Bristol and West has changed the criteria on its range of mortgages, making them more competitive, more flexible and open to a wider number of customers.
The changes affect their standard, buy-to-let and self-certification mortgages, and come into effect today.
Regarding standard mortgages, joint income multiples have increased from 2.75 to 3.25 (with a minimum income of £20,000), and the maximum loan amount at 95 per cent of total value has increased to £250,000.
As for self-certified mortgages, joint income multiples have increased by the same margin, whilst single income multiples have leapt up to four from 3.5.
The necessary proof of residency for self-certified mortgages has been reduced, standing now at just 12 months.
Buy-to-let mortgages, meanwhile, have seen rental cover reduced from 125 per cent to 115 per cent, whilst the maximum loan size per property has increased from £350,000 to £400,000.
Bristol and West also now offers lending against ex-local authority housing and will allow capital raising on remortgages for any purpose.
"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," said Dominic Toller, marketing manager for Bristol and West Mortgages.
"We recognise that the economic environment in the UK is changing and have acted to ensure our criteria remains relevant and competitive."Click here for the best mortgage advice in the changing UK economic environment.
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