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Lending Criteria.

Our criteria is split into residential and buy to let, so use the options below to find the criteria you need.

Residential Buy To Let

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Back to Back (Remortgage – Bridging)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

Back to Back (Remortgage – Bridging) indicates if we will accept applications where the customer has funded the purchase from a bridging loan and now wishes to mortgage the property.

We are not able to accept this type of application

Back to back (Remortgage – Customer Funded)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

Back to back (Remortgage – Customer Funded), indicates if we can accept applications where the customer has funded the purchase from their own funds and now wish to mortgage the property.

We are not able to accept this type of application

Back to back (Remortgage – Inherited)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

Back to back (Remortgage – Inherited) indicates if we will accept applications where the customer has inherited a property and now wish to mortgage it on a residential basis.

We are not able to accept this type of application

Back to back (Remortgage – Other)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

In the case of Back to back (Remortgage – Other) it indicates if we are able to potentially accept remortgage applications where the current owner has owned the property for less than 6 months and is now looking to remortgage for a reason other than due to the property being inherited, remortgaging having recently ported, to repay bridging finance or to mortgage having originally purchase the property for cash.

We are not able to accept this type of application

Back to back (Remortgage – Ported)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

Back to back (Remortgage – Ported) indicates if we will accept applications where the customer has recently moved and ported their mortgage, their product has come to an end shortly after and they now wish to remortgage. For example, Jeff moved into his new property last month and ported his existing mortgage across so as to avoid an early repayment charge on his then-current mortgage. The current product, however, expires about a month after his move in date and so he would like to remortgage to a new lender in order to obtain a new product even though he has only been in the property for one month.

We are not able to accept this type of application

Back to back (Sub Sale Purchase – Other)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

In the case of Back to back (Purchase – Other) it indicates if we are able to potentially accept applications for purchases where the current owner has owned the property for less than 6 months and is now wishing to sell for a reason other than due to a previous part exchange or a lender repossession.

We are not able to accept this type of application

Back to back (Sub Sale Purchase – Part Exchange)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

In the case of Back to back (Purchase – Part Exchange), it indicates if we are able to potentially accept applications for purchases where the current owner took the property as a part exchange on a previous sale. An example would be where a builder sold a property to someone and took their property as a part exchange and now wishes to sell that property and the part exchange falls within the last 6 months.

We are not able to accept this type of application

Back to back (Sub Sale Purchase – Repossessed)

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they’ve owned the property for less than six months.

In the case of Back to back (Purchase – Repossessed), it indicates if we are able to potentially accept applications for purchases where the current owner is a lender that has repossessed the property being sold from the previous owner in the past 6 months.

We are not able to accept this type of application

Benefit Income: Adoption Allowance

Displays if we will accept Adoption Allowance as an acceptable source of income for affordability purposes.

We are unable to accept this form of income

Benefit Income: Attendance Allowance

Displays if we will accept Attendance Allowance as an acceptable source of income for affordability purposes.

We can potentially accept attendance allowance at 50%. It would need to be for life.

Benefit Income: Carers Allowance

Displays if we will accept Carers Allowance as an acceptable source of income for affordability purposes.

We are not able to accept income from carers allowance

Benefit Income: Child Benefit

Displays if we will accept Child Benefit as an acceptable source of income for affordability purposes.

We can accept 100% of this form of income as long as there is at least 5 years left to run

Benefit Income: Child Tax Credits

Indicates if we accept child tax credits as an allowable income type for affordability purposes.

We can accept 100% of this form of income as long as there is at least 5 years left to run

Benefit Income: Constant Attendance Allowance

Displays if we will accept Constant Attendance Allowance as an acceptable source of income for affordability purposes.

We can accept constant attendance allowance at 50%. It would need to be for life.

Benefit Income: Disability Living Allowance (DLA)

Displays if we will accept Disability Living Allowance as an acceptable source of income for affordability purposes.

We will accept 50% of this form of income. We cannot accept DLA for children or dependents, only acceptable at 50% for the applicant(s) directly.

Benefit Income: Employment and Support Allowance

Displays if we will accept Employment and Support Allowance as an acceptable source of income for affordability purposes.

We are able to accept up to 50% of ESA.

Benefit Income: Guardian Allowance

Displays if we will accept Guardian Allowance as an acceptable source of income for affordability purposes.

We are unable to accept this form of income If your client is in receipt of Special Guardian Allowance please refer to the Business Development Team to discuss.

Benefit Income: Industrial Injuries Disablement Benefit

Displays if we will accept Industrial Injuries Disablement Benefit as an acceptable source of income for affordability purposes.

We can accept 50% of this form of income

Benefit Income: Personal Independence Payment (PIP)

Displays if we will accept Personal Independence Payment as an acceptable source of income for affordability purposes.

We can accept 50% of this form of income

Benefit Income: Universal Credit

Displays if we will accept Universal Credit as an acceptable source of income for affordability purposes.

We can potentially accept universal credit as an acceptable income type. We would accept a maximum of 50% of this income when assessing affordability. If you are aware of the breakdown of your universal credit i.e. Child Benefit, then please refer to that specific criteria. Please contact the Business Development Team to discuss further

Benefit Income: Working Tax Credits

Indicates if we accept working tax credits as an allowable income type for affordability purposes.

We can accept 100% of this form of income as long as there is at least 5 years left to run

Buy for University (Student Mortgages)

Indicates if we can potentially consider applications on a Buy for University Scheme. Buy for uni allows students to borrow up to 100% to buy a property and rent out rooms to meet the mortgage interest payments. Parents support the arrangement by being a joint borrower on the mortgage and by providing additional security if necessary

We will not consider applications on a Buy for Uni Scheme