Swansea Building Society has made a series of changes to its home loan criteria, which it says will give it “a more nuanced and flexible approach to mortgage lending”.
The mutual says it will now consider the last two years of accounts or tax returns for self-employed borrowers, as opposed to the previous three-year period.
For investors applying for limited company borrowing, the firm has raised its maximum loan to value to 75% from 70%, for applicable products.
It has revised its standard maximum loan amounts for non-regulated loans in the property sector. The lender says the maximum loan amount for buy-to-let products has been lifted to £500,000 from £300,000 and “a case-by-case assessment will be conducted for higher amounts”.
For self-build loans, the maximum loan amount for has been increased to £1.5m from £500,000.
For joint borrowers, the business has raised multiples to 4.5 joint income from 3.5 joint income, “with the flexibility to consider higher multiples on a case-by-case basis”.
It adds that sole income multiples remain at 4.5, but again the company will consider higher multiples on a case-by-case basis.
Finally, it says that joint borrowers eligible for a medical professional product will see their loan-to-income multiples rise to 5.5 joint income from 4.5 joint income, the same level as for sole incomes.
The lender says: “This tailored adjustment aims to cater to the unique financial considerations of medical professionals, with the option for higher multiples on a case-by-case basis.”
Swansea Building Society chief executive Alun Williams adds: “These changes to our lending criteria signify our dedication to providing increased flexibility and tailored solutions.”
