Lending criteria – residential

All persons over the age of 17 who are not party to the mortgage will need to sign an Occupier Waiver form after they have received independent legal advice from a Solicitor/Licensed Conveyancer/Notary Public.

Mortgage offers last for 6 months from date of issue. A 4 week extension can be considered by Head of Mortgages providing the conveyancer can confirm completion will take place within this period.

Bank does not offer Offset products.

Please refer to Bank.

Where an Overage clause is in place, please refer to Bank.

Agreed overdraft usage is acceptable subject to satisfactory account conduct.

Up to 10% of the balance outstanding as of the 1st January each calendar year during the early repayment period without any additional charge (minimum £1,000).

Not acceptable.

The Bank does not offer interest only mortgages

Please refer to lender.

Please refer to lender.

Please refer to lender.

Bank does not accept handwritten payslips.

Pension contributions factored for affordability.

Subject to valuer’s comments.

Not acceptable.

Bank considers a portfolio landlord as one who owns 3 or more properties in addition to their main residence.

Any rental shortfall will be treated as a commitment for affordability purposes.

Can be ignored if self-funding:

• ICR – 145% of interest only payment at 5.50%

Latest 3 months bank statements required to evidence rental income or if property to be let, letter from ARLA registered agent

All products are portable.

Not acceptable.

Subject to valuer’s comments.

Accepted.

Applicants must have been in current employment for a minimum of 3 months irrespective of probation period.

Acceptable.

Please refer to Bank.

Proof of deposit is required for all cases.

Please refer to ‘ID&V’.
Please refer to Bank if applicant does not have photo ID.

Treated as self-employed.

Not acceptable.

Minimum valuation is £80,000.

Please refer to Bank.

Not acceptable.

Not acceptable.