Aldermore MortgagesBluestone MortgagesBucks Building SocietyFamily Building SocietyFoundation HomeloansKensingtonKent RelianceMasthaven BankParagon BankPepper MoneyPrecise MortgagesSaffron Building SocietyUnited Trust Bank
Lender PageViewViewViewViewViewViewViewViewViewViewViewViewView
Property Value (min)£60,000£75,000£75,000£120,000 (A small amount of flexibility on this between £100,000-£120,000)£75,000£75,000£75,000£100,000£75,000 or £150,000 in London postcode areas within the M25£70,000£50,000 or £150,000 in London postcode districts. £100,000£90,000

£75,000 at 60% LTV for 3mc exclusive product
Advance (min)£25,000£50,000No minimum£45,000 (A small amount of flexibility can be applied to the amount on referral sometimes)£50,000£25,001

Loans from £500k to £2m are considered on the large loan products

£1,000,000 maximum loan for FTB up to 85% on Option 1 Range.

£1,000,000 up to 85% LTV on Option 2 Range.
£50,000£40,000£30,000£25,001£25,001£30,000£25,000
Advance (max)£400,000 to 85% LTV (Owner Occupied only)
£1,000,000 to 75% LTV
Maximum 75% LTV for Interest Only (refer to product guide for full details)
Capital raising up to product maximum LTV accepted.

5.5 LTI ratio: for individuals or joint applicants with a total allowable income of at least £50,000

Note the following: - If a property is outside the M25 then max loan is up to £750,000 regardless of LTV.

Inside the M25 up to £1m
£500,000 up to 75% LTV£1,400,000 to 70%
£500,000 to 80%
75% up to £500,000 property value and 50% up to £750,000

(£1million inside Greater London Area) to allow for Desktop valuation.
Max 85% LTV up to £750,000 (Range dependent)

Max 75% LTV up to £1,000,000

Max 65% LTV up to £1.5,000,000
Maximum loan amount of £750,000 for Select range, for all other ranges, £500,000

High rise apartments – above 4 stories there needs to be a lift and above 10 stories the loan is limited to 70% LTV and must be in a city location. We can also consider were there is a commercial set up on the ground floor.
£1,000,000 up to 75% LTV£1,000,000 up to 70% LTV (product dependent)

£600,000 to 75% LTV (product dependent)
£1,500,000 up to 75% LTV if in London & South East (fees can be added)
£1,000,000 up to 75% LTV in all other areas
£750,000 up to 85% LTV
£750,000 up to 80% LTV

£1,000,000 up to 75% LTV
£525,000 up to 70% LTV£500,000 up to 95% LTV

£1,000,000 to 80% LTV
£500,000 up to max LTV 75%

£250,000 if property is unencumbered.
Income (min)£10,000 pa for residential.
100% of basic salary, shift allowance, car allowance and London weighting. 50% of guaranteed/ regular overtime/
bonus/ commission and profit related pay. FTB accepted.

1 Years self- employed.

(Can only accept a maximum of two sources of income per applicant.)

Income from employment and benefit: -

Benefit income Up to 50% of benefit income:
Universal Credit
Working Tax Credits (WTC)
Child Tax Credit (CTC)
Income-related Employment & Support Allowance (ESA)

Contribution-based Employment & Support Allowance if in the ‘Support Group’

Incapacity Benefit
Severe Disability Allowance
Industrial Injuries Disablement Benefit (IIDB)
Disability Living Allowance (DLA)
Personal Independence Payment (PIP)
Carer’s Allowance
Constant Attendance Allowance

Aldermore will not accept any income derived from other forms of state benefit that are not listed above.

Other income accepted: -

Income from trust funds
Occupational pension income
Guaranteed income payments under the Armed Forces Compensation Scheme
War widows or widowers pension
War disablement pension

State pension (not acceptable where state pension is the only source of income)

Investment income

Rental income (where supported by accounts or SA302s)

Maintenance Payments (if CSA/court order enforceable and supported by 6 months bank statements)

Foster Care Income
£18,000 for primary applicant

No longer accept overtime, commission and bonuses in our affordability calculations unless the applicant is a key worker as defined by HM Government.

Customers employed in the leisure, hospitality & retail industries will no longer be accepted

Working family tax credit is considered but must have 2 years left and will require the latest award letter and to be evidenced on bank statements.

Accept up to 80% of rental income

****
Sapphire Club: -
Accept 75% of benefit income (DLA, Carers Allowance, Child Benefit, WFTC) if 2 years remaining and not primary source of income

Max 30% of household income
No minimum earned income but the mortgage must be affordable. Will consider non-earned income (UK based) including benefitsAffordability Based no minimum

100% of basic salary, shift allowance, car allowance and London weighting.

50% of guaranteed/ regular overtime/ bonus/ commission and profit related pay. FTB accepted.

1 Years self- employed provided same line of work as before otherwise 2 years.

If Limited Company can consider using Salary and Profit after tax if have more than 33% shareholding. Chartered Account Required on the accounts.

Multiple Income sources accepted but max 2 from employment (e.g could use State Pension, Private Pension, Investment and Rental all together)

Income from employment and benefit: -

No benefit income useable other than child benefit which is already within the affordability model when children are selected
Usual ages for taking earned income 70 but up to age 75 can be considered for suitable applicants

Pensions -

100% of State and Gtd Private Pension

Drawdown/SIPP and SAS Pensions - Work off Pot value minus any tax free cash element and then divide that figure by number of years client wants the mortgage over. NO requirement for that figure to be drawn on completion. These pots can be used from age 55.

100% of Investment Income on 2 years Tax Return. Lump Sum Investments - Up to 5% Capital Return can also be used as income as does not need to be declared on a tax return

100% of Rental Income on 2 years Tax Return
100% of Commercial Rental Income
Foreign Income can be considered - Subject to a exchange rate calculation of worst exchange rate last 10 years
Trust income can be considered
No minimum income

75% of net rental income considered
You must include any proposed buy-to-let purchases in the affordability assessment.

Income types accepted: - a percentage of different types now accepted, including up to 100% bonus and commission, investment income or BTL rental income.
No minimum income - but will be affordability based from the submitted AIP.

50% of regular/ guaranteed overtime/ bonus/ commission.

Where the applicant is paid in cash, a maximum of £15,000 will be used in our affordability calculation.

100% if last 2 P60's and last 3 months payslips show regular amounts - considered. Car allowance can also be added back into affordability.

WCTC/CTC not accepted.

100% of child benefit is considered on the basis that individual applicants earn less than £50,000 and the child is up to 13 years old.

Do not accept Disability Living Allowance (DLA) as a source of income.
Maintenance considered if by court order and potentially considered if provable via solicitors letter and 3 months bank statements. Pension income considered, Investment portfolio income considered, salary/basic alone has to reach minimum income before additional income can be considered.

1 Year self-employed accepted.

Maintenance - Acceptable as a second stream of income only. Maintenance must be supported by Court Order/ CSA documentation/solicitor’s letter which must be submitted to Kensington. In addition 3 months bank statements are required to verify receipt of maintenance payments.

Can accept applicants who have been contracting for a minimum of 12 months, with either a renewal of their contract or have entered into a second contract.

May be able to consider an applicant on a first contract, even if it is for less than 12 months, if the applicant has previous PAYE employment in a similar role.

Income will be calculated based on the weekly rate confirmed in the contract x46.

3 months’ bank statements evidencing salary credits. Applicants holding multiple contracts will be considered on a self-employed basis. A CV can help to establish a track record for the applicant.

Kensington can consider up to 5x income on our heroes range for cases where one applicant qualifies as a hero (emergency services, NHS, teachers, army personnel) this applicant who qualifies must be under the age of 40 - the 2nd applicant will also get 5x income regardless of their employment type and age.

Kensington can also consider 6x income on young professionals range, the same as above however for self-employed or employed doctors, dentists, accountants, barristers, commercial pilots, etc. Minimum incomes apply.

Kensington can also consider 6x income regardless of someone’s job role if they have a sole or joint income of £100k. This can be made up of different income streams for example:
Mr A earns £40k basic, and 10k bonus
Mrs A earns £10 salary, and £40k dividends Joint income is 100k therefore we can consider 6x income.
No minimum income. Affordability calculator used for income. 100% of basic salary 50% of regular overtime, bonus or commission. 100% of maintenance by court order(child under 13). 3 years self-employed using dividends, drawings OR share of net profit if no salary and dividends are taken, not both.

Contractors: -

Current contract must have at least three months remaining
at application.

Applications must be able to evidence at least one renewal
with a minimum 12 months sector experience (either as
contractor or PAYE employment).

Copy of latest and previous contract

No minimum income for contractors on either prime, or the near prime range

Current contract must have at least 3 months remaining at application

Applications must be able to evidence at least one renewal with a minimum 12 months sector experience (either as contractor or PAYE employment)

3 months personal and business bank statement must be provided

Copy of latest and previous contract

Projection for the second year income from a suitably qualified accountant can be considered where a suitable business plan is provided. The level of projected income used can be up to a level of 30% greater than the year one figure.
£12,500 combined£15,000 (combined)Min income must be overall £18,000 per application.

Employed Primary income can be made from basic salary.

Contractors: - (Who can evidence 12 months history of being day rate contractor. Only acceptable on a minimum of £200 day rate.

