Harpenden Building Society has introduced a range of criteria and packaging improvements to its specialist mortgages.

Key features include introduction of six-month mortgage offers for all variable rate products.

Bank statement requirement has been reduced from three months to one month. The age limit, previously age 75, for earned income has been removed where it is plausible that income can continue to be earned beyond age 75 (for instance passive owners/directors).

Acceptable foreign income now includes where borrowers receive income from non-UK based self-employment or directorships.

The society has also removed compulsory 5% deposit contribution for concessionary purchases.

Self-Build mortgage affordability tests can now exclude existing mortgage or rent payments within the build phase, provided adequate savings are evidenced to cover the two year mortgage term.

Clarification that the three units on one title limit applies to dwellings only – as an example one main residence plus two Holiday Lets is acceptable and excludes any outbuildings or stables from the count.

Harpenden commercial director Mike Cutler commented: ‘We are continually looking for ways to make our criteria as simple as possible to become a specialist known for great service and ease to deal with. These changes are a result of broker feedback received and review of cases recently approved that were exceptions that we are comfortable to bring within policy to make decisioning quicker.”

He added: “The move to six month offers will reduce the number of re-offers for those transactions that take a little longer and the reduction in bank statements makes it easier for brokers to package.”