We’re changing how we lend – new policy updates

We're pleased to share some important updates to our lending policies, designed to give you and your clients more choice and flexibility.

In case you missed it, we now offer shared ownership remortgage products, available on:

• Two year fixed rate up to 90% LTV.
• Two year fixed rate up to 95% LTV.

Alongside this, we've introduced several further improvements:

• Multiple Employment: We can now consider using 100% of secondary employment, subject to 12 months side-by-side history, three months with the current employer, and income and hours worked being sustainable over the term of the mortgage and up to retirement age.
• Overtime, Bonus & Commission: We can now consider 100% of monthly variable income, as long as it’s supported by latest three months’ payslips and P60 and evidenced to be consistent and sustainable throughout the term of the mortgage. An average should be used for affordability purposes.
• Umbrella Contract Policy: Subject to a minimum of 12 months’ continuous employment within the same skill set.
• Adoption Allowance: Adoption allowance will now be considered in line with guardians’ allowance.
• Steel Frame Property Construction: Broadened policy so more pre 1990 variants are subject to valuers’ comments.
• Concrete Frame Property Construction: Enhanced policy to consider Cross Wall construction, where structural walls aren't PRC or LPS.

Take a look at our lending and security guidelines for further info.

If you'd like to chat through these changes and how they may help your clients, please get in touch with your BDM who'll be happy to help.