The Chelsea Building Society has increased its income multiple maximums for employed, self-employed and first-time buyers submitting standard applications.
Single borrowers will now be eligible for four, 3.75 or 3.25 times their income for up to 75%, 75.01%-90% or over 90% LTV respectively. Joint clients can now take 4+1 or three times joint, 3.75+1 or 2.8 times joint, or 3.25+1 or 2.5 times joint for below 75% LTV, 75.01%-90% or above 90% LTV respectively.
The society has also restructured its internal staff. Through the appointment of three general managers, eight assistant general managers and five controllers. All positions are internal promotions.
Jeremy Hicks, corporate affairs controller at the Chelsea, ex- plained: ‘We had two general managers retire at the end of last year and three people were promoted into that space as the two retiring managers had a broad range of responsibilities. This was an opportunity to refine some of those responsibilities into more distinct areas, a chance to look at our operations and ask if they could be done in a slightly better fashion.’