Central Trust and Mercantile Trust, the intermediary lending brands of the Norfolk Capital Group of Companies, have made changes to their lending criteria.

The maximum loan to value (LTV) the lenders will offer in Northern Ireland has been reduced to 70% LTV, while the minimum valuation required throughout the whole of the UK has been increased to £75,000.

Central Trust’s other criteria changes are as follows:

• Loans of £100,000 net and above are now available to 65% LTV
• Minimum income has been increased to £22,500
• Maximum advance has been reduced to £150,000
• Status 4 tier has been removed
• Minimum time employed is now six months

Mercantile Trust’s criteria changes are as follows:

• Minimum income of £22,500 introduced for first-time buyers and first-time landlords
• First charge bridging and buy-to-let term’s maximum advance reduced to £500,000
• Second charge bridging and buy-to-let term’s minimum advance reduced to £150,000

Maeve Ward (pictured), commercial operations director at Central Trust & Mercantile Trust, added: “We have made these criteria changes in response to current market conditions. While there is much uncertainty in the market at the current time, we have acted prudently so we can continue to offer products which serve the underserved, as well as those that need to repair and rebuild, and those who have been victim of circumstance and require a second chance.

“Advisers that submit cases to us will find that we are still willing to listen to the applicant’s story and apply a common sense approach to lending.”