Criteria A-Z

As we manually underwrite our mortgages we're much more flexible with our criteria than most. Using our common sense approach (and our ears!) means we can cater for a wide spectrum of solutions for your clients, no matter their circumstances.

Browse criteria by A-Z below or search criteria by keyword to find what you need.

Take a look at what we have to offer
Buy to Let Criteria
Age Limits: Maximum Age AT POINT OF APPLICATION

Our standard acceptability

89

Criteria definition:

Indicates the maximum age we can accept an applicant to be at the time of an application to be considered for a Buy to Let application.

Our policy notes:

The maximum age of each applicant should be no greater than 89 years old. Our maximum term at this age would be 5 years.

Last updated:

31 May 2018

Remortgage purpose: Balance Swap (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) a Buy to Let we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised).

Our policy notes:

The Society will lend up to 70% LTV although we will use a reduced rental calculation for £ for £ remortgages

Last updated:

31 May 2018

Address History (Min UK address history needed)

Our standard acceptability

36

Criteria definition:

This is the required number of months we specify a client has to have had a UK address history for. 

Our policy notes:

We require a three year UK address history.

Our outside policy allowances:

We can consider applications from UK expatriates abroad without a three year UK address history. Please refer to the acceptable list of countries expatriates can be resident in which is located on our website.

Last updated:

31 May 2018

Advisor Own Application

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an advisor wishing to apply for his or her own mortgage.

Our policy notes:

Family Building Society can accept applications from advisors applying for their own mortgage.

Last updated:

07 November 2019

Age Limits: Maximum Age at End of Mortgage Term

Our standard acceptability

94

Criteria definition:

Indicates the absolute maximum age we will lend to.

Our policy notes:

This is the maximum age based on an 89 year old applying for a mortgage. The actual term for other ages depends on the age at application and the term we have from our term calulator available on our website.

Last updated:

31 May 2018

Age Limits: Minimum Age at Application

Our standard acceptability

18

Criteria definition:

The minimum age we will accept when assessing an applicant.

Our policy notes:

The minimum age of each applicant must be 18.

Last updated:

31 May 2018

Applicant not on electoral register

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we will consider a buy to let application for an applicant who is not on the electoral register

Our policy notes:

Family Building Society can consider an applicant who is not on electoral register

Last updated:

03 August 2022

Arrangement fees can be added when exceeding lending LTV limits

Our standard acceptability

No

Criteria definition:

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the max lending policy loan to value will be exceeded. 

Our policy notes:

Family Building Society does not allow fees to be added where it means the lending loan to value limits will be exceeded.

Last updated:

09 February 2024

Arrangement fees can be added when exceeding product LTV limits

Our standard acceptability

No

Criteria definition:

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the product loan to value will be exceeded.

Our policy notes:

Family Building Society does not allow fees to be added where it means the product loan to value limits will be exceeded.

Last updated:

09 February 2024

Arrangement to Pay

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have an arrangement to pay registered on their credit file on Buy to Let applications.

Our policy notes:

Family Building Society will not consider applicants that have an arrangement to pay registered on their credit file.

Last updated:

07 November 2019

Arrears (secured/mortgage)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from applicants that have a history of mortgage or secured loan arrears.

Our policy notes:

Any existing mortgage or secured loan must be up to date at the time of application. A maximum of one month’s arrears within the last 12 months will be allowed, provided the account is currently up to date. An explanation of any arrears will be required.

Last updated:

31 May 2018

Arrears (unsecured)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are able to potentially accept Buy to Let  applications where one or more applicant(s) has a history of unsecured loan arrears.

Our policy notes:

Any existing mortgage/rent/loan must be up to date at the time of application. A maximum of one month’s arrears within the last 12 months will be allowed, provided the account is currently up to date. An explanation of any arrears will be required.

Last updated:

31 May 2018

Back to Back (Remortgage - Bridging)

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to Back (Remortgage - Bridging) indicates if we will accept applications where the customer has funded the purchase from a bridging loan and now wish to mortgage the property.

Our policy notes:

We normally expect properties to have been owned at least 6 months.

Last updated:

31 May 2018

Back to back (Remortgage - Customer Funded)

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to back (Remortgage - Customer Funded) indicates if a we will accept applications where the customer has funded the purchase from their own funds and now wish to mortgage the property with a Buy to Let mortgage typically within 6 months of ownership. 
For example Josh recently purchased a property at auction and now wants to remortgage the property to release funds.

Our policy notes:

The property must be owned at least six months in this situation.

Last updated:

31 May 2018

Back to back (Remortgage - Inherited)

Our standard acceptability

Acceptable

Criteria definition:

Back to back (Remortgage - Inherited) indicates if we can accept applications where the customer has inherited a property and now wish to mortgage it on a Buy to Let basis typically within 6 months of ownership.

Our policy notes:

We will consider remortgages where an inherited property has been owned for less than 6 months.

Last updated:

31 May 2018

Can Consider Earned Income in Rental Assessment (Topslicing)

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially consider applicants earned income in addition to the rental income for a property when calculating the maximum mortgage that can be borrowed.

Our policy notes:

Family Building Society will not consider earned income in affordability assessment where the UK property is to be a Buy to let.

Last updated:

06 November 2018

Can extend mortgage offer

Our standard acceptability

Yes

Criteria definition:

Indicates if we can potentially extend a clients mortgage offer beyond the standard expiry.

Our policy notes:

Documentation and the valuation may need to be updated if these items exceed six months old.

Last updated:

31 May 2018

Can use actual existing rent when higher than valuers estimate

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially use the actual rent received from an existing tenant when it is higher than the valuer's estimate. For example, this situation could arise on remortgage applications where, in the valuer's opinion, the market rent is lower than what the landlord is currently receiving.

Our policy notes:

Family Building Society will not use the current rent received from the current tenant for affordability assessment when it exceeds the valuers estimate.

Last updated:

22 May 2018

Can use valuers rental estimate even if higher than actual existing rent

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially use the valuer's estimate when assessing loan affordability even if the actual rent being received is less than the estimate. For example, this situation could arise on remortgage applications where the existing tenant is paying below the market estimate (based on the valuer's rental valuation).

Our policy notes:

Family Building Society will use actual rent if lower than the valuers estimate

Last updated:

22 May 2018

CCJs registered between 12 to 24 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any CCJs registered more than 12 months ago and less than 24 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had CCJs registered more than 12 months ago and less than 24 months ago on Buy to Let applications.

Last updated:

07 November 2019

CCJs registered between 24 to 36 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any CCJs registered more than 24 months ago and less than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had CCJs registered more than 24 months ago and less than 36 months ago on Buy to Let applications.

Last updated:

07 November 2019

CCJs registered between 3 to 12 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any CCJs registered more than 3 months ago and less than 12 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had CCJs registered more than 3 months ago and less than 12 months ago on Buy to Let applications.

Last updated:

07 November 2019

CCJs registered in last 3 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any CCJs registered in the past 3 months on Buy to Let applications.. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had CCJs registered in the past 3 months on Buy to Let applications.

Last updated:

07 November 2019

CCJs registered over 36 Months ago

Our standard acceptability

Not Ignored

Criteria definition:

Indicates if we can potentially ignore CCJs that were registered more than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not ignore any CCJs that were registered over 36 months ago on Buy to Let applications.

Last updated:

07 November 2019

Company BTL affordability assessment

Our standard acceptability

ICR based

Criteria definition:

This relates to the potential rental calculation we will apply. 

Our policy notes:

Normal BTL ICR requirements apply.

Last updated:

03 August 2023

Consumer Buy to Let (position and definition)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can lend when we consider the transaction to be a 'Consumer Buy to Let (CBTL)' and what our definition of a consumer buy to let is. A CBTL is often referred to as an accidental landlord.

Our policy notes:

Family Building Society can potentially accept applicants classed as a 'Consumer Buy to Let (CBTL)'

Last updated:

10 May 2018

Contract Reassignment

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a situation whereby the purchaser is looking to buy a new build property from a third party (not the builder/developer). An example of this is whereby a third party has secured the property off plan and exchanged contracts but has not completed. They then sell the contract to a new purchaser. This is known as 'contract reassignment'. Sometimes this is for a premium of the original purchase price and sometimes it is without a premium.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Credit Checks with Equifax

Our standard acceptability

Yes

Criteria definition:

Indicates if we use Equifax as a credit reference agency when assessing applications.

Our policy notes:

We currently use Equifax for our credit search facility

Last updated:

31 May 2018

Credit Checks with Experian

Our standard acceptability

No

Criteria definition:

Indicates if we use Experian as a credit reference agency when assessing Buy to Let applications.

Our policy notes:

We currently don't use Experian for our credit search facility.

Last updated:

31 May 2018

Credit Checks with Transunion (formerly Callcredit)

Our standard acceptability

no

Criteria definition:

Indicates if we use Transunion (formerly Callcredit) as a credit reference agency when assessing applications.

Our policy notes:

We currently don't use Callcredit for our credit search facility

Last updated:

31 January 2018

Credit Scores?

Our standard acceptability

No

Criteria definition:

Indicates if we use 'credit scoring' to assess a client(s) mortgage application usually at agreement in principle (AIP) stage.

