Lending criteria

If the applicant is already a Saffron Building Society mortgage holder and looking for further borrowing they will need to contact our Direct Mortgage Team: Telephone – 0800 072 1100 and select option 2, then option 1.

The Society defines additional / secondary income as;

• Overtime
• Bonus
• Commission

Of which we can take;

• 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.

For all additional / secondary income payments, we assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.

Please refer to your BDM.

We charge a non-refundable application fee at full mortgage application stage. The costs are as follows:

• Residential application - £180
• Self-build application - £300
• Buy to Let - £200

No current adverse allowed.

• Missed mortgage payments – no more than two occurrences within the last 24 months
• Unsecured arrears – no more than two occurrences within the last 24 months
• CCJs and Defaults – Must be settled
  • 1 - 12 months - £250 total
  • 13 – 24 months - £500 total
• IVAs/Debt Management Plans – Must be settled for three years
• Bankruptcies – Must be discharged over 5 years ago

Applicants must not have credit score lower than 600, we use Experian as our credit referencing agency.

If the above has occurred then the applicants may be subject to a LTV restriction. If the above is not met, we may be able to consider by exception - please call your BDM.

Affordability can be tested on the Saffron for Intermediaries website under the calculators TAB – please use the appropriate calculator, for further assistance please refer to your BDM.

Must have two years agency work experience, income from this employment must not be the sole income.

Evidence required;

• 3 months latest payslips
• 2 years latest P60s
• Affordability is based on an average over the last 2 years.

Unacceptable.

A max of 4 applicants on a Full Mortgage Application can be considered; only the 2 highest incomes can be used to support affordability.

Accountants must have one of the following qualifications/certifications:

• Institute of Chartered Accountants of England and Wales (ICAEW)
• Institute of Chartered Accountant of Scotland (ICAS)
• Chartered Accountants Ireland (CAI)
• Association of Chartered Certified Accountants (ACCA)
• Chartered Institute of Public Finance and Accountancy (CIPFA)
• Association of International Accountants (AIA)
• Association of Authorised Public Accountants (AAPA)
• The Chartered Institute of Management Accountants (CIMA)
• The Chartered Institute of Taxation (CIOT)
• Association of Accounting Technicians (AAT)
• Institute of Financial Accountants (IFA)
• Association of Taxation Technicians (ATT).

These are sent at underwriter’s discretion directly to the accountant.

Can consider providing it is for the applicants own use and must not be let out. Refer to your BDM.

All applications must be submitted online via the Saffron for Intermediaries Portal, we do not a have paper based application or a data capture form.

Cannot be considered until discharged for 5 years and has an Experian score of more than 600.

We can consider bonuses for affordability purposes:

• 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.

For all additional / secondary income payments, we assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.

We cannot take benefit income into account for affordability.

100% of basic salary + guaranteed allowances (e.g. area weighting allowance, car allowance, and housing allowance).

Max 5 storeys

Limited to 1 flat per block .

We are able to consider outside of these by exception – please refer to your BDM.

Unacceptable.

Second residential properties are considered subject to a max LTV of 80%

Unacceptable.

It is a condition of all Saffron Building Society mortgage offers that appropriate buildings insurance cover is held over the security property for the duration of the mortgage term.

Unacceptable.

Can be considered although documentary evidence may be required i.e. quotes for building works. Debt consolidation is limited to 90% LTV max.

We will not consider requests to capital raise for the following:

• Payment of a tax bill
• To repay gambling debts
• Or deemed to be for any business purpose including repaying a business loan

Can consider our contracting product range – please refer to your BDM.

Unacceptable.

Unacceptable.

Leasehold coach houses acceptable subject to valuers comments, freehold coach houses unacceptable.

Can be considered subject to type of commercial, location and subject to valuers comments.

We can consider commission for affordability purposes:

• 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.

For all additional / secondary income payments, we assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.

Transaction must go through at full market value and the gifted equity deposits must come from immediate family members only.

Standard construction is considered as the following:

Walls: Brick, Stone, Concrete Blocks, Timber Frame – heavy (built before 1900), Timber Frame – modern – built to Building Regulations (1970 to date)

Roof: Tiled, Slate, Asbestos Slate, Thatch, Cedar Shingle, Flat (bitumen or 3-layer felt)

Flat Roof: Main flat roof covering is felt, asphalt, single ply elastomeric membrane or GRP. Up to 100% on purpose-built flats, but only up to 25% of entire area on houses - Subject to valuer’s comments.

