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.
Just two lenders still bar DSS tenants under their lending criteria – Pepper Money and State Bank of India.
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.