Nottingham Building Society has improved its criteria for the self employed, while Hanley Intermediaries has widened the criteria for its rent to own mortgage.
The Nottingham has replaced its previous requirement for the self employed to have three years’ trading or two years plus a projected third year.
The society will now consider applications from self-employed borrowers with a minimum of two years’ trading supported by two complete years of financial accounts.
The latest changes also include an increase in the maximum LTV for new build flats from 80% to 85%.
In addition, the specialist lender has also removed its LTV cap for lending into retirement, which was previously 80% LTV.
Nottingham Building Society sales director Matt Kingston said: “Progress in lending doesn’t always come from headline-grabbing products, it often comes from removing the small but significant barriers that stop people moving forward.
“Whether it’s self-employed borrowers navigating inconsistent criteria, customers planning for later life, or buyers trying to access new build homes, these changes are about making the process clearer, fairer, and more aligned with real-world circumstances.”
Meanwhile Hanley Intermediaries has opened up its rent to own mortgage to all eligible homes in England, Wales and Scotland.
Previously the lender’s rent to own deal was limited to properties within the ST postcode area, in Stoke-on-Trent.
Hanley said it has widened the pool of people that can access the mortgage after strong interest and positive early results.
The rent to own deal has a five-year fixed rate of 5.79% and is available up to 100% LTV for eligible applicants.
Applicants must have a minimum household income of £25,000 per year and loans can be offered up to 133% of current rental payments, with evidence of full rental payments required over the previous 12 months.
There are no application or arrangement fees, but a valuation fee may apply depending on the property’s value. It also comes with a maximum loan size of £350,000 and a minimum loan size of £30,000.
Hanley Intermediaries head of sales Vanessa Hunt said: “This exciting development reflects our ongoing commitment to supporting our intermediary partners and their clients with practical, innovative solutions that make homeownership more achievable.”