Fixed term and short term contractors can be considered on the specific Contracting product range.

Fixed term Contractors;

• Latest 3 months payslips and P60; and
• 3 months bank statements; and
• Evidence of applicants experience (minimum of 2 years) within the same industry; or
• Confirmation from employer of long-term employment arrangement; or
• Written confirmation from a reputable agency of secure further positions.

Short term Contractors (including contractors employed under an umbrella company contract);

• Accountants certificate from an independent accountant;or
• Self-assessment tax calculation forms;or
• The online submitted online returns and a Tax Year overview for each corresponding tax year;or
• 3 months bank statements and 3 months invoices;and
• Evidence of existing or new contract.

Applicants must have 2 years’ experience within the same type of employment, a minimum of 3 months contract history backed by 3 months bank statement and invoices.

Income to be calculated as Daily Rate x 5 x 48.

Zero Hour Contractors;

Where lending to applicants with zero hour contract, the following applies:

• The applicant on the zero hour contract must be the secondary income earner;
• The applicant must have a minimum of 2 years history of working experience on a zero hours contract - can be with different employers;
• We require the 2 latest years P60’s and 3 latest months’ payslips. An average of the latest 2 years p60’s figures will be used for affordability, as long as this is consistent with the latest payslips.

Maximum 80% LTV

Applicants must not have credit score lower than 600, we use Experian as our credit referencing agency.

Direct debit forms are automatically generated at Full Mortgage Application.

Direct debits for mortgage payments must come from a suitable UK bank account and the date of payment is needed.

Acceptable sources of deposit

• Savings are acceptable as a source of deposits but must be accompanied by a copy of savings book or bank statement showing the full amount of the deposit;
• Equity – confirmation of the sale price and balance outstanding;
• Capital to be raised from another property – copy of the mortgage offer letter;
• Endowment/investment policy maturity – letter showing maturity value;
• Deposits provided by gift or loan must be accompanied by a Letter signed by the person making the gift confirming the amount and on what terms. Evidence of funds may be required.
• Gifted equity deposit, from an immediate family member and the property must be purchased at full market value.
• Funds from liquidation of legitimate assets where necessary evidence can be provided to satisfy source of funds requirements.

The gifted deposits listed below are subject to referral for assessment:

• Provided by the vendor, unless an acceptable new build incentive from the builder/developer or close family member);
• Protected by a Deed of Trust (or similar);
• The person providing it will be living in the property, but is not named on the mortgage (except where satisfactory explanation is provided for this arrangement); or
• There is a beneficial/equitable ownership/interest in the property.

Where the source of deposit is a loan, full details will be required;

• Amount;
• Lender (explain background if not a financial institution);
• Loan terms (e.g. interest rate, payments required);
• Any security required (e.g. second charge)

Unacceptable.

Financial dependents must be entered on the affordability calculator including adult dependants not named on the mortgage.

Unacceptable.

Can consider debt consolidation up to 90% LTV.

For Development lending please contact the Development Team on 01799 582886.

These must be generated online via the Saffron for Intermediaries Mortgage Portal. It is a soft footprint on the clients credit profile at DIP stage.

Acceptable Employment

• Permanently employed Full/Part time.
• Fixed term contracts.
• Short term renewable contracts (including contractors employed under an umbrella company contract).
• Employed director with less than 20% share.

Self-employed;

• Sole trader.
• Partnership.
• Company directors with more than 20% share.

The following are subject to referral;

• Temporary / Agency Workers. (see agency workers)
• Zero hours / Bank Staff. (see contractors)

Min term of employment/self-employment;

Employed applicants;

• There is no minimum time with employer however we will require verification of 3 months of earnings
• Must not be in a probation period.

Self-employed applicants;

• Where less than 3 years income but a minimum of 1 years income can be evidenced, this be considered on the Self Employed product range.
• Where there is a minimum of 3 years of income can be evidenced, this can be considered on the Everyday product range for self-employed clients.

Applicants who reside in employer / tied accommodation e.g. teacher, vicar etc. can be considered on a BTL basis as long as we can obtain suitable proof of address and the security property is to be let out.

For BTL and EXPAT BTL applications the security property must have a EPC rating of E or above.
An EPC rating certificate must be provided at full mortgage application stage to show that the security property meets the legal requirement.
 

Unacceptable.

British Nationals who hold a UK passport living and working overseas. Available on Ex Pat BTL product only.

For multiple purchases/remortgage in the same block of flats the exposure limits are one flat in one block or maximum 10% in block.

