After feedback from intermediaries, the mutual will accept newly qualified professional applicants who were previously in education or vocational training but have not yet completed six months in their role or have an employment contract which is due to start in three months.
This applies to all product types up to 95 per cent loan to value (LTV).
This will include people who work as a medical doctor, medical consultant or surgeon, anaesthetist, optometrist, solicitor, barrister, dentist, veterinarian, pilot and accountant.
For people receiving benefits, Loughborough Building Society will accept between 50 and 100 per cent of benefits income as long as it does not exceed more than half of the applicant’s total income. This can be evidenced using a confirmation letter and bank statements.
Each case will be assessed on an individual basis and will apply across the mutual’s entire product range.
The Loughborough: ‘Breaking down barriers to entry’
Ashley Pearson (pictured), national business development manager at The Loughborough, said: “Affordability, accessibility and availability are all ongoing issues for a number of borrowers in what remains a challenging period for the economy and the UK housing market. Therefore, it’s up to lenders to help break down some of these barriers of entry, where possible, in a responsible manner.
“These criteria changes, which have been incorporated directly on the back of feedback from our intermediary partners, will help open more doors to credit-worthy borrowers from different professional backgrounds and with different income sources. And we are hopeful that they will prove popular among the target demographic.”