***Umbrella companies (Where client is being paid on a daily rate) will be classed a contractor)

Where the customer is paying their own tax and/or national insurance will be treated as self employed.

Applications from contractors may be accepted subject to the applicant being able to demonstrate a minimum of 12 months as a day rate contractor and must be currently, contracted.

Gross allowable income should be calculated on the following basis: -
Lower of 12 months average day rate amount OR current contract day rate amount x 5 (days per week) x 46 (working weeks)

Zero contracts are considered , as long as they have at LEAST 2 years history.

Only take SA302 if sole trader
If Ltd co then it is accounts
Employed Primary income can be made from basic salary + 50% Commission/bonus/OT (key 100% into DIP).

Furloughed employees: - Can be considered; 80% of income to a maximum of £2,500, with the use of any evidenced employer top-up over and above this

Bonus: - Reviewed on a case by case basis. If acceptable we will take 50% of regular bonus / commission

Bounce back loans: - reviewed on a case by case basis. Not acceptable as a source of deposit

Self employed Income support schemes - reviewed on a case by case basis. Not acceptable as a source of deposit

Monthly take average of last 3 months payslips.

Quarterly or Annual - avg of last 2 years P.60 shift allowance - refer or key into the bonus section.
100% Car Allowance
100% Large town allowance,
Additional income (ie once £15k achieved) can also accept:
100% Working/Child tax credits to max age 14yrs 11months. If joint application but show both applicants on award letter
50% CSA or Court order Maintenance
(Do NOT key child benefit)
100% Pension income including state
50% Secondary jobs (max 60 hrs between all jobs)
*******
Contractors. Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed.

If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 months to run then letter of intent to extend is required.

Zero contracts are NOT acceptable.

Self Employed
Can consider up to ONE years figures regardless of how long trading up to 85% + lenders fee.

Over 75% is subject to score so key one year, it will refer (check back in 2 hrs) if decline, then reduce to 75% LTV or copy DIP and add 2 years figures (then can consider up to 5 x income).

Precise will work off the average or last year whichever is the HIGHER.
Proof of Self employment:
HMRC Tax Calc + Overview OR SA302 + Overview
OR Accounts
For Directors add together for total income 100% of: Salary + Dividends + Co. Car allowance + pension Contribution = Total that you key into the DIP Changes in trading style ie Sole to LTD Co treated as continuous self employment

NOTE: underwriters reserve the right to ask for further information where necessary.
*****
No minimum income for Residential.

100% of basic + guaranteed allowances
100% of guaranteed overtime / 50% of non-guaranteed overtime income considered.
Minimum Primary Applicant Income – £15,000 pa

Max DTI – 40%
Max LTI – 4.50 up to max LTV, however, 6.00 to 60% LTV product range
Debt ConsolidationYes, up to 75%

For property related purposes can be considered up to a maximum LTV of 90% (excluding fees)

For non-property related purposes can be considered, up to a maximum LTV of 80% (excluding fees)

Capital raising for payment of taxes and consolidation of debts that have not been maintained satisfactorily is not permitted.
Yes, up to 75%Consider debt consolidation cases where debts have not been consolidated in the last 3 years or with underwriter discretionMax 20% of Property value and or Max 49% of the total loan amount. Persistent remortgages for Debt Con not acceptable.

No payment of taxes or Gambling Debts

Secured Debts are not classed as part of the max 5 above.
Yes - Up to 90% LTV, even for debt consolidation and not DTI ratio, and we also lend up to 70% interest only.
100% of benefit income is taken into account, provided there is an earned income on the application and children are 14 or below.
Yes, up to 70% LTVAllowedNo maximumYes, up to 75% LTV

Will allow clearing of tax bills: -

- The bill must be repaid in full on completion including penalties
- Satisfactory explanation as to why not paid
- Copy of the latest tax bill.
Yes, up to 80% LTVYes, depends on employment type for Max LTV
Age (min)21 years old20 years old18 years old18 years18 years old21 years18 years21 years old21 years21 years old21 years21 (or product specific)18 years
Family cash Gift depositYes
Aunt/uncle, foster parent or legal guardian now also accepted.
Yes - includes Step Parents/ Aunties/ Uncles

Builder incentives of up to 5% of the
purchase price accepted (not inc builders
deposit).
Yes - dependent upon the overall lending propositionYesYes, immediate family membersYesYes – can only be from immediate family (parents, grandparents, siblings, spouses, children), and would require a gifted deposit letter. Letter must be addressed to Kent Reliance (cannot say “To Whom it may Concern”), confirm the name of the donor (immediate relative selling the property), relationship to the applicant, amount of deposit being gifted, address of property being purchased, confirm that the giftor has no interest in the property, (appropriate deed of gift indemnity insurance is put in place by the acting solicitors), and the letter would need to be signed by the donor. We would also require proof of ID for the donor, which would need to be certified to ensure signatures match, and in the event of surnames differing between family members, if parents were gifting to married daughter as example, would need to see evidence of family name, such as marriage certificate for audit trail purposes. Should the gift be coming from family that are overseas, we would require evidence of the funds being available in the family member's account. YesYesGifted deposits are acceptable from the following close relatives of the applicant(s):
Parent/Step‐Parent/Parent‐in‐Law.
Sibling.
Child/Step‐Child/Son‐in‐Law/Daughter‐in‐Law.
Aunt/Uncle.
Grandparent/ Grandchild.
Deposit template now available. Where a proportion (max 50% originates from outside the area and is from a non conflict area, Precise may consider on a case by case basis Yes - they require a letter stating no repayment will be made and no interest in property.

Saffron also offer a family support mortgage option - this can be up to 5% - please see product guide.

Grandparents, parents, siblings, children and grandchildren.
Yes
Family Gift of Equity depositYes, but 5% has to come from the applicant(s)Yes - includes Step Parents/ Aunties/ UnclesYes - dependent upon the overall lending propositionYes, no maximum giftNoNo. Also, Interfamily sales are not accceptable.Yes – can only be from immediate family (parents, grandparents, siblings, spouses, children), and would require a gifted deposit letter. Letter must be addressed to Kent Reliance (cannot say “To Whom it may Concern”), confirm the name of the donor (immediate relative selling the property), relationship to the applicant, amount of equity being gifted, confirm that the giftor has no interest in the property, and the letter would need to be signed by the donor. We would also require proof of ID for the donor, which would need to be certified to ensure signatures match, and in the event of surnames differing between family members, if parents were gifting to married daughter as example, would need to see evidence of family name, such as marriage certificate for audit trail purposes. We can also check land registry to confirm the family member owns the propertyYesYes - immediate familyYes, but client must have 15% of their own funds and this cannot be gifted from another family member. No for gift of equity from family members: - Equity gifts accepted from personal to Ltd Company. (Director's loan) - unless the minimum deposit has been met.

Example: - will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 85% of the £100,000 and the 20% deposit would need to come from the clients own sources
Yes - Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full price.

Saffron also offer a family support mortgage option - this can be up to 5% - please see product guide.

Grandparents, parents, siblings, children and grandchildren.
Yes - but if a gift of equity is to be used, then the applicant must have at least 15% deposit based upon the loan amount. So if £100,000 is the total loan amount, the applicant must be able to put in £15,000. The value of the property will be based on FMV minus the gifted deposit amount - the total will act as the LTV - 85% LTV maximum
Age (max. end of term)70 years65 years old at application70 yearsMax Age AT Application - C & I 90 and Interest Only 89. (5 Year Term max at these ages)75 years75 years

If the client is over the age of 55 at application, max age is 70 at the end of the term.

Where appropriate, Kensington will generally be able to lend for terms up to a customer's State Retirement Age.

Where the applicant requests the loan term to expire beyond age 70 to (max) age 75 years, this can be agreed on repayment mortgages only.
Affordability will be calculated on the applicant’s current provable income, on the basis that the applicant is expected to continue working for the full term of the mortgage.
Maximum age at the application stage for applicants who wish to borrow beyond age 70 must not exceed 60 years of age, unless they are already receiving a monthly private pension income which can fully support the mortgage without reliance on other types of income to meet affordability

Evidence of existing pension provision may be requested where the term of the mortgage takes the applicant close to, or beyond, their State Retirement Age/selected retirement age.

Where there is an element of interest only, the maximum age is 70 years.
79 to apply, but mortgage term must end in oldest applicant's 85th year. 85 years old85 years at the end of the mortgage term75 years70 years or 75 upon referral at DIP stage.

The retirement age must be keyed as 75 and a note uploaded at DIP stage into the case confirming that the employers will confirm the clients ability to work to age 75. Second applicant max age 85 however to qualify the second applicant must be keyed as 'not working'
No maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end:

From the point of retirement, or 75th birthday, whichever is due first, only 'retirement' income will be permitted from that day for the purpose of evidencing affordability - no 'working' income will be allowed

All actual or projected retirement income must be evidenced

No projected income will be allowed where retirement (or age 75) is still more than 15 years away

A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis

Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV

A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle

The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS

The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application:

A maximum LTV of 80% will apply to borrowing on a Capital & Interest repayment basis

All applicants will be required to receive Independent Legal Advice
85 years at the end of the mortgage term
Term (min)10 years5 years2 years5 years5 years5 years5 years5 years5 years5 years5 years5 years3 years
Term (max)40 years35 years (including Help to buy)35 years40 years40 years40 years35 years or until age 85, whichever comes first35 years30 years35 years35 years40 years40 years
CreditProduct range dependent.