Our policy notes:

We don't credit score applications. Applications are assessed individually based on their own merit by underwriters.

Last updated:

31 May 2018

Criminal Convictions

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have a criminal record.

Our policy notes:

Family Building Society can potentially accept applicants with criminal convictions.

Last updated:

15 January 2021

Debt Management Plan (Current/Unsatisfied)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Buy to Let application from an applicant who is currently in a debt management plan.

Our policy notes:

We do not accept applications where there is an existing and unsatisfied debt management plan.

Last updated:

31 May 2018

Debt Management Plan (satisfied)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Buy to Let application from an applicant who has previously had a debt management plan that is now satisfied.

Our policy notes:

We do not accept applications from applicants who have had a satisfied debt management plan.

Our outside policy allowances:

We could consider applicants who have had a satisfied debt management plan where this was satisfied at least three years ago. Please refer the application for further consideration.

Last updated:

31 May 2018

Debt Related: Payday loan (current)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Buy to Let application from a borrower who is currently in a payday loan credit agreement

Our policy notes:

We do not accept applications where any applicant has a payday loan.

Last updated:

31 May 2018

Debt Related: Payday loan (previous)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Buy to Let application from a borrower who has had a payday loan in the past but is not currently in a payday loan credit agreement.

Our policy notes:

We do not accept applications from applicants who have taken a payday loan.

Last updated:

09 May 2022

Debt Relief Order (Satisfied)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can consider an applicant with a satisfied debt relief order

Our policy notes:

Family Building Society can potentially consider an applicant with a satisfied debt relief order as long as it has been satisfied three years.

Last updated:

15 January 2021

Defaults registered between 12 to 24 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered more than 12 months ago and less than 24 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered more than 12 months ago and less than 24 months ago on Buy to Let applications.

Last updated:

07 November 2019

Defaults registered between 24 to 36 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered more than 24 months ago and less than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered more than 24 months ago and less than 36 months ago on Buy to Let applications.

Last updated:

07 November 2019

Defaults registered between 3 to 12 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered more than 3 months ago and less than 12 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered more than 3 months ago and less than 12 months ago on Buy to Let applications.

Last updated:

07 November 2019

Defaults registered in last 3 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered in the past 3 months on Buy to Let applications.. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered in the past 3 months on Buy to Let applications.

Last updated:

07 November 2019

Defaults registered over 36 Months ago

Our standard acceptability

Potentially Ignored

Criteria definition:

Indicates if we can potentially ignore Defaults that were registered more than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will ignore any satisfied Defaults that were registered over 36 months ago (and satisfied at least 24 months ago) on Buy to Let applications.

Last updated:

08 June 2021

Discharged Bankrupt (years)

Our standard acceptability

3

Criteria definition:

Displays if we can accept discharged bankrupts on Buy to Let applications and if so how long a client has to have been discharged for. 

Our policy notes:

We can consider discharged bankrupts as long as they have been discharged at least three years, have no subsequent adverse registered credit and can provide a satisfactory explanation. Please refer these for consideration prior to an application being submitted.

Last updated:

31 May 2018

Energy Performance Rating (EPC) rating 'F' or 'G'

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially offer Buy to Let mortgages on properties that have an EPC rating of 'F' or 'G'

Our policy notes:

Family Building Society will not offer Buy to Let mortgages on properties that have an EPC rating of 'F or 'G'.

Last updated:

07 November 2019

Escalating Ground Rents

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on Buy to Let applications for leasehold properties that have an escalating ground rent clause.

Our policy notes:

Family Building Society will not lend on leasehold properties where an escalating ground rent clause exists.

Last updated:

07 November 2019

Estate Rentcharges

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on Buy to Let applications for freehold properties where 'Estate Rent Charge' clauses exist.

Our policy notes:

Family Building Society will not lend on freehold properties where exists any estate charge obligations against the purchaser.

Last updated:

07 November 2019

EU Nationals with a ‘pre-settled status’

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider buy to let applications from EU Nationals with a ‘pre-settled status’ under the EU Settlement Scheme

Our policy notes:

Family Building Society can potentially lend to EU Nationals with a ‘pre-settled status’ under the EU Settlement Scheme

Last updated:

02 August 2021

EU Nationals with a ‘settled status’

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider buy to let applications from EU Nationals with a ‘settled status’ under the EU Settlement Scheme

Our policy notes:

Family Building Society can potentially lend to EU Nationals with a ‘settled status’ under the EU Settlement Scheme

Last updated:

02 August 2021

Ex MOD properties

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can consider lending on an ex MOD property on a buy to let application.

Our policy notes:

Family Building Society can potentially consider an application on an ex MOD property

Last updated:

15 January 2021

Expat Buy to Let

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications from expats.

Our policy notes:

We can accept applications from expatriates from a restricted list of countries, as follows:

Austria, Belgium, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Italy, Japan, Kingdom of the Netherlands (The Netherlands, Aruba, Curacao, Saint Maarten), Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, New Zealand, Norway, Poland, Portugal, Romania, Singapore, Slovak Republic, Slovenia, South Korea, Spain, Sweden, Switzerland, United Kingdom (including UK Crown Dependencies), and United States.

A note for our packager partners
In addition, the Society has agreed on a policy through our packager partners for lending to ex-pats in Bahrain, China, India, Monaco, Oman, Kuwait, Qatar and Saudi Arabia on an exceptional basis.,

Plus China, India, Monaco, & Oman will be subject to the additional requirements below:

•The monthly mortgage payments should be made from a UK bank account from where any rental payments are received.
•Any deposit monies are paid from or evidenced as held within a UK bank account
•Applicants must be working for recognised large organisations that have a UK presence.

Last updated:

22 November 2023

ExPat Deposit source non-UK

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit for Expat Buy to Let applications.

Our policy notes:

Family Building Society will not consider expat applications where the source of deposit does not originate from the UK.

Last updated:

07 November 2019

Expat minimum income

Our standard acceptability

No Minimum

Criteria definition:

Indicates if we have a minimum income requirement when assessing expat applications and if so what is it

Our policy notes:

Family Building Society has no minimum income.

Last updated:

06 November 2018

Expat Regulated Buy to Let (Let to Family Member)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can consider expat buy to let applications where the intention is to Let to a family member

Our policy notes:

Family Building Society does not accept Buy to Let mortgages from Expat applicants where the property will be Let to Family Member(s)

Last updated:

31 January 2018

Expat UK Credit Profile Required

Our standard acceptability

No

Criteria definition:

Indicates if we require expats to have a UK credit profile

Our policy notes:

Family Building Society does not require 'Expat' applicants to have a UK credit profile

Last updated:

11 December 2019

Expat: Holiday Lets

Our standard acceptability

We do not accept Expat Buy to Let applications

Criteria definition:

Indicates if we can potentially consider applications from expat borrowers that wish to Let the property on a Holiday Let basis.

Our policy notes:

Family Building Society will not consider 'Holiday Lets' on an expat Buy to Let basis.

Last updated:

19 March 2021

Financial Associates with Adverse

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who is financially associated with someone who has adverse credit.

Our policy notes:

Family Building Society will not accept applicants that are financially associated with persons that have adverse credit.

Last updated:

07 November 2019

First Time Buyers

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from First Time Buyers.

Our policy notes:

Family Building Society does not accept Buy to Let applications from 'First Time Buyers'

Last updated:

22 May 2018

First Time Landlords

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider applications from First Time Landlords.

Our policy notes:

Family Building Society can potentially accept Buy to Let applications from 'First Time Landlords'.

Last updated:

31 May 2018

Flat/Maisonette Maximum LTV (New Build)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a NEW BUILD flat or NEW BUILD maisonette.

Our policy notes:

We do not accept new build flats/maisonettes.

Last updated:

31 May 2018

Flat/Maisonette Maximum LTV (Standard)

Our standard acceptability

70

Criteria definition:

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a flat or maisonette and it is NOT considered a new build.

Our policy notes:

The maximum LTV the Society will lend on any BTL is 70%

Last updated:

31 May 2018

Flying Freehold: Maximum acceptable percentage of the gross floor area

Our standard acceptability

20

Criteria definition:

Indicates the maximum percentage of gross floor area the flying freehold part covers that can be considered by us

Our policy notes:

Family Building Society accepts flying freehold up to a maximum gross floor area of 20%

Last updated:

11 September 2020

Foreign Nationals (Living Overseas)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from foreign nationals living overseas who wish to obtain a BUY TO LET mortgage here in the UK. For example, a Chinese applicant who does not live or work in the UK who wants to purchase property here in the UK on a Buy to Let basis as an investment.

Our policy notes:

Family Building Society will not consider Buy to Let applications for foreign nationals (living overseas)

Last updated:

07 November 2019

Foreign Nationals (with indefinite leave to remain)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are potentially able to accept applications from foreign nationals that have indefinite leave to remain

Our policy notes:

We do accept applications from foreign nationals with a permanent right to reside.

Last updated:

31 May 2018

Foreign Nationals (WITHOUT indefinite leave to remain)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are potentially able to accept applications from foreign nationals that DO NOT have indefinite leave to remain.

Our policy notes:

We would not be prepared to accept applications from non-EU nationals without a permanent right to reside.

