Proof of income is no longer required for loans up to £500,000 and those with a maximum 75 per cent loan-to-value (LTV).
Borrowers taking out loans over 75 per cent LTV, or in cases where the maximum aggregate BTL borrowing is between £500,001 and £1 million, will only need to submit the latest payslip and personal banking statement for the principal applicant.
Documentation from second and subsequent applicants and copies of the letting agreement are no longer required.
Andy Gray, head of mortgages at Woolwich, said: “Our simplified lending policy builds on the changes we made to rental calculation. With these improvements we think we have a proposition which shows our commitment to this market.”
However, Alan Lakey, partner at Highclere Financial Services, believed more attention should also be paid to the lender’s service levels.
He said: “It would be good if these changes make the Woolwich get its act together as it has some very good mortgage products, but unfortunately my dealings with it have shown there are lots of service issues that have to be ironed out before any streamlined changes make me consider its product range.”
