As part of the update, Mercantile Trust has introduced the following changes:
· maximum term extension on term loans from 300 months to 360 months
· maximum LTV in Northern Ireland increased to 75%
· maximum loan size on second charges increased to £500,000
· increased selected LTV bandings for Status 1 and Status 2 cases
· AVMs are now accepted on purchases
Alongside these criteria enhancements, Mercantile Trust has launched a fully updated integrated calculator.
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With a simplified affordability process and one integrated calculator for all products, the new calculator is built to make structuring cases quicker, clearer and more efficient for brokers.
Tara Evans, chief executive at Mercantile Trust (pictured above), commented: “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.”
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