Last updated:

31 May 2018

Full Time Landlord

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend to what we consider to be professional landlords. Typically a professional landlord is an applicant whose main income source is from their rental income from property.

Our policy notes:

Family Building Society can potentially accept applications from 'Full Time Landlords'.

Last updated:

31 May 2018

Gambling (recurring transactions)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applicants with recurrent gambling transactions on BTL applications

Our policy notes:

Family Building Society will not consider applicants that have recurring gambling transactions

Last updated:

11 September 2020

Green mortgage

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Green Mortgage buy to let application.

Our policy notes:

Family Building Society is unable to consider a Green Mortgage buy to let application

Last updated:

02 August 2021

Guaranteed rental scheme

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a we will consider applications on a Guaranteed Rent Scheme

Our policy notes:

Family Building Society can consider applications where a Guaranteed Rental Scheme will be set up

Last updated:

16 September 2020

Historic CIFAS Record (Years)

Our standard acceptability

3

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant that is on the CIFAS register and if so, what time must have passed in order for them to be potentially accepted by the lender for a new mortgage application.

Our policy notes:

Family Building Society can potentially accept customers that are registered on the CIFAS register. We require the applicant's registration date to be at least 3 Years ago.

Last updated:

07 November 2019

HMO BTL affordability assessment

Our standard acceptability

does not offer HMO BTL

Criteria definition:

This relates to the potential rental calculation we will apply. 

Our policy notes:

Family Building Society does not accept Buy to Let applications

Last updated:

03 August 2023

HMO First Time Landlord

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we can consider a Buy to Let application on an HMO property from a first time landlord.

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 May 2018

HMO Maximum LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum LTV we can consider for Buy to Let applications on HMO properties

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 May 2018

HMO Maximum Number of Bedrooms

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we have a maximum number of bedrooms allowed on HMO properties and if so how many

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 January 2018

HMO Maximum Number of Kitchens

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum number of kitchens permitted by us in an HMO property

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 May 2018

HMO Maximum Number of Storeys

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum number of storeys permitted on HMO properties.

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 January 2018

HMO Minimum Applicant Experience

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we require applicants to have a minimum HMO experience and if so how much (IN MONTHS)

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 May 2018

HMO Minimum Double Bedroom Square Metre

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we have a minimum square metreage requirement on a double bedroom and if so what it is.

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 May 2018

HMO Minimum Property Value

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we specify a minimum property value for HMO properties and if so what it is.

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 January 2018

HMO Minimum Single Bedroom Square Metre

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we have a minimum square metreage requirement on a single bedroom and if so what it is.

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 May 2018

HMO rental valuation assessment

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we can potentially use the HMO rental valuation as opposed to standard AST valuation for HMO applications

Our policy notes:

We will not consider an HMO application

Last updated:

03 September 2020

HMO Unlicensed Acceptable

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we can potentially accept Buy to Let applications on Houses of Multiple Occupation (HMOs) that are 'unlicensed'

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 January 2018

HMO: Communal area in the property

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if we can potentially consider an HMO application without a communal area in the property

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

14 May 2021

Holiday Lets

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property on a Holiday Let basis.

Our policy notes:

Family Building Society will not consider 'Holiday Lets' on a Buy to Let basis.

Last updated:

22 May 2018

House of Multiple Occupation (HMO's)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications on Houses of Multiple Occupation (HMOs)

Our policy notes:

Family Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.

Last updated:

31 January 2018

House/Bungalow Maximum LTV (New Build)

Our standard acceptability

70

Criteria definition:

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a NEW BUILD house/bungalow.

Our policy notes:

The maximum LTV the Society will lend up to on any BTL is 70%

Last updated:

31 May 2018

House/Bungalow Maximum LTV (Standard)

Our standard acceptability

70

Criteria definition:

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a house or bungalow and it is NOT considered a new build.

Our policy notes:

The maximum LTV the Society will lend is 70%

Last updated:

31 May 2018

Income made up primarily of benefits

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept income where it is primarily made up of benefits. An example of this would be where benefit income exceeds earned income or represents more than 50% of total income.

Our policy notes:

Family Building Society will not accept applicants income that is made up primarily of benefits.

Last updated:

15 January 2021

Individual Voluntary Arrangements - IVA (Years satisfied)

Our standard acceptability

3

Criteria definition:

Displays if we accept Buy to Let applications from borrowers who have had an IVA and if so how many years it must have been satisfied for. An IVA is satisfied when the payment plan has been completed. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.

This criteria displays how long ago it must have been satisfied so you should read the policy notes carefully to check if the lenders specifies how long ago it must have been registered.


Our policy notes:

We will accept applications from applicants who have had satisfied IVAs for more than three years and with a satisfactory explanation for the circumstances leading up to the IVA.

Last updated:

31 May 2018

Individual Voluntary Arrangements - IVA (Years since registered)

Our standard acceptability

6

Criteria definition:

Displays if we accept Buy to Let applications from borrowers who have had an IVA and if so how many years ago it must have been registered. An IVA is registered when a payment plan is agreed with the creditors. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered. 

This criteria displays how long ago it must have been registered so you must read the policy notes carefully to check if the lender specifies how long ago it must have been satisfied as well.

Our policy notes:

We will look at satisfied IVAs only three years from when they are satisfied.

Last updated:

31 May 2018

Individual Voluntary Arrangements (IVA)

Our standard acceptability

Acceptable

Criteria definition:

Specifies if we are able to potentially consider a Buy to Let application from an applicant who has previously had an Individual Voluntary Arrangement (IVA) registered against them. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.

This criteria displays if a person who has had an IVA can be considered on a general level but you should read the policy notes and related criteria carefully to dig deeper with regard your clients specific situation.


Our policy notes:

We will accept applications from applicants who have had satisfied IVAs for more than three years and with a satisfactory explanation for the circumstances leading up to the IVA.

Last updated:

31 May 2018

Inter-family sales (no discount)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can consider an inter-family buy to let application with no discount being offered

Our policy notes:

Family Building Society can potentially consider a buy to let application from an inter-family sale with no discount being offered

Last updated:

15 January 2021

Japanese Knotweed

Our standard acceptability

Acceptable

Criteria definition:

Specifies if we are able to potentially accept applications where there is evidence of Japanese knotweed at the property or near the property.

Our policy notes:

Please refer these for assessment on a case by case basis. Japanese Knotweed is an invasive plant species and can cause damage to properties if left untreated. Where a valuation report identifys that Japanese Knotweed is present a program of eradication may be required before the Society can lend

Last updated:

25 November 2024

Joint application sole proprietor

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we will accept applications from joint borrowers where only ONE applicant will OWN the property.

Our policy notes:

We can accept applications where one applicant only is to be an owner and another applicant is also to be on the mortgage. Each application needs to be referred for consideration prior to submission.

Last updated:

29 November 2019

Late Payments (Not Missed)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a we can potentially consider buy to let applications from applicants who have a history of late payments (NOT REGISTERED AS MISSED) on any credit agreements they hold.

Our policy notes:

Family Building Society can potentially accept applicants with previous 'Late Payments'.

Last updated:

15 January 2021

Layered company Ltd BTL

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will consider a Limited Company Buy to Let application from a layered Ltd Company

Our policy notes:

Family Building Society will not consider applications from a layered Ltd Company

Last updated:

11 September 2020

Leasehold Property where No Separate Management Company Exists

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on Buy to Let applications for leasehold properties where no separate management company exists.

Our policy notes:

Family Building Society will not lend on leasehold properties where no separate management company exists.

Last updated:

07 November 2019

Lender or Group Lending Limit

Our standard acceptability

No Maximum

Criteria definition:

Indicates if we have a maximum exposure limit a borrower can have with us or within our group.

Our policy notes:

The Society has no maximum.

Last updated:

31 May 2018

Lender or Group Maximum Number of Mortgages

Our standard acceptability

3

Criteria definition:

Indicates if we have a maximum number of mortgages a borrower can have with us or within our group. 

Our policy notes:

We will normally limit a borrower to no more than three BTL mortgages with the Society.

Our outside policy allowances:

Once the Society has experience of a borrower we may permit them to have more than three BTLs with the Society

Last updated:

31 May 2018

Lending against Uplifted Value following Refurbishment Works

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially offer a remortgage and use the uplifted value of the property following recent works of improvement. For example, Jon purchases a property for £150,000 and spend a couple of months doing the place up following which the property is now worth £250,000. Jon now wants to find a lender who will allow him to raise capital based on the newly enhanced value.

Our policy notes:

Family Building Society will not use the uplifted value in this situation.

Last updated:

31 May 2018

Lending Location: Channel Islands

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let lending on properties located in the Channel Islands.

Our policy notes:

We cannot accept applications for mortgages in Guernsey.

Last updated:

29 November 2018

Lending Location: England

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let lending on properties located in England.

Our policy notes:

We do lend in England

Last updated:

31 May 2018

Lending Location: Isle of Man

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located on the Isle of Man.

Our policy notes:

Family Building Society does not lend on properties on the Isle of Man.

Last updated:

31 May 2018

Lending Location: Isle of Wight

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located on the Isle of Wight

Our policy notes:

We do lend on the Isle of Wight.

Last updated:

31 May 2018

Lending Location: Northern Ireland

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in Northern Ireland.

