Shawbrook have made the following enhancements to their second charge range:

• Introduced a new contractor policy - lending up to 95% LTV, any industry considered, first time contractors accepted, daily rate x 5 x 48 weeks
• Refined their affordability model which means that more cases should "pass", giving you more confidence in submitting business
• Bank statements are not required for affordability purposes with the exception of when a customer would like to consolidate greater than £35,000 of unsecured debt and they have more than £1,000 disposable income per month, which means no more line-by-line assessment
• Removed the minimum income requirement of £16,500
• Simplified credit score with a minimum of 350 for all plans, and 375 for debt consolidation (includes any secured or unsecured credit being repaid)
• Increased LTI of 6x, up to 85% LTV with a LTI of 4.5x between 85.01% and 95% LTV
• Removed the LTV restriction when lending on ex-council houses
• Reduced minimum time in employment from 6 months to 3 months Increased the maximum loan term from 25 to 30 years
• Reduced their self-employed bank statement requirement from 3 months to just the latest month's business bank statement
• 100% child benefit accepted - where the child is no older than 12 years old when the Binding Mortgage Offer is issued
• Lending up to and into retirement (maximum age for all applicants at the end of the loan term is 85 years)
• Acceptable explanations for repaying the loan past 67 years old include: Downsize in property, Pension income, Additional BTL properties that may be sold, and/ or that generate income

Call TFC now to find out more.