Following this, Central Trust now offers loans of £100,000 net and above at 65% LTV. 

Further changes include an increase in minimum income to £22,500, as well as a reduction in maximum advance to £150,000. 

The minimum time employed requirement now sits at six months, while its Status 4 tier has been removed.

•   What does the specialist finance industry need in 2023 and beyond?
•   Mercantile Trust launches bridging proposition in Northern Ireland
•   Mercantile Trust revamps bridging offering

Meanwhile, Mercantile Trust’s criteria changes include the introduction of a £22,500 minimum income requirement for first-time buyers and first-time landlords. 

On top of this, the lender’s maximum advance for first-charge bridging and BTL has come down to £500,000. 

The minimum advance for second-charge bridging and BTL has also been reduced to £150,000. 

In addition to these changes, both brands have lowered the maximum LTV for facilities in Northern Ireland to 70%, and have increased the minimum valuation requirement throughout the UK to £75,000. 

Maeve Ward, commercial operations director at Central Trust and Mercantile Trust (pictured above), said: “We have made these criteria changes in response to current market conditions. 

“While there is much uncertainty in the market right now, 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.”