Precise Mortgages, the intermediary only lender has made two changes to its near prime and buy-to-let criteria.
For all BTL applications, the lender has removed its minimum income requirement, with three months of bank statements instead of proof of income.
Near-prime criteria has also been changed, with the maximum loan being increased from £300,000 to £500,000 in line with borrower demand.
Alan Cleary, managing director of Precise Mortgages said: “These changes are a common sense approach to underwriting, which will allow good quality borrowers to obtain mortgages they otherwise may not have qualified for because of arbitrary rules. We have considered these changes very carefully to ensure we continue to lend in a responsible and compliant manner and within our credit risk mandate.”
