Harpenden BS has unveiled a number of criteria and packaging improvements to its specialist mortgages.
The mutual has added six-month mortgage offers for all of its variable rate products.
It has also reduced its bank statement requirement from three months to one month.
Meanwhile, its age limit – previously 75 years of age – for earned income has been removed where it is plausible that income can continue to be earned beyond age 75 (e.g. passive owners/directors).
Acceptable foreign income now includes where borrowers receive income from non-UK based self-employment or directorships.
Harpenden has also removed the compulsory 5% deposit contribution for concessionary purchases.
In addition, self-build mortgage affordability tests can now exclude existing mortgage or rent payments within the build phase, provided adequate savings are evidenced to cover the two-year mortgage term.
Finally, the society has clarified that the three units on one title limit applies to dwellings only e.g. one main residence plus two holiday lets is acceptable and excludes any outbuildings or stables from the count.
Mike Cutler (pictured), Harpenden’s commercial director, said: “We are continually looking for ways to make our criteria as simple as possible to become a specialist known for great service and ease to deal with.
“These changes are a result of broker feedback received and review of cases recently approved that were exceptions that we are comfortable to bring within policy to make decisioning quicker.
“The move to six-month offers will reduce the number of re-offers for those transactions that take a little longer and the reduction in bank statements makes it easier for brokers to package.”