Loughborough Building Society implements criteria enhancements
Loughborough Building Society has implemented positive criteria enhancements to help address ongoing affordability issues for newly qualified professionals and for those with benefit income.
Following intermediary feedback, the Society will now accept newly qualified professional applicants who were previously in education/vocational training, who have not completed six months in the role, or have a contract of employment to start in the next three months. This applies across all product types, up to 95% loan-to-value.
Loughborough Building Society has categorised these newly qualified professionals as a medical doctor, medical consultant/surgeon, anaesthetist, optometrist, solicitor, barrister, dentist, veterinarian, pilot and accountant.
In another significant positive criteria change, the Society will now also accept between 50% and 100% of benefits income received, providing this income does not exceed more than half of the applicants total income and this can be evidenced through a confirmation letter and bank statements. Each case will be assessed on an individual basis and this change is applicable across its entire product range.
Ashley Pearson, National BDM at The Loughborough said:
“Affordability, accessibility and availability are all ongoing issues for a number of borrowers in what remains a challenging period for the economy and the UK housing market. Therefore, it’s up to lenders to help break down some of these barriers of entry where possible, in a responsible manner.
“These criteria changes, which have been incorporated directly on the back of feedback from our intermediary partners, will help open more doors to credit-worthy borrowers from different professional backgrounds and with different income sources. And we are hopeful that they will prove popular among the target demographic.”