What the Covid19 outbreak means for Newbury Building Society and your clients.
Latest changes to our lending criteria: 31 March 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:
- Max Loan to value 60% (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 60%.
- If PAYE – must be with the same employer for at least 2 years.
- If self-employed - 3 years accounts mandatory, maximum income multiple is 3.5x
- Contractors must have a 2 year history of contracting, with 6 months remaining on the current contract. Maximum income multiplier is 3.5x.
- No income stretches – 4.5x maximum
- 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.
Keep up to date with our latest product news and criteria changes.
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