Lending criteria and service changes

Criteria and service update: 28 March 2024

APPLICATIONS

We aim to assess new applications within 10 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. 

VALUATIONS

AVMs will be accepted on further advances and remortgage applications only on a case-by case basis, up to 60% LTV and to a maximum property value £1,000,000. Basic criteria around AVMs

• Available up to 60% LTV on a case-by-case basis

• Maximum property value £1,000,000

• Available for further advances and remortgages only (residential and buy-to-let)

• Unencumbered properties are excluded 

• Available on flats for remortgages only where the lease details are known

MORTGAGE OFFERS

We do not issue conditional offers and therefore will not be able to issue an offer until a satisfactory valuation has been carried out. 

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 mortgage offer expiry time for house purchases is 6-months. Remortgage offers are valid for 3-months. 

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

SIGNATURES

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. 

COMPLETIONS 

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.

CONVEYANCERS

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. 

If you require any further assistance, please contact our Helpdesk in the normal way and regular updates will be available on our website under lending criteria.   

Please continue to check here for the latest updates. You can also sign up for email updates from us here.