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Hanley Economic BS enhances criteria

  • 25/10/2023
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Hanley Economic BS enhances criteria
Hanley Economic Building Society is making a raft of criteria changes including reducing its credit window for defaults and county court judgements (CCJ), agency workers and lending on cladding flats.

The lender said that, following broker feedback, it has extended its credit window for defaults and CCJs from six to three years, which means most credit impairments can be ignored if they are over three years old.

The firm said that cases would still be assessed on an individual basis.

Hanley Economic BS will also accept agency workers and they will be underwritten on the same basis as zero hour contract workers and NHS staff bank.

As part of this, applicants must have been continuously employed for at least 12 months with the same agency and have a contract of employment in place.

Additionally, the mutual can now lend on flats if the property has been built post-January 2020.

David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said: “In a time when borrowing needs are constantly evolving, it’s vital that we, as a lender, regularly assess where we can implement positive change to better support these needs.

“The pandemic impacted many different people in many different ways and we all appreciate that life events can happen at any given time. As a mutual, we pride ourselves on being able to offer a range of property-related solutions to credit-worthy borrowers – even those with historic issues – in a responsible manner when and where possible.

He continued: “We hope these criteria enhancements will be well received by our intermediary partners as they were formulated on the back of their valued feedback.”

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