The society made the changes as part of an overhaul of its criteria following a 12-week project to review all areas of its lending policy.
Pending pay rises due within three months of the application will be accepted as part of the affordability assessment, as long as the borrower’s employer confirms the increase. Second jobs for self-employed and employed applicants will be accepted across all mortgage types.
Applicants on maternity and paternity leave will now be considered for near prime products as well as mainstream residential cases.
Meanwhile borrowers who have been discharged from an IVA for three years will now be considered. Previously the Hanley only accepted applicants that had been discharged for six years.
Across its ranges, the society has brought in a minimum property value of £50,000 and all mortgage offers are now valid for six months.
David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, said: “Like all lenders, the lockdown period has caused us to re-evaluate our products, criteria, policy, technology, procedures and processes.
“When it comes to criteria, feedback from our intermediary partners focused on clarity and simplicity, especially within such a transitional marketplace.
“In the past we’ve had many criteria particulars across different product ranges. While some of these remain necessary for regulatory and responsible lending purposes, we have tried to standardise others where possible.”
