Offa have made some impactful and significant enhancements to our criteria:
Key Changes:
First Time Buyers Allowed
- Stress Rates Simplified:
- Applicable stress rates:
- <5 years = Pay rate plus 1%
- 5 years of more = Pay rate
- Applicable stress rates:
Overall Portfolio stressed at the average of current 5-year Fixed rate products (currently 6.6%)
- Age
- Minimum at time of application: 18
- Maximum age at end of finance term: None, provided finance proposition is self-sufficient, and retirement income is sufficient to meet min income requirements
- Minimum Income reduced: At least one customer per application must have a minimum of £18,000 gross annual income
- Malaysia and Hong Kong to the allowable countries list for British Expats
Full Enhancements:
Saalik Haleem
Senior Intermediary and Product Manager
t: +44 (0) 7886 824583