Halifax updates medical professional affordability; Hanley and Loughborough BS launch deals – round-up
Halifax has enhanced its mortgage affordability assessments for medical professionals to reflect the incomes and employment arrangements of doctors and dentists.
From 9 November, resident junior doctors, locum doctors and associate dentists will be assessed on the same basis as permanently employed borrowers. This is a change from the previous method of assessing medical professionals using contractor affordability calculations, which include a 46-week annualisation of income.
Now, their full annual income will be considered for affordability assessments.
The change aligns with Halifax and Lloyds’ treatment of nursing bank staff and will suit the income profiles of medical professionals whose earnings may not fit traditional contractor models.
Halifax said this would also simplify the affordability assessment process and widen access to mortgage lending.
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Hanley Economic BS adds 90% LTV foreign national mortgage
Hanley Economic Building Society has released a five-year fixed rate mortgage for foreign nationals up to 90% loan to value (LTV).
The product has a rate of 6.04%, and the mutual will consider applicants from their first day of UK residency.
It is available for purchase and remortgage on a capital and interest repayment basis and has a £1,199 arrangement fee.
Hanley Economic Building Society will lend against properties in England, Wales and Scotland, with Scottish islands considered by referral.
The product is aimed at borrowers who have recently moved to the UK and potentially face restrictions due to their limited residential history.
Hanley Economic Building Society will assess each case on an individual basis with no credit scoring.
Samantha Ward, commercial director at Hanley Economic Building Society, said: “An applicant’s financial history doesn’t begin when they arrive in the UK. Many people moving here have established careers, substantial savings and a strong record of managing their finances, even if much of that experience has been gained overseas.
“The challenge is understanding how that information can be assessed alongside their current income and commitments. This is where experienced underwriters and effective communication with brokers can make a real difference, helping lenders build a fuller understanding of the applicant while maintaining responsible lending standards.”
Loughborough BS adds £1k cashback shared ownership remortgage
Loughborough Building Society has launched a shared ownership remortgage with £1,000 cashback on completion.
The mutual said the product was designed to help borrowers with some of the costs associated with remortgaging. It is available to those remortgaging on a like-for-like basis, purchasing more shares in their home or raising funds for allowable improvements.
The remortgage is available on a two-year fix priced at 6.15%, with no application fee and a free valuation.
Loughborough Building Society will consider lending up to 95% of the share being purchased through staircasing, subject to criteria.
Ashley Pearson, head of intermediaries at Loughborough Building Society, said: “We understand that shared ownership borrowers can face additional costs when remortgaging to purchase additional shares. By offering £1,000 cashback, alongside a free valuation and no application fee, we hope to help reduce some of these costs while providing intermediaries with another option to support their clients.
“Shared ownership remains an important part of our lending proposition and we’re committed to developing products that recognise the different circumstances and needs of borrowers in this market.”
