"These changes to our lending criteria signify our dedication to providing increased flexibility and tailored solutions"
- Alun Williams, chief executive of Swansea Building Society
Swansea Building Society is implementing a series of changes to its lending criteria.
In a bid to enhance the self-employed income assessment process, the Society will now consider the last two years of accounts or tax returns, as opposed to the previous three-year period.
Limited company borrowers will now find increased flexibility with a raised maximum LTV from 70% to 75% for applicable products.
Swansea has also revised its standard maximum loan amounts for non-regulated loans. For buy-to-let mortgage products, the maximum loan amount has been elevated from £300,000 to £500,000, and a case-by-case assessment will be conducted for higher amounts.
In addition, the maximum loan amount for self-build loans has been significantly increased from £500,000 to £1.5m.
The Society has also revised its loan to income multiples for joint borrowers from 3.5 to 4.5x joint income, with the flexibility to consider higher multiples on a case-by-case basis.
In a specialised move, joint borrowers eligible for the medical professional product will see their loan to income multiples rise from 4.5 joint income to 5.5 joint income, the same level as for sole incomes.
These changes follow a series of enhancements introduced in January, including the launch of a new regulated bridging product, a green buy-to-let mortgage product, and a shift in product fee charges on regulated products to a flat £1,249 fee.
Alun Williams, chief executive of Swansea Building Society, said: "Our commitment to meeting the wide ranging and diverse needs of our customers is unwavering. These changes to our lending criteria signify our dedication to providing increased flexibility and tailored solutions, ultimately supporting our customers on their unique financial journeys."
