Consumer duty
Search Find a BDM Contact us
Register Login
Cancel
Our criteria is bigger and better than ever
Three more changes aimed at supporting brokers and borrowers go live

The headlines

  • Maximum loan size increases to £1.5million
  • Bank statements no longer required for majority of cases where LTV is 80% or below
  • Now accepting mortgage applications from individuals currently in a probationary period

Our biggest change yet?

We’ve revised our maximum loan sizes, enabling more customers to access suitable mortgages for their dream homes. The revised maximum loan sizes based on loan-to-value (LTV) ratios are as follows:

  • 75% LTV for loans up to £1,500,000
  • 80% LTV for loans up to £1,000,000
  • 90% LTV for loans up to £750,000
  • 95% LTV for loans up to £500,000.

This applies to all residential mortgages except RIO, self-build and new builds which have the following maximum loan sizes:

  • RIO: £500,000
  • Self-build: £600,000
  • New build: £750,000.

These increased loan limits will open up new opportunities for customers to secure the financing they need in their pursuit of home ownership.

A (bank) statement of intent

To further streamline the mortgage application process, we’ve now removed the need for bank statements in the majority of cases where the LTV is 80% or below. This will save valuable time, as in many cases, you’ll no longer be required to upload bank statements into the portal. 

In some cases, however, underwriters may still request bank statements if necessary to support the lending decision. 

Probationary periods

We will also now accept mortgage applications from individuals currently in a probationary period, subject to underwriter discretion.

Sales Director Alison Pallett said: 

"We’re excited to be able to adapt our criteria as we strive to help our members in their pursuit of home ownership, and further support brokers as they work with us. As the economic climate remains unsteady and the impact of that is felt across the housing market, brokers will become even more important to borrowers looking to navigate this environment and find the best deal. This is why we want to ensure that we are always looking at ways to streamline our processes."

Exploring inventive approaches to lending

The updates are part of our strategic development to ensure that products, services and processes reflect the changing needs of the modern borrower and are in line with their lifestyles and employment patterns. 

Our previous changes include:

And we’ve still got a biggie to come, which we hope will be of interest. Only a month to wait for that one to launch!