Our criteria is listed in alphabetical order to enable you to quickly find the information that you require.
If you do need further information then please contact our team on
0808 281 9309
Maximum acreage acceptable is 5 Acres. Up to 10 Acres considered on a case by case basis.
Missed payments
Secured & Unsecured Debt – A maximum of 1 month’s arrears on one account within last 12 months may be considered.
For secured debt the account must have been up to date for at least 6 months prior to application. For unsecured debt the account must be brought up to date prior to application.
Defaults & CCJ’s
CCJ’s/Defaults with a combined value of less than £500 can be considered if registered more than three years ago and settled at least 6 months prior to application.
Bankruptcy/IVA
Can be considered if discharged for at least 6 years.
Debt Management Plan
Unaccepted.
Applications must pass the Society’s affordability assessment with a surplus net disposable income.
Minimum age 18, maximum age at 85.
Maximum applicants 4 – we will consider the two highest incomes only.
Apprenticeship income may be accepted where the applicant has a minimum 12-month apprenticeship contract with at least 6 months remaining.
Subject to no other adverse credit, we will accept an arrangement for up to 3 months on one Communications, Credit Card, Mail Order or Utility account within the last 12 months. The account must have been brought up to date.
Any BTL properties in the background will be ignored where The ICR coverage meets 125% at 5.5%.
Can be considered if discharged for at least 6 years.
The following benefits can be considered:
Child Benefit – 100% accepted (where children are aged 13 or under)
Pension Credit – 100% accepted
Carer's Allowance – 100% accepted
Disability Living Allowance (DLA) – 50% accepted
Attendance Allowance – 50% accepted
Benefit income must be a secondary source of income and cannot account for more than 50% of the total income used in the affordability assessment.
Guaranteed Overtime, Guaranteed Bonuses taken at 100% for affordability.
Commission Regular Bonus and regular overtime taken at 50% for affordability.
|
Purchasing a residential property |
95% |
|
Remortgaging a residential property (like for like) |
95% |
|
Purchasing/remortgaging a residential property with BTL in the background |
95% |
|
Purchasing/remortgaging a Shared Ownership property |
95%* |
|
Purchasing/remortgaging a second residential property |
75% |
|
Property extension |
80% |
|
Non-structural home improvements |
90% |
|
Structural home improvements |
80% |
|
Buy freehold title or new extended lease |
75% |
|
Buy a share in the freehold |
75% |
|
Buy land to extend security |
75% |
|
Buy out partner’s interest (non-borrower) |
95% |
|
Buy land or property separate from the security |
75% |
|
Repay Help to Buy Equity Loan |
95% |
|
Personal consumption |
75% |
|
Pay off second charge (if for debt consolidation) |
75% |
|
Pay off second charge (not for debt consolidation) |
95% |
|
Debt Consolidation |
75% |
|
Right to Buy |
100% |
The broker fee must not exceed the lower of 1.5% of the mortgage loan amount or £1,500. Any fee above this limit will be reviewed on submission and may result in the application being declined.
CCJ’s/Defaults with a combined value of less than £500 can be considered if registered more than three years ago and settled at least 6 months prior to application.
Where any loan includes an element of capital raising then the maximum LTV is 75%. The maximum capital raising loan which can be included within an overall total mortgage amount is £500k.
Guaranteed Overtime and Guaranteed Bonuses taken at 100% for affordability.
Commission, Regular Bonus and regular overtime taken at 50% for affordability.
Fixed-term contracts are acceptable where the applicant is currently on a 12-month contract or has evidence of a 2-year track record with consistent income AND in both cases, evidence of at least 6 months remaining or a new /renewed contract must be provided, in the same line of work.
We don’t accept contractors employed through an umbrella company.
Where any loan includes an element of capital raising then the maximum LTV is 75%. The amount raised for debt consolidation is limited to 30% of the property value.
None in the last 3 years and must be satisfied for at least 3 years.
CCJ’s/Defaults with a combined value of less than £500 can be considered if registered more than three years ago and settled at least 6 months prior to application.
Personal savings.
Non repayable gift from a family member.
Sale/remortgage of existing property.
Forces Help to Buy.
Where there are concerns about the external wall construction (cladding) for all flats then the valuer needs to obtain a EWS1 form which must be completed by a suitably qualified person, only options A1, A2 & B1 are acceptable.
Applicants must be in permanent full or part time employment and continuously employed for the last six months.
Applicants must not be under notice of termination of employment or notice of redundancy.
We don’t accept contractors employed through an umbrella company.
