Mercantile Trust enhances lending criteria, launches integrated calculator
The calculator covers all products in one tool and aims to make case structuring more efficient for brokers.
Mercantile Trust has rolled out a series of lending criteria changes to give brokers more options when placing cases.
Key changes include extending the maximum term on term loans from 300 months to 360 months.
The maximum loan-to-value (LTV) in Northern Ireland is now 75%.
The maximum loan size on second charges has increased to £500,000.
Mercantile Trust has also increased selected LTV bandings for Status 1 and Status 2 cases.
Automated valuation models (AVMs) are now accepted on purchases, which is expected to speed up processing for brokers.
Mercantile Trust has also launched a new integrated calculator.
The system has a new design, improved user experience and a simplified affordability process.
The calculator covers all products in one tool and aims to make case structuring more efficient for brokers.
Tara Evans (pictured), CEO of Mercantile Trust, said: “We’re focused on giving our partners greater flexibility and helping them place more cases with confidence.
“These updates reflect our ongoing commitment to listening to the market and responding with practical, common-sense improvements that make a real difference.”
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