The Earl Shilton Building Society (ESBS) has made a number of changes to its mortgage criteria that it says will enable even more people to obtain a mortgage.

One of the main improvements to the service is the acceptance of houses that are built using certain modern methods of construction as a legitimate form of security.

This is applicable to properties that meet the following criteria:

• Accreditation from the Buildoffsite Property Assurance Scheme (BOPAS)
• The property is a house rather than an apartment
• Housing warranty insurance from either BLP Insurance or another ESBS-approved provider
• Comprehensive building insurance in place from inception
• A maximum loan sum of £250,000
• A maximum loan to value (LTV) ratio of 75%
• The mortgage is held on a capital and interest basis following completion of the build process
• The mortgage is held on a term not exceeding a period of 25 years
• The house is a genuine new build, or is a self-build project

ESBS is also increasing its standard maximum amount for a mortgage to £750,000 from its current limit of £550,000.

This new higher limit also applies to self-build projects (of standard construction) and to properties that carry a Section 106 restriction or an agricultural tie, where there has been a lower maximum limit of £450,000.

In addition, leasehold flats and maisonettes that were once owned by local authorities will now be considered, using the Society’s existing criteria for these property types, while the minimum income for interest-only applications has been reduced from £35,000 to £15,000.

Paul Tilley, chief executive of ESBS, said: “We are proud to be setting ourselves further apart from a number of our competitors by unveiling a range of enhancements to the service we provide to our mortgage customers.

“Those who have historically found it more difficult to apply for a mortgage due to the perceived constraints placed on their existing property are set to benefit from these changes.

“Therefore, I would urge these people to get in touch with us right away to find out how we could help to make their dreams a reality.”