Fixed-term contracts are acceptable where the applicant is currently on a 12-month contract or has evidence of a 2-year track record with consistent income AND in both cases, evidence of at least 6 months remaining or a new /renewed contract must be provided, in the same line of work.
We don’t accept contractors employed through an umbrella company.
We may lend up to 95% for first time buyers.
Flats – buildings built before 1 January 2020
Flats – buildings built on or after 1 January 2020
We can use 100% of fostering income in our affordability assessment. We require:
We accept gifted deposits from immediate family members, we will require a gifted deposit form to be hand signed.
Ground Rent must not be onerous and must adhere to the Renters Rights Act. Reasonability is subject to the Valuer’s professional opinion.
We may lend up to 90% LTV for non structural home improvements.
For structural home improvements we may lend up to 80% LTV.
We can consider:
Minimum income only applies for lending in or into retirement:-
Lending in Retirement – minimum income £20,000 (single or joint)
Lending into Retirement – post retirement minimum income £20,000 (single or joint)
For lending in retirement there is a minimum income requirement of £20,000 and for lending into retirement there is a post retirement minimum income of £20,000.
Loan to Value restrictions apply where we are Lending in Retirement and Lending into Retirement, please see Maximum Age section for details.
5x main income or 5x joint income for loans up to 90% LTV.
4.49x main income or 4.49x joint income for loans up to 95% LTV.
6x main income or 6x joint income for loans of up to 95% LTV, can be considered subject to referral.
Shared Ownership applications are restricted to a 4.49% main income or 4.49x joint income.
We will allow up to 4 borrowers and will consider the two highest incomes only.
Applications on an interest-only basis must have a maximum LTV of 75%. A credible repayment vehicle is required and must be evidenced, with sufficient value to repay the capital balance at the end of the mortgage term.
For acceptable repayment vehicles, please see our Interest-Only Repayment Vehicles criteria.
Acceptable Repayment Strategies
|
Repayment Vehicle |
What We Accept |
|---|---|
|
Investment Plan |
A plan with a projected maturity value that covers the interest‑only loan. |
|
Sale of Property (Downsizing) |
Enough equity to sell the current home and buy another mortgage‑free, based on today’s prices. Term must not exceed eldest borrowers 75th Birthday |
|
Other Assets (Property/Land) |
Wholly owned, easily saleable assets in England/Wales with equity equal to or above the interest‑only balance. |
|
Savings |
Accessible GBP savings in the UK with realistic growth to repay the loan. |
|
Pension Lump Sum |
Projected pension lump sum equal to the interest‑only amount. |
We can consider leasehold properties where at least 50 years will remain on the lease at the end of the mortgage term.
For new build properties, the lease term at completion must be a minimum of 125 years for flats and 250 years for houses
|
Loan Type |
Maximum LTV |
Minimum Loan |
Maximum Loan |
|
Residential |
95% |
£25,000 |
£500,000 |
|
85% |
£25,000 |
£600,000 |
|
|
80% |
£25,000 |
£750,000 |
|
|
75% |
£25,000 |
£1,500,000 |
|
|
Interest Only |
75% |
£25,000 |
£1,500,000 |
|
Shared Ownership |
95% |
£50,000 |
£500,000 |
We can consider employed and self-employed applicants whose mortgage term extends beyond their expected retirement date.
When lending past age 70 please note underwriting will complete additional checks on the appropriateness of the applicant’s role if earned income is used for affordability purposes. For more information see the Retirement Income section.
Residential
Shared Ownership
Right to Buy
First time buyers
Interest only
Second Residential
England (Including Isle of Wight) & Wales.
Shared ownership properties in England only.
Where income is reduced during maternity or paternity leave, affordability will be assessed using the reduced income. If affordability is not met during the leave period, applications may still be acceptable where adequate savings are available to cover the shortfall.
Affordability will also be assessed using the expected return to work income, taking into account any reduced hours and childcare costs where applicable.
Our minimum age for Residential Applications is 18.
Our maximum age is 85; The term of the mortgage must not extend beyond the 85th birthday of the oldest applicant. We offer 80% LTV for lending into retirement and 70% LTV lending in retirement.
(Please see lending into retirement section)
Shared Ownership - up to the earlier of the elected retirement date or 75th birthday
95% - £500,000
85% - £600,000
80% - £750,000
75% - £1,500,000 (£500,000 for capital raising)
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value).
Shared ownership – 95% Max £500,000
Loan to Value restrictions apply where we are Lending in Retirement and Lending into Retirement, please see Maximum Age section for details.
