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Retention proc fees

24 April 2018

Principality relaxes self-employed lending criteria 

Principality Building Society has reduced the level of income information it needs for self-employed mortgage borrowers, from three years to two years.

Where the loan-to-value is 75% or less, Principality will assess applications based on the latest year’s figures. Where the loan-to-value is greater than 75% an average of the latest two years will be assessed.

Anthony Fisher, Senior Manager of Mortgage New Business says: “In 2017 ONS statistics confirmed that there were 4.8 million self-employed workers in the UK. Changing our criteria to support the self-employed is part of our ongoing commitment to make it easier for our brokers to do business with this segment. We recognise that one size doesn’t fit all, which is why we individually assess each case and make common-sense decisions”.

Principality Building Society provides intermediary field support across England and Wales along with additional support from their 15 strong intermediary support desk who are available to answer any new business enquiries.

Published: 24/04/2018