It has made the following changes:
- Verification of employment or self-employment status will no longer be undertaken on self-cert applications.
- The minimum period for self-employed trading has been reduced to one year (up to 90 per cent loan-to-value (LTV)).
- There are no longer any restrictions on the amount that can be raised for non-business purposes on their Very Near Prime and Near Prime products, within the standard criteria of each product.
Mel Dring, director of marketing at Freedom Lending, said: “These enhancements are further evidence of our commitment to ensure Freedom Lending’s products are amongst the most competitive available in the market, following our acquisition by Merrill Lynch. We have listened carefully to feedback from intermediaries and are now in a position to be able to implement the changes they have been asking for. Brokers who haven’t used Freedom Lending should give us a go.”
