Product Watch: a round up of this week's criteria changes

Virgin Money

Virgin Money will consider Gifted Equity and Family-gifted cash deposits on its buy-to-let range. Other lenders who consider both of these types of gifts on a buy-to-let are: NatWest, Woolwich and Principality BS.

Aldermore and Precise Mortgages

Aldermore and Precise Mortgages allow capital raising for any legal purpose – this includes purchasing adjacent land to a client’s property for development purposes.

Bath Building Society

Bath Building Society will calculate affordability on a younger applicant’s income and age providing it is totally affordable on their income only. This allows older family members to purchase with younger ones and be named on the mortgage without having to take a shorter term to coincide with the older client’s and the lender’s maximum age rules. Other lenders who may consider such circumstances are Ipswich BS, Harpenden BS and National Counties BS who all have higher maximum ages at 85 yrs or older. Woolwich may also consider basing affordability on the younger applicants only.

The Mortgage Works (TMW)

TMW will consider non-assured shorthold tenancy agreements on its BTL range. These agreements are used for certain types of unusual tenancies, for example, where the rental yield may be less than the going market rate but guaranteed for a period of time, or the tenant has their own main residence elsewhere and rents the property during the week. Local authority/Housing Association Tenancy and Corporate Tenancies are also considered up to 36 months.

Halifax

Halifax will consider second-home loans on an interest-only basis providing the client can meet their current interest-only criteria.

Kensington Mortgages

Kensington will allow clients to apply for a mortgage even if they are in a debt management plan.

Woolwich

For residential interest-only applications, where the sale of property is used as the repayment vehicle, applicants will now be able to borrow up to 75% LTV with a maximum of 50% LTV on an interest-only basis. The applicants will need to meet all other criteria and minimum income requirements.