FT Adviser - Building society overhauls mortgage criteria
Hanley Economic Building Society has changed its mortgage lending criteria after a major revamp of its proposition.
Revisions to Hanley's employment and income criteria have been made to help more borrowers qualify for its mortgages, while the society is now accepting pending pay rises that are due within three months across all mortgage types, providing the lender has written confirmation from the applicant’s employer.
The changes also include an extension of its mortgage offer validity period to six months as standard from its previous three months.
Aaron Strutt of Trinity Financial told FT Adviser: “During the coronavirus crisis there have been lots of negative criteria changes so it is good to see some positive news.
“It is good to have six-month mortgage offers and another lender to take future pay rises, as well as an additional option for clients with adverse credit.
“Our advisers seem to be getting even more complex mortgage enquiries than normal from people with a huge array of financial situations, so we need more lenders to ease their criteria again.”
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