Its software can be integrated into lender platforms to process applications.
The schemes which are now supported in MSO include the government’s First Homes scheme and the privately-backed initiatives Deposit Unlock and Own New.
First Homes allowed first-time buyers and key workers to purchase homes in their local area at a discount of 30 per cent off the market price. In some areas, the discount can be up to 50 per cent.
Deposit Unlock was developed by the Home Builders Federation and Gallagher RE. It is being promoted by developers to support 95 per cent loan to value (LTV) lending on new-build homes through an insurance scheme which covers a portion of the loan to protect lenders.
Own New works similarly to Deposit Unlock, except the risk is taken on by private investors. This also supports 95 per cent LTV lending on new-build homes.
Iress: ‘Making it easier for lenders’
Andrew Simon, CEO, mortgages at Iress, said: “The disparity between house prices and wages has been growing for some time and the current cost of living crisis has only exacerbated that. While schemes are in place to help buyers afford their own home, making people aware of them has been half the battle.
“By supporting these schemes on MSO, we’re aiming to make it far easier for lenders to help more people realise their property ownership dreams.”
At the end of January, Mortgage Solutions reported that Leek Building Society would use Iress’ mortgage MSO to make administration more efficient, improve underwriting efficiency and fuel growth of its mortgage business.
