Airdrie Savings Bank has developed a suite of “flexible” mortgage options to be offered by PMS members and appointed representatives of the Sesame network.
The bank will lend on principal residential properties in Scotland and for all loans, irrespective of value. Airdrie Savings Bank said it provides members with underwriters who will personally manage each case through to completion.
John Cupis, managing director of mortgages at Sesame Bankhall, said: “Airdrie Savings Bank uses bespoke and individual underwriting, allowing greater flexibility and direct access to its team of experienced underwriters.
“We are very pleased to have further extended our offering with the addition of Airdrie Savings Bank and I am sure that its range of residential products will prove popular with our members.”
Iain Dickson, business development manager of Airdrie Savings Bank, said: “It is great to be working with such a large and established organisation with a well deserved reputation for excellent service. We look forward to enjoying a long and successful relationship.”
The deal with Airdrie comes just weeks after the FCA revealed it expects “a period of adjustment” after mortgage market rules were implemented on 26 April and confirmed a thematic review of the Mortgage Market Review later in the year.
Linda Woodall, director of mortgages and consumer lending at the FCA, said the regulator expects MMR to “take the froth out of the mortgage market” but was insistent the new rules would “not be the cause” of any possible slump in mortgage lending.
She confirmed the FCA will run “formal testing” later this year to assess whether firms are lending responsibly, customers are being given appropriate advice and arrears are being handled responsibly.
Ms Woodall said beyond these three key assessment areas the regulator would be on guard against “the consequences of tightening” criteria in one area.