White Label will still lend up to 95% but will no longer accept CCJ’s or defaults registered in the last 24 months.
The maximum loan term has been reduced to 30 years, and self-employed income must be verified by an accountants certificate completed by a qualified accountant and backed by two years full accounts or tax returns with proof of submission.
The minimum income has increased to £15,000 for primary applicants.
These changes will be effective for all new credit agreements issued from October 1, 2008.
Kam Sanghani, managing director of White Label Loans, says: “Given the current state of the housing market we are adopting a prudent approach and are withdrawing from the AVM market. We will also be making a number of other criteria changes including the tightening of self employed criteria to reflect current market conditions.”
White Label will be accepting pipeline business until November 14.