The mutual will no longer require bank statements for mortgages at 80 per cent loan to value (LTV) or lower to speed up the application process.
This will apply to the majority of mortgage cases and is expected to save brokers’ time as they will not need to upload statements into Nottingham Building Society’s portal. The mutual said bank statements may still be requested if needed to support the lending decision.
The lender will also now accept mortgage applications from people in a probationary period at work.
For self-employed borrowers, the mutual will now ask for two years of accounts or an SA302 form instead of three years of accounts. It has also broadened its list of recognised organisations and qualifications for accountants.
Additionally, Nottingham Building Society has increased its maximum loan sizes.
It will now lend up to £1.5m on mortgages at 75 per cent LTV and lower, up to £1m for mortgages at 80 per cent LTV and lower and up to £750,000 on loans at 90 per cent LTV and lower. For mortgages at 95 per cent LTV and lower, it will lend up to £500,000.
This applies to all residential mortgages (RIO) except retirement interest-only, self-build and new-build options. Nottingham Building Society will lend up to £500,000 on a RIO, up to £600,00 on a self-build mortgage and up to £750,000 for new-build borrowing.
‘Streamlining processes’
Alison Pallett (pictured), sales director at Nottingham Building Society, said: “We’re excited to be able to adapt our criteria as we strive to help our members in their pursuit of homeownership, and further support brokers as they work with us. As the economic climate remains unsteady and the impact of that is felt across the housing market, brokers will become even more important to borrowers looking to navigate this environment and find the best deal. This is why we want to ensure that we are always looking at ways to ensure that we are streamlining our processes.
“What’s more, the realm of employment is undergoing a transformation, with an increasing number of individuals falling into self-employed classifications. It is therefore crucial for the industry to respond accordingly. Our new criteria will allow more self-employed workers to access mortgage financing more easily.”
