Teachers Building Society has updated and amended its lending criteria to provide intermediaries with a detailed overview of its requirements for both teacher and non-teacher applicants.
These changes include amendments to new income types and criteria clarification regarding new jobs, future income and probationary periods.
The criteria amendments have included an expansion of income types to increase borrowing capacity and now includes:
• NHS/police allowances
• locum doctor/bank nurse
• music teachers
• annual bonus
• improved supply teacher criteria
The amendments also now cover lodger income, stipend/bursary payments, fixed-term contracts, supply teachers, tax credits and more.
Andy Yates, business development manager at Teachers Building Society (pictured above), said that last year the building society made the positive step of broadening its lending policy to consider applications from all occupations.
“We are now pleased to be able to amend and clarify our lending criteria further to make it clear for intermediaries how we can help their clients.
“The ability to utilise 100% of NHS/police allowances, consider stipend/bursary income plus consider the future income of new job roles, coupled with our ability to lend up to five times income at 90% LTV (subject to affordability) allows us to offer intermediaries an alternative to the main lenders.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
300 companies sign up to Women in Finance Charter
A total of 300 companies have now signed up to HM Treasury’s Women in Finance Charter....
Hanley Economic offers self-build product in Scotland
Hanley Economic Building Society has extended its self-build and residential mortgage offerings into Scotland with immediate effect...
Why it’s important to encourage female entrepreneurs
On Women’s Entrepreneurship Day, we honour women in business, their fearless ambition, their achievements and successes...
TSB names new CEO
The board of TSB Bank PLC – with the support of Sabadell – has announced that Debbie Crosbie (pictured above) will become its new CEO in 2019, subject to regulatory approval...
Tandem opens community beta testing for autosavings
Tandem has invited its existing app users to join its autosavings beta testing community to help test its new proposition...
Secure Trust Bank enters Right to Buy market
Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home...
Starling announces partnership with the Post Office
Starling Bank has announced that it has partnered with the Post Office as it looks to offer every day banking services to its customers...
Close Brothers appoints new NED
Close Brothers Group PLC has named Peter Duffy as an independent non-executive director...
What’s missing from the specialist banking market?
Two months ago, Specialist Banking published a feature looking at whether there was room for more banks in the sector...
TransferWise secures £65m syndicated debt facility
TransferWise has completed a £65m syndicated debt facility with NatWest, JP Morgan and LHV Bank...
EedenBull AS names non-executive chairman
New fintech company EedenBull AS has appointed Jeremy Nicholds as its non-executive chairman of the board...