Following complaints from intermediaries the Woolwich has made some key changes to its lending policy. The lender, which recently won an industry award for its products, has made improvements to its fast track criteria and the type of documentation accepted as proof. A spokesperson for the Woolwich said: ‘Our corporate business managers work out on the road and have been receiving feedback from brokers. We collated this feedback and have worked with our brokers to improve certain aspects of our lending criteria.’
The maximum loan-to-value for Woolwich’s fast track service has been increased to 75%, from 70%, with a new maximum loan amount of £500,000, up from £350,000.
The lender will also accept recent bank or building society statements as proof of identity and supporting documentation can now be submitted by fax to Woolwich’s mortgage processing centre, providing it is not being submitted as proof of identification.
Rob Clifford, managing director of mortgage franchise mortgageforce, applauded the Woolwich’s stance and noted that the intermediary market has seen several lenders recently, including Alliance & Leicester, relaxing their underwriting requirements.