The lender now accepts self-employed borrowers who have been trading for two years, rather than the previous three.
A spokesman for Northern Rock said that the requirement of borrower’s presenting two years’ worth of accounts still remains.
“If they have two years worth of accounts then they will be in their third year of trading.”
Northern Rock has also increased the maximum LTV restriction it imposed on borrowers taking out a second mortgage to 90%.
Previously, it would only lend up to 85% LTV for purchase customers who had a second mortgage.
“The change to the self-employed policy is in the interest of our customers and is within our risk appetite, while the change to our maximum LTV for second mortgages aligns our policy with our product offering,” said the spokesman.
