The documentation improvements include no longer requiring proof of income for loans up to GBP500,000 and with a maximum loan to value of 75%, and only requiring the principal applicant’s latest pay slip and personal bank statement for loans greater than 75% loan to value or where the maximum aggregate buy to let borrowing is between GBP500,001 & GBP1 million.
In addition, no documentation will be required from second and subsequent applicants, and a copy of the letting agreement is no longer needed, which should help speed up the process of applying for a loan.
Our simplified lending policy builds on the changes we made in September to rental calculation, noted Andy Gray, head of mortgages for the Woolwich. With today’s improvements we think we now have a market leading proposition which shows our commitment to this market.
