We’ve got some fresh updates to our lending criteria, including changes to help more of your customers buy their dream homes.
You explained that you wanted to see higher loan amounts for customers earning under £20,000 a year, so we’ve removed the lending restriction we had in place for those earning less than this amount (providing they still have a salary above our £16,000 minimum). Now we can say yes to even more people.
We’ve updated our affordability model too. We run a calculation which looks at your applicants’ income and expenditure and uses data from the Office of National Statistics (ONS) as part of our decision.
We’ve updated it with the most recent set of ONS data so this means that if you’ve run an affordability calculation or Decision in Principle before 24 April 2019, but haven’t submitted an application yet, the loan amount available to your customers might have changed. Just re-run the calculation before committing to full application to confirm the loan amount we can offer.
Just to recap:
- We’ve removed the maximum amount restriction for customers earning under £20,000.
- We’ve updated our affordability model, so please re-run the calculation before doing a full application to double check that we can still offer the loan amount needed.
Click here to read our lending criteria in full.
As always, if you’ve got any questions, just call the Intermediary Support Team on 0333 399 0060 or email businesssupport@digitalmortgages.net
