Loughborough Building Society has increased the loan-to-value value at its 5.5 times income Multiple calculation of 85% to 95% LTV for borrowers that meet the affordability requirements.
The change of criteria is intended to stimulate borrowing borrowing, especially for self -employed people who can benefit from the use of their accounts last year, as well as applicants with a higher income seeking more flexibility in their mortgage options.
Moreover, society retains its flexible approach to credit history, it retains the potential to ignore any default values that will be resolved in two years and CCJs have settled for three years.
Historical standard values on telecom, mail order, utility companies or bank accounts can also be ignored if they are resolved at least three months prior to the mortgage application.
Ashley Pearson said that Loughborough Head of Intermediaries Ashley Pearson said: “We acknowledge the challenges that many borrowers are confronted with when they try to secure the loans, in particular those who are self -employed or have seen recent income growth.
“By increasing our income several to 5.5 times to 95% LTV, we offer a more flexible and more expansive solution with which people who want to buy or remortage are able to maximize their loan potential in a responsible manner.”