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Lending criteria.

We can help with all types of cases, so check our lending criteria for the latest guidelines.

Our criteria is split into residential and buy to let, so use the options on the left of the alphabet to find the criteria you need.

 

 

Address History (Min UK address history needed)

This is the required number of months we specify an applicant has to have had a UK address history for.

We require a minimum of three years UK address history.

Advisor Own Application

Indicates if we can potentially accept residential applications from an advisor wishing to apply for his or her own mortgage.

We can accept applications from advisers applying for their own mortgage. Documents must be certified by another member of staff who is not the adviser.

Affordability Assessment: Additional Voluntary Pension Contributions

Indicates if we can potentially ignore additional voluntary pension contributions when assessing applicants expenditure for affordability purposes.

We can ignore ‘Additional Voluntary Pension Contributions’ when assessing borrowers affordability.

Affordability Assessment: Charitable Donations

Indicates if we can potentially ignore charitable donations when assessing applicants expenditure for affordability purposes.

We can ignore ‘Charitable Donations’ when assessing borrowers affordability.

Affordability Assessment: Child Care Vouchers

Indicates if we can potentially ignore childcare vouchers when assessing applicants expenditure for affordability purposes.

We will include ‘Child Care Vouchers’ when assessing borrowers affordability.

Affordability Assessment: Company Pension

Indicates if we can potentially ignore company pension contributions when assessing applicants expenditure for affordability purposes.

We can ignore ‘Company Pension Contributions’ when assessing borrowers affordability.

Affordability Assessment: Maintenance Payments

Indicates if we can potentially ignore maintenance payments when assessing applicants expenditure for affordability purposes.

We will include ‘Maintenance Payments’ when assessing borrowers affordability.

Affordability Assessment: Private Healthcare

Indicates if we can potentially ignore private health care premiums when assessing applicants expenditure for affordability purposes.

We will include ‘Private Healthcare Payments’ when assessing borrowers affordability.

Affordability Assessment: School Fees

Indicates if we can potentially ignore school fees when assessing applicants expenditure for affordability purposes.

We will include ‘School Fees’ when assessing borrowers affordability.

Affordability Assessment: Season Ticket Loans

Indicates if we can potentially ignore season ticket loans when assessing applicants expenditure for affordability purposes.

We will include ‘Season Ticket Loans’ when assessing borrowers affordability.

Affordability Assessment: Sharesave Schemes

Indicates if we can potentially ignore share save schemes when assessing applicants expenditure for affordability purposes.

We will ignore ‘Sharesave Schemes’ when assessing borrowers affordability.

Affordability Assessment: Student Loans

Indicates if we can potentially ignore student loans when assessing applicants expenditure for affordability purposes.

We will include ‘Student Loans’ when assessing borrowers affordability.

Age Limits: Interest Only Maximum Age at end of term

Indicates the maximum age at the end of the mortgage term we could consider for an interest only application on residential applications

We can accept Interest Only mortgages. Where any element of a residential mortgage is interest-only (i.e. full interest-only or part interest-only and part capital and interest) then the mortgage term must end before the oldest applicant’s 95th birthday. If a residential loan contains an element of interest only, the following loan to values apply: maximum loan to value 50% if the already retired maximum loan to value 75% if going into retirement (up to 70% on interest-only subject to a suitable repayment vehicle, the remainder on capital and interest) Maximum loan to value 80% if ending before retirement (up to 70% on interest-only subject to a suitable repayment vehicle, the remainder on capital and interest)

Age Limits: Maximum Age at End of Mortgage Term

Indicates the absolute maximum age we might lend to. In summary ‘Age Limits: Maximum Age at End of Mortgage Term’ indicates the age we can potentially lend up until if you meet all required criteria.

The Society does not have a maximum age for applications on a capital and interest basis, but we do have a cap of 95 years old for interest only applications.
The mortgage term on any application where there’s an element of interest only must finish before the oldest applicant’s 95th birthday.

Age Limits: Maximum Age at End of Term for a Non Contributory Applicant

Specifies the maximum age we can potentially accept for a non-contributing applicant. A non-contributing applicant is an applicant whose income is not factored into the affordability of the mortgage. 

