From immediate effect we have made the following positive changes to our lending criteria.
- Can use 12 months remittance slips instead of SA302
- Can still use SA302 if more favourable
- Still need 3 months bank statements as technically s/e
- No delay completion – need 12 months at submission
- No exceptions less than 12 months
- 24 month history
- Remittance slips or local authority reference
- 12 months income will be used
- 3 months bank statements
- UW not allowed to ask for their names
- No delay completion, actual policy exception
- Within acceptable incentives – 5%
- Valuers made aware that there is a 5% deposit – valuer needs to comment to confirm they are aware
- CML Form
- Doesn’t include HTB
PAYE Fixed term contractors
- Day 1 contract accepted
- In the industry for 6 months minimum
- If current contract has been running for less than 6 months, we need evidence of 6 month industry history
- Allow a 4 week gap between jobs
- 3 months remaining – at offer
We’ve made contractor policy improvements that will help more of your clients!
Do you have clients who have recently taken a contractor position? Or had to start working as a PAYE contractor due to new legislation? Or maybe your CIS contractors want to use their CIS vouchers to reflect their income rather than SA302’s?
Over the last 2 years, we have seen a rise in contractors looking for mortgages as they have become disenfranchised from the high street and we feel they deserve our support.
So, we now want to tell you more about our policy amendments for your contractor clients:
- First time contractor accepted, if in the same line of work for 6 months +
- Minimum 3 months remaining on current contract at time of offer
- We now accept 12 months CIS vouchers to determine the gross income used for affordability
We’ve made changes to our rates, take a look…
We pride ourselves on our communication and transparency with our brokers, so we wanted to let you know we’re making some changes to our product rates.
The new rates will come into effect from Monday 17th January and will affect selected products. Please ensure any applications you wish to submit on the existing product rates are received by 5pm on Saturday 16th January.
The products are live from Monday 17th January in Bluelink and all sourcing systems will be updated to reflect these changes as soon as possible.
Full details of our new rates can be found here.