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 below to find the criteria you need.

 

 

Permission to Self Occupy Holiday Let Property

Indicates if we can potentially consider applications from borrowers that wish to Let the property on a Holiday Let basis and occupy the property themselves from time to time. For example whilst the property is predominantly Let on a Holiday Let a few weeks a year the applicant would like to stay in the property.

We allow up to 60 days of personal use of a holiday let property.

Politically exposed persons

Indicates if we can potentially accept Buy to Let applications from an applicant that is considered a politically exposed person.

We will not consider an applicant that is classed as a politically exposed person.

Portable mortgages as standard

Indicates if our Buy to Let mortgages are portable as standard.

The majority of mortgages are portable as standard.

Portfolio Applicants Minimum Income Requirement

Indicates if we specifiy a minimum income an applicant must earn in order to be considered for a Buy to Let mortgage where the applicant is considered a portfolio landlord.

We do not lend to portfolio landlords

Portfolio Landlord Minimum Experience

Indicates if we require a minimum amount of experience (IN MONTHS) if lending to what we consider to be a portfolio landlord.

We do not lend to portfolio landlords

Portfolio Landlords Position and Definition

Indicates if we can accept ‘Portfolio’ landlords and IMPORTANTLY how they define a portfolio landlord.

Suffolk Building Society specifies a ‘Portfolio Landlord’ as 4 or more completed qualifying rental properties that are mortgaged or unencumbered. The number of qualifying properties that constitutes a ‘Portfolio Landlord’ is All applicants combined Buy To Let properties. A qualifying property:

    • Includes Privately owned Buy to Let rental properties
    • Includes Company owned Buy to Let rental properties
    • where the applicant has a shareholding of more than 0 %
    • Includes Consent to Let properties
    • Includes Holiday Lets
    Single title multi unit properties are counted as individual properties.

Portfolio Minimum Income Coverage Ratio (ICR) Requirement (within group or lender)

Indicates if we specify a minimum income coverage ratio (ICR) that cannot be exceeded with all mortgaged properties held with us.

We do not lend to portfolio landlords.

Post Offer Changes

Indicates if we will allow post-offer changes

We can potentially allow post offer changes, however, this will be subject to another underwrite or ad additional admin fee. Please contact our Business Development Team to discuss further.

Power of Attorneys

Indicates if we can potentially accept Buy to Let applications from an applicant that is acting with Power of Attorney.

We will not consider an applicant from someone acting as a power of attorney.

Premium lease agreements (tenancies where a proportion of the rent is paid upfront)

Indicates if we can potentially consider applications where the applicant’s tenant will be paying their rent as an advance payment. 

We do not accept ‘Premium Lease Agreements’ where a prospective tenant is paying their rent as an advanced payment.

Previously Repossessed (years ago acceptable)

Indicates if we can accept Buy to Let applications from applicants that have previously been repossessed and if so how many years need to have passed to be acceptable.

We can potentially consider applicants up to 75% LTV, as long as this was more than 3 years ago and if the lender that incurred a shortfall debt has been repaid in full by the applicant.

Properties with Asbestos

Indicates if we can potentially lend on a property where there is evidence of asbestos present.

We can potentially lend on properties where Asbestos is identified. However, the application will be subject to the valuers comments.

Property being purchased at auction

Indicates if we can potentially consider an application where the property will be purchased at auction

We can consider an application where the property will be purchased at auction. We do recommend calling the Business Development Team to check on current SLA’s and turnaround times to fit with your purchase.

Property Construction: 100% Timber Construction

Indicates if we are able to potentially accept 100% timber construction properties – this is NOT the same as timber framed.

We are not able to accept 100% timber construction. Please contact the Business Development Team to discuss further if Traditional Suffolk/Norfolk barn.

Property Construction: BOPAS accreditation required for non-standard construction

Indicates if BOPAS accreditation is required for non-standard construction where the non-standard construction type is acceptable to us

We will require BOPAS accreditation for non-standard construction where the construction type is acceptable to us.

Property Construction: British Iron and Steel Federation (BISF)

Indicates if we can potentially consider properties where the construction type is British Iron and Steel Federation (BISF)

We cannot accept this construction type.

Property Construction: Concrete construction

Indicates if we are able to potentially accept concrete construction properties.

We are not able to accept concrete construction

Property Construction: Converted church

Indicates if we can potentially consider an application on a converted church

We can not consider an application on a converted church on a BTL basis

Property Construction: Cornish construction

Indicates if we can potentially consider properties where the construction type is Cornish

Suffolk Building Society does not lend on cornish construction properties.

