The changes will “support a wider range of borrower needs” and give brokers “more room to place cases that fall outside the norm”.
Hanley Economic Building Society said the move was from LTI caps to a “more rounded view of income and outgoings” and that a fixed multiple would give brokers “more scope when dealing with clients whose finances do not always follow a straight line”. The LTI was previously fixed at 5.5 times income.
On the self-employed side, applicants with one year of trading and relevant experience will be considered.
For contractors, day-rate workers with at least 12 months’ experience and a minimum of four weeks left on their contract, or proof of renewal, will be eligible, and multiple contracts can be assessed.
Hanley Economic Building Society said income from a second job is accepted after 12 months if employed or 24 months if self-employed.
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There is a cap of 50 working hours per week and overtime is considered with two years of evidence.
Looking at probation, applicants in probationary periods are accepted if they have at least one year in a similar role.
Hanley Economic Building Society said it will accept up to 50% of certain benefits, such as Attendance Allowance, Carer’s Allowance, PIP, Disability Income Support and Universal Credit.
The firm has also removed hard equity requirements for interest-only mortgages.
Ollie Slimm, head of credit risk and lending strategy at Hanley Economic Building Society, said: “Our focus is on shaping our criteria to mirror the realities of modern working lives. By introducing greater flexibility around how we assess income, employment and affordability, we’re giving brokers more scope to place those cases that need closer consideration. Each client’s circumstances are unique, and we’re here to support our intermediary partners in finding the most suitable route forward.”
Hanley Economic Building Society recently introduced new options to its residential range to support foreign nationals and added an interest-only variable option to its self-build range.