Our policy notes:

Family Building Society does not lend on properties in Northern Ireland.

Last updated:

31 May 2018

Lending Location: Scilly Isles

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in the Scilly Isles.

Our policy notes:

Family Building Society does not lend on properties in the Scilly Isles.

Last updated:

31 May 2018

Lending Location: Scotland

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in Scotland.

Our policy notes:

Family Building Society does not lend on properties in Scotland.

Last updated:

31 May 2018

Lending Location: Wales

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in Wales.

Our policy notes:

We do lend in Wales.

Last updated:

31 May 2018

Let to Buy (Remortgage current residential to Buy to Let)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications to remortgage onto a buy to let basis when the current mortgage is residential.

Our policy notes:

We can accept applications for a remortgage onto a buy to let basis subject to our normal BTL criteria.

Last updated:

31 May 2018

Let to move in with family

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow an applicant to remortgage their current residential property onto a Buy to Let mortgage and then move in with family as opposed to purchasing a new main residence.

Our policy notes:

Family Building Society is unable to consider a Buy to Let remortgage application where the property is currently the applicant's main residence but will now be let and the applicant will be moving in with family

Last updated:

03 August 2022

Let to Rent

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow an applicant to remortgage their current residential property onto a Buy to Let mortgage and then move into rented accomodation as opposed to purchasing a new main residence.

Our policy notes:

Family Building Society will not consider Buy to Let remortgage applications where the property is currently the applicants main residence but will now be Let and the applicant will be moving into separate rented accomodation

Last updated:

07 November 2019

Limited Company (SPV) applicant definition

Our standard acceptability

Directors & Shareholders

Criteria definition:

Indicates if we consider both 'Directors AND Shareholders' as applicants or 'Directors' only when assessing applications from Special Purpose Vehicle Ltd Companies.

Our policy notes:

Family Building Society considers both 'Directors AND Shareholders' as applicants when assessing applications from SPV Limited Companies.

Last updated:

19 July 2019

Limited Company (SPV) maximum number of applicants

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of applicants we can consider when lending to Special Purpose Vehicle Limited Companies.

Our policy notes:

Family Building Society can consider Buy to Let applications from SPVs with a maximum number of applicants of four.

Last updated:

31 May 2018

Limited Company (SPV) Minimum trading period

Our standard acceptability

No Minimum

Criteria definition:

Indicates if there is a minimum trading period for 'Special Purpose Vehicle Limited Companies' and if so how long IN MONTHS this is.

Our policy notes:

The Society will only lend to newly created limited company SPVs.

Last updated:

22 May 2018

Limited Company (SPV) shareholders required to provide personal guarantees

Our standard acceptability

No

Criteria definition:

Indicates if we require shareholders in a 'Special Purpose Vehicle' Limited Company to provide personal guarantees as well as the 'Directors'.

Our policy notes:

Family Building Society does NOT require shareholders that are not directors to provide personal guarantees on SPV Ltd Company applications in addition to the Directors of the company.

Last updated:

28 January 2022

Limited Company (Trading) applicant definition

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

Indicates if we consider both 'Directors AND Shareholders' as applicants or 'Directors' only when assessing applications from Trading Ltd Companies.

Our policy notes:

Family Building Society does not accept Ltd Company Buy to Let applications

Last updated:

22 May 2018

Limited Company (Trading) maximum number of applicants

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

Indicates the maximum number of applicants we can consider when lending to Trading Limited Companies

Our policy notes:

The Society does not lend to trading limited companies.

Last updated:

22 May 2018

Limited Company (Trading) Min Trading Period

Our standard acceptability

No Minimum

Criteria definition:

Indicates if there is a minimum trading period for 'Trading Limited Companies' and if so how long IN MONTHS this is.

Our policy notes:

There is no minimum trading period for the SPV. However, the SPV must be a distinct company with its own assets and liabilities, as well as its own legal status and created for the specific objective of the holding of BTL property.

Last updated:

22 March 2021

Limited Company (Trading) shareholders required to provide personal guarantees

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

Indicates if we require shareholders in a 'Trading' Limited Company to provide personal guarantees as well as the 'Directors'.

Our policy notes:

Family Building Society does not lend to trading limited companies.

Last updated:

08 November 2021

Limited Company Buy to Let

Our standard acceptability

Accepted

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from Limited Companies

Our policy notes:

Family Building Society can consider Ltd Company Buy to Let applications

Last updated:

22 May 2018

Limited Company Buy to Let (Special Purpose Vehicle SPV)

Our standard acceptability

Accepted

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from Limited Companies where the Ltd company is set up as a 'Special Purpose Vehicle (SPV)'.

Our policy notes:

Family Building Society can potentially accept Buy to Let applications from Ltd Companies set up as a Special Purpose Vehicle (SPV).

The SPV must be a distinct company with its own assets and liabilities, as well as its own legal status and created for the specific objective of the holding of BTL property.

Last updated:

22 March 2021

Limited Company Buy to Let (Trading Company - No SPV)

Our standard acceptability

Not Accepted

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from Trading Limited Companies. Trading Limited Companies are companies that are not set up exclusively for the purpose of buying property for example a trading ltd company that sells furniture as its primary function.

Our policy notes:

Family Building Society does NOT accept Buy to Let applications from TRADING Ltd Companies.

Last updated:

22 May 2018

Limited Company Maximum Age of Director / Shareholder / Applicant at application

Our standard acceptability

84

Criteria definition:

Indicates the maximum age an applicant can be at application.

Our policy notes:

Family Building Society can consider Buy to Let applications from Ltd Companies where the applicant is aged 84 or under at point of application.

Last updated:

31 May 2018

Ltd Co BTL: Source of deposit is from applicants other company

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we consider a Limited Company Buy to Let application where the source of deposit is from applicants other company

Our policy notes:

Family Building Society will not consider a Limited Company Buy to Let application where the source of deposit is from applicants other company.

Last updated:

16 September 2020

Maximum Aggregate Portfolio LTV (within group or lender)

Our standard acceptability

We do not lend to Portfolio Landlords

Criteria definition:

Indicates if we specify a maximum LTV of all properties owned by the applicants that are mortgaged to them or their group.

Our policy notes:

The Society doesn't usually lend on portfolios.

Last updated:

31 May 2018

Maximum debt to income ratio

Our standard acceptability

No Maximum

Criteria definition:

Indicates the maximum potential debt to income (DTI) ratio we might accept for Buy to Let applications. For example, an applicant has outstanding unsecured debts of £26,000 and a salary of £40,000. Therefore their DTI is 65%.

Our policy notes:

The Society does not have a maximum debt to income ratio.

Last updated:

07 November 2019

Maximum Ground Rent (as % of Property Value/Purchase Price)

Our standard acceptability

Fixed Amount (Not percentage based)

Criteria definition:

Indicates if we have a maximum threshold, and if so what it is, that the ground rent on a leasehold property cannot exceed measured against the property value on Buy to Let applications. For example, Applicant 'A' is purchasing a leasehold flat valued at £100,000 that has a ground rent payable annually of £100. This ground rent equates to 0.1% of the property value. Lender 'A' has no maximum threshold on ground rents and therefor Applicant 'A' is able to proceed with a mortgage application on this property.

Our policy notes:

Family Building Society will not consider properties where the ground rent exceeds £250 outside Greater London or £1,000 inside Greater London.

Last updated:

02 September 2021

Maximum length of time of assured shorthold tenancy (AST)

Our standard acceptability

12

Criteria definition:

Indicates the maximum number of months we specify is required on an Assured Shorthold Tenancy (AST)

Our policy notes:

The Society will normally expect ASTs to be for no more than 12 months.

Our outside policy allowances:

Potentially the Society could accept up to three years although ASTs above 12 months should be referred for agreement prior to submission of an application.

Last updated:

31 May 2018

Maximum Loan Size (80% LTV)

Our standard acceptability

0

Criteria definition:

Indicates the maximum potential loan size we can consider lending at 80% loan to value or less. Be aware that this relates to the maximum and other factors may reduce this maximum such as property type etc.

Our policy notes:

The Society won't lend above 70% LTV on buy to lets

Last updated:

31 January 2018

Maximum Loan to Value (LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum LTV we can consider for Buy to Let applications

Our policy notes:

The Society will lend up to 70% LTV.

Last updated:

31 May 2018

Maximum LTV across the whole portfolio

Our standard acceptability

No Maximum

Criteria definition:

Indicates if we specify a maximum LTV of all properties owned by the applicants across their entire portfolio. This includes mortgages held with the lender and group and all other mortgages held with other lenders.

Our policy notes:

The Society has no maximum LTV across the rest of the portfolio. Only a maximum LTV that applies to the properties being brought to FBS which will vary. Please refer any enquiries.

Last updated:

03 August 2023

Maximum Mortgage Arrears in last 24 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who has mortgage arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

Our policy notes:

Family Building Society will not consider applicants with any mortgage arrears in the previous 24 months.

Last updated:

07 November 2019

Maximum number of applicants allowed

Our standard acceptability

4

Criteria definition:

The maximum number of applicants able to go on a Buy to Let mortgage application.

Our policy notes:

We can consider applications for up to four applicants.