Worst case scenario - 0 in last 3 months and a Max of 3 in last 24 months.
CCJ's/Defaults (further information below) under £300 ignored

All telecoms ignored.

Recency: If balance above £500, the most recent payment must have been made.

Unacceptable if most recent 2 payments missed. Ignored if the current balance is
below £300

Last 6 months Maximum of 2 missed payments allowed on each unsecured credit agreement
Standard Range: - max status 1 in the last 36 months (0 in the last 12 months)

Non-Standard: - max status 2 in the last 24 months (0 in the last 6 months)

Impaired credit - underwriter discretion.

Ignore missed payments for utility, communications and mail order.

Missed payments for communication, utilities & mail order are acceptable
Max 2 missed payments on unsecured credit in a row, multiple accounts with issues may cause decline
1 missed mortgage payment acceptable but not in last 6 months - Suitable explanation required.
Product specific, refer to product guide. All CCJ’s and Defaults must be satisfied at the time of application irrespective of when they occurred. All accounts are assessed on worst status and not missed payments.Select:
Unsecured Arrears: Max status 2 in 12 last months.

Residential (Core Range):
Unsecured Arrears: Max status 2 in 12 last months.

All Communication arrears are ignored except for when they have reached CCJ.

All payday loans must have been settled for 12 months prior to application.
Near Prime 1: - Unsecured arrears - 2 in the last 12 and must be up to date

Communication, Utility & Mail Order: - Performance ignored where the account balance is less than £500 (Single or in aggregate)
Any open accounts 1&2 payments in arrears are ignored, this means Masthaven don’t increase rates until they reach 3 down. Consider 2 missed in the last 24 monthsSmall utilities /comms /mail order defaults ignored (up to 2 individual defaults total of £150 each per application) (applicable to BTL and Resi 24, 18, 12 and 6 only, including Limited Edition)

Revolving credit (credit cards, store cards, utilities, overdrafts and communications) can consider missed/late payments as recently as a month ago.

If it is a fixed term agreement (loan, HP, sofa on finance etc) then none in the last 6 months.

Unsecured Arrears – Must be up to date at the point of application
1 item of unsecured with a balance of less than £200 can have a missed payment in the last 6 months

All other unsecured must be up to date in the last 6 months

Unsecured credit can be no more than 2 months in arrears in months 7 to 12.

Unsecured arrears are ignored after 12 months i.e., month 13 onwards
All criteria 0 in 3 months excludes unsecured commitmentsMust be up to date

No more than two occurrences within the last 24 months.

Please see below for further details.
Unsecured credit: - (must also meet Secured loan / Mortgages & CCJ's / defaults criteria also, range dependent).

UTB-0: Ignore mail order and communications.
All accounts have to be up to date

UTB-1: Max 5 accounts up to 2 payments in arrears, must be consolidated. No recent pay day loans.

UTB-2: Max 5 accounts up to 3 payments in arrears, must be consolidated. No recent pay day loans.

Ignore Mail Order and Comms Defaults regardless of size or when registered.
Minimum OwnershipRemortgages within the first six months of the original purchase date are not normally acceptable. Remortgage from bridging - Remortgaging out of bridging finance will be subject to the length of ownership. Less than 6 months: restricted to the amount required to repay existing facility plus 100% of documented improvement cost, subject to ownership period of at least 1 month. Greater than 6 months: capital raising allowed over and above the sum required to redeem the bridging loan, based on any enhanced value of the property.

Owner occupied properties, purchase or remortgage up to 85% maximum LTV
6 months minimum ownershipNo minimum ownership period before remortgage6 months as a rule however if bought with bridging finance these can be considered sooner subject to a suitable explanation (e.g. Unable to mortgage at the time of purchase)6 months minimum ownership before remortgage considered6 months minimum ownership before a remortgage can be considered. If there is any element of debt consolidation then 12 months ownership is required.Person who is selling the property will need to have owned the property for at least 6 months. This would be checked via land registry.
*******
Day 1 remortgage accepted on the following basis: -

• Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price
• Maximum 75% LTV
• Standard pricing to apply
• Customer(s) to be on the voters roll for residential applications
Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.
******
• Undertake a Land Registry Search to confirm the applicant(s) owns the property
OR
• Where this is not available, request confirmation of the Land Registry submission confirming the purchase, date and price via the acting solicitor.
6 months minimum ownership required.6 months before remortgage - less is considered on a case by case basis. Subject to works done to property6 months minimum ownership before remortgage12 months minimum ownership before remortgage.
****
No Min ownership applies to properties that have been inherited and probate has been granted (Probate letter will be required on application) and also when exiting a Precise Bridge. In these instance key the DIP as per precise's min ownership and upload a word document with full notes into the case.

Where the property has recently been inherited - probate must have been granted prior to mortgage application and verification of this must be supplied with the application. In these circumstances, no minimum period of property ownership applies.
6 months minimum ownership before remortgage 12 months mortgage history, 6 months in current – however, refer if slightly under these parameters.
Applicants will be classed as first-time buyers if there has been no mortgage found on a credit search for 6 years, this includes unencumbered properties.
Can consider less than 6 months if clients have had 12 months mortgage history - case by case basis
First Time Buyer DefinitionNo mortgage everConsidered: - A first time buyer is defined as someone who has not been party to a mortgage or owned a property at any time. In the case of a joint application, both applicants must qualify as First Time Buyers.
First time buyers considered
A first time buyer is defined as someone who has never previously owned a property in the UK. Where
we are lending to a first time buyer, we require sight of 3 months most recent bank statements for all
applicants.
Do not consider FTB'sPrecise define a First time buyer as someone who has not owned a property for the last 18 months.A First Time Buyer to be an individual who has not been party to a mortgage or owned a property at any time. In the case of a joint application, both applicants must qualify as First Time Buyers. Saffron go up to 95% on FTB products. Applicants will be classed as first time buyers if there has been no mortgage found on a credit search for 6 years, this includes unencumbered properties.
Ex-Pat ResidentialNoNoNoYes - Case must be on Interest Only and must be lived in by Husband or Wife/ Partner/ Children only.

Israel based Ex pats are considered.
NoNoNoNoNoNoNoNoNo
New BuildHouses and flats accepted up you product maximum.
****
Builder gifted deposits accepted up to a max 5% of purchase price.
****
Consider If applicants wish to use Equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit. *******
Aldermore will do up to 95% LTV on new Build flats, they have no restriction so will go up to product max LTV.
Available for help to buy range only.

No LTV restrictions for new build
houses.
Max LTV of 75% for new build flats
Houses and flats accepted (125 year lease needed for flats if new build).

Flats up to 7 storeys in the block.

Houses only max available LTV. May consider Apartments inside M25 up to max 50%
****
Any incentives to be disclosed and will be discounted from price.
New Build House accepted, New Build Flats or newly converted flats less than 2 years after first sale are not acceptedYes, considered.Yes – flats have maximum LTV of 75%, houses are 75%. We class a new build as a property built within the last 10 years. Will need to have a 10 year warranty. Solicitor acting for us would ensure acceptable warranty is in placeYes up to 80% LTV New Build flats up to 80% LTVHouses - Yes
Flats - No
*********
Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper.
Product Max LTV - New build houses and flats (including 5% builder incentive) + lender fees
****
Flats in blocks up to 20 storeys, with a commercial ground floor accepted

Max LTV available plus up to a 5% builders incentive on residential lending

S106 obligations considered

Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months.
*****
Payments on the Equity loan, must be keyed into the unsecured loan section of the DIP. The loan amount should be x by 1.75%, divided by 12 and that is the monthly payment that should be entered and is the figure Precise use for their affordability calculation. The Equity loan from the government is interest free for the first 5 year after which payments become due.

Forces HTB can also apply in conjunction with a HTB, in these instances no deposit is required by the client however both loans MUST be keyed into the unsecured loan section of the DIP.
Saffron's definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties - since the conversion has been undertaken), being sold/marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society.
Saffron recognise two forms of new build properties for security purposes: max LTV:

• New Build Houses, max LTV is product specific.

• New Build Flats - LTV is 75% on C&I repayment and 60% LTV on Interest only.

No Shared Ownership new build properties are acceptable.

Self Build: -
Up to 80% LTV for land purchase, 80% of build costs and up to 80% of gross development value
Outlying outline planning permission allowed – will not go to valuation until full planning permission granted

Available to first time buyers
Yes, but only on Remortgages, not purchases.
Ex-Local AuthorityHouses: - Accepted up to product maximum LTV, subject to the following conditions:
No outstanding pre-emption requirement to repay a proportion of the discount
Valuer indicating that there is evidence of a meaningful level of private ownership within the estate
The property being of standard construction
*****
Flats: -
Minimum property value of £100,000 (£200,000 in Greater London)

Maximum of 3 floors above the ground floor. Secure communal access with no balcony access arrangements
Houses - Yes
Flats - Yes, considered
Houses and flats are considered - Cannot be of concrete construction or a flat in blocks of more than 4 stories. High quality blocks of above 4 stories in good residential location may be considered as an exception - refer
construction or a flat in blocks of more than 4 stories
Houses and Apartments: - Accepted up to product maximum LTV, subject to the following conditions:

Standard Construction Only

No Deck Access
Valuers Comments
Case by case only -
minimum 75% in private ownership in block
Houses - Yes up to max LTV 75%

Pre-fabricated Reinforced Concrete, Poured Concrete, Steel Framed / Steel Clad (pre 2000), 100% Timber Framed (post 1980), Cob Construction, Colt Construction, Concrete Block, Stone and Part Rendered Breeze block with Pebble Dashed
Outer Walls
If flat: must be out of pre-emption period, and 80% of block must be privately owned. Any deck access would come down to valuer’s comments
If house: maximum LTV is 85%, and needs to be outside of pre-emption period.
Yes - must have no pre-emption period.

