Mercantile Trust has announced a series of lending criteria enhancements alongside the launch of a new integrated calculator as it looks to provide brokers with greater flexibility across its product range.
The specialist lender said the changes are designed to widen lending opportunities while retaining its manual underwriting model and relationship-led approach.
Key updates include an extension to maximum term lengths on term loans and higher loan-to-value (LTV) limits in certain areas, as well as increased capacity on second charge lending.
The lender has also introduced valuation changes intended to help brokers move cases through more quickly.
GREATER FLEXIBILITY
Tara Evans (main picture), chief executive of Mercantile Trust, said: “We’re focused on giving our partners greater flexibility and helping them place more cases with confidence.
“These updates reflect our ongoing commitment to listening to the market and responding with practical, common-sense improvements that make a real difference.”
CRITERIA UPDATES
As part of the refresh, Mercantile Trust has:
- Extended the maximum term on term loans from 300 months to 360 months
- Increased the maximum LTV in Northern Ireland to 75%
- Raised the maximum loan size on second charge products to £500,000
- Increased selected LTV bandings for Status 1 and Status 2 cases
- Begun accepting Automated Valuation Models (AVMs) on purchases
The acceptance of AVMs on purchase cases is expected to support faster processing times, particularly where speed is critical.
NEW INTEGRATED CALCULATOR
Alongside the criteria changes, Mercantile Trust has launched a fully updated calculator covering all of its products in one system.
The lender said the new calculator features a modern design, improved user experience and a simplified affordability process, aimed at making case structuring quicker and more efficient for brokers.
