Life in lockdown: the new Newbury
How we’ve adapted to ensure you get the same delivery standard you have come to expect from us.
Latest changes to our lending criteria: 1 May 2020
During the current situation we will continue to review our lending criteria on a daily basis and will continue to react as appropriate. The following changes have been made:
- Rate change across all Shared Ownership products. £ year Discount to SVR -1.46%, 2 and 3 year fixed rates move from 2.99% to 3.19% and the 5 year fixed rate from 3.39 to 3.59%
- Max Loan to value 70% (Residential, Buy to let and Shared Ownership and Help to Buy) NB: Shared Ownership up to 95% of share available providing the overall LTV doesn’t exceed 70%
- If self-employed - 3 years accounts mandatory, maximum income multiple is 4x
- Contractors must have a 2 year history of contracting, with 6 months remaining on the current contract. Maximum income multiplier is 4x
- No income stretches – 4.5x maximum
- For Furloughed borrowers, cases will be individually assessed
- No self-build mortgages
- No holiday lets
- No bridging loans
We will update this page when any further changes are made.
If you are unsure about anything please contact us. Alternatively you can download a copy of our Product Guide which can be found on our forms and guides page.
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