The Mortgage Lender (TML) has become the latest buy-to-let lender to remove its DSS bar from criteria and said it made the decision as soon as its risk and lending processes allowed the change.
Peter Beaumont, deputy CEO at the Mortgage Lender said: “I was very pro the changes from day one but we had to go through the process. No one individual makes a solitary decision in our business, so we went through the risk analysis and reached a decision as quickly as we could.”
Research in May this year suggested most lenders had reviewed and changed their lending policies on accepting DSS tenants, including NatWest, after a high-profile campaign, covered in Mortgage Solutions, spearheaded by landlord Helena McAleer and supported by Mortgages for Business last year.
Family BS states it does not lend to landlords with DSS tenants on lending policy but director of business development Keith Barber, said its underwriters make exceptions to policy when appropriate on a case by case basis.
Barber said: “We make the point to them that we will listen to their clients’ ‘story’ and will be happy to lend when this makes sense. This approach seems to be welcome and our lending volumes have been growing, though our buy-to-let (BTL) lending represents just about 0.3% of the market.
State Bank of India was unavailable to confirm or deny its lending policy on DSS tenants.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.