Unacceptable.

Can be considered if the applicants have 5 years UK address history pre application.

Post Brexit the applicants must have EU settlement status granted - settled status only.

Letter from home office must be a uploaded to the application to confirm.

Arrangement Fees are product specific – refer to product guide.

Specific product range available up to 95% - fees cannot be added

Fixed term and short term contractors can be considered on the specific Contracting product range.

Fixed term Contractors;

• Latest 3 months payslips and P60; and
• Evidence of applicants experience (minimum of 2 years) within the same industry; or
• Confirmation from employer of long-term employment arrangement; or
• Written confirmation from a reputable agency of secure further positions.

Short term Contractors (including contractors employed under an umbrella company contract);

• Accountants certificate from an independent accountant;or
• Self-assessment tax calculation forms;or
• The online submitted online returns and a Tax Year overview for each corresponding tax year;or
• 3 months bank statements and 3 months invoices;and
• Evidence of existing or new contract.

Applicants must have 2 years’ experience within the same type of employment, a minimum of 3 months contract history backed by 3 months bank statement and invoices.

Income to be calculated as Daily Rate x 5 x 48.

• Maximum number of floors - 5
• Above commercial - Refer to BDM
• New Build flats - up to 75% of capital and interest and 60% Interest only and Part & Part
• Studio flats - subject to valuation and the internal floor area must not be less than 35 square metres; there must be a kitchen facility and a separate bathroom
• Freehold flats Unacceptable
• Ex local authority flats with independent access (throughout block); can be considered at a max LTV of 75% capital and interest and 60% interest only and subject to underwriting and valuation
• Freehold Coach Houses and Maisonettes - Unacceptable

May be considered subject to location. Please contact your BDM

By exception. Please contact your BDM.

Only where the flying freehold portion is no more than 15% of the total floor space, subject to valuers’ comments and there are satisfactory legal arrangements concerning rights of support and access for maintenance and repair in place.

Only income paid in GBP and subject to UK tax is taken in to account to support affordability.

For Ex Pat BTL mortgage applications, clients paid in foreign income is acceptable as lending is based on the rent received.

Must have indefinite leave to remain.

Freehold houses are acceptable however we are unable to consider freehold flats.

Unacceptable.

Acceptable – must be from an immediate family member and signed gift letter provided.

Acceptable – must be from an immediate family member and signed gift letter provided.

Unacceptable.

Unacceptable.

Unacceptable.

Not acceptable

Anyone who submits a tax return can obtain evidence of earnings via an SA302 (or acceptable equivalent - see point 2 below) for the last 4 years in one of 3 ways:

1. Online SA302. Must show the relevant tax year, applicant’s name, Unique Tax Reference (UTR).
2. Online tax computation. Must show the relevant tax year, applicants name and UTR and accompanied by the associated Tax Year Overview document from applicants HMRC online account.
3. Paper SA302’s can be requested by telephone direct from HMRC - 0300 2003300.

For simplicity the checklist item will ask for SA302’s – which covers all 3 of the above.

Not acceptable

We do not offer or collect fees for homebuyer’s reports. If a homebuyers report is required notify us at FMA stage. The standard valuation fee will be collected & the cost of the homebuyers report will be paid by the applicant directly to the surveyor.

All cases must have proof of Identification and Residency provided and certified

Acceptable proof of ID;

• Current full UK/European passport a British Visitors passport is not acceptable)
• Current full or provisional UK photo card driving licence.
• Current full UK driving licence (old version). Old style provisional driving licences are not accepted.
• Inland Revenue Tax Notification/Demand/Assessment (less than 12 months old).
• Letter from the Benefits Agency confirming entitlement to benefits or state pension (less than 12 months old).
• Firearms certificate or Shot Gun certificate.

Acceptable proof of residency;

• Local Authority tax bill or statement (valid for the current year)
• Utility bill or statement (under 3 months old) (current year for water bills) (mobile phone statement and internet prints are not accepted).
• Bank/Building Society/National Savings/Credit Union statement dated within the last 3 months – including Current; Savings or Loan statement (Not mortgage or credit card). Internet prints are not accepted. Statements printed in branch, stamped by the issuing branch, are acceptable.
• Current full or provisional UK photo card driving licence (if not used to verify as ID).
• Current full UK driving licence (old version). Old style provisional driving licences are not accepted (if not used to verify as ID).
• Inland Revenue Tax Notification/Demand/Assessment (less than 12 months old) (if not used to verify as ID).
• Letter from the Benefits Agency confirming entitlement to benefits or state pension (less than 12 months old) (if not used to verify ID).

