Bristol & West Mortgages changes criteria

Bristol & West Mortgages is changing the criteria across its range of mortgages, including standard, buy-to-let and self-certification on Monday.
On the standard range it has increased its joint income multiples from 2.75 to 3.25 for a minimum income of £20,000. The maximum loan amount at 95% loan to value has increased to £250,000.

On self-cert it has increased joint income multiples from 2.75 to 3.25, again the minimum income is £20,000. It has increased single income multiples from 3.5 to 4 and reduced proof of residency to 12 months.

On buy-to-let the rental cover has been reduced to 115% from 125% and the maximum loan size has been increased to £400,000 from £350,000 per property. Lending against ex-local authority housing is now available and capital raising for any purpose on remortgages.

With the UK mortgage market more dynamic than ever and a challenging economic environment, mortgage lenders need to keep their offers and criteria relevant and competitive.

B&W's criteria enhancements have been designed to meet the changing needs of intermediaries and their clients.

Dominic Toller, head of marketing at B&W, says: "B&W Mortgage has a good reputation for competitive deals and now our generous criteria changes will make them accessible to many more clients."