The Teachers Building Society has updated and clarified its lending criteria.
The move is designed to provide intermediaries with a detailed overview of the Society’s requirements for both teacher and non-teacher applicants.
New changes include amends to new income types and criteria clarification surrounding new jobs, future income and probationary periods.
The criteria amendments have included an expansion of income types to increase borrowing capacity and now includes:
- NHS/police allowances
- Locum doctor/bank nurse
- Music teachers
- Annual bonus
- Improved supply teacher criteria
The changes also now cover lodger income, stipend/bursary payments, fixed term contracts, supply teachers, tax credits and more.
A full list of lending criteria changes can be found at: https://www.teachersbs.co.uk/intermediaries/lending-criteria/criteria-changes
Andy Yates, business development manager at Teachers Building Society, said: “Last year we made the positive step of broadening our lending policy to consider applications from all occupations. We are now pleased to be able to amend and clarify our lending criteria further to make it clear for intermediaries how we can help their clients.
“The ability to utilise 100% of NHS/Police allowances, consider stipend/bursary income plus consider the future income of new job roles, coupled with our ability to lend up to five times income at 90% LTV (subject to affordability) allows us to offer intermediaries an alternative to the main lenders.”