A host of changes have been confirmed following that review, which include:

• Introducing a minimum property value of £50,000 across all product types
• Mortgage offers are now valid for six months as standard
• Pending pay rises due within the next three months are now acceptable in applications, so long as the employer provides written confirmation
• Second jobs will be considered for both self-employed and employed mortgage applicants
• Applicants on maternity or paternity leave will be considered for near prime as well as mainstream cases, so long as the current employer provides written confirmation of a return to work date and salary.

The mutual has also restructured its customer service team, which it says will allow it to answer enquiries as quickly as possible.

The criteria changes are part of a 12-week project, aimed at reviewing all areas of the mutual’s lending procedures in order to simplify its policy and criteria.

David Lownds, head of marketing and business development at Hanley Economic Building Society, commented: “In the past we’ve had many criteria particulars across different product ranges. While some of these remain necessary for regulatory and responsible lending purposes, we have tried to standardise others where possible.

“We still pride ourselves on our flexibility – and each case will continue to be assessed on an individual basis by the in-house underwriting team – but it’s vital that we, as a progressive lender, are constantly evolving to make life as easy as possible for intermediaries and their clients.”