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January improvements: Week two - Affordability criteria

In the second instalment of our weekly lending criteria updates, we want to highlight the improvements we have made to our affordability.

We’re excited to be implementing the following changes:

  • New improved affordability calculator model launched with enhancements made to the ONS figures used for applicant’s expenditure.
  • Enhanced income multiples for high earners (earnings over £75,000) – we will accept enhanced multiples up to 5.5x.
  • Regular shift allowance to increase from 50% to 100% for selected applicants.
  • BTL rental profit to increase from 50% to 100% - to be evidenced by 2 years Tax Calculations.
  • We will accept income from Directors that no longer play an active role in the company but continue to receive income in retirement.

To check out our criteria in full – please visit the lending criteria section of the website available here.

If you would like to discuss a case or for more information regarding these changes, please contact our Business Development team on 0330 123 1073.