Vernon Intermediaries has announced enhancements to its lending policy, which comes into force from Tuesday 24th July.

The North-West based mutual has extended its maximum mortgage term to 40 years from 35, to take account of changing work and borrowing patterns.

 
Zero-hours contracts with 12 months’ history will also be considered as well as the total income from a second job, and 50% of certain State benefits.
 
Intermediary sales manager, Tom Gurrie, said: “Modern life constantly changes and so too should mortgage lending criteria. 
 
“Some of the changes we are making reflect the way people work today, others are driven by our latest risk assessments but all are centred on flexible, responsible lending and supported by our key differentiator, personal service and individual underwriting. 
 
The new lending policy will be in force from next Tuesday, and also includes the key criteria improvements below:
Maximum term increased to 40 years
Self-build available to 80% LTV
Interest-only (sale of property) has minimum valuation of £350k
Debt consolidation no longer accepted 
Self-employed – two years’ accounts required
Contract workers (PAYE) – minimum 12 months in role
Zero-hours contracts now considered (12 months history)
Benefits – will consider as additional income of 50%
Second job – will consider up to 100% of income
New build maximum LTV 85% for houses and apartments.
 
To see the Vernon’s full mortgage range visit MortgageIntermediaries

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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