Leek Building Society has expanded its mortgage criteria to help brokers place a broader range of residential and specialist mortgage cases.
The changes include recognising a wider range of incomes, increasing the maximum age for earned income at the end of the mortgage term to 75 (including interest-only), supporting contractors on shorter term contracts of between six and 12 months, simplifying evidential requirements and introducing greater flexibility across leasehold and new-build lending.
Under the revised income criteria, Child Benefit, Pension Credit, Carer's Allowance and Disability Living Allowance can now be considered in full.
Contractors on shorter term contracts of between six and 12 months can also be considered where they can demonstrate a continuous two-year track record within their industry.
Other changes include removing the routine requirement for employer references and P60s when verifying shift allowances and bonus income, and removing the standard requirement for company accounts from directors applying for a limited company buy-to-let mortgage.
In addition, the minimum lease term has been reduced from 75 years to 50 years remaining at the end of the mortgage term, prescriptive ground rent caps have been removed, with lease terms considered. and the panel of acceptable new-build warranty providers has been expanded.
Nikki Warren-Dean, head of intermediaries at Leek Building Society, said: "We place real value around listening to feedback from our broker partners to understand where the real friction points lie in today's market. These criteria changes are directly aimed at making life easier for intermediaries and opening up viable mortgage solutions for their clients.
"Whether its offering realistic options for borrowers extending into later life, or streamlining income verification to accelerate time-to-offer, these updates reinforce our commitment to providing specialist lending solutions that fit today’s ever evolving mortgage market."
