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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.

Day 1 Remortgage (if inherited property)

Indicates if we accept remortgage applications from an applicant who has recently inherited the property. For example, James inherited a property today and wishes to remortgage it to raise some funds.

We are not able to accept this type of application

Day 1 Remortgage (NOT inherited property)

Indicates if we accept day one remortgage applications. An example of this type of situation would be where an applicant has recently purchased a property at auction for cash and then wishes to release funds by remortgaging the property straight away.

We are not able to accept this type of application.

Debt Management Plan (Current/Unsatisfied)

Indicates if we can potentially accept an application from an applicant who is currently in a debt management plan.

We do not accept applicants who have a current/unsatisfied debt management plan.

Debt Management Plan (satisfied)

Indicates if we can potentially accept an application from an applicant who has previously had a debt management plan that is now satisfied.

We can potentially consider applicants up to 75% LTV, as long as this was satisfied 3 years ago

Debt Related: Debt being repaid fully or partially ignored

Indicates if, when assessing affordability, we are able to potentially ignore debts that an applicant is intending to repay on or before completion of the new mortgage.

We will ignore the debt if this is going to be fully repaid by/on completion

Debt Related: Expiring debt can be partially or fully ignored

Indicates if, when assessing affordability, we are able to potentially ignore (in part or in full) loans that are coming to an end (typically 6 months or less to run).

This can be fully ignored if the expiring debt is to be totally repaid on/by completion

Debt Related: Payday loan (current)

Indicates if we can potentially accept an application from an applicant who is currently in a payday loan credit agreement

We are not able to accept an applicant who has an active pay day loan

Debt Related: Payday loan (previous)

Indicates if we can potentially accept an application from an applicant who has had a payday loan in the past but is not currently in a payday loan credit agreement.

Applications with a previous payday loan would need to be reviewed by an underwriter on a case by basis. We will consider: the frequency of use, the amount of the borrowing, and when they were last used (historic or current). The application will be reviewed alongside the application and supporting documentation.

Debt Relief Order (Satisfied)

Indicates if we can consider an applicant with a satisfied debt relief order

We can potentially consider an applicant with a satisfied debt relief order. The maximum loan is 75% and it must be satisfied for a minimum of 3 years with no adverse credit since.

Defaults (satisfied) potentially accepted

Indicates if we can potentially accept applications from applicants that have had/or have satisfied defaults registered against their name.

We can potentially consider applicants who have had a Default. Where the LTV is less than 75%, we will ignore defaults that were made more than a year ago that have since been satisfied. Defaults up to £500 made within the last 12 months but now satisfied are also considered. Where the LTV ratio is over 75%, we will ignore defaults that were made more than three years ago that have since been satisfied. Defaults up to £500 made over 12 months ago but now satisfied are acceptable. Please note that if your default is over £500 you will need to refer this to the team first.

Defaults (unsatisfied) potentially accepted

Indicates if we can potentially accept applications from applicants that have had/or have unsatisfied defaults registered against their name

We will not consider an application with a default outstanding, this would need to be satisfied for a minimum of 3 months before we could assist. Please refer to satisfied default criteria for further information.

Defaults registered between 12 to 24 Months

Indicates if we can potentially accept applicants that have had any Defaults registered more than 12 months ago and less than 24 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

We can potentially consider applicants that have had Defaults registered more than 12 months ago and less than 24 months ago. For applications where the LTV is less than 80% we will ignore Defaults made more than 1 year ago which has since been satisfied. For applications where the LTV ratio is over 80% we will consider Defaults up to £500 made over 12 months ago but now satisfied. Where the applicant has multiple CCJ’s, defaults or they exceed £1000 in value refer to underwriting. If LTV is 95% we would expect the credit report to be very clean.

Defaults registered between 24 to 36 Months

Indicates if we can potentially accept applicants that have had any Defaults registered more than 24 months ago and less than 36 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

We can potentially consider applicants that have had Defaults registered more than 24 months ago and less than 36 months ago. For applications where the LTV is less than 80% we will ignore Default’s made more than 1 year ago which has since been satisfied. For applications where the LTV ratio is over 80% we will consider Default’s up to £500 made over 12 months ago but now satisfied. Where the applicant has multiple Default’s, CCJs or they exceed £1000 in value refer to underwriting. If LTV is 95% we would expect the credit report to be very clean.

Defaults registered between 3 to 12 Months

Indicates if we can potentially accept applicants that have had any Defaults registered more than 3 months ago and less than 12 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

We will not consider applicants that have had Defaults registered more than 3 months ago and less than 12 months ago.

Defaults registered in last 3 Months

Indicates if we can potentially accept applicants that have had any Defaults registered in the past 3 months. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

We will not consider applicants that have had Defaults registered in the past 3 months.

Defaults registered over 36 Months ago

Indicates if we can potentially ignore Defaults that were registered more than 36 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

We can potentially ignore any Defaults that were registered over 36 months ago and have been satisfied. Please note that if your default is over £500 you will need to refer this to the team first. Multiple default’s that equate to over £1,000 may not be accepted so please check this with the Business Development Team.

Discharged Bankrupt (years)

Indicates if we can accept discharged bankrupts and if so how long a client has to have been discharged for. For example, Mr Smith was made bankrupt 7 years ago and was discharged one year later so has been discharged for 6 years.

We can potentially consider applicants up to 75% LTV, as long as this was satisfied 3 years ago and no further court orders have been registered.

Discount Market Scheme

Indicates if we can consider an application on the Discount Market Scheme

We are unable to accept applications on the Discount Market Scheme