We’re constantly looking for ways to help more of your clients who need a specialist approach to lending. We’ve once again listened to your feedback and here’s our latest changes that support with affordability and give you more options to say ‘yes’ to your clients.- Customers with 1 years’ accounting information will be considered, but we’ll also require their last 3 months business and personal bank statements
- We may request other supporting documentation, such as evidence of previous employment in similar line of work, guaranteed income for next accounting period or accounts for the first 6 months of the current financial year that demonstrate the income is stable or increasing
We’re increasing our allowable income:
We’re increasing the percentage of income sources that can be used as part of a client’s affordability on both owner occupied and buy to let applications.
We’ll now use 100% of evidenced income on overtime, bank nursing, universal credit, working tax credit, child tax credit and disability allowance
- We’ll also now use 75% of evidenced income on commission and bonus, up from 50%
We’re increasing our offer validity period:
We’re increasing our standard offer validity period on new applications from 90 to 120 days to give you extra time and flexibility to complete your case.
This change affects all applications submitted from 26 February 2024. All offers issued before this date will remain unchanged.
- If you’re unable to complete within 120 days, your application will need to be rekeyed as we’re unable to accept extensions beyond this time
- There’s no change to the offer validity period for new build applications, this remains at 180 days
For more information on the changes, please read our criteria guides.
We hope these changes will benefit your clients. If you have any questions, please contact your Relationship Manager or call our BDMs on 0333 321 100