Where a customer has recently changed their name through marriage; divorce or by deed poll and provides ID in their old name and wants the account opened in the new name – we will accept ID in their old name with satisfactory evidence of their change of name e.g. marriage certificate; decree absolute; deed poll etc.). The photo ID must be certified, with the additional confirmation that the photo is a true likeness of the applicant.

If the customer has lived at their current address for less than 3 months, we will require proof of residency for the new and previous address they must also provide 1 additional item from the residency verification list above to show their previous address and this address must be included in the ID searches.

LTV – 70%, up to 75% inclusive of fees.

Further information regarding repayment vehicles can be found here - https://www.saffronforintermediaries.co.uk/sites/default/files/2020-09/lending-into-retirement-August-2019_0.pdf

Acceptable Income;

• Gross annual income - 100% of basic + guaranteed allowances (e.g. area weighting allowance, shift allowance, car allowance, housing allowance)
• Regular overtime, bonus or commission - 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
• Self-employed, Sole trader, Partnership or Limited Company - Please refer to ‘Self Employed’
• Rental income - 50% of net surplus (unless personal income is derived from a business as a professional landlord – self-employed criteria then applies)
• Maintenance - 50% (by court order – child must be 13 years or under)
• Personal / State Pensions - 100%
• Maternity Leave - 100% of basic salary upon return to work and must be confirmed by employer. Please refer to ‘Maternity/Parental Leave’ for further details
• Second Jobs - 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.
• Trust Funds - Refer to BDM

Unacceptable Income;

• All Benefits - Child tax credits, housing benefit, child benefit, job seekers etc.
• Income paid in a foreign currency (non GBP)

Unacceptable.

We do not lend in Ireland.

Available on the first time buyer Joint Borrower Sole Proprietor product
Visit our calculator page for our JBSP calculator

We cannot lend on properties with Japanese Knotweed.

Leasehold properties are accepted.

Share of freehold can be considered.

On leaseholds, leases must have at least 60 years at the end of the mortgage term.

Will consider applications where the lease is increasing to an acceptable term, simultaneously with the mortgage completion.

See our Retirement Mortgages page for more information.

Can consider on normal BTL range, client must have evidence of an onward residential purchase.
 

Maximum borrowing is assessed on an affordability basis with the max borrowing capped at a LTI of 4.49 times.

LTI exceeding 4.49 may be considered on a bespoke basis at a max LTV of 80% Please refer to your BDM.

No post code restrictions within England and Wales.

We do not lend in Scotland and Northern Ireland.

Unacceptable.

Not acceptable

Leasehold maisonettes accepted.

We do not have a maximum age however the mortgage term will be assessed on a case by case.

Minimum age is 21 but underwriter’s discretion can be applied to a minimum of 18 years.

Maximum loan amount is £1,000,000, unless specified on the selected product. Borrowing above this can still be considered on a bespoke basis, please refer to your BDM.

Minimum loan amount is £30,000.

Maximum is 40 years.

Minimum is 5 years.

No maximum property value.

Minimum property value is £100,000.

Unacceptable.

Can consider 50% court ordered maintenance for affordability providing that the child is under the age of 13 years old.

We are able to take 100% of basic salary upon return to work and must be confirmed by employer, required proofs;

• Latest payslip and P60 (where required); and
• Last payslip prior to maternity/ parental leave showing the full salary; and
• Alternative source of funds to support payments and living costs if income during maternity/ parental leave is insufficient (e.g. savings).
• Where an applicant intends to return to work on the same terms as before the start of maternity/ parental leave, we will need confirmation of this;
• Where an applicant (or either applicant if joint application) will be changing their working pattern following maternity/ parental leave, we will need a letter from the applicant’s employer confirming their return to work conditions.

Ensure that anticipated childcare costs have been included in the affordability calculator. If no childcare costs provide an explanation and details of any alternative arrangements.

Unacceptable.

Please contact your BDM.

Subject to individual property and assessment by valuer and conveyancer involved in the Mortgage transaction.

Not acceptable

If a non-borrowing occupier will be residing in the property, an additional occupier form/letter must be completed prior to completion.

If part or all of the deposit is coming from a non-borrowing occupier, we will insist on them being listed as an applicant on the mortgage, as they will hold an interest in the property.

New Build Houses up to 95% and New Build flats up to 75% of capital and interest and 60% Interest only and Part & Part.

