Teachers Building Society has expanded income types to increase borrowing capacity, and clarified criteria surrounding new jobs, future income and probationary periods.
Income now includes: NHS and police allowances; locum doctor or bank nurse; music teachers and annual bonuses.
The lender has also improved supply teacher criteria.
Further amendments also cover lodger income, stipend or bursary payments, fixed-term contracts, supply teachers and tax credits.
Andy Yates, business development manager at Teachers Building Society, said: “Last year we made the positive step of broadening our lending policy to consider applications from all occupations.
“We are now pleased to be able to amend and clarify our lending criteria further to make it clear for intermediaries how we can help their clients.
“The ability to utilise 100% of NHS and Police allowances, consider stipend or bursary income plus consider the future income of new job roles, coupled with our ability to lend up to five times income at 90% LTV, subject to affordability, allows us to offer intermediaries an alternative to the main lenders.”
PMS and Sesame add Masthaven
PMS Mortgage Club and Sesame Network have both added Masthaven’s range of residential first charge mortgage products to their respective panels.
Masthaven offers a range of fixed rate, discount rate and lifetime tracker mortgage products, for purchase and remortgage customers, on loans ranging from £40,000 to £1m.
Stephanie Charman, specialist relationship manager at Sesame and PMS, said: “We are very pleased to be building on our existing relationship with Masthaven, and expanding the range of products available to PMS and Sesame members, with the addition of their residential first charge mortgages.
“Masthaven is a specialist lender offering advisers a number of attractive features, such as no credit scoring and direct access to its underwriting team.”
Matt Andrews, managing director of mortgages at Masthaven, (pictured) added: “Our mission is to make the specialist market more accessible for brokers and customers alike and expanding our distribution to market-leading intermediaries such as these is paramount to this.
“Both PMS and Sesame are an obvious next step for our distribution strategy. We are confident they will be great partners for Masthaven and will benefit greatly from our recently refreshed product range.”
