Changes follow broker feedback to place more cases
Leek Building Society has expanded its lending criteria with eight broker-led enhancements including wider income recognition, increased age limits and greater support for contractors and complex cases, allowing brokers place a broader range of residential and specialist mortgage cases.
The society now recognises a wider range of incomes, has increased the maximum age for earned income at the end of the mortgage term to 75 (including interest only), will now support contractors on shorter-term contracts of between six and 12 months, and has simplified evidential requirements and introduced greater flexibility across leasehold and new-build lending.
Under the revised income criteria, Child Benefit, Pension Credit, Carer’s Allowance and Disability Living Allowance can also now be considered in full. Meanwhile, contractors on six-to-12-month contracts can be considered where they can demonstrate a continuous two-year track record within their industry.
It has also removed the requirement for employer references and P60s when verifying shift allowances and bonus income and removed the standard requirement for company accounts from directors applying for a limited company BTL mortgage.
Changes follow broker feedback
The revised criteria follow broker feedback and are intended to give brokers greater certainty at the outset of an application.
Nikki Warren-Dean, head of intermediaries at Leek Building Society, said: “We place real value around listening to feedback from our broker partners to understand
where the real friction points lie in today’s market. These criteria changes are directly aimed at making life easier for intermediaries and opening up viable mortgage solutions for their clients.”