Last updated:

31 May 2018

Maximum Number of CCJs (Satisfied)

Our standard acceptability

1

Criteria definition:

Indicates if we can consider Buy to Let applications from applicants with previously satisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously satisfied CCJs in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society can consider applicants with up to one satisfied CCJ.

Last updated:

07 November 2019

Maximum Number of CCJs (Unsatisfied)

Our standard acceptability

0

Criteria definition:

Indicates if we can consider Buy to Let applications from applicants with unsatisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously unsatisfied CCJs in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society will not consider applicants with unsatisfied CCJs.

Last updated:

29 September 2023

Maximum Number of Defaults (Satisfied)

Our standard acceptability

1

Criteria definition:

Indicates if we can consider Buy to Let applications from applicants with previously satisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously satisfied Defaults in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society can consider applicants with up to 1 satisfied Defaults relating to a utility or communications supplier.

Last updated:

22 November 2019

Maximum Number of Defaults (Unsatisfied)

Our standard acceptability

0

Criteria definition:

Indicates if we can consider Buy to Let applications from applicants with unsatisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously unsatisfied Defaults in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society will not consider applicants with unsatisfied Defaults.

Last updated:

23 March 2023

Maximum number of rental properties MORTGAGED with ALL lenders

Our standard acceptability

No Maximum

Criteria definition:

Indicates if there is a maximum number of mortgaged Buy to Let properties and if so how many, an applicant can have in the background. 

Our policy notes:

Family Building Society has no maximum limit to the number of Buy to Let mortgages applicants hold with other lenders.

Last updated:

29 November 2018

Maximum number of storeys considered for lending on ex local authority flats

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates the maximum number of stories we can consider when lending on ex local authority high rise flats.

Our policy notes:

We do not lend on ex-local authority flats/maisonettes.

Last updated:

31 May 2018

Maximum number of storeys considered for lending on flats

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of storeys we can consider when lending on high rise flats.

Our policy notes:

The maximum number of floors we can consider is four stories although we can consider flats in block with more stories but these must be referred to the Society individually prior to application submission.

Our outside policy allowances:

We can consider lending on properties above four stories but these need to be referred.

Last updated:

06 November 2018

Maximum number of students considered on one AST

Our standard acceptability

We do not accept student tenants

Criteria definition:

Indicates the maximum number of students we can consider on a single AST

Our policy notes:

Family Building Society does not accept students Lets

Last updated:

16 September 2020

Maximum number of tenants on an assured shorthold tenancy (AST)

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of tenants permitted by us on a single Assured Shorthold Tenancy

Our policy notes:

Family Building Society can consider applications where there are no more than four tenants on the Assured Shorthold Tenancy (AST).

Last updated:

31 May 2018

Maximum Term (Years)

Our standard acceptability

40

Criteria definition:

Indicates the maximum term a Buy to Let mortgage can be taken over.

Our policy notes:

Our maximum term is 40 years. However, the actual maximum term is linked to the oldest applicant's age. Please refer to our website for more information.

Last updated:

03 May 2022

Maximum Unsecured Arrears in last 24 Months

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who has unsecured arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

Our policy notes:

Family Building Society will not consider applicants with any unsecured arrears in the previous 24 months.

Last updated:

07 November 2019

Maximum Value of CCJs (Satisfied)

Our standard acceptability

500

Criteria definition:

Indicates if we can potentially consider Buy to Let applications from applicants with previously satisfied CCJs and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 previously satisfied CCJs in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Our policy notes:

Family Building Society can consider applicants with satisfied CCJs up to a maximum value of £500.

Last updated:

07 November 2019

Maximum Value of CCJs (Unsatisfied)

Our standard acceptability

0

Criteria definition:

Indicates if we can consider Buy to Let applications from applicants with unsatisfied CCJs and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 unsatisfied CCJs in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Our policy notes:

Family Building Society will not consider applicants with unsatisfied CCJs.

Last updated:

07 November 2019

Maximum Value of Defaults (Satisfied)

Our standard acceptability

500

Criteria definition:

Indicates if we can potentially consider Buy to Let applications from applicants with previously satisfied Defaults and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 previously satisfied Defaults in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Our policy notes:

Family Building Society can consider applicants with satisfied Defaults up to a maximum value of £500 relating to utilities or communications suppliers.

Last updated:

22 November 2019

Maximum Value of Defaults (Unsatisfied)

Our standard acceptability

0

Criteria definition:

Indicates if we can potentially consider Buy to Let applications from applicants with unsatisfied Defaults and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 unsatisfied Defaults in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Our policy notes:

Family Building Society will not consider applicants with unsatisfied Defaults.

Last updated:

23 March 2023

Minimum Income Requirement

Our standard acceptability

No Minimum

Criteria definition:

Indicates if we have a minimum income requirement for Buy to Let applications and if so what it is.

Our policy notes:

Family Building Society has no minimum income requirement.

Last updated:

14 December 2018

Minimum Landlord Experience (in MONTHS)

Our standard acceptability

No Minimum

Criteria definition:

Indicates if we require a minimum amount of experience (IN MONTHS) when lending on Buy to Let applications

Our policy notes:

Family Building Society has no minimum experience requirement for applicants.

Last updated:

07 November 2019

Minimum Length of Time Employed (in MONTHS)

Our standard acceptability

No Minimum

Criteria definition:

Specifies if there is a minimum number of months (if so how many) employed applicants must have been continuously employed on Buy to Let applications.

Our policy notes:

Family Building Society has no minimum length of time applicants need to have been in continuous employment.

Last updated:

07 November 2019

Minimum length of time of assured shorthold tenancy (AST)

Our standard acceptability

No Minimum

Criteria definition:

Indicates the minimum number of months we specify is required on an Assured Shorthold Tenancy (AST)

Our policy notes:

The Society has no minimum period an assured shorthold tenancy agreement has to be set up for.

Last updated:

31 May 2018

Minimum Loan Size

Our standard acceptability

45000

Criteria definition:

Indicates the minimum loan size (if there is one) that we accept for new applications.

Our policy notes:

Our minimum loan is £45,000

Last updated:

31 May 2018

Minimum Percentage of Properties under Private Ownership on Ex-Local Authority Blocks of Flats

Our standard acceptability

We do not lend on Ex Local Authority Flats

Criteria definition:

Indicates if we can potentially lend on a ex-local authority flat/apartments and if so is there a minimum percentage in the block that must be privately owned when assessing Buy to Let applications.

Our policy notes:

We do not lend on ex-local authority flats.

Last updated:

07 November 2019

Minimum Property Value for standard Buy to Let lending

Our standard acceptability

120000

Criteria definition:

Indicates if we have a minimum property value they require for new Buy to Let applications.

Our policy notes:

Our minimum property value is £120,000.

Last updated:

31 May 2018

Minimum remaining lease at application

Our standard acceptability

55

Criteria definition:

Indicates the minimum required lease remaining at date of application we can potentially accept. 

Our policy notes:

The Society requires 50 years unexpired at the end of the mortgage term. The minimum term is 5 years.

Last updated:

31 May 2018

Minimum remaining lease at end of term

Our standard acceptability

50

Criteria definition:

Indicates the minimum required lease remaining at the end of the mortgage term we can potentially accept.

Our policy notes:

The Society requires an unexpired lease term of 50 years at the end of the mortgage term.

Last updated:

31 January 2018

Minimum Term (Years)

Our standard acceptability

5

Criteria definition:

Indicates the minimum term a Buy to Let mortgage can be taken over.

Our policy notes:

Our minimum term is 5 years.

Last updated:

31 May 2018

Months passed where Mortgage Arrears can be ignored

Our standard acceptability

No Mortgage Arrears Accepted

Criteria definition:

Indicates if we can potentially ignore mortgage arrears that are historic and if so at what point they can potentially be ignored when assessing Buy to Let mortgage applications.

Our policy notes:

Family Building Society will not consider applicants with any mortgage arrears on their credit file.

Last updated:

07 November 2019

Multi Unit Freehold (multiple properties on same title)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on single title multi-unit properties

Our policy notes:

Family Building Society can potentially lend on 'Multi Unit Freehold' properties.

Last updated:

09 July 2021

Multi Unit Freehold Maximum Number of Flats

Our standard acceptability

3

Criteria definition:

Indicates the maximum number of units permitted on a single title multi unit property

Our policy notes:

Family Building Society does lend on 'Multi Unit Freehold' properties.

Last updated:

09 July 2021

Multi Unit Minimum Floor Area of each Unit Requirement (Sq Meters)

Our standard acceptability

No Minimum

Criteria definition:

Indicates if there is a minimum square meterage requirement on a single title multi unit property

Our policy notes:

Family Building Society does lend on 'Multi Unit Freehold' properties.

Last updated:

09 July 2021

New Build Warranty: AEDIS

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if AEDIS  is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

31 May 2018

New Build Warranty: Build Assure

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Build Assure is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

New Build Warranty: Building Life Plans

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Building Life Plans is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

New Build Warranty: Buildzone

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Buildzone is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

New Build Warranty: Checkmate (Castle 10)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Checkmate (Castle 10) is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable. Where outbuildings, such as a detached garage, are included in the construction, an endorsement to include these in the cover is required.