Affordability is based on income multiples, please see our Income multiples section.
Minimum income applies when lending into retirement and post-retirement of £20,000 (single or joint). Please see our income (retirement) section for more information.
Minimum loan size on residential applications is £25,000.
Minimum loan size on shared ownership applications is £50,000.
Our minimum property value on standard Residential and shared ownership mortgages is £50,000
5 years - 40 years.
Secured & Unsecured Debt – A maximum of 1 month’s arrears on one account within last 12 months may be considered.
For secured debt the account must have been up to date for at least 6 months prior to application. For unsecured debt the account must be brought up to date prior to application.
Any property which has been built/converted within the last 10 years must hold an acceptable guarantee/certificate.
Acceptable warranty providers for new build properties are:
Other guarantee/certificates are considered on a case-by-case basis.
Maximum applicants 4 – we will consider the two highest incomes only.
Applicants who have taken out a pay day loan within the last three years are not acceptable.
Residential properties permanently affixed to land, which are not mentioned in the unacceptable security section, are suitable security for mortgage lending subject to confirmation from the valuation report.
Where the customer is looking to extend the property, consideration will be given subject to a maximum LTV of 80% at the outset, based on the current property valuation.
Minimum property value £50,000
Maximum property value £1,500,000
Please see lending limits
Shared ownership
Minimum property value £50,000
We offer loans on a repayment basis, interest only or part and part
Interest Only
Available up to 75% LTV.
Where all or part of the loan is on an interest-only basis, we will require confirmation and supporting evidence of an acceptable repayment strategy to demonstrate how the capital balance will be repaid at the end of the mortgage term.
Part & Part
Available where the interest-only element does not exceed 75% LTV. Evidence of a suitable repayment strategy will be required for the interest-only portion of the loan.
We accept applications from customers who are currently resident in the UK and have a minimum 3 years' UK address history.
Applicants must also be:
Applicants Currently Retired
We can consider retired applicants with:
Applicants Retiring in less than 10 Years
We'll require:
Applicants Retiring in 10 Years or More
For more information see our Lending in retirement section.
The Society may lend up to 100% of the purchase price with any fees being paid from the customer(s) own resources.
Home improvements can be funded by the mortgage, subject to estimates and providing the Loan to Value does not exceed 85% of the improved value.
Where LTV exceeds 80%, it is a requirement that the customer contributes at least 5%.
Acceptable purpose for a 2nd residential property includes:
• Holiday home
• To live in during the week working away from the family home
• To accommodate a dependent relative’
Second Residential loans are capped at 75% LTV
Minimum trading period is 2 years.
An average income over the last two years will be assessed or the latest income will be applied if lower. Income is defined as:
Sole Traders and Partners - applicant’s share of the net profit.
Directors of limited companies (25% or greater shareholding). A total of applicant's share of net profit and their salary.
We don’t accept contractors employed through an umbrella company.
We only accept shared ownership properties in England for those eligible to take part in the scheme and who have the option to staircase until they own 100% of their home.
Applicants Share to be between 25% and 75%
Min loan £50k max loan £500k
Lending into retirement is not permitted
Max 95% LTV of the purchase share
Concentration per development is restricted to 20% of the shared ownership properties
Capital and interest repayment method only
Solar panels will be considered subject to the Valuer’s recommendations.
Where the panels are leased, a copy of the lease documentation will be required for submission with the application for approval by the Society. The lease must contain agreement for removal of the panels, at no cost to the Society, should the Society take the property into possession.
Freehold (houses only). Leasehold properties must have at least 50 years remaining on the lease at the end of the mortgage term.
Remortgage applications where the applicant has not owned the property for six months.
Capital raising for business or investment purposes or to fund living costs.
Loans are not available for investment purposes.
Purchase of land adjoining the Society 's unless the land to be purchased is covered by the Society's charge.
Applicants who have taken out a pay day loan within the last three years.
Purchase/remortgage of a property owned by applicant’s own business.
Bridging finance.
Foreign Currency Loans.
Self-build.
Lending to social landlords.
Lifetime mortgages.
The Society doesn't currently accept anyone on a visa.
Any property which has been built/converted within the last 10 years must hold an acceptable guarantee/certificate.
Acceptable warranty providers for new build properties are:
Other guarantee/certificates are considered on a case-by-case basis.
The applicant must have been employed in the same type of employment/industry for the last two years.
We don’t accept contractors employed through an umbrella company.