Ex-local authority flats up to a maximum 70% LTV, providing the valuer confirms undoubted
mortgageability and marketability.
Up to 70% LTV including fees if in pre-emption period.
If not, up to 80% LTV
Houses and flats up to 85% LTVHouses - up to maximum product LTV

No Flats/Maisonettes. Exceptions can be considered where the following apply; Block must have majority in private ownership, no balcony access in the block, good curb appeal and of standard construction.
Can be considered at a max LTV of 70% and subject to underwriting and valuation.Yes, accepted.
Shared OwnershipNoNot acceptableNoNoNoNoMinimum loan amount is £70,000

Minimum share they can purchase is 25%

Maximum share they can purchase is 75%. We are unable to provide shared ownership mortgages for any share between 75%-100%, and if an applicant is looking to purchase 100% of the shares, we would treat this as a normal residential application

The Housing Association must allow the applicant to staircase to the full 100% ownership of the property, and must be registered as such

Yes - Up to 100% of the value of the share you are buying. Needs to be purchased through a registered Housing Association that permits up to 100% stair casing

Up to 75% LTV (full market value)
Furlough income considered
£125.000 minimum property value
One year self-employed considered
NoNoNoNo unless applicants purchasing the final shareNoYes, but only to buy out the remaining share to make 100%
Right to Buy (RTB)NoNot acceptableYes, the borrower needs to contribute a minimum personal deposit of 25% based on the discounted price. Must have clean creditYesNoUp to 90% of the discounted purchase price with rates from 3.94%
• Up to 100% of the discounted purchase price with rates from 4.44%
• Up to 75% LTV of open market value
• Zero completion and valuation fees option available
• Remortgage will be accepted, subject to 12 months ownership
• Applicable to employed and self-employed
NoNoNoNoYes but houses only - up to 100% of the discounted purchase price.
***********
The customer:
Must have been a tenant of the council or housing association for a minimum of 3 years (does not have to be consecutive). Please note, there must be no housing benefit income within the last 12 months.

Must have settled any rent arrears within 4 weeks of the landlord requesting payment

Consider where the Section 125 is in sole name and mortgage in joint names is where the applicants are married

The property:
The landlord will determine the value of the property. Any disputes about valuation must be settled before a mortgage application is made
Discount is determined by length of tenancy
Maximum discount is capped at £77,900, £103,900 for properties in London.
****
Must be of standard construction, no concrete including wimpey no fines & Laing easiform.
NoYes - They can remortgage if the current applicant is 3 years into a pre-emption period, otherwise they will not consider a purchase.
Let To Buy (lending on new Residential whilst retaining existing property)Maximum 80% LTV, where existing property is to be let and considered to be self-supporting.

Applications can be considered for the purchase of owner-occupied property, up to a maximum 80% LTV, where an existing owner-occupied residential property will not be sold and instead be let.

The deposit must be from the applicants own resources, including any additional borrowing raised from the existing mortgage, and the letting must be on a formal recognised tenancy
basis.

If the existing mortgage is not with Aldermore a copy of the Consent to Let offer from the existing lender must be obtained.
Acceptable subject to meeting
affordability requirements
Considered - Earned income has to be sufficient to support all mortgage borrowing (excluding the expected rental)Maximum LTV available, where the existing property is to be let and considered to be self-supporting.

Applications can be considered for the purchase of owner-occupied property, up to a maximum % LTV, where an existing owner-occupied residential property will not be sold and instead be let.

The deposit must be from the applicant's own resources, including any additional borrowing raised from the existing mortgage, and the letting must be on a formal recognised tenancy
basis.

It is expected that the client has requested Consent to Let from their current Lender.
NoYes, if funds raised can also do the residential purchase as well as the BTL. If no funds being raised on LTB, rent will then need to cover mortgage by 125%. If there is a shortfall, only that is used as a commitment on the affordability for the new purchase.If the applicant is letting our their existing property and wish to bring the residential property to us, the underwriter may request evidence of this, ie proof of rental and an AST may be requested within a certain number of days after completion. Yes, accepted.

Yes – Specialist Standard when like for like with onward purchase – Specialist Landlord & Tenant for no onward purchase.
Yes, where the borrower is using the equity in their current residential property to purchase another property and the new property will be their primary residence with the old property being let out.
*****
The re‐mortgage of their current residence will follow the Buy to Let criteria and we will require a copy of the Assured Shorthold Tenancy, and confirmation of who will be residing at the property.
*****
It is a requirement that the purchase of the new property must complete before, or at the same time as, completion of the remortgage of their current residence.
In all circumstances for LTBs Precise will require a simultaneous completion OR the client will need to have moved out and rented the existing property for min 3 months. The client must be on the voters roll at their new residence and proof of 3 mths rent via bank statements and AST will be required. Max 80% LTV for either refinance on to a BTL or onward purchase. Precise can consider both or either transactions. Where only the onward purchase then 'consent to let' from the previous lender will be required. Max LTV considered on new purchase up to 80% subject to product limits. No, not considered.
DMPConsider an applicant on a Debt Management plan as long as there is no default attached to the plan in the last 3 yearsConduct: Must be due to a life event and conducted satisfactorily
Recency: OK if still in operation and can remain

Debt Arrangement Schemes: if active will not be permitted
Considered.

Standard range: - Satisfied for 3 years

Non-standard: Underwriter discretion

Impaired: underwriter discretion

DMP must be established at least 5 years ago.
NoNeither active debt management plan, nor plans entered into in the last 12 months are acceptable.Needs to have been running for minimum 12 months & well conducted.

Needs to be included as a commitment on the affordability calculator based on DMP current payment. They can go up to 95% LTV also, no exceptions to length of time in the DMP.
NoYes – must be 2 years settled, won’t lend when active. No, not considered.
Exception would only ever be possible depending on case strength and scenario.
Yes, DMP's must have been active and satisfactorily conducted for a minimum of 12 months.
****
If satisfied over 12 months then can apply on standard range
****
If satisfied within the last 12 months, refer to DMP Range
****
For remortgages, we can capital raise to clear DMP
• Do not insist that DMP's are cleared – they can be left in the background
• No more than 1 active DMP per application.
NoSatisfied 3 years, Max LTV - 80%Considered, whether repaying the DM off or not, need a 12-month statement from the DMP provider.

UTB policy states we generally don’t lend to clients on a DMP, however, UTB can lend whether the client is clearing or not, as long as we have a 12-month statement confirming the payments have been made, any missed and it’s a decline.
Help To Buy
(Shared Equity)
Yes
Capital Repayment Only
Maximum loan amount of £450,000 and maximum property value of £600,000
Minimum customer deposit of 5%

Maximum equity loan of 20% for Help to Buy: equity loan is available in England (including the Isle of Wight)

Maximum equity loan of 40% London Help to Buy: scheme and
the property must be located within the 32 London Boroughs or the city of London
Yes
• Free standard valuations on all HTB products - instructed on receipt of the application
• Help to Buy England & London schemes available
• Mortgage offer valid for 6 months with extensions possible
• 5% Builders incentives accepted
• Up to 3 CCJs in the last 36 months
• Up to 4 Defaults in the last 36 months
• 4 missed mortgages payments in the last 13 - 24 months
• IVA / Bankruptcy must be discharged for 3 years
• DMP accepted and can remain on completion 'No Minimum Term'
NoNoNoYes: - up to 75% LTV

Help to Buy remortgage acceptable if property was originally purchased on a shared equity Help to Buy.

Capital raising acceptable for home improvements, transfer of equity and staircase (including partial)
NoNoNoNoOnly available on New Build Properties - A Government funded equity loan of up to 20% of the purchase price is acceptable.
Applicant will need to provide a minimum 5% deposit from their own resources.

Payments will be required on the Shared Equity loan after five years in addition to the repayments on the loan the customer takes with Precise.

For further information on the Help to Buy shared equity loan scheme, applicant(s) should go to https://www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loans for more information.

Can consider Scotland based properties, please see product guide.
NoNo
Missed mortgage paymentsLevel 1 - 0 in last 3 months 1 in last 12 months (max 2 in last 24).

Mortgage payment holidays - 1 month evidence of payments.
Based on worst status shown on
credit search.

Clear: - 0 in 13 - 24 months

AAA: - 1 in 13 - 24 months

AA: - 2 in 13 - 24 months

A: - 3 in 13 - 24 months

BBB: 4 in 13 - 24 months
Standard Range: - 0 in the last 36 months

Non-Standard: - max status 2 in the last 36 months (0 in the last 12 months)

Impaired Credit: - max status 3 in the last 24 months (0 in the last 6 months)
1 in last 12 months but 0 in last 6 months, 2 in last 36 months

• Mortgage Payment holidays – for BTL need to make the next payment before completion
0 in 36; ignored after 36 months on all product ranges.Select Range:
Secured Loan Arrears: 0 in last 36 months.

