2 years’ or more

- They must not be borrowing more than their current loan amount

- Have a maximum 4.5x income ratio

- Have no material changes to their mortgage (e.g term, repayment type, parties to the mortgage)

Applicants who do not require the application of the improved like-for-like rules can choose from the our existing remortgage product range, subject to meeting our usual affordability criteria.

For full product details click here or call us on 0330 123 1073.