· Reduction of LTV to 85% on Labels 1 & 2 and 80% on Labels 3 & 4.
· Minimum time in employment increase from 6 months to 1 year.
· Minimum income for the primary applicant increase from £15k to £20k.
· All cases must now have a full internal valuation.
These will be effective for all new credit agreements issued from this date. In order to give our brokers sufficient time to process these applications pipeline business must be complete by 12 December.
Kam Sanghani, Managing Director, White Label Loans comments: “Given that the difficult economic climate is showing no signs of an imminent improvement our lending needs to adapt to reflect this. We anticipate a difficult winter period and our priority is to maintain our prudent lending stance to continue to protect the quality of our loan book.”
