West Brom for Intermediaries confirms temporary COVID-19 measures
As a temporary measure in light of the ongoing COVID-19 crisis West Brom for Intermediaries will not be accepting any non-guaranteed forms of income including (but not restricted to) overtime, bonuses and commission.
The Society added that it will not accept applicants who have been furloughed by their employers or income from self-employed applicants who have lost trading profit due to COVID-19 and are receiving support under the SEISS (Self Employed Income Support Scheme).
A note to brokers on the Society’s website read: “During these challenging times, we’d like you to know that we are doing everything we can to support you and your clients and keep you updated on how we are processing your business.
“The government is urging people to delay or not begin the process of buying or selling a home unless it is absolutely critical.
“This is an extremely difficult period for clients and all parties concerned in the house buying industry.”
The West Brom is one of a number of lenders to make changes as the market adapts to the current crisis.