Last updated:

31 May 2018

New Build Warranty: CRL Management Ltd

Our standard acceptability

Acceptable

Criteria definition:

Indicates if CRL Management Ltd is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

New Build Warranty: Global Home Warranties

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Global Home Warranties is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

31 May 2018

New Build Warranty: ICW

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept ICW as an acceptable new build warranty

Our policy notes:

Family Building Society does not accept ICW as an acceptable new build warranty

Last updated:

16 September 2020

New Build Warranty: LABC

Our standard acceptability

Acceptable

Criteria definition:

Indicates if LABC is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

New Build Warranty: NHBC Guarantee

Our standard acceptability

Acceptable

Criteria definition:

Indicates if NHBC Guarantee is an acceptable new build warranty for us on new build properties.

Our policy notes:

We will accept NHBC guarantees.

Last updated:

31 May 2018

New Build Warranty: Premier Guarantee Scheme

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Premier Guarantee Scheme is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

New Build Warranty: Professional Consultants Certificate

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Professional Consultants Certificate is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

31 May 2018

New Build Warranty: Protek

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Protek is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

31 May 2018

New Build Warranty: Q Assure Build

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Q Assure Build is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

31 May 2018

New Build Warranty: Zurich Municipal "New Build"

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Zurich Municipal "New Build" is an acceptable new build warranty for us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

Non Owner Occupier

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an applicant that is a non-owner occupier for a Buy to Let application. 
This is not to be confused with a First Time Buyer or First Time Landlord.

Our policy notes:

Family Building Society does not accept Buy to Let applications from 'Non Owner Occupiers'.

Last updated:

31 May 2018

Number of credit reference agencies used

Our standard acceptability

1

Criteria definition:

Indicates the number of credit reference agencies we may use during the entire application process. 

Our policy notes:

The Society uses Equifax for credit searches.

Last updated:

02 September 2021

Offer expiry time (New Build)

Our standard acceptability

150

Criteria definition:

Displays the number of days a NEW BUILD Buy to Let mortgage offer is valid for.

Our policy notes:

Our offers are valid, as a standard, for five months for discounted products and to a specific date for fixed rates (see our product guide).

Last updated:

31 May 2018

Offer expiry time (Standard)

Our standard acceptability

150

Criteria definition:

Displays the number of days a STANDARD Buy to Let mortgage offer is valid for.

Our policy notes:

Our offers are valid for five months, as a standard, for discounted products or to a specific date (see our product guide) for fixed rates.

Last updated:

31 May 2018

Offset Mortgages Available?

Our standard acceptability

Yes (subject to product availability)

Criteria definition:

Indicates if we can offer Buy to Let offset mortgages (subject to product availability).

Our policy notes:

Family Building Society offers offset mortgages subject to product availability.

Last updated:

12 February 2020

Overpayment facility as standard (percentage)

Our standard acceptability

10

Criteria definition:

Indicates the amount you can usually overpay (subject to product availability) without penalty on our Buy to Let mortgages. 

Our policy notes:

Borrowers can overpay up to 10% without penalty.

Last updated:

31 May 2018

Ownership of Adjoining Property (Related Transaction)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property where the adjoining property is also owned by one of the applicants.

Our policy notes:

Family Building Society does not lend on properties where the applicant also owns the adjoining property.

Last updated:

21 August 2019

Permission to Self Occupy Holiday Let Property

Our standard acceptability

We do not accept Holiday Let applications

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property on a Holiday Let basis and occupy the property themselves from time to time. For example whilst the property is predominantly Let on a Holiday Let a few weeks a year the applicant would like to stay in the property.

Our policy notes:

Family Building Society does not lend on properties that are intended to be Let as a 'Holiday Let'

Last updated:

22 May 2018

Politically exposed persons

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant that is considered a politically exposed person.

Our policy notes:

Family Building Society will not consider an applicant that is classed as a politically exposed person.

Last updated:

07 November 2019

Portable mortgages as standard

Our standard acceptability

Yes

Criteria definition:

Indicates if our Buy to Let mortgages are portable as standard.

Our policy notes:

Our products are portable.

Last updated:

31 May 2018

Portfolio Applicants Minimum Income Requirement

Our standard acceptability

No Minimum

Criteria definition:

Indicates if we specifiy a minimum income an applicant must earn in order to be considered for a Buy to Let mortgage where the applicant is considered a portfolio landlord.

Our policy notes:

The Society does not have a minimum income for Buy to Let.

Last updated:

30 April 2019

Portfolio Landlord Minimum Experience

Our standard acceptability

No Minimum

Criteria definition:

Indicates if we require a minimum amount of experience (IN MONTHS) if lending to what we consider to be a portfolio landlord.

Our policy notes:

The Society does not insist on a minimum period of experience.

Last updated:

31 May 2018

Portfolio Landlords Position and Definition

Our standard acceptability

Accepted

Criteria definition:

Indicates if we can accept 'Portfolio' landlords and IMPORTANTLY how they define a portfolio landlord.

Our policy notes:

Family Building Society specifies a 'Portfolio Landlord' as 4 or more completed qualifying rental properties that are mortgaged. The number of qualifying properties that constitutes a 'Portfolio Landlord' is All applicants combined Buy To Let properties. A qualifying property:

    • Includes Privately owned Buy to Let rental properties
    • Includes Company owned Buy to Let rental properties
    • where the applicant has a shareholding of more than 0 %
    • Includes Consent to Let properties
    • Includes Holiday Lets
    Single title multi unit properties are counted as individual properties.

Last updated:

31 May 2018

Post Offer Changes

Our standard acceptability

Yes

Criteria definition:

Indicates if we will allow post-offer changes

Our policy notes:

Family Building Society can potentially allow post offer changes

Last updated:

03 August 2023

Power of Attorneys

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant that is acting with Power of Attorney.

Our policy notes:

Family Building Society will not consider an applicant from someone acting as a power of attorney.

Last updated:

07 November 2019

Premium lease agreements (tenancies where a proportion of the rent is paid upfront)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications where the applicant's tenant will be paying their rent as an advance payment. 

Our policy notes:

Family Building Society does not accept 'Premium Lease Agreements' where a prospective tenant is paying their rent as an advanced payment.

Last updated:

31 May 2018

Previously Repossessed (years ago acceptable)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept Buy to Let applications from applicants that have previously been repossessed and if so how many years need to have passed to be acceptable.

Our policy notes:

Unfortunately, we are unable to lend to any borrower who has been previously repossessed.

Last updated:

31 May 2018

Properties with Asbestos

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property where there is evidence of asbestos present.

Our policy notes:

Family Building Society does NOT lend on properties where Asbestos is identified.

Last updated:

31 May 2018

Property being purchased at auction

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider an application where the property will be purchased at auction

Our policy notes:

Family Building Society can consider an Buy to Let application where the property will be purchased at auction

Last updated:

16 September 2020

Property Construction: 100% Timber Construction

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are able to potentially accept 100% timber construction properties - this is NOT the same as timber framed.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Property Construction: BOPAS accreditation required for non-standard construction

Our standard acceptability

No

Criteria definition:

Indicates if BOPAS accreditation is required for non-standard construction where the non-standard construction type is acceptable to us

Our policy notes:

Family Building Society does not require BOPAS accreditation for non-standard construction where the construction type is acceptable to us

Last updated:

16 September 2020

Property Construction: British Iron and Steel Federation (BISF)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where the construction type is British Iron and Steel Federation (BISF)

Our policy notes:

Family Building Society will not lend on properties where the construction type is British Iron and Steel Federation (BISF)

Last updated:

16 September 2020

Property Construction: Concrete construction

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are able to potentially accept concrete construction properties.

Our policy notes:

Prefabricated or large panel concrete construction (LPS) are not acceptable. Pre-fabricated reinforced concrete construction (PRC) May be considered if the property has been repaired by PRC Homes with a brick external skin and has the benefit of a 60 year guarantee, and the Valuer confirms property is readily saleable. NB. If the property is either semi-detached or terraced, all properties in the row must have been repaired. Concrete block construction designated Mundic are not acceptable.

Last updated:

31 May 2018

Property Construction: Converted church

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider an application on a converted church

Our policy notes:

Family Building Society can potentially consider an application on a converted church

Last updated:

16 September 2020

Property Construction: Cornish construction

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where the construction type is Cornish

Our policy notes:

Family Building Society does not lend on cornish construction properties.

Last updated:

03 August 2022

Property Construction: Dutch barns

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider Dutch Barn properties

Our policy notes:

Family Building Society can potentially lend on a Dutch Barn property

Last updated:

16 September 2020

Property Construction: Easiform

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are able to potentially accept Easiform construction properties.

Our policy notes:

Laing Easi-Form construction (providing in good condition) is acceptable.

Last updated:

31 May 2018

Property Construction: EWS1 required on properties with combustible cladding or materials on balconies?

Our standard acceptability

Yes

Criteria definition:

Indicates if we require an EWS1 certificate for properties with combustible cladding or materials on balconies

Our policy notes:

Family Building Society will not lend on properties with combustible cladding or materials on balconies without a EWS1 form

Last updated:

09 July 2021

Property Construction: Flying Freehold

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept properties where there exists a flying freehold.