Residential (Core Range):
Secured Loan Arrears: 0 in last 24 months.
0 in last 12 months and must be up to date. Otherwise, refer.Up to 2 missed max in last 24 months, late payment tolerance of 14 working days from due date. Consider 1 missed in last 24 monthsCan consider dependent on product selection.

Applicant(s) must be up to date at the point of the application and must not have any arrears reported in the last 6 months.
0 in 12, 1 in 36 months (worst status)No more than two occurrences within the last 24 monthsUTB-0: 0 in 3 months.
0 in 12 months, 0 outstanding.

UTB-1: 0 in 3 months. 1 in 12 months.

Max 1 outstanding.

UTB-2: 0 in 3 months.

2 in 12 months.

Max 2 outstanding.
Ex-BankruptsLevel 1 - Discharged for 6 years.Sapphire Range: available: -

12 months discharged bankruptcy
Current IVA’s cleared on completion

See Bluestone Guide.

Clear range: over 6 years discharge.

All other ranges, over 3 years since discharge.
Standard Range: - Discharged IVA or bankrupt over 5 years as long as no adverse after discharge. (60 months)

Non-standard: -
satisfied /discharged over 36 months ago (no adverse credit since).

Impaired range: -
satisfied / discharged by application.
Must have been discharged for 3 full years - Each case will be individually underwritten so should be referred before application. Must be fully settled min 3+ years agoNot accepted 90% LTV - Not considered if previously bankrupt.

Unless 85% LTV - then it has to be clear for 6 years and discharged.

80% LTV -
Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretion.
Yes – must be 3 years settled NoDischarged > 6 years ago6 years from the date of discharge and off the credit fileDischarged 5 years ago, Check guide for Max LTVYes - 6 years from discharge considered.
IVA'sLevel 1 - Discharged for 6 years. Sapphire Range: available: -

12 months discharged bankruptcy
Current IVA’s cleared on completion.

See Bluestone Guide.

Clear range: over 6 years discharge.

All other ranges, over 3 years since discharge.
Standard Range: - Discharged IVA or bankrupt over 5 years as long as no adverse after discharge. (60 months)

Non-standard: -
satisfied /discharged over 36 months ago (no adverse credit since).

Impaired range: -
satisfied / discharged by application.
Must have been discharged for 3 full years - Each case will be individually underwritten so should be referred before application. Must be fully settled min 3+ years agoNot accepted. Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretionYes – must be 3 years settled NoDischarged > 6 years agoOver 6 years from date of registration and off the register completely Discharged 3 years ago, max LTV - Check guide for Max LTV - clean credit since with no exceptions.Will ignore IVA after 1 year satisfied as long as they haven’t had any adverse since the discharge date

Otherwise, 6 years from discharge considered.
RepossessionsProduct range dependent.

Level 1 - Not accepted.
Not acceptableNot acceptedNo but can refer if over 10 years ago. Not accepted. Must have been over 3 years ago and no shortfall remaining upon application. Refer prior to application.Not acceptedYes - must be 5 years since NoNone in the last 6 years6 years from the date of repossession and all settledSatisfied 3 years, Max LTVNo, not considered
Historic CCJ’s & DefaultsCCJs: - None registered in last 36 months.
Values < £300 or telecom ignored (even if in last 6 months)
Recency 0 in last 6 months; > 36 months ignored

CCJ’s over £500 must now be settled for 3 years.

CCJs registered more than 3 years ago but only satisfied in last 3 years acceptable if total balance does not exceed £500
(CCJs satisfied over 3 years ago considered)

Defaults:
1 (satisfied) in 36 months
Values < £300 or telecom ignored (even if in last 6 months)
Recency 0 in last 6 months; > 36 months ignored
(Defaults registered over 3 years ago considered)
Clear: - Defaults - 1 (satisfied) in 36 months
Value < £300 or telecom ignored (even if in last 6 months)
Recency: 0 in last 6 months; > 36 months ignored

CCJ's: - 0 in 36 months
Value < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

AAA
Defaults: - 1 in 36 months
Value: < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

CCJ's: - 1 settled in 36 months
Value: < £300 or telecom ignored (even if in last 6 months)
Recency: 0 in last 6 months; > 36 months ignored.

AA
Defaults: - 2 in 36 months
Values: - < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

CCJ's: - 1 in 36 months
Value: - < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

A
Defaults: - 3 in 36 months
Value: - < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

CCJ's: - 2 in 36 months
Value: - < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored


BBB
Defaults: - 4 in 36 months
Value: - < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

CCJ's: - 3 in 36 months
Value: - < £300 or telecom ignored (even if in last 6 months)
Recency: - 0 in last 6 months; > 36 months ignored

Defaults and CCJ's ignored for
product selection purposes if
registered over 3 years ago or less
than £300.

Ignore all communications defaults / CCJs

None allowed in last 6
months.

All telecom CCJ/Defaults ignored
All CCJ's/Defaults below £300 ignored
CCJ’s / Defaults ignored if > 36 months
0 missed payments on secured credit in months 0 - 12 and up to 4 missed for months 13 - 24
Satisfied Defaults
Prime Products:-
up to £250 in last 36 months (0 registered in the last 12 months)

Non Standard: - up to £1,000 in last 24 months (0 registered in the last 6 months)

Impaired credit: underwriter discretion

Satisfied CCJs: - Prime Products: - up to £100 in last 60 months (0 registered in the last 12 months)

Non Standard Range: - up to £500 in last 36 months (0 registered in the last 6 months)

Impaired Credit: none registered in the last 3 months
We are not an adverse lender but can consider 1 CCJ satisfied under £500 in last 3 years. CCJ's are generally ignored if over 3 years old AND satisfied over 3 years ago

Defaults must have been satisfiied 3 years+ ago.

1 x Communication issue can be referred provided it is under £500.
DEFAULTS:
F1: 0 in 36; Unsatisfied defaults within the last 36m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

F2: 0 in 24; Unsatisfied defaults within the last 24m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

F3: 0 in 12; Unsatisfied defaults within the last 12m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

CCJs:
F1: 0 in 36; All CCJs must be fully satisfied at the time of application

F2: 0 in 24; 1 unsatisfied (if older than 24m) to the value of £200 otherwise must be satisfied at application

F3: 0 in 12; 1 unsatisfied (if older than 12m) to the value of £200 otherwise must be satisfied at application

CREDIT CARDS, COMMS, MAIL ORDER, UTILITIES ARREARS (Must be up to date on application):

F1: Worst status 2 in 36 per account; 0 in 12

F2: Worst status 2 in 24 per account

F3: Worst status 2 in 12 per account


UNSECURED LOAN ARREARS (Must be up to date on application):
F1: 0 in 36
F2: Worst status 1 in 24 per account
F3: Worst status 2 in 12 per account
Core Product Range:
Defaults: 0 in last 24 months.
CCJ’s: 0 in last 24 months.
Secured Loan Arrears: 0 in last 24 months.
Unsecured Arrears: Max status 2 in 12 last months.
£500,000 max loan
***********
Unsecured Credit arrears acceptable if accounts now up to date (max status of 2 in last 12 months)

Select Range: Defaults: 0 in last 36 months.
CCJ’s: 0 in last 36 months.
Unsecured Arrears: Max status 2 in 12 last months
Max Loan £750,000

All Communication arrears are ignored except for when they have reached CCJ.
All CCJs & defaults must be paid prior to the application or must meet the ignore CCJ/default criteria.

Ignore CCJ/default criteria: <£300 in total & satisfied >12 months prior to application OR registered >24 months whether satisfied or not
Yes – under £300 ignored , settled but registered between 24 and 36 months ignored – over £2,500 will refer on DIP.

Max CCJ/Def £10,000
None allowed - however, cases with adverse may be considered on its own merit, refer. CCJs
• Don't need to be satisfied
• Standard range no volume limits up to the total value of £2,500
• Can be registered as recently as 12 months ago

Defaults
• Don't need to be satisfied and no value limit
• Can be registered as recently as
12 months ago
• 2 individual utility, communication or mail order account defaults up to and including £150.00 each ignored (applicable to Pepper 24, 18 and 12 products - excluding DMP)

Pepper 48 - Light: -
CCJ's - 0
Defaults - 0 in 48 months

Pepper 48: -
CCJ's/Defaults: 0 in 48 months
CCJ Value: - Up to a maximum
£2,500 combined total

Pepper 36 - Light
CCJs: 0
Defaults: 0 in 36 months

Pepper 36: -
CCJs: 0 in 36 months
CCJ Value: Up to a maximum £2,500 combined total

Defaults: 0 in 36 months

Pepper 24 - Light
CCJs: 0
Defaults: 0 in 24 months

Pepper 24: -
CCJs/Defaults: 0 in 24 months
CCJ Value: Up to a maximum £2,500 combined total

Pepper 18 - Light
CCJs: 0
Defaults: 0 in 18 months

Pepper 18: -
CCJs/Defaults: 0 in 18 months
CCJ Value: Up to a maximum £2,500 combined total

Pepper 12 - Light
CCJs: 0
Defaults: 0 in 12

Pepper 12: -
CCJs/Defaults: 0 in 12 months
CCJ Value: Up to a maximum £2,500 combined total
CCJ's
0 in 24

Defaults
0 In 24 months

Unsecured arrears Not counted but may affect customer’s credit score
CCJs and Defaults – Must be settled
1 - 12 months - £250 total
13 – 24 months - £500 total
CCJ's & Defaults:

Note: must meet unsecured credit, secured lending and CCJ & default criteria to be considered, please refer to product guide.