Property Construction: Dutch barns

Indicates if we can potentially consider Dutch Barn properties

We cannot accept this construction type.

Property Construction: Easiform

Indicates if we are able to potentially accept Easiform construction properties.

We are not able to accept Easiform construction properties

Property Construction: EWS1 required on properties with combustible cladding or materials on balconies?

Indicates if we require an EWS1 certificate for properties with combustible cladding or materials on balconies

We will not lend on properties with combustible cladding or materials on balconies without a EWS1 form. A1, A2 and B1 are acceptable, subject to valuers comments.

Property Construction: Flying Freehold

Indicates if we can potentially accept properties where there exists a flying freehold.

Maximum 25% – subject to insurance available on standard terms

Property Construction: Insulating concrete form (ICF)

Indicates if we can potentially consider properties where the construction type is Insulating concrete form (ICF)

We can potentially lend on properties where the construction type is Insulating concrete form (ICF) subject to underwriters approval. Please contact the Business Development Team to discuss further.

Property Construction: Large Panel System (LPS)

Indicates if we can potentially consider properties where the construction type is Large Panel System (LPS)

We cannot accept this construction type.

Property Construction: Majority Flat Roof

Indicates if we can potentially able to accept Buy to Let applications on properties that have majority flat roof. We classify ‘majority’ as anything over 50%.

We cannot accept this construction type.

Property Construction: Modern method of construction (MMC)

Indicates if we can potentially accept applications on properties where the construction type is Modern method of construction (MMC).

We are able to accept applications on properties where the construction type is Modern method of construction (MMC). We require BOPAS certification and will be subject to valuers comments and underwriter approval. Please contact the Business Development Team to discuss further.

Property Construction: Mundic block

Indicates if we can potentially accept applications on properties where the construction type is Mundic block.

We cannot accept this construction type.

Property Construction: No-Fines

Indicates if we can potentially accept applications on properties where the construction type is No-Fines.

We can potentially consider application with No-Fines subject to our valuers comments and underwriters approval. Please contact the Business Development Team to discuss further.

Property Construction: Non repaired prefabricated reinforced concrete

Indicates if we can potentially accept NON repaired prefabricated reinforced concrete as suitable security for lending purposes.

We cannot accept this construction type.

Property Construction: Off site manufactured (MMC)

Indicates if we can potentially consider properties where the construction type is Off site manufactured (MMC)

We can consider the construction type is Off site manufactured (MMC) subject to it having BOPAS

Property Construction: Potton Homes

Indicates if we can potentially consider Potton Home properties

We can potentially lend on a Potton Home property subject to underwriters approval.

Property Construction: Repaired prefabricated reinforced concrete

Indicates if we can potentially accept repaired prefabricated reinforced concrete as suitable security for lending purposes.

We are potentially able accept repaired prefabricated reinforced concrete as suitable security for lending purposes. This will be subject to valuers comments and underwriters approval.

Property Construction: Single skin

Indicates if we can potentially consider single skin properties

We cannot accept this construction type.

Property Construction: Steel framed

Indicates if we can potentially accept steel framed properties as suitable lending security.

We are not able to accept steel framed properties as suitable lending security. Please contact the Business Development Team to discuss further if it is modern steel frame specifically.

Property Construction: Structural Insulated Panel Solutions (SIPs)

Indicates if we can potentially consider properties where the construction type is Structural Insulated Panel Solutions (SIPs)

We cannot accept this construction type.

Property Construction: Thatched roof

Indicates if we can potentially accept properties that have any element of a thatched roof.

We are able to accept properties that have an element of a thatched roof.

Property Construction: Timber framed

Indicates if we can potentially accept timber framed properties.

Modern timber frame accepted (not if also timber clad)

Property Construction: Timber framed (1900 to 1970)

Indicates if we can potentially lend on a property that is of Timber-Framed construction built between 1900 to 1970 for Buy to Let applications.

We can potentially consider lending on properties that are a timber frame construction dating between 1900 to 1970.

Property Construction: Timber framed (Post 1970)

Indicates if we can potentially lend on a property that is of Timber-Framed construction built after 1970 for Buy to Let applications.

We can potentially consider lending on properties that are a timber frame construction dated post 1970.

