The enhanced lending criteria include:
- Increased income multiples where the customer requires a reduced loan to value
- Rental cover reduced to 125% for all cases, but can be as low as 100% of monthly interest where a reduced loan to value is required
- Buy to Let mortgages can now be considered using a combination of rental cover and the applicant’s earned income.
In addition, Heritable Bank now offers semi-commercial mortgages up to 85% of the property value for customers whose principal residence is also their place of work.
Colin Stevens, Head of Retail Lending, comments: ‘These enhancements to our lending criteria enable us to offer even greater flexibility in underwriting applications that offer a good credit proposal but do not meet one aspect of our standard criteria.’
The new mortgages are all available as variable rate, discounted or fixed mortgages (plus LIBOR-linked options for the Buy to Let mortgages) or as a combination of rates. The Semi-Commercial Mortgage is designed for customers such as doctors, dentists or small village stores, where part of the property is used for business purposes and loans of up to £1 million are available.