Assessed by number (whether satisfied or not) AND £-value.
All CCJ’s and defaults will be ignored if under £300
Ignore if under £300 mail order or Communications.

UTB-0 Range: 0 in last 2 years
Max of 5 over 2 years old, providing total is less than £5,000

UTB-1 Range: 1 in last 12 months
No max number over 1 year old, providing all in total less than £10,000

UTB-2 Range: 2 in last 12 months
No max number over 1 year old, providing all in total less than £15,000

Ignore Mail Order and Comms Defaults regardless of size or when registered.
Payday LoansApplicants can be considered where the loan was in place over 6 months ago.None active in last 12 months since the date of DIP - can consider exceptions but are case dependent.

(*Bluestone will consider any loan as high-cost short term finance that is flagged in the client’s credit report by Experian or found on the customer's bank statements that relate to lenders that offer loans for 12 months or under with an APR of at least 39%)
Standard range: - 0 in last 36 months.

All other ranges down to underwriter discretion.
None in the last 3 YearsNo active accounts or repaid loans within last 12 months All payday loans must have been settled for 12 months prior to application.None in last 12, considered.Considered on case by case basis, if habitual – then noNone considered. None current and None in last 12 monthsCan consider, even in last 12 months. Must not show in the last 3 months bank statements and if in last 6 months and a purchase, would want to see healthy bank statements ie no living in overdraft and saving new mortgage paymentNone in the last 12 months - refer if over 12 monthsConsidered - mostly on a case by case basis.
Applicants (max.)2444 and can use all 4 incomes (Sometimes we will only use 3 incomes and treat 4th applicant as non dependant as this can improve affordability especially if applicant 4 has a modest income amount)2

4, if there is a family tie between the applicants and the LTV is less than 80%

Married/civil partnership applications can be considered in sole names.
2422224 (unless lending into retirement, then it's 2)2
CountriesEngland, Scotland and Wales.England, Scotland and WalesEngland and Wales, Isle of Wight also considered.England and Wales only. England and Wales onlyWill lend in England, Wales and Scotland (Main Land)England and Wales only. Isle of Wight consideredEngland, Wales and mainland ScotlandEngland and Wales only.England and Wales onlyEngland, Scotland and Wales onlyEngland and Wales only. Isle of Wight considered.Will lend in England, Scotland (mainland) and Wales.
Permanent rights to reside and remainYesYes - Can add an applicant to the loan and they don’t need to have permanent rights to reside -

Additional applicants without permanent rights to reside now accepted if income not needed
Yes

Borrowers from EEA countries and Switzerland must have 36 months provable UK residency and a current passport.

Customers from other countries must have 36 months provable UK residency and an indefinite leave to remain stamp and a current passport.

Do not lend to customers with Diplomatic Immunity.

The Society will not consider applications where a conviction exists, unless it has been spent under the Rehabilitation of Offenders Act 1974. Similarly, the Society will not consider any applicant convicted of a financial crime or fraud or any similar actual or pending conviction.
YesYes - Min 3 years in the UK with permanent rights to remain or enterYesYes - required.
****
Tier 2 Visa - on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.
*********
If EEA national, will need to have been in the UK for a minimum of 36 months before able to apply for mortgage
Yes, required for all applicantsYesApplicants who are non‐UK citizens must have been permanently resident in the UK for the past three years and must have indefinite leave to remain in the UK.
****
UK citizens who are returning to the UK permanently are acceptable.
Applications from Foreign Nationals are acceptable, however all applicants must:
Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer).
Be UK taxpayers (where income is being used in support of the application).
Have resided in the UK for the last 3 years.
Applicants residing in the Isle of Man and Channel Islands are not acceptable.
Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK(where income is used in support of the application).
Non‐European Union citizens must provide evidence confirming indefinite rights to remain in
the UK and have a statutory right to work in the UK.
Yes.
****
Non EEA Nationals must have been resident in the UK for the last 3 years and have permanent rights to reside in the UK.
Must have indefinite leave to remain, no visa applicants considered. Yes, required.
Repayment typesCapital and repayment.
Help to Buy scheme is only Capital and repayment.
Interest only - Maximum 75% LTV.
Note: Proof of repayment plan required.

Downsizing / sale of main residence – a minimum £175,000 equity (£300,000 in London and the South East) is required at the start of the mortgage.
Capital and Interest onlyCapital and repayment - will only consider Interest only if there is a suitable repayment strategy, Max LTV 50% minimum property equity £200k. Please note, sale of the mortgage property is no longer a suitable repayment vehicle for interest only for BucksCapital and repayment.
Interest Only to 80% LTV - No min Income or Equity. The remaining equity should be sufficent to be able to downsize within a 5-10 mile radius. Other repayment vehicles can be used alternatively or to top up. These can include: BTL property equity surplus, Pension Pots (not being used as income on the application), Equities, Lump Sum Investments, Endowment Policy

Part & Part (If loan is 50%+ on Repayment than the C & I term option can be used for the whole of the loan).
Interest only, Capital and repayment AND part and part.

Interest Only
The Borrower will pay interest only to Foundation Home Loans. No assignment of any repayment vehicle, such as a life assurance
policy, will be required but the lending will be subject to Foundation Home Loans Interest Only Policy as documented in the
Responsible Lending Policy.
For Interest Only Mortgages:
• Will assess affordability on a Capital Repayment basis;
• The maximum loan size for an Interest Only loan may be smaller than for Capital Repayment;
• Interest Only lending is reduced to a maximum of 70% LTV; Sale of Property will be accepted as a repayment method subject
to there being at least £200,000 equity (to allow for sale costs); and Repayment methods, other than sale of property, will only be
accepted as shown below and satisfactory documented evidence must be obtained for each loan that is agreed on this basis.

Part and Part Loans:
A borrower may choose to take a mortgage on a part repayment, part interest only basis. The Lending Policy, as stated, in relation
to Interest Only loans will apply to the Interest Only element of the loan. Where a borrower wishes to have a mortgage of more than
70% LTV on a part and part basis, any borrowing over 70% LTV must be on a repayment basis. Part and part mortgages are subject
to a maximum of 80% LTV.
Repayment, Interest only or Part and part
- For Interest only and Part and Part a repayment vehicle is required and Minimum 10 year term
- Where at least one applicant earns in excess of £75K, Kensington can consider full interest only (when the product permits), to a maximum LTV of 75%
-
Where all or part of the loan is on an Interest Only basis, the maximum LTV for the Interest only element is limited to 50%.
-
Where at least one applicant earns in excess of £75K, Kensington can consider full interest only (when the product permits), to a maximum LTV of 75%.
-
The method and full details of repaying the capital must be declared on a Supplementary Form for Interest Only and be acceptable to Kensington.
-
Evidence of the repayment strategy will be required. Any payments made towards a repayment strategy must be taken into account for affordability purposes and strategies must mature prior to end of mortgage term.
-
Repayment strategies must have been established for a minimum of 12 months prior to application. We will accept up to 80% of current value of share portfolio, 100% of providers most recent midpoint maturity valuation for endowments, 25% of providers most recent midpoint maturity valuation for pensions and 75% of current equity of other owned properties.
-
With cash ISAs no growth rate is assumed and current balances must be sufficient to cover the Interest Only element of the loan.
-
Where there is an element of Interest Only, the maximum age at end of the mortgage term is 70.
Repayment or interest only or Part and part.
Residential Interest Only products are designed for your clients who have sufficient background assets, such as equity in other property or investments that can be used to repay the capital in the future.
This product is available for property values over £500,000
Capital and Interest UP TO 75%, Interest only and part & part 60% LTV Capital and Interest AND interest only, but limited to 75% LTV if on Interest only. Capital and Interest (Repayment)
OR
Interest Only – Available to 60% LTV.

Up to 60% LTV accepted on Residential remortgages.

Amount of equity is at underwriters discretion.
Capital and interest

Interest only - 65% LTV. (£150,000 equity required)

Part & Part up to 75% LTV (Interest only element must not exceed 50% LTV)
Available on Tier 1 and 2 only - NOT ALLOWED ON Help to buy or Right to buy.

Repayment vehicles allowed:-

Sale of Security

Sale of additional property

Savings / Investments

Pension
Capital and Interest only.
Interest only accepted up to 70% LTV max, subject to satisfactory repayment vehicle criteria;

Sale of financed residential property(ies): -

*Minimum of £250,000 equity in the property being financed if plan is to downsize in the future;

*Confirmation of customer’s future plans following the sale of the residential mortgaged property and that they will have sufficient equity/funds to carry out those future plans.

*Where ‘Purchase a new residential property’ is stated as the future plan and the remaining loan term is less than ten years, additional information should be requested on the property location, type and size.
Evidence of this information must be retained on the file for the life of the loan.

