Furness Building Society has announced a series of mortgage criteria changes, including lending up to six times income, increasing its maximum loan at 90% loan to value (LTV) to £1 million and introducing instant decisions in principle (DIPs).
Under the revised criteria, residential borrowers earning more than £80,000 can borrow up to six times income at up to 90% LTV. The same income multiple will be available to self build applicants earning more than £100,000.
The society has also increased its maximum loan size at 90% LTV from £750,000 to £1 million.
Property criteria have been expanded, with maximum lending on flats, including new build properties, increasing to 90% LTV. Flats above commercial premises will also be considered at up to 90% LTV for residential mortgages, subject to criteria.
Borrowers purchasing a second residential property for a dependent relative can now access lending up to 90% LTV, while the society has widened the access arrangements it will consider for self build applications through BuildLoan.
Furness has also removed the £50,000 minimum income requirement for joint borrower sole proprietor (JBSP) applications, with eligibility determined by affordability.
Further changes include greater flexibility for CIS contractors and foster carers, alongside expanded options for applicants using self invested personal pensions (SIPPs) or assets under management to support affordability.
The society has also updated its deposit criteria for Forces Help to Buy and Own New and widened the permitted purposes for capital raising through residential remortgages.
In its buy to let range, Furness is introducing a new interest coverage ratio (ICR) model, including top slicing to allow landlords to use personal income to support rental affordability.
Minimum income requirements have been removed, with lending also opening up to first time buyers and first time landlords. Portfolio landlords will benefit from revised criteria, LTV limits and exposure limits.
Alongside the criteria changes, Furness has introduced instant DIPs for brokers, while retaining manual assessment for applications requiring individual consideration.
Jon Cartlidge, head of member and broker strategy at Furness Building Society, said: "Brokers work with clients whose circumstances don’t always fit a straightforward lending approach. These changes give them more options, whether they’re supporting a contractor, a family buying a home for a dependent relative, or a borrower whose assets form an important part of their financial position.
"By widening our criteria across income, property and borrowing purposes, we aim to help brokers find suitable solutions for more clients, while keeping affordability central to every application."
