The Mortgage Lender will accept family gifted equity applications up to 75% LTV and has enhanced its contractor criteria across six of its product tiers in response to market demand.
Gifts from parents, grandparents, siblings, aunts and uncles – including step and adopted relationships will qualify.
Pete Thompson, sales and marketing director at The Mortgage Lender, said: “Our sales team were being asked almost daily if we could consider applications with family gifted equity, so we’ve worked hard to do something about that and fulfil market demand.
“We continue to listen to intermediaries to make sure our products remain relevant and competitive, which will put us and our introducers in a strong position to benefit from increased demand for innovative lending solutions.”
Applications from contractors will now be assessed on their contracted rate, with a 48 times weekly rate multiple up to a loan of 85% LTV.
Applications from contractors with a minimum of three months’ proof of contractor income will also be considered.