Accepted warranties from:

• NHBC
• LABC
• Premier Guarantee
• BLP
• ICW Limited
• Buildzone
• Castle10/Checkmate
• Buildassure

Any other company please refer to your BDM.

We do not lend in Northern Ireland.

Considered by exception where appropriate care & consideration has been given to the structure /longevity /maintenance problems that might arise and information available indicates the society’s security position would not be impaired by undertaking this lending.

The society restricts lending on properties classified as defective or un-mortgageable in the valuation report.

Please refer to your BDM.

We cannot consider non UK tax payers for Residential or BTL cases however foreign income/non UK tax payers will be considered on Expat BTL cases only.

Offers are valid for 6 months.

If an extension is required this is subject to underwriter’s discretion and further supporting documentation may be required.

We can consider overtime for affordability purposes:

• 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.

For all additional / secondary income payments, we assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.

Products are portable except for self-build.

Documentation (minimum) required - Employed;

• Last 3 month’s payslips
• Latest P60
• If the applicant has been employed for over 6 months and is not a first time buyer – we can consider 1 payslip and 1 bank statement for documentary evidence

Documentation (minimum) required - Self-employed;

• Sole Trader/Partnership; Last 3 years accounts audited by a qualified accountant or last 3 years SA302’s or the online submitted tax returns and a tax year overview for each corresponding year (if self-employed product – 1 or 2 years audited accounts plus projection from qualified accountant)
• Limited Company; Last 3 years accounts audited by qualified accountant (if self-employed product – 1 or 2 years audited accounts plus projection from qualified accountant).

Documentation (minimum) required – Contractor;

• Current and previous contract.
• Latest 3 months bank statement showing invoice credits. For first time buyers, 6 months will be required.
• CV outlining previous employment history (2 years in the same industry required).

Additional documents may be required at underwriter discretion.

Flats

• Studio flats; subject to valuation and the internal floor area must not be less than 35 square metres; there must be a kitchen facility and a separate bathroom.
• Freehold flats; Unacceptable
• Ex local authority flats with independent access (throughout block); can be considered at a max LTV of 75% and subject to underwriting and valuation.

Other unacceptable properties;

• Properties deemed uninhabitable
• Freehold Maisonettes
• Freehold Coach Houses
• Retirement Properties
• Sheltered Housing
• Mobile Homes
• Houseboats
• Holiday Lets

Product fees vary between products, please refer to specific products details. See product guide

We are unable to take income in to account from applicants who are currently in a probation period. If a client has recently started a new job, evidence of no probation from the employer will be required. Income whilst in probation period will not be used.

A portfolio landlord is a landlord with 4 or more mortgaged buy to let properties.

• Minimum ICR on properties being financed by the Society:
• Re-mortgage no capital raising: Rental cover 125% of pay rate
• Re-mortgage capital raising and new BTL: Rental cover 140% of either pay rate +2% or 5.5%, whichever is higher
• 5 Years fixed rate: Rental Cover 140% of pay rate

All other BTL assets in the portfolio (not financed by the society) must meet rental cover of at least 125% of pay rate both individually and collectively.

• Lending is restricted to a maximum of 10 properties in aggregate but with a maximum exposure of £1.5m to any individual
• Maximum LTV is 75% on each property (this includes any fees to be added).

Exceptions to the above considered on a case by case basis. Dependent on the borrower having alternative sources of income to support shortfall from operating cash flow.
Additional documents required at FMA stage. See: https://www.saffronforintermediaries.co.uk/portfolio-landlords/
 

Acceptable Repayment Vehicles

• Sale of Security Property – must have at least £250k equity in the property at the point of offer. Examples of downsizing options may be required.
• Sale of other UK property – value subject to a minimum haircut of 30%.
• Mortgage-Related endowment policy.
• Mortgage-related ISA.
• Investment Portfolio: equity-based investments (shares, unit trusts, Open Ended Investment Companies, Investment Bond.
• Investment Portfolio: pension investment portfolio.
• Refinance at end of mortgage term (only accepted on self-build mortgages).

The following is applied when lending beyond retirement age

• Personal pension – guaranteed fund: 100%.
• Personal pension – non guaranteed fund: 50%.
• Endowment Plan: 90% of middle rate projected value.
• SIPP: 50% of current value.
• Trust Fund: dependent on terms of trust.
• Government Securities: 90% of current value.
• Other Investments – ISA/Investment Bonds/Managed Portfolios: 50% of current value.

UK property excluding main residence: 50% of current unsecured equity.