Please view Saffron's published criteria on their website for intermediaries for further repayment vehicles options.
Capital & Interest.
Lenders completion feeCan be added.£1495 (referred to as arrangement fee)Can be added up to the agreed Max LTVCan be borrowed and deducted from the advance subject to max LTV. Can be added Can be added up to 70% LTV.Can be added.Can be added to loan but not included in LTVCan be added if standard property, check product guide for other property types. Can be added providing loan does not exceed 85% LTVCan be added.Can be added to the loan - loans must not exceed a maximum of 95% LTVCan be added to loan.
Credit ScoresNoNoNoNoYesNoNoNoYesNoYes - On Experian only. Yes - Experian score must be above 600No, just credit check.
Type of credit search and who withSoft, Experian search only. Soft, Experian seach only. Not done at DIP stage, only full application stage. Hard only on Application - Equifax.Soft at DIP stage, hard at full mortgage application stage. Foundation use Equifax.Soft at DIP - Equifax, but hard on full mortgage application.Soft, Equifax. On full mortgage application, a hard foot print is done, also Equifax. Soft Search at DIP and Hard Search at application via Equifax. Hard foot print on application with Equifax.Soft, Equifax, but hard foot print on application. Soft, Experian at DIP stage. On full mortgage application, hard foot print on ExperianExperian and Equifax – Soft Footprint DIP stage, Hard Footprint FMA StageHard search conducted. Equifax search only.
AffordabilityAffordability basedIncome multiples not used, Bluestone have their have own
affordability calculator and must be used prior to DIP submission
Affordability based to a maximum of income multiples of 4 x first income plus 2.5 x second income or 3.75 x the joint income or 4 x sole incomeAffordability basedAffordability based - has system calculatorAffordability basedAffordability basedYes, including using ONS statistics. Affordability based.Affordability basedAffordability based - maximum of 5x income, case dependent.
Precise Mortgages Affordability Calculator
No minimum income, affordability must be assessed prior to submission and can be done via Saffron's website -

Saffron Affordability Calculator
Affordability and ONS based.
EmploymentMinimum 3 months
employed in the same line of work with 12 months continuous.
Minimum 3 months in current
position, continuous employment for
last 12 months.

Contractors with 3 months remaining on contract accepted
Minimum 3 months or outside probation period, whichever is longer.Minimum 3 months
employed in the same line of work with 12 months continuous.

Furloughed Employees – We will use the 80% or 100% if topped up by employer subject to an employment reference confirming that they will be returning to their role. Extra caution will be taken with high risk sectors such as Aviation
No minimum requirement for current job but must haev minimum 3 months employment history

Contractors: - Fixed Term Contracts: Fixed term contracts and contractors using an umbrella company considered
Applicants must have 3 months remaining on their contract and must have been employed continually in the same industry for two years
Contractors: Contractors must have at least 6 months remaining on their current contract, or proof of renewal, at time of offer
Up to 100% regular overtime/bonus considered
Up to 100% second job income considered where the applicant has held both jobs for minimum 6 months.
Pension and investment income allowable.
Must have had 3 months in current job and not inside of a probationary period - 12 months employment history is required

Young Professional range, which offers significantly enhanced Loan to Income for applicants aged up to 40, qualified in the following professions;

• Medical Doctors
• Dentists
• Chartered Accountants
• Solicitors
• Barristers
• Commercial Pilots
• Actuaries

Heroes range, which offers enhanced income multiples for applicants aged up to 40, working in the following professions;

• Armed Forces Personel
• Firefighters
• NHS Clinicians (Including Nurses & Paramedics)
• Police Officers
• Teachers.
Minimum 6 months
employed in current job with 12 months continuous.
*********
Specific product range for - mortgages for young professionals, aimed at Chartered Accountants, Actuaries, Barristers, Commercial Pilots, Dentists, Doctors and Solicitors.
*************
Must be out of probation period. If been in role for less than 3 months then we will require an employers reference that the bank will request. We would need to see a copy of the employment contract to verify out of probationary period. Will need 12 months continuous employment.
We can only consider an applicant still in their probation period if the applicant is in the same line of work (e.g. hotel receptionist for one hotel chain, then hotel receptionist for another hotel chain) in which we would obtain an employment reference and request site of the employment contract.
************
85% LTV for self-employed contractors trading for one year.

100% of income can be taken for clients with a second job

Construction sub-contractors are now treated as employed customers when paid net of tax.
No current probation periods, min 3 months in continuous employment required. Minimum £15,000 income across all applicants combined
If employed via a family business, they will be underwritten as self employed
Minimum 6 months in current employment with 12 months continuous.
******
Employment gaps of up to 3 months in the last 24 months will now be accepted if not in a probation period. 3 months in the last 12 will be considered by referral
Where the applicant has previous self‐employment within the last 12 months, evidence must be provided.
****
Contract/Temporary Employees
----
Applications will be accepted for contract or temporary workers, provided they have been in employment with the same employer for the last 12 months. Confirmation must also be provided that the contract will be on‐going and renewed.
Income from seasonal work is unacceptable.
Can consider less than 3 months if same line of work and no probationary period. Max 4 weeks between jobs in last 12 months.

Furloughed employees: - Can be considered; 80% of income to a maximum of £2,500, with the use of any evidenced employer top-up over and above this

Bonus: - Reviewed on a case by case basis. If acceptable we will take 50% of regular bonus / commission

Bounce back loans: - reviewed on a case by case basis. Not acceptable as a source of deposit

Second jobs can be used (50% income taken but key 100% into DIP). Max hours between all jobs 60 hours and must have 12 months continuous employment in second job as well.

Contractors.
Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed.

If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 mths to run then letter of intent to extend is required.

Zero contracts are NOT acceptable
Have to be outside probationary period and have been employed for a minimum of three months with as many payslips.

Agency/Temp/Zero hour contracts - 2 years agency worker experience, must be the secondary income earner and maximum LTV - 80%

Bonus - percentage used, Track record and proof required - 50% (non-guaranteed) – of additional / secondary income paid in the previous tax year. 100% (guaranteed) – evidence of track record of up to 3 years required.

Overtime - percentage used, Track record and proof required See note 100% (guaranteed) – evidence of track record of up to 3 years required. 50% (non-guaranteed) – of additional / secondary income paid in the previous tax year.

Second Job - 100% of income can be used if second job has been held for a minimum of 6 months and the applicant is not working more than 60 hours per week.
Max 75% LTV for all employed applicants

Please note: United Trust Bank currently will not consider: -

• Travel – For example airlines, travel agents, tour operators or travel call centre sales staff
• Hospitality – For example, hotel or B&B staff
• Entertainment and Leisure – For example bar, restaurant or venue staff
• Retail – For example, high street shop workers or online retail support staff


Note: -
Guaranteed income, such as Basic earnings and Car Allowances, accepted.

Accept 50% of all regular Bonus, Overtime and Commission income for employed staff, including key workers and non-key workers

Regular Bonus/Overtime payments will now not be accepted for most employees.

For Key Workers listed on www.gov.uk regular Bonus/Overtime, including Shift Allowances, will be considered on an individual case basis, subject to the standard 18m history and evidence.


As forms of employment.

--

3 months in currently employed role with 12 months continuous or 6 months in the current job, neither can be in probation.
Where a client has been in employment for 1 month (with 12 months continuous) in the same line of work as previous UTB can consider

Overtime: - policy states 0% but UTB can use up to 100% if regular, consistent, intrinsic to roll and evidenced with 18 months proof.

Annual bonus: - can take bonuses/ commission if it is monthly, bi-monthly or quarterly if an annual bonus is received UTB wouldn't normally use it, with 2 years P60's though we can refer to credit.

Benefits - £25k earned income: - policy states that they can use benefits where the client is earning £25,000, UTB can look as low £20,000

Maintenance: - where there is no court order/ CSA in place - if we can evidence via 18 months of filtered bank statements UTB can look to refer to credit.

Income over the age of 70: - employed income can't be used passed 70, but where the client is self-employed but not actively working, I.e. just receiving salary or dividends whilst family run the business, UTB can consider.
Self Employed1 years figures/ SA302's/ Accounts is accepted - however, they must meet the below: -
2 years is normally required, although an applicant with 1 year’s accounting information can be considered if the applicant:

- Has no history of payment arrears, defaults, CCJs or other adverse information in the last 3 years on personal and business
credit search; and

- Has a track record in the trade; or is
- Able to demonstrate guaranteed income within the next accounting period; or
- The business is an ongoing concern and sustainable; or is
- Able to provide management accounts for at least the first 6 months of the current financial year
- If appropriate, VAT returns for the two previous quarters are to be supplied
- Personal and business bank statements for at least the previous 3 months
- Income will be based on the profit or salary/dividends for the first year of trading
-Up to 85% LTV
****
Always work off latest figure for self employed
*****
Contract workers: Contract who are based on a daily rate,
are acceptable subject to the following:

The current contract must be for a period of at least 6 months

If the contract has more than 6 months to run the applicant must have been employed for a minimum of 12 months in the same line of work

If the contract has less than 6 months to run the applicant must have a 2 year track record of employment within the same line of work

It is acceptable for applicants to be paid via an umbrella company, which pays tax and NI for the applicant

Original or certified copies of the current and previous contracts will be required to confirm that contract period
meets criteria.
Minimum 12 months trading required.
Will work from latest years figures

Can consider using latest years figures.

Bluestone allow an accounts certificate for self-employed as long as from a registered accountant.

