Suffolk Building Society is updating its lending criteria to help more households. The association now accepts four applicants and four incomes for all UK and expat applications (except self-build). It accepts 75% of bonuses and commissions as long as the applicant has a reasonable track record.
Charlotte Grimshaw
There are improvements to the criteria for contractors, such as a reduced amount of contract experience required (12 months down from 2 years) and fewer months remaining on the current contract (3 months down from 12 months).
Uncles and aunts can now donate credits – previously only immediate family members, stepparents and grandparents were accepted.
Applicants can now use background investments to support affordability. The lender will now accept 75% of the value of a professionally managed fund over the life of the mortgage, or 10 years (whichever is higher).
Suffolk allows applicants to raise capital to place money into a trust (maximum 70% LTV). And society improves the criteria for foster care by treating foster carers’ income as a form of self-employment income.
Comment on the criteria changes Suffolk Building Society head of intermediaries Charlotte Grimshaw said: “We are listening to feedback and keeping pace with complex scenarios. We know that some people have varied assets and incomes, and families want to support their loved ones. Our changes will directly benefit borrowers, but we also want to help those providing the support.”