Darlington Criteria Updates
Guest Blog Writer: Chris Blewitt, Head of Intermediary Distribution
15 May 2024Based off market feedback and in line with our appetite to support where other lenders may not, we have recently updated our criteria to further support the vast range of circumstances found with today’s clients.
New acceptable income
While previously we would not be able to accept income from applicants on a Spousal Visa, we have updated this to now accept the income as long as the applicant is classed as a professional. This means that they need to be a qualified, registered and practicing:
- Accountant
- Actuary
- Barrister
- Dentist
- Engineer
- medical doctor
- optometrist
- pharmacist
- solicitor
- or vet.
We still have no minimum requirement on time spent in the UK, just asking that there be 2 years left on the VISA.
We’ve also updated our consideration on Locum/Bank work, where we will now accept this income based off the latest 6 months earning evidence, providing the applicant has a 2-year track record within their line of work.
Small scale credit issues
In March, we launched our new Credit Lite proposition. Given a rise in small scale credit issues post-pandemic, we felt there was a need to support individuals in this demographic with their home ownership dreams. Aimed at helping customers get a mortgage who have some historic adverse credit that would have otherwise prevented them in the past, we are able to help those:
- who have a default or CCJ registered 12 months ago, as long as this is cleared prior to completion,
- we can also accept up to a Status 2 on Consumer Credit, so long as the balance has been up to date for the last 6 months.
Also to note on Credit Lite is missed or late payments on mobile phones, utility bills and mail orders can be ignored.
These changes are in addition to our recent update for those applicants on a Skilled Worker Visa, where we can now offer up to 90% LTV on single applicants earning £60k+ or joint applications earning £90k+, with a credit search, not a credit score.
Speak to us today
Speak to our team about placing a case with Darlington Intermediaries. We are here to support you and your client on their mortgage journey.
Contact your Intermediary support team and local BDM today.
Or, for more information regarding our products and criteria, visit our website here.