Our policy notes:

Flying freeholds are acceptable providing they don't exceed more than 20% of the floor area and the valuer confirming that the presence of the flying freehold will not adversely affect saleability, and the Solicitor confirming that the Title Deeds contain adequate rights of shelter and support plus arrangements for maintenance and repair.

Last updated:

31 May 2018

Property Construction: Insulating concrete form (ICF)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where the construction type is Insulating concrete form (ICF)

Our policy notes:

Family Building Society will not lend on properties where the construction type is Insulating concrete form (ICF)

Last updated:

16 September 2020

Property Construction: Large Panel System (LPS)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where the construction type is Large Panel System (LPS)

Our policy notes:

Family Building Society will not lend on properties where the construction type is Large Panel System (LPS)

Last updated:

15 January 2021

Property Construction: Majority Flat Roof

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially able to accept Buy to Let applications on properties that have majority flat roof. We classify 'majority' as anything over 50%.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Property Construction: Modern method of construction (MMC)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applications on properties where the construction type is Modern method of construction (MMC).

Our policy notes:

Not normally accepted but considered on a case by case basis. These need to be referred to an underwriter to be assessed on a case by case basis.

Our outside policy allowances:

Please refer cases of good loan to value for consideration as an exception.

Last updated:

31 May 2018

Property Construction: Mundic block

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applications on properties where the construction type is Mundic block.

Our policy notes:

Our general stance is we won't lend on properties where the construction, or part of the construction, is from Mundic block.

Our outside policy allowances:

Please refer for individual consideration with the address of the property and any existing reports that may assist the underwriter in making a decision.

Last updated:

31 May 2018

Property Construction: No-Fines

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications on properties where the construction type is No-Fines.

Our policy notes:

Wimpey No Fines construction (providing in good condition) is acceptable.

Last updated:

31 May 2018

Property Construction: Non repaired prefabricated reinforced concrete

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept NON repaired prefabricated reinforced concrete as suitable security for lending purposes.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Property Construction: Off site manufactured (MMC)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where the construction type is Off site manufactured (MMC)

Our policy notes:

Family Building Society will not lend on properties where the construction type is Off site manufactured (MMC)

Last updated:

16 September 2020

Property Construction: Potton Homes

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider Potton Home properties

Our policy notes:

Family Building Society can potentially lend on a Potton Home property

Last updated:

16 September 2020

Property Construction: Repaired prefabricated reinforced concrete

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept repaired prefabricated reinforced concrete as suitable security for lending purposes.

Our policy notes:

Pre-fabricated reinforced concrete construction (PRC) May be considered if the property has been repaired by PRC Homes with a brick external skin and has the benefit of a 60 year guarantee, and the Valuer confirms property is readily saleable. NB. If the property is either semi-detached or terraced, all properties in the row must have been repaired.

Last updated:

31 May 2018

Property Construction: Single skin

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider single skin properties

Our policy notes:

Family Building Society can potentially lend on single skin property subject to valuer's comments.

Last updated:

09 July 2021

Property Construction: Steel framed

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept steel framed properties as suitable lending security.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Property Construction: Structural Insulated Panel Solutions (SIPs)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where the construction type is Structural Insulated Panel Solutions (SIPs)

Our policy notes:

Family Building Society will not lend on properties where the construction type is Structural Insulated Panel Solutions (SIPs)

Last updated:

16 September 2020

Property Construction: Thatched roof

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept properties that have any element of a thatched roof.

Our policy notes:

These are acceptable.

Last updated:

31 May 2018

Property Construction: Timber framed

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept timber framed properties.

Our policy notes:

Timber frame dwellings that are listed as Tudor buildings or those built after 1965 are acceptable.

Last updated:

30 March 2022

Property Construction: Timber framed (1900 to 1970)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property that is of Timber-Framed construction built between 1900 to 1970 for Buy to Let applications.

Our policy notes:

Family Building Society will not lend on properties that are a timber frame construction dating between 1900 to 1970.

Last updated:

07 November 2019

Property Construction: Timber framed (Post 1970)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property that is of Timber-Framed construction built after 1970 for Buy to Let applications.

Our policy notes:

Family Building Society will not lend on properties that are a timber frame construction dated post 1970.

Last updated:

07 November 2019

Property Construction: Timber framed (Pre 1900)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property that is of Timber-Framed construction built prior to 1900 for Buy to Let applications.

Our policy notes:

Family Building Society will not lend on properties that are a timber frame construction dating pre 1900.

Last updated:

07 November 2019

Property Construction: Tower Block with Cladding

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on a property in a tower block with cladding

Our policy notes:

Family Building Society will not lend on a tower block of flats that have cladding

Last updated:

16 September 2020

Property Construction: Wholly Timbered

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider wholly timbered property

Our policy notes:

Family Building Society will not lend on a wholly timbered property

Last updated:

11 September 2020

Property Construction: Woolaway

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a woolaway property

Our policy notes:

Family Building Society will not lend on a woolaway property

Our outside policy allowances:

These are declared defective under the Defective Housing Act and the Society can only consider those that have been adapted and have a PRC certificate.

Last updated:

16 September 2020

Property Developers

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications from property developers

Our policy notes:

Family Building Society can potentially accept Buy to Let applications from individuals they deem property developers.

Last updated:

31 May 2018

Property factor: Spray foam insulation

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider properties where there is spray foam insulation

Our policy notes:

Family Building Society is unable to lend on properties with spray foam insulation

Last updated:

03 August 2022

Property Factors: Mine Shafts

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on a property that is close to a mine shaft for Buy to Let applications.

Our policy notes:

Family Building Society can potentially consider lending on properties that are close to a mine shaft.

Last updated:

12 February 2020

Property factors: Next to commercial (Class A1 – shops and retail outlets)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on a property where it borders Class A1 commercial premises. Class A1 businesses are shops and retail.

Our policy notes:

The Society can usually lend on properties bordering Class A1 commercial premises although these should be referred to ensure they are accpetable.

Last updated:

02 September 2021

Property factors: Next to commercial (Class A2 – professional services)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on a property where it borders Class A2 commercial premises. Class A2 businesses are professional services.

Our policy notes:

The Society can usually lend on properties bordering Class A2 commercial premises.

Last updated:

02 September 2021

Property factors: Next to commercial (Class A3 – food and drink)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property where it borders Class A3 commercial premises. Class A3 businesses are for food and drink.

Our policy notes:

The Society will usually not lend on properties bordering Class A3 commercial premises.

Last updated:

02 September 2021

Property factors: Next to commercial (Class A4 – drinking establishments)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on a property where it borders Class A4 commercial premises. Class A4 businesses are drinking establishments.

Our policy notes:

The Society will usually not lend on properties bordering Class A4 commercial premises.

Last updated:

02 September 2021

Property Factors: Overhead power lines

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on properties that have overhead power lines running above them.

Our policy notes:

The Society will not lend on properties with powerlines overhead.

Last updated:

17 August 2023

Property Factors: Property needing Refurbishment before Letting

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications where refurbishment is required

Our policy notes:

Family Building Society will not consider a Buy to Let application where the property requires refurbishment before it can be Let.

Last updated:

07 November 2019

Property Factors: Underpinned within last 10 years

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on properties that have been underpinned in the last 10 years on Buy to Let applications

Our policy notes:

Family Building Society will not lend on properties that have been underpinned in the last 10 years

Last updated:

07 November 2019

Property Issues: Overage Clause

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a property with an Overage Clause

Our policy notes:

Family Building Society can potentially consider a property with an Overage Clause for loans up to 50% LTV

Last updated:

28 January 2021

Property Ownership: Possessory Title

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on Buy to Let applications for properties that only have possessory title.

Our policy notes:

Family Building Society will not lend on properties that are subject to a possessory title.

Last updated:

07 November 2019

Property Ownership: Shared access or shared services

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a property with shared access or shared services

Our policy notes:

Family Building Society can potentially consider a property with shared access or shared services

Last updated:

16 September 2020

Property Ownership: Splitting of a title deed on completion

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider an application where the splitting of a title deed will take place on completion

Our policy notes:

Family Building Society can potentially consider an application where the splitting of a title deed will take place on completion

Last updated:

16 September 2020

Property Ownership: Tenancy in Common with Unequal Shares

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on Buy to Let applications on properties where the joint ownership is set up on a tenants in common basis where each owner has an unequal share. For example, Applicant 'A' owns 70% of the property and Applicant 'B' owns 30%.

Our policy notes:

Family Building Society will not consider joint applications where the property ownership will be as tenancy in common with unequal shares.

Last updated:

07 November 2019

Property Ownership: Trust

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on Buy to Let applications for properties that are owned by a trust.

Our policy notes:

Family Building Society will not lend on properties that are owned by a trust.

Last updated:

07 November 2019

Property Type: Basement flat

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on a basement flat

Our policy notes:

Family Building Society can potentially lend on a basement flat

Last updated:

16 September 2020

Property Type: Coach house

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a coach house property

Our policy notes:

Family Building Society can potentially lend on coach houses

Last updated:

16 September 2020

Property Type: Ex local auth flat/maisonette

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially able to lend on ex local authority flats/maisonettes.

Our policy notes:

We would not lend on this property type.

Last updated:

31 May 2018

Property Type: Ex local authority house/bungalow

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on ex local authority houses/bungalows.

