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.

 

 

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 address history. Please note, with non-UK nationals, they will need a minimum of 2 years address history within the UK.

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: Non dependant household occupants ignored

Indicates if we can potentially ignore non-dependant household occupants when assessing applicants expenditure for affordability purposes.

We may ignore non dependant household occupants when assessing borrowers affordability. This can include spouses, partners and adult children in full time employed/self employment. Please discuss with the Business Development Team.

Affordability assessment: Personal borrowing for self employed business purposes ignored

Indicates if we can potentially ignore personal borrowing for self employed business purposes when assessing borrowers affordability

We will ignore personal borrowing for self employed business purposes when assessing borrowers affordability as long as it is not in your clients sole name.

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

Interest Only applications have no maximum age, but the following loan to values will apply for part and part OR Interest Only:
  • maximum loan to value 50% if already retired
  • maximum loan to value up to 70% if going into retirement (subject to a suitable repayment vehicle, the remainder on capital and interest)
  • maximum loan to value up to 70% if ending before retirement (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.

We do not have any age restrictions on any of our products.

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 any of our products.

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 can take non-manual employed and self employed income to the age of 75 without requiring pension income.
We are able to consider cases that require dual affordability i.e. utilising employed income to 70, and then utilising the pension income for the remainder of the term. Please discuss with our Business Development Team.

Age Limits: Maximum age for self employed borrowers

Specifies the maximum age we can potentially accept for a self employed borrower.  

We can accept Self Employed up to the age of 75 years old. If you wish to go past this age, please contact the Business Development Team to discuss further.

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.

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 not available via Suffolk Building Society.

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 not available via Suffolk Building Society.

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 not available via Suffolk Building Society.

Applicant not on electoral register

Indicates if we will consider a residential application for an applicant who is not on the electoral register

We can consider an applicant who is not on electoral register. ID and proof of address will need to be certified.

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.

Apprentice

Indicates if we can potentially accept residential applications from an Apprentice

We are not able to accept applications from an Apprentice.

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. There cannot be any missed payments in the last 12 months and will be on a case by case basis based on LTV and number of arrears recorded

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. There cannot be any missed payments in the last 12 months and will be on a case by case basis based on LTV and number of arrears recorded.

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 to the outstanding balance.

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