The firm will accept four applicants and four incomes on all UK and expat applications, barring self-build.
Suffolk Building Society will accept up to 75% of bonuses and commission as long as the applicant has a “reasonable track record”.
The criteria around contractors have also been improved, with the amount of contracting experience required cut to 12 months from two years and the months remaining on the current contract lowered from 12 months to three months.
Aunts and uncles can now gift deposits, widening from only immediate family members, step-parents, and grandparents previously.
Applicants can also use background investments to support affordability, so the firm will accept 75% of the value of a professionally managed fund over the term of the mortgage or 10 years, whichever is higher.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
Suffolk Building Society will also allow applicants to capital raise to place funds in a trust up to a maximum of 70% loan to value (LTV).
Foster care criteria are also being improved, so foster carer income will be treated as a form of self-employed income.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re listening to feedback and we’re keeping pace with complex scenarios. We know that some people have varied assets and income, and that families want to support their loved ones. Our changes will benefit borrowers directly, but we also want to help those who are providing the backing too.”
Earlier this week, the firm announced it had launched a self-build mortgage for expats.