Property Construction: Timber framed (Pre 1900)

Indicates if we can potentially lend on a property that is of Timber-Framed construction built prior to 1900 for Buy to Let applications.

We can potentially consider lending on properties that are a timber frame construction dating pre 1900.

Property Construction: Tower Block with Cladding

Indicates if we can potentially consider lending on a property in a tower block with cladding

We can potentially accept a tower block of flats that have cladding. Maximum storeys acceptable is 5 and the case would be subject to a suitable EWS1 form.

Property Construction: Wholly Timbered

Indicates if we can potentially consider wholly timbered property

We cannot accept this construction type.

Property Construction: Woolaway

Indicates if we can potentially consider a woolaway property

We cannot accept this construction type.

Property Developers

Indicates if we can potentially accept applications from property developers

We do not accept Buy to Let applications on cases of this nature.

Property factor: Spray foam insulation

Indicates if we can potentially consider properties where there is spray foam insulation

Suffolk Building Society is unable to lend on properties with spray foam insulation

Property Factors: Mine Shafts

Indicates if we can potentially lend on a property that is close to a mine shaft for Buy to Let applications.

We will not lend on properties that are close to a mine shaft.

Property factors: Next to commercial (Class A1 – shops and retail outlets)

Indicates if we can potentially lend on a property where it borders Class A1 commercial premises. Class A1 businesses are shops and retail.

We can potentially lend on properties that border class A1 commercial premises. Please refer the property before application submission

Property factors: Next to commercial (Class A2 – professional services)

Indicates if we can potentially lend on a property where it borders Class A2 commercial premises. Class A2 businesses are professional services.

We can potentially lend on properties that border class A2 commercial premises. Please refer the property before application submission

Property factors: Next to commercial (Class A3 – food and drink)

Indicates if we can potentially lend on a property where it borders Class A3 commercial premises. Class A3 businesses are for food and drink.

We will not lend on properties that border class A3 commercial premises.

Property factors: Next to commercial (Class A4 – drinking establishments)

Indicates if we can potentially lend on a property where it borders Class A4 commercial premises. Class A4 businesses are drinking establishments.

We will not lend on properties that border class A4 commercial premises.

Property Factors: Overhead power lines

Indicates if we can potentially lend on properties that have overhead power lines running above them.

We will not lend on properties that have overhead power lines running above them.

Property Factors: Property needing Refurbishment before Letting

Indicates if we can potentially consider Buy to Let applications where refurbishment is required

We can potentially consider a Buy to Let application where the property requires refurbishment before it is Let. Loan to value will be based on current property value. However, we can use the uplifted rental figure for our ICR assessment. Please note the following:

  • Detailed costings/quotes will be requested at application stage.
  • The property must be in a liveable/mortgageable condition on application.
  • Only non-structural works are permitted.
  • Savings will be required to be evidenced on the application to cover the first 6 months of mortgage payments.
Please contact our Business Development Team to discuss further.

Property Factors: Underpinned within last 10 years

Indicates if we can potentially lend on properties that have been underpinned in the last 10 years on Buy to Let applications

We will not lend on properties that have been underpinned in the last 10 years.

Property Issues: Overage Clause

Indicates if we can potentially consider a property with an Overage Clause

We can potentially consider a property with an Overage Clause. This will depend on the percentage and it would require underwriters approval.

Property Ownership: Possessory Title

Indicates if we can potentially lend on Buy to Let applications for properties that only have possessory title.

We will not lend on properties that are subject to a possessory title.

Property Ownership: Shared access or shared services

Indicates if we can potentially consider a property with shared access or shared services

We can consider a property with shared access or shared services. Please contact the Business Development Team to discuss further.

Property Ownership: Splitting of a title deed on completion

Indicates if we can potentially consider an application where the splitting of a title deed will take place on completion

We will not consider a Buy to Let application where the splitting of a title deed will take place on completion. This would need to be done prior to the application being submitted.

Property Ownership: Tenancy in Common with Unequal Shares

Indicates if we can potentially lend on Buy to Let applications on properties where the joint ownership is set up on a tenants in common basis where each owner has an unequal share. For example, Applicant ‘A’ owns 70% of the property and Applicant ‘B’ owns 30%.

We will not consider joint applications where the property ownership will be as tenancy in common with unequal shares.

Property Ownership: Trust

Indicates if we can potentially lend on Buy to Let applications for properties that are owned by a trust.

We will not lend on properties that are owned by a trust.

