Mortgage borrowers now have something new for them in the market. With Bristol and West becoming more flexible regarding their mortgage range, a greater number of borrowers can now avail their mortgages at competitive rates.
Changes have been brought about in Bristol and West’s standard mortgages, buy-to-let as well as in self-certified mortgages. While standard mortgages will see their joint income multiples increasing to 3.25 from an erstwhile 2.75, with £20,000 as the minimum income, maximum loan amounts at 95 per cent of total value will now rise to £250,000.
Likewise, self-certified mortgages will also have their joint income multiples increased by an equal amount, along with their single income multiples now shooting up to 4 from the earlier 3.5. Besides, self-certified mortgages will also be made available to customers with a reduced residential proof of just 12 months.
Regarding buy-to-let mortgages, the rental cover at Bristol and West will be decreased to 115 percent from 125 per cent and the maximum loan size limit per property will now be £400,000 against the prior £350,000. These modifications are expected to come into effect soon.
Furthermore, lending against ex-local authority housing will be allowed by Bristol and West in addition to allowing customers to remortgage for any purpose and make capital gains.
Talking about the aforesaid alterations, marketing manager for Bristol and West Mortgages, Dominic Toller said, "Bristol and West Mortgages has a good reputation for competitive deals and now our generous criteria changes will make them accessible to many more clients." He explained that the company understood and acknowledged the transforming environment of the UK economy and was thereby, modifying and performing accordingly.
Posted
on : Mon, 11 Apr 2005 00:00 GMT | Mortgages News
By : Mike Lawson
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