Lending Criteria
|
Underwriting CriteriaAge restrictions for applicants:◊ The minimum age we will lend to is 21 years (BTL minimum age is 25 years).◊ The maximum age at the end of the mortgage term is 70 years. Applicants we won’t lend to:◊ We do not credit score applicants, each case is assessed individually.In general however, we don’t accept: ◊ Applicants who have been with their current employer for less than 6 months, ◊ Applicants who don’t have 6 months continuous employment in the same profession. Where we lend:◊ We lend across England, Scotland, Wales, and Northern Ireland.Repayment methods:◊ Mortgages can be repaid on a capital and interest basis, interest only and part capital repayment and part interest only basis.Acceptable repayment vehicles include:◊ Full endowment policy◊ Full pension ◊ Individual savings account (ISA) ◊ Future Property Sale Higher Lending Charge:◊ The Society pays for all Higher Lending Charges on residential mortgages.
Acceptable income:We accept the following forms of income:◊ 100% of salary as evidenced by 3 months payslips or employer references. Minimum income of £17,500 or £25,000 for BTL. ◊ 100% of all overtime measured over 3 months, as evidenced by payslips. ◊ 100% of all bonuses, commissions and allowances, as evidenced by payslips or employer references, ◊ 100% of car allowance as evidenced in payslips, ◊ 100% of long term disability allowance, ◊ 100% of pension payments on provision that they will be received for a minimum of 3 years, ◊ 100% of alimony (to be confirmed by legal documentation), ◊ 100% of Working Family Tax Credit, ◊ 100% of investment and trust income. Valuation Scale
The valuation fees include an administration fee of £80 which cannot be refunded.
|
|||||||||||||||||||||||||||||||||||||||||||||||
