The Mortgage Lender has made amendments to its residential affordability criteria.
The changes include child tax credit and working tax credit being accepted as a source of income, providing applicants meet employment conditions.
In addition, 100 per cent of shift allowance, bonus or commission and child benefits, providing the children are under 13, will now be accepted.
The Mortgage Lender deputy chief executive Peter Beaumont comments: “In a competitive market it’s imperative we’re providing our distribution partners with real life lending options that meet the needs of their customers and offer borrowing at competitive prices.
“The changes to residential affordability reflect the reality of the complicated circumstances borrowers are presenting when they apply for a mortgage while ensuring lending decisions remain prudent and affordable.”