Please refer to your BDM.

Acceptable – will assess 50% of the rental profit showing on an SA302.

Unacceptable.

Unacceptable.

We do not lend in Scotland.

See product guide for product details & LTV limits.

See Guide to Self Build for further information.

For further information please refer to your BDM.

Unacceptable.

A minimum 3 years of trading (unless being considered on the specialist Self Employed product range where a minimum of 1 year is required).

Average of the last 3 years or the latest figure whichever is the lower. If there is a reasonable increase year on year over the last 3 years, the latest year’s figure may be considered for affordability purposes.

Income used:

• Sole Trader; Net Profit
• Partnership; Share of Net profit and/or Salary
• Limited Company (where shareholding is >=20%); Dividends plus Drawings. Where ownership is 100% we may be prepared to use net profit rather than dividends. 3 years figures required (unless product allows for less).

Less than 3 years of accounts but a minimum of 1 years of accounts may be considered on our specialist Self-employed product range.

Documentation (minimum) required ;

• Sole Trader/Partnership; Last 3 years accounts audited by a qualified accountant or last 3 years SA302’s or the online submitted tax returns and a tax year overview for each corresponding year (if self-employed product – 1or 2 years audited accounts plus projection from qualified accountant)
• Limited Company ; Last 3 years accounts audited by qualified accountant (if self-employed product – 1 or 2 years audited accounts plus projection from qualified accountant).

We cannot consider a case where there is a second charge on the property unless the applicant is capital raising to pay off the second charge – we may consider. Please refer to your BDM.

We are able to consider second homes as long as the home forms our security property. Affordability must meet all commitments.

We do not lend on holiday homes.

Unacceptable.

Only where purchasing the final share of the property.

Unacceptable.

For BTL’s the property must be let on an AST (6-24months)

We can consider shift allowance for affordability purposes:

• 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.

For all additional / secondary income payments, we assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.

Unacceptable.

The conveyancer must confirm on/or before completion of the mortgage that the solar panels fitted, comply with CML-BSA guidance and minimum requirements.

Solicitors must be found on the Law Society website and have at least two SRA approved managers at that firm.

If not on the panel the processing team would complete due diligence checks and if satisfactory will send panel application form to solicitors.

To find out if the applicants solicitors is already on panel please contact the processing team on 01799 582966 option 1.

Unacceptable.

Unacceptable.

Unacceptable.

If CIS workers refer to your BDM

Applicants must have 2 years’ experience within the same type of employment, a minimum of 3 months contract history backed by 3 months bank statement and invoices.

Income to be calculated as Daily Rate x 5 x 48.

See contracting product range

Can run simultaneously with a mortgage application, terms must be highlighted to the underwriters at DIP stage.

Can be considered subject to underwriting and advice from the conveyancers involved in the mortgage transaction

Unacceptable.

For BTL’s the property must be let on an AST (6-24months).

If the property not currently let, a letter from a local estate agent confirming the potential rent (this needs to be supported by the valuation).

Regulated BTL’s, where the property is let to family members can be considered as long as the mortgage can be supported by affordability. Please refer to ‘Income’ to see acceptable and unacceptable income.

Corporate tenancy can be accepted

Student lets are not acceptable

Freehold and Leasehold properties are accepted (not freehold flats).

Share of freehold can be considered.

On leaseholds, leases must have at least 60 years at the end of the mortgage term.

Will consider applications where the lease is increasing to an acceptable term, simultaneously with the mortgage completion.

Depending on the terms of the trust, please refer to your BDM

Unacceptable.

We are unable to consider applicants on a visa - must have indefinite leave to remain.

Carried out by a 3^rd party. Basic mortgage Valuation fees are listed on the website under the Residential Valuation Fees Section and on the Buy to Let Valuation Fees Section.

Unacceptable.

Accepted warranties from:

• NHBC
• LABC
• Premier Guarantee
• BLP (New warranties accepted until 27th November 2020)
• ICW Limited
• Buildzone
• Castle10/Checkmate
• Buildassure

Any other company please refer to your BDM.

Unacceptable.

We lend on properties in Wales.

Where lending to applicants with zero hour contract, the following applies:

• The applicant on the zero hour contract must be the secondary income earner
• The applicant must have a minimum of 2 years history of working experience on a zero hours contract - can be with different employers
• We require the 2 latest years P60’s and 3 latest months’ payslips. An average of the latest 2 years p60’s figures will be used for affordability, as long as this is consistent with the latest payslips.