In the second instalment of our weekly lending criteria updates, we want to highlight the improvements we have made to our affordability.
We’re excited to be implementing the following changes:
- New improved affordability calculator model launched with enhancements made to the ONS figures used for applicant’s expenditure.
- Enhanced income multiples for high earners (earnings over £75,000) – we will accept enhanced multiples up to 5.5x.
- Regular shift allowance to increase from 50% to 100% for selected applicants.
- BTL rental profit to increase from 50% to 100% – to be evidenced by 2 years Tax Calculations.
- We will accept income from Directors that no longer play an active role in the company but continue to receive income in retirement.
To check out our criteria in full – please visit the lending criteria section of the website available here.
If you would like to discuss a case or for more information regarding these changes, please contact our Business Development team on 0330 123 1073.
