Central Trust and Mercantile Trust, the intermediary lending brands of the Norfolk Capital Group of Companies, have made changes to their lending criteria.
The maximum loan-to-value (LTV) the lenders will offer in Northern Ireland has been reduced to 70% LTV, while the minimum valuation required throughout the whole of the UK has been increased to £75,000.
Maeve Ward, commercial operations director at Central Trust and Mercantile Trust, said: “We have made these criteria changes in response to current market conditions.
“While there is much uncertainty in the market at the current time, we have acted prudently so we can continue to offer products which serve the underserved, as well as those that need to repair and rebuild, and those who have been victim of circumstance and require a second chance.
“Advisers that submit cases to us will find that we are still willing to listen to the applicant’s story and apply a common-sense approach to lending.”
Some of Central Trust’s new changes include an increase in minimum income to £22,500, a reduction in maximum advance to £150,000 and loans of £100,000 net and above are now available to 65% LTV.
Mercantile Trust’s criteria changes include a new minimum income of £22,500 for first-time buyers and first-time landlords and a reduction in first charge bridging and buy-to-let term’s maximum advance to £500,000.
