Halifax cuts its minimum advance loan to a total of £5,000 and £10,000 from existing mortgage clients.
The lender said the move offers “more options to borrow smaller amounts and support customers seeking lower-cost renovation measures to improve the energy efficiency of their properties”.
This change only applies to broker’s applications.
Mutual Aid added that it will also accept non-barrier income in further advance applications.
Non-dive income can be accepted further in advance or in product transfer applications where a comprehensive affordability assessment is required.
Original mortgage application does not need to include non-business income to be used in a new application.
The lender said the minimum further advance loan size for applications for their direct channel applications is still £10,000.
But it added: “We will apply this change to a direct application soon, but for now, this change only applies to intermediaries further ahead of the application.”