Property Type: Basement flat

Indicates if we can potentially lend on a basement flat

We can potentially lend on a basement flat. Please refer the property to our Business Development Team. Maximum of 5 storeys, including the basement flat.

Property Type: Coach house

Indicates if we can potentially consider a coach house property

We can consider coach houses but we will need to determine if the property is freehold or leasehold, and if there is an element of flying freehold

Property Type: Ex local auth flat/maisonette

Indicates if we can potentially able to lend on ex local authority flats/maisonettes.

We are not able to lend on ex local authority flats/maisonettes outside Right to Buy

Property Type: Ex local authority house/bungalow

Indicates if we can potentially lend on ex local authority houses/bungalows.

We are able to lend on ex local authority houses/bungalows.

Property Type: Flat above commercial food outlet

Indicates if we can potentially accept flats above a commercial food outlet.

We will not lend on properties above a commercial food outlet

Property Type: Flat above commercial offices

Indicates if we can potentially accept flats that are above commercial offices.

We may be able to lend on flats above commercial officies. This is subject to type of commercial and general location.

Property Type: Flat above commercial pub

Indicates if we can potentially accept flats that are above a pub.

We will not lend on a property above a commercial pub

Property Type: Freehold flats and maisonettes

Indicates if we can potentially accept a flat or maisonette where the tenure is freehold.

We will not lend on freehold flats or maisonettes

Property Type: Grade 1 listed building

Indicates if we can potentially consider lending on property classified as a Grade 1 listed building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

We can potentially lend on properties that are classified as a Grade 1 Listed Building. These properties are acceptable subject to valuers comments.

Property Type: Grade 2 Listed Building

Indicates if we can potentially consider lending on property classified as a Grade 2 Listed Building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

We can potentially lend on properties that are classified as a Grade 2 Listed Building. These properties are acceptable subject to valuers comments.

Property Type: Studio flat

Indicates if we can potentially lend on studio flats.

We are not able to lend on studio flats

Property Type: Studio Flat Minimum Floor Area (Sq Metres)

Indicates the area in square metres required when lending on studio flats for Buy to Let lending.

We do not lend on studio flats

Property usage: Agricultural restrictions

Indicates if we can potentially accept properties that have agricultural restrictions.

We are able to accept properties that have agricultural restrictions. Please refer on an individual basis. No cases considered above 50% LTV.

Property with acreage

Indicates if we can potentially accept properties that have a significant amount of land (properties that have acreage).

We are able to accept properties that have 10 acres of land

Property with age restrictions/retirement properties

Indicates if we are able to potentially accept buy to let applications from applicants who are looking to purchase a property that has an age restriction. For example, Mr Jones is looking to purchase a retirement apartment that can only be occupied by people who are at least 55 years of age. 

Suffolk Building Society will not lend on properties that have an age restriction on occupancy

Property with deck access

Indicates if we can potentially accept properties that have deck access.

We are unable to lend on properties with a deck access

Property with more than one kitchen

Indicates if we can potentially accept an application where the security property has more than one kitchen. This is not the same as a property split into two or more units or a House of Multiple Occupation (HMO).

We do not lend on properties that have more than one kitchen

Property with Restrictive Covenant Section 106

Indicates if we can potentially accept Buy to Let applications on properties that are subject to a Section 106 restrictive covenant.

Applications would be dependent on wording of Section 106 and LTV. Please contact the Business Development Team to discuss further.

Purchase and rent back to the builders as a show home

Indicates if we can potentially consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

We will not consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

Purchase applications where existing tenants will remain in the property

Indicates if we can potentially accept situations where the property being purchased on a Buy to Let basis has an existing tenant who wishes to remain in the property and therefore vacant possession on completion would not exist.

We can potentially accept cases of this nature. We can help where there is a sitting tenant as long as their tenancy agreement was a standard ASTA and they are not a tenant on any kind of Protected Tenancy basis.

Purchase from Individual Name to Limited Company (Related Transaction)

Indicates if we can potentially accept an application where a Limited Company wishes to purchase a property from one of its directors or shareholders. This is typically referred to as a ‘Related Transaction’.

We do not accept Limited Company Buy to Let applications

Purchase from Limited Company to Individual Name (Related Transaction)

Indicates if we can potentially accept an application where the purchaser is looking to purchase a property from a limited company for which he/she is a shareholder.

We do not accept these types of transaction where the individual is looking to purchase a property from a Ltd Company that they are a director or shareholder of.

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