Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Stress Testing

What is stress testing?

Stress Testing is a method used by lenders to gauge how robust a borrower’s ability to make payments would be if met with increasing monthly outgoings or a reduced income. This is most commonly used when taking out a mortgage as a means of assessing Affordability based on a series of hypothetical scenarios, though additional Affordability checks will also be carried out.

Stress Tests for mortgages were introduced by the Financial Conduct Authority in 2014 after a review of mortgage lending practices following the financial crisis of 2007-2008.

By passing these checks, the lender can be better assured not only that the borrower can make repayments, but also that there is a comfortable ‘buffer’ in their finances that mean monthly payments are unlikely to be jeopardised by one change in the borrower’s income or outgoings.

Stress Testing is also carried out by the Bank of England to assess the overall robustness of financial institutions in the UK such as banks and building societies against recession or economic downturn.

Q: What is checked as part of a stress test?

A: Elements of the stress test are likely to change between lenders, but may commonly include situations such as:

  • How monthly repayments would be affected by an increase in the Bank of England Base Rate
  • How disposable income would be reduced by having a baby
  • How your ability to repay would be reduced by being made redundant
  • How your ability to repay would be reduced following any gap in work

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.