We do not have a maximum age for applications on a capital and interest basis. Where any element of a residential mortgage is interest-only (i.e. full interest-only or part interest-only and part capital and interest) then the mortgage term must end before the oldest applicant’s 95th birthday. There is no maximum age for mortgages on a capital and interest basis.

Age Limits: Maximum Age AT POINT OF APPLICATION

Indicates the maximum age (at the point of application) an applicant can be in order for them to be considered for an application with us.

We do not have a maximum age at application. Applicants 75 or over on application will need to seek Independent Legal Advice to ensure they understand the implications of the mortgage contract and the potential issues of lending into old age on benefits and in the event of needing to go into long-term care.

Age Limits: Maximum Age at Term End Without Pension Proof ( max retirement age )

Specifies the maximum age we might be able to accept before proof of acceptable pension income would be required. This figure can vary from applicant to applicant as it often depends upon other factors such as an applicant’s planned retirement age. Therefore the value shown is the maximum age we may be able to lend to before pension proof would be required and assumes applicants planned retirement age is not sooner than our stated maximum.

We are able to take employed income to the age of 70 and self-employed non-manual income to the age of 75 without requiring pension income.

Age Limits: Minimum Age at Application

Specifies our minimum age at point of application requirement for residential mortgages. 

We allow applicants to apply for a mortgage from the age of 18. Please note that Holiday Let applications start from the age of 21.

Age Limits: Retirement Interest Only (RIO) MAXIMUM Age at Application

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a MAXIMUM AGE AT APPLICATION requirement.

Retirement Interest Only (RIO) mortgages are only available to a limited number of firms. Please contact the Business Development Team to discuss further.

Age Limits: Retirement Interest Only (RIO) Maximum Age at Term End

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a maximum age at the end of the term requirement. Mortgage lenders are not required to set a fixed term for the mortgage and so the repayment date can be when the borrower dies or goes into care, as with Lifetime Mortgages. 

Retirement Interest Only (RIO) mortgages are only available to a limited number of firms. Please contact the Business Development Team to discuss further.

Age Limits: Retirement Interest Only (RIO) Minimum Age at Application

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a minimum age requirement.

Retirement Interest Only (RIO) mortgages are only available to a limited number of firms. Please contact the Business Development Team to discuss further.

Applicants on Furlough

Indicates if we are potentially able to accept an applicant who is currently on furlough leave.

We are no longer accepting applicants who are on Furlough.

Arrangement Fees Can Be Added When Exceeding LENDING LTV Limits

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the max lending policy loan to value will be exceeded. 

We can potentially allow fees to be added where it means the lending loan to value limits will be exceeded.

Arrangement Fees Can Be Added When Exceeding PRODUCT LTV Limits

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the product loan to value will be exceeded.

We can potentially allow fees to be added where it means the product loan to value limits will be exceeded.

Arrangement to Pay

Indicates if we can potentially accept applicants that have an arrangement to pay registered on their credit file on residential applications.

We can potentially consider applicants that have an arrangement to pay registered on their credit file. The maximum LTV will 75% and the arrangement to pay must be satisfied for at least 3 years.

Arrears (secured/mortgage)

Indicates if we can potentially accept applications from applicants that have a history of mortgage or secured loan arrears.

We can potentially accept applicants with historic arrears.

Arrears (unsecured)

Indicates if we can potentially accept applications from applicants that have a history of unsecured loan arrears.

We can potentially accept applicants with historic arrears.

Assessment of Additional Residential Mortgages: Monthly Payment or Outstanding Balance

Indicates if we will use the monthly payment of any background other residential mortgages when assessing affordability or the outstanding balance. For example, Applicant ‘A’ is applying for a new mortgage with Lender ‘A’. Applicant ‘A’ has a second property in the background that is used as a second home with an outstanding mortgage of £50,000 and a monthly payment of £300 per month. When assessing Applicant ‘A’s’ income Lender ‘A’ take the monthly payment of the background mortgage as a monthly commitment as opposed to deducting the outstanding balance (£50,000) from the total amount they have calculated Applicant ‘A’ could borrow based on his income.

We will use the monthly payment of any additional residential mortgages when assessing affordability as opposed the outstanding balance. We will also be checking overall indebtedness. Typically, we will not go over 10x income which includes the mortgage with ourselves and all other mortgages and commitments in their names.

                   
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