We’ve improved our lending criteria and updated our product rates

At 8am today (Wednesday 24th May), we have made some changes to our mortgage products including updating our rates and enhancing lending criteria.

Rate changes

Prime rate changes

• Increasing selected 2, 3 and 5 year rates by up to 0.20%
• Extending product end dates to 30th September.

Near Prime rate changes

• Reducing all Near Prime rates by up to 0.10
• Extending product end dates to 30th September.

Standard Variable Rate (SVR)

• Increasing SVR for new customers from 6.90% to 6.99%.

Criteria changes

Maximum loan amounts

We are increasing our maximum loan amounts for Prime 80-95% LTV products:

LTV (%)	Current max loan amount (£)	New max loan amount (£)
0-75	2,000,000	2,000,000
75-80	1,000,000	1,000,000
80-85	750,000	1,000,000
85-95	500,000	750,000

Self-employed Loan-to-Income

• Increasing income multiples for self-employed applicants with a single income of £75,000 or more, or joint income of at least £100,000 from 4.49x to 5.5x*
• Income multiple will remain at 4.49 for all other self-employed applicants.

*5.5x LTI is capped at 90% LTV

Variable income

• Allowable variable income has increased from 50% to 70% for all income types (with the exception of second job salary which will remain at 100% where a 12 month track record can be evidenced).

  Income Type	Current percentage allowed	New percentage allowed
  Guaranteed overtime	50	70
  Guaranteed overtime commission	50	70
  Second job salary	100 (only where a minimum income 12 month track record can be evidenced)	100 (where a minimum income 12 month record can be evidenced) / 70
  Regular overtime	50 (last year average)	70
  Regular bonus/commission	50 (last year average)	70
  Dividends	50 (last 2 year average)	70
  Investment income	50	70
  Rental income	50	70
  Maintenance	50	70