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Criteria: updated 3 June 2021
We aim to assess new applications within 2 working days. Likewise, we aim to assess any subsequent correspondence and documentation within 3 working days. We would be grateful if you would not contact us for an update before this period has elapsed to enable us to progress applications as quickly as possible.
The following changes have been made to our lending criteria:
- Interest Only applications are acceptable.
- Maximum LTV of up to 85% for residential.
- We will accept shared ownership up to 95% of share providing the overall LTV doesn’t exceed 85%
- If self-employed we require 3 years accounts as mandatory and the maximum income multiple is 4.5x
- We will not accept income stretches – 4.5x maximum
- Where an applicant is currently furloughed we will only proceed to offer (or completion if the applicant becomes furloughed after offer) when we have received satisfactory confirmation that they are no longer furloughed. Consideration will be taken on all applications regarding affordability, job type and job sector.
AVMs will be accepted on remortgage applications only on a case-by case basis, up to 60% LTV and to a maximum property value £750,000. Basic criteria around AVMs
- Available up to 60% LTV on a case-by-case basis
- Maximum property value £750,000
- Available for remortgages only (residential and buy-to-let)
- Unencumbered properties are excluded
- Available on flats for remortgages only where the lease details are known
We do not issue conditional offers and therefore will not be able to issue an offer until a satisfactory valuation has been carried out. We aim to issue offers within 15 working days.
The offer documentation will continue to be sent directly to the applicant and their solicitor with a copy being sent to the advisor by email. Our normal offer expiry time is 3 months or 6 months for new builds.
If an applicant requires an extension to the mortgage offer please email our Underwriting team who will respond within 3 working days. Please be ready to provide the following information:
- Name of the applicant(s)
- Mortgage application reference
- Confirmation their personal and financial circumstances have not materially changed since the application was submitted
Applicants who have been furloughed should take legal advice before exchanging contracts. We will require written confirmation that the applicant has returned to work at the same level of income before completion can take place.
We will accept scanned copies of signatures on mortgage application form declarations and offer documents. We still require a wet signature on the mortgage deed.
Our completions team are continuing to function as normal. Solicitors should apply for funds in the usual way, giving a minimum of 5 working days’ notice.
We do not have any specific information regarding the ongoing operations of individual conveyancing firms and would advise applicants to speak to their conveyancer/solicitor directly. We will continue to complete remortgages in-house (using title insurance) where applicable.
Please continue to check here for the latest updates. You can also sign up for email updates from us here.