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Vernon Intermediaries to lend on 40-year terms and zero-hours contracts

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  • 23/07/2018
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Vernon Intermediaries to lend on 40-year terms and zero-hours contracts
Vernon Intermediaries has increased its maximum term to 40 years and will accept applicants on zero-hours contracts, in the latest changes criteria to its lending policy that take effect from July 24.

 

The mutual has extended its maximum mortgage term to 40 years from 35, to take account of changing work and borrowing patterns.

Zero-hours contracts with 12 months’ history will also be considered, as well as the total income from a second job, and 50% of certain State benefits.

Further criteria changes include an interest-only minimum valuation of £350k and self-build available to 80% LTV.

Intermediary sales manager, Tom Gurrie, said: “Modern life constantly changes and so too should mortgage lending criteria.

“Some of the changes we are making reflect the way people work today, others are driven by our latest risk assessments but all are centred on flexible, responsible lending and supported by personal service and individual underwriting.”

Tom Gurrie told Mortgage Solutions that these policy changes reflect the constant assessment of the mortgage market.

“Ultimately we need to match our responsible approach to lending to our borrowers’ changing needs.

“The growth in contractors and zero hours workers for example, has led to an increased demand for mortgages that allow for these modern ways of working. At Vernon we have seen this increase in demand and responded with criteria that makes our deals more accessible.”

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