Adjustments to criteria announced by Loughborough BS
December 10, 2023 by Alan
Mortgage Advisors
Loughborough Building Society is making a number of adjustments to the lending criteria for its slate of mortgage products, which are designed to make them more affordable for the likes of newly qualified professionals.
These adjustments have been made in response to feedback provided by mortgage advisors. These mean that newly qualified professionals who are due to start work within three months or have been working for less than six months will now be eligible for Loughborough BS mortgages. This change will encompass every type of product the lender offers, up to a maximum LTV of 95%.
Among the jobs that will come under the classification of ‘newly qualified professionals’ are accountants, vets, dentists, surgeons, consultants and doctors. However, that is not the only change to its criteria that Loughborough BS is introducing.
Its range of mortgages will also now be open to people on benefits, as long as this does not add up to over 50% of their income per month. Again, this applies to all of the mortgages provided by the lender; whether an applicant is eligible or not will be decided from case to case.
Loughborough BS business development manager Ashley Pearson said to Mortgage Introducer that affordability was a major concern in the present economic climate, adding:
“It’s up to lenders to help break down some of these barriers of entry, where possible, in a responsible manner.”
All advisors who have CeMAP training will welcome these moves to make buying a home accessible to greater numbers of people.
Written by
Alan
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