Building society the West Brom has announced changes to its lending criteria, increasing maximum loan sizes from its current limit of £500,000.
Loans of £1 million will now be considered at a loan to value (LTV) ratio of up to 75%. For 80% LTV, the maximum loan size has increased to £750,000. There is no change for loans up to 90% LTV.
The new limits apply to selected two and five year fixed rate mortgages distributed through the West Brom’s intermediary partners and those sold directly by the lender.
Richard Scott, National Account Manager for the West Brom for Intermediaries, said: “We regularly review our lending criteria as well as our mortgage rates and will always look for ways to make improvements, particularly if it’s something our customers and lending partners are calling for.
“Offering higher loan sizes will increase the opportunities for our intermediaries to access our products for new purchasers or to support existing borrowers who want to remortgage.”