The buy to let division of Accord Mortgages is introducing further adjustments to its requirements in terms of income and evidence, with the aim of being able to get these loans completed more quickly.
In the past, when applying for a buy to let mortgage from Accord, it was necessary for a minimum of one of the applicants to be earning at least £25,000 per year. That is set to change, with future applications requiring an income of £25,000 a year for all of the applicants combined. This follows in the wake of recent changes to the amount of income evidence that self-employed applicants need to supply, which is now two years’ worth instead of three.
Accord Buy To Let has also announced changes to the criteria for contractors when it comes to mortgage applications, with these intended to bring it into line with the criteria for residential mortgage applications.
Its senior commercial manager, Chris Maggs, stated that the adjustments to the buy to let criteria were intended to make things better for mortgage advisors as well as borrowers, with the revised criteria set to make resolution quicker and easier and render the mortgages on offer more accessible.
Advisors are also being encouraged to focus on documents that provide an overview of the applicant’s tax situation and SA302 when dealing with applications from the self-employed.
These changes are likely to be welcomed by the vast majority of reputable mortgage advisors who have the correct CeMAP training, as they will simplify the loan process.
