Specialist lender Pepper Money has reduced its standard bank statement requirements for both employed and self-employed applicants to just one month.
The change is designed to simplify the mortgage application process and ease the administrative burden on brokers.
The reduction applies to expenditure and conduct assessments, as well as to employed and self-employed borrowers.
It also removes the need for bank statements when an offer extension is requested, and dispenses with the requirement for an Assured Shorthold Tenancy agreement in applications from renters.
Pepper Money said it would continue to fully verify income and conduct full credit report assessments, with the option to request further documentation in some cases to meet its obligations as a responsible lender.
The lender stressed that the new approach was part of a wider effort to streamline processes for brokers and improve the customer journey.
Paul Adams, sales director at Pepper Money, said: “We understand just how hard mortgage brokers and administrators work to support their customers to complete their home buying journey.
“By simplifying the number of bank statements required for mortgage applicants, we’re helping to alleviate some of that administrative burden, meaning that brokers and administrators can focus on the job at hand.
“Pepper Money is committed to continually improving our services, and these changes to bank statement requirements follow a host of recently announced service and product enhancements.
“These include the introduction of Pepper Flex to meet customer and broker demand for more inclusive products, and our re-entry into the Buy to Let market, which includes HMO properties.”
The lender said the latest measures were introduced in response to broker demand for a more streamlined application process, and form part of its continuing efforts to place brokers and their customers at the centre of its product development and service enhancements.