If income/profits are increasing year on year, the average of the last 2 years net profits will be used.
• If income/profits are fluctuating, average of the last 3 years should be used or the latest year’s net profit, whichever is the lower.
• If income/profits are decreasing, the lowest net profit figure should be used for the past 3 years, together with an explanation as to why profits are reducing.
Yes - minimum of 3 years trading required.

For Contractors we require at least 7 months track record of contracting, with at least one renewal (or second contract) and we would want to see evidence of their next contract or renewal.
All self employed cases are assessed on individual merit, however, below are examples which would be considered normally: -
1 years figures/ SA302's/ Accounts is accepted - however, they must meet the below: -
2 years is normally required, although an applicant with 1 year’s accounting information can be considered if the applicant:

Where possible we work off the latest years figures but reserve the right to use a 2 year average


- Has a track record in the trade; or is
- Able to demonstrate guaranteed income within the next accounting period; or
Moved purely from ST to Ltd Co same sole Director

Contract Workers - Min Contract £75,000 - Can then work of Contract income 46 weeks x Day rate.
1 years trading required.

Consider retained profit

Where a company director owns 20% or more of the company shares they will be classed as self-employed
1 years finalised accounts
Most recent years figures generally used
Inland Revenue SA302 acceptable
Also can now make affordability assessments taking into consideration a company director's share of profits in addition to their salary
**************
For individuals and couples that own 100% of shares in a company we can lend against net profit after tax and add back in salaries – this can also be based on 1 year accounts
**************
Kensington can used retained profit, they must be 100% shareholders altogether.
**************
For self employed applicants Kensington generally use the most recent year’s income for affordability purposes and require a minimum trading period of one year.
Income is based on:
Sole Traders and Partnerships
Share of Net Profit.
Ltd Company Directors (With 25% shareholding or more)
For Directors of a limited company, the salaried income plus dividends received will be used, although profit after tax may be considered where the applicant(s) have a 100% share in the business.
Contractors
46 weeks on current weekly contract.
Any self employed applicant will be reviewed upon DIP submission.

Both 1 years trading and 3 years considered.

For Standard range - Self employed applicants will need to have been trading for a minimum of 3 years, evidenced by 3 years’ SA302’s or audited accounts.

We can accept both professionals (doctors, lawyers, teachers, etc.) and non-professionals that have been trading for 1 year with income needing to be based on finalised accounts prepared by the accountant acting for the business who must be suitably qualified.

We would require a projection for the 2nd year income, also provided by the accountant, the applicant must have a minimum of 12 months previous track record in the same sector as their current business, which would need to be evidenced by proof of previous PAYE income.

We will not be able to accept self-assessment tax returns or SA302’s as proof of income, and income would be verified by means of an accountants reference. Second year projection can be used if no more than 30% growth.
Sole trader - Minimum trading 18 months; applicant must be minimum 25 years old; income is assessed on the applicant's share of the net profit.
Partnerships - Minimum trading 18 months - income will be assessed on the applicant's share of the net profit
Ltd Company Directors - Limited company - income will be assessed on the applicant's salary and dividend. If the applicant owns more than 50% of the shares, the underwriter may include the applicant's share of the most recent year's profit that has not been distributed by way of dividend.
Minimum £15,000 income across all applicants combined
2 years self employed required - can consider 1 years completed accounts OR SA302's
Contractors considered but will be considered as self employed, so accounts and SA302's required.

Applicant(s) must be able to provide a full one year’s accounts and/ or tax returns, together with next year’s forecast, if only one year’s accounts are available.
Will consider the latest years figures up to 85% (subject to other LTV restrictions)

Proof of Self-employment:
• HMRC Tax Calc OR SA302 + Overview OR Accounts

• For Directors add together for total income 100% of: Salary + Dividends =

• Changes in trading style i.e. Sole to LTD Co treated as continuous self-employment

Share of Dividends 100%
Share of Directors remuneration 100%
Share of directors car allowances Exception only
Share of directors pension contributions - No
Share of use of home as office – No
Share of private health insurance – No
Share of spouse's income (sole app) – If married we require the application to be in joint names.
Operating profit No
Retained net profit Yes
Self Employed (Sole Trader/Partnerships)
• 1 Years final accounts plus 3 months personal and business
bank accounts statements showing applicants share of net profit
• SA302s can be provided as long as they are supported by 3 months personal and business bank statements

For applicants who have been trading for less than two years, one year’s finalised accounts is acceptable. For applicants who have been trading for two years or more, two years’ accounts will be requested and the latest year’s figure will be used for affordability.

*************
Company Director
(Note: Shareholding = or < 25% treated as employed, shareholding
>25% treated as s/employed)
• 2 Years final accounts plus 3 months personal and business bank statements showing - this is required if more than 1 years trading.

Share of Dividends Yes - minimum 25% shareholder
Share of Directors remuneration Yes - named shareholder
Share of directors car allowances Yes
Share of directors pension contributions Yes
Share of use of home as office Yes
Share of private health insurance Yes
Share of spouse's income (sole app) No
Operating profit No
Retained net profit No

Finalised accounts will be required where additional remuneration is to be added back.
Can consider up to ONE years figures regardless of how long trading up to 85% + lenders fee.

Over 75% is subject to score so key one year, it will refer (check back in 2 hrs) if decline, then reduce to 75% LTV or copy DIP and add 2 years figures (then can consider up to 5 x income).

Precise will work off the average or last year whichever is the HIGHER.
Proof of Self employment:

HMRC Tax Calc + Overview
OR SA302 + Overview
OR Accounts
For Directors add together for total income 100% of:

Salary + Dividends + Co. Car allowance + pension Contribution = Total that you key into the DIP

Changes in trading style ie Sole to LTD Co treated as continuous self employment

NOTE: underwriters reserve the right to ask for further information where necessary
*******
Precise can also use the following in order to help affordability if they are declared on the accounts: -
Rooms used as an office
Use of spouse's income
Share of dividends
Director's car allowance and pension
Last 3 years audited accounts and they work off net profit, whether LTD Co or Sole Trader. Self Employed product specifically can have 1 year accepted.

Self-employed with 100% Ownership can be considered on net profit after tax plus salary - for any other scenario, affordability assessed on salary plus dividend.
Partnerships assessed as share of net profit

Average or latest what ever is the lesser. If reasonable increase year on year over the last 3 years can take latest subject to underwriters discretion.

Umbrella companies can be considered on Contractor range/criteria.

Rental income usage for professional landlords - 50% of surplus income considered

If there is a minimum of 1 year of accounts (12 months) but less than 3 years, we can consider on our Specialist Self Employed product range - please view product guide for further information.
Max 75% LTV for all self-employed applicants

Sole Traders: 100% of Net Profit. Partnerships/Limited Companies: 100% of all sustainable drawings or dividends in addition to any salary.

Retained Profits and Directors Loans are not accepted.

Pension/Maintenance – 100% of all regular income.

Working Family Tax Credit, Child Benefit and Child Tax Credit – 100% of all income, providing there is a minimum of £25,000 total earned income across the application.

Sole trader to limited company: - where the client has only had a limited company for a short time but changed from being a sole trader we can consider with an explanation from the accountant (normally for tax reasons).
Applicant(s) paid in cashReferWill accept if deductions for tax and national insurance contributions on payslips. Will consider but will only use £15,000 maximum of the income. Consider on a case by case basis. As a minimum, the same amount paid into applicant's bank account much match the payslips. Yes with last 3-6 months bank statements and wage slips. NoNo. Consider on a case by case basis. As a minimum, the same amount paid into applicant's bank account much match the payslips. NoConsidered.
Valuation feesPaid direct to lender at the lender fee scales.Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender and a processing fee of £95 at application to 3mcPaid direct to lender at the lender fee scales. Free Valuations on Residential Purchase and Remortgage cases up to £500,000 (Discount of £360 above that value)Paid direct to lender at the lender fee scales.Paid direct to lender at the lender fee scales.Paid direct to lender at the lender fee scalesPaid direct to lender at the lenders fee scales, found on both the lender website and product guide. Paid direct to lender at lender fee scalesValuation fees paid direct to lender and a processing fee of £95 at application to 3mc.
A completion fee and Chaps fee is payable in all cases. The customer will have the option to pay their completion and/or Chaps fees up front or they can be added to the loan.
However, any fees to be added to the loan must not exceed the hard cap rule of 85% as a maximum LTV for all Residential cases.
paid direct to lender at the lender fee scalesValuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid directly to the lender at the lenders valuation fee scale.
AVM's available up to £250k on remortgages and unencumbered properties only, not for purchases
AccessAccess to Aldermore Mortgages is direct to lender with 3mc selected as your payment routeAccess to Bluestone Mortgages is to a selective panel of mortgage packagers, of which 3mc are one.Access to Buckinghamshire Building Society is to a selective panel of mortgage packagers, of which 3mc are one.Access to Family BS is available via selected packagers networks. Access to Foundation Home Loans is available via selected packagers networks and mortgage clubsAccess to Kensington is direct to lender with 3mc selected as your Mortgage Club. Access to Kent Reliance is direct to lender with 3mc selected as your payment routeAccess to Masthaven is available via 3mc as your mortgage packager. Access to Paragon Bank is available via 3mc as your packager. Access to Pepper Money can be direct to lender and also via a mortgage packager. Access to Precise Mortgages is direct to lender with 3mc selected as your payment routeAccess to Saffron is available via selected packagers onlyAccess to United Trust Bank is via mortgage packagers currently, one of which is 3mc.