Hanley Economic Building Society has announced an extensive criteria review across its entire product range.

The move is part of a 12-week project to review all areas of the society’s lending procedures in a bid to clarify its lending policy and criteria for intermediary partners and their clients.

Hanley revealed that a minimum property value of £50,000 has been implemented across all product types and that all mortgage offers are now valid for six months as standard. The society indicated it will also now consider a second job for self-employed applicants and employed applicants across all mortgage types.

Applicants on maternity and paternity leave will also now be considered for near prime as well as mainstream residential cases, while Hanley added that applications will now be considered from discharged IVAs subject to the applicant being discharged for a minimum of three years – applicable across all mortgage types.

Hanley head of marketing and business development, David Lownds, commented: “Like all lenders, the lockdown period has caused us to re-evaluate our products, criteria, policy, technology, procedures and processes. When it comes to criteria, feedback from our intermediary partners focused on clarity and simplicity, especially within such a transitional marketplace.

“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.”

Share Story: