Amber reduces doc requirement

The changes are aimed at ensuring a streamlined application process may be provided.

The changes include:

• Income confirmation (up to 85 per cent loan-to-value [LTV] employed full-status) – The latest P60 is not required if the applicant’s basic pay only is to be used in the income calculation. Amber does not require the latest month’s bank statement (unless it is needed to prove the latest mortgage payment).
• Super heavy adverse – No proof of mortgage payments is required (although details of mortgage history must be documented on the application form).
• Secured loans with a balance below £25,000 – Statements are no longer required. If the secured loan payment history shows on the credit search, this must be taken into account when selecting the product. Applicants must declare their secured loan payment history.

Mike Perry, associate director sales and marketing at Amber, commented: “These changes to our lending policy criteria make our service level provision for intermediaries more efficient and competitive. Whilst Amber’s product range is very competitive, we recognise that ease of application submission is very important to intermediaries, and in response we are pleased to have been able to make our processing requirements more user-friendly in the areas highlighted above.”

Changes have also been made to the documentation requirements in the areas of buy-to-let, self-certification, and full-status loans above 85 per cent LTV, which Amber’s sales team will be happy to go through in detail with intermediaries.