Our policy notes:

These are acceptable.

Last updated:

31 May 2018

Property Type: Flat above commercial food outlet

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept flats above a commercial food outlet.

Our policy notes:

We would not accept this sort of property.

Last updated:

31 May 2018

Property Type: Flat above commercial offices

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept flats that are above commercial offices.

Our policy notes:

Prestige locations only. Properties should have separate title and access. Valuer to confirm the property is readily saleable.

Last updated:

31 May 2018

Property Type: Flat above commercial pub

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept flats that are above a pub.

Our policy notes:

We would not consider this type of property.

Last updated:

31 May 2018

Property Type: Freehold flats and maisonettes

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a flat or maisonette where the tenure is freehold.

Our policy notes:

Freehold flats/maisonettes are not acceptable.

Last updated:

31 May 2018

Property Type: Grade 1 listed building

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on property classified as a Grade 1 listed building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

Our policy notes:

The Society is unable to lend on Grade 1 listed properties.

Last updated:

16 August 2023

Property Type: Grade 2 Listed Building

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider lending on property classified as a Grade 2 Listed Building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

Our policy notes:

The Society will lend on Grade II listed properties.

Last updated:

17 August 2023

Property Type: Studio flat

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on studio flats.

Our policy notes:

Studio flats are not normally acceptable.

Last updated:

31 May 2018

Property Type: Studio Flat Minimum Floor Area (Sq Metres)

Our standard acceptability

We do not lend on studio flats

Criteria definition:

Indicates the area in square metres required when lending on studio flats for Buy to Let lending.

Our policy notes:

Family Building Society does not lend on studio flats.

Last updated:

31 May 2018

Property usage: Agricultural restrictions

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept properties that have agricultural restrictions.

Our policy notes:

The Society will not usually lend on properties with agricultural restrictions.

Last updated:

03 August 2022

Property with acreage

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept properties that have a significant amount of land (properties that have acreage).

Our policy notes:

These are not acceptable unless the land is separated from the main house' title. Valuations are assessed on the house and immediate gardens.

Last updated:

31 May 2018

Property with age restrictions/retirement properties

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are able to potentially accept buy to let applications from applicants who are looking to purchase a property that has an age restriction. For example, Mr Jones is looking to purchase a retirement apartment that can only be occupied by people who are at least 55 years of age. 

Our policy notes:

The Society will not lend on properties with any form of occupancy restriction.

Last updated:

16 August 2023

Property with deck access

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept properties that have deck access.

Our policy notes:

We do not accept this property type.

Last updated:

31 May 2018

Property with more than one kitchen

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an application where the security property has more than one kitchen. This is not the same as a property split into two or more units or a House of Multiple Occupation (HMO).

Our policy notes:

Properties with more than one kitchen are not normally acceptable.

Our outside policy allowances:

Consideration can be given where a property has a 'granny' annexe. These must be referred prior to submission on an application. Please provide the property address and any sales particulars (where applicable) for an underwriter to give consideration.

Last updated:

31 May 2018

Property with Restrictive Covenant Section 106

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications on properties that are subject to a Section 106 restrictive covenant.

Our policy notes:

Family Building Society does not lend on properties that have a section 106 restrictive covenant.

Last updated:

31 January 2018

Purchase and rent back to the builders as a show home

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

Our policy notes:

Family Building Society will not consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

Last updated:

16 September 2020

Purchase applications where existing tenants will remain in the property

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept situations where the property being purchased on a Buy to Let basis has an existing tenant who wishes to remain in the property and therefore vacant possession on completion would not exist.

Our policy notes:

Family Building Society does not accept situations on purchase applications where there is a tenant in situ at the property where it is the intention to allow them to remain as the ongoing tenant.

Last updated:

31 May 2018

Purchase from Individual Name to Limited Company (Related Transaction)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept an application where a Limited Company wishes to purchase a property from one of its directors or shareholders. This is typically referred to as a 'Related Transaction'.

Our policy notes:

Family Building Society can potentially consider applications where the Ltd Company is purchasing the property on a related transaction basis.

Last updated:

31 May 2018

Purchase from Limited Company to Individual Name (Related Transaction)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept an application where the purchaser is looking to purchase a property from a limited company for which he/she is a shareholder.

Our policy notes:

Family Building Society can potentially accept these types of transaction where the individual is looking to purchase a property from a Ltd Company that they are a director or shareholder of.

Last updated:

31 May 2018

Regulated Buy to Let (Let to Family Member)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications where the intention is to Let the property to a family member.

Our policy notes:

Family Building Society does not accept 'Regulated Buy to Let' applications

Last updated:

31 May 2018

Remortgage Purpose: 100% Staircase Shared Ownership to Let to Buy

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising on an applicant's current shared ownership residential property for the purpose of staircasing to 100% and take their ownership to 100% and then Letting the property.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to staircase their Shared Ownership property and then Let the property on a Buy to Let basis with us.

Last updated:

07 November 2019

Remortgage Purpose: Business Purposes

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a Buy to Let application when the reason for capital raising is considered for 'Business Related Purposes'.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising for business purposes.

Last updated:

07 November 2019

Remortgage purpose: Buy out (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we can accept where the BTL remortgage purpose is to raise funds to buy out a partner or other borrower. 

Our policy notes:

The Society will accept applications at normal LTVs to buy out a co-owner.

Last updated:

03 August 2022

Remortgage purpose: Buy to Let Purchase (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we will accept when the reason for capital raising is to raise funds to fund or part fund a buy to let purchase.

Our policy notes:

The maximum LTV the Society will lend up to is 70%

Last updated:

31 May 2018

Remortgage purpose: Capital raise for BTL where property not yet found

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider remortgage applications with capital raising for a BTL property where the property has not yet been found. Essentially they want to put themselves in the position of a cash buyer with the funds accessible ready for when they find their property.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising for a BTL property where a property is not yet found

Last updated:

16 September 2020

Remortgage purpose: Debt Consolidation (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application.

Our policy notes:

The Society will lend up to 70% LTV.

Last updated:

31 May 2018

Remortgage purpose: Extending a lease

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

Our policy notes:

Family Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

Last updated:

16 September 2020

Remortgage purpose: Gift money (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates if we are able, and if so to what loan to value, accept BTL remortgages where the purpose is to raise money to make a gift (for example to children to help with school fees etc or where parent(s) might want to help their children buy their first home).

Our policy notes:

We will permit capital raising to gift funds to a close family member to assist with a property purchase to 80%. We will require a certificate of understanding to be signed after the offer and before completion.

Last updated:

03 August 2022

Remortgage purpose: HMO conversion back to standard residence

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a remortgage application where an existing HMO will be converted back to a standard residence

Our policy notes:

Family Building Society will not consider a remortgage application where an existing HMO property will be converted to a standard residence

Last updated:

16 September 2020

Remortgage purpose: Home Improvements (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates if we are able to and if so to what loan to value, accept remortgages where the purpose is to raise money for property improvements.

Our policy notes:

The Society will lend a maximum of 70% LTV

Last updated:

31 May 2018

Remortgage Purpose: Home Improvements (other property)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of home improvements on a property which is NOT the security property on Buy to Let applications.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising for home improvements on another property owned by the applicant.

Last updated:

07 November 2019

Remortgage purpose: Land Purchase (maximum LTV)

Our standard acceptability

65

Criteria definition:

Indicates if we will allow capital raising for the purpose to purchase land and if so up to what loan to value for Buy to Let applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising for 'Land Purchase' up to a maximum LTV of 65% (our current maximum LTV for all BTLs).

Last updated:

07 November 2019

Remortgage purpose: Lifestyle (holidays, car's, non essential spending etc)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)

Last updated:

16 September 2020

Remortgage purpose: Medical expenses

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is medical expenses

Last updated:

11 September 2020

Remortgage purpose: Personal investments (not property related)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is personal investments

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is personal investments

Last updated:

16 September 2020

Remortgage Purpose: Purchase Commercial Property

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of purchasing commercial property on Buy to Let applications.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to purchase a commercial property.

Last updated:

07 November 2019

Remortgage Purpose: Purchase Overseas Property

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of purchasing overseas property on Buy to Let applications.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to purchase a property overseas.

Last updated:

07 November 2019

Remortgage Purpose: Repay Help to Buy and Let the Property

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising on an applicant's current residential property that has a Help to Buy Equity Loan present for the purpose of repaying (IN FULL) their Help to Buy Equity Loan, take their ownership to 100% and then Let the property.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to repay their Help to Buy equity loan and then Let the property on a Buy to Let basis with us.

Last updated:

07 November 2019

Remortgage purpose: Repay residential (Maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we can accept where the BTL remortgage purpose is to repay the customer's residential mortgage.

Our policy notes:

Family Building Society has a maximum LTV of 70% when remortgaging with capital raising to repay their residential mortgage

Last updated:

03 August 2022

Remortgage purpose: School/Education fees

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Our policy notes:

Family Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Last updated:

16 September 2020

Remortgage waiting period

Our standard acceptability

6

Criteria definition:

Indicates the number of months we state a person must have owned a property before it can be considered for a remortgage application. 

Our policy notes:

We will consider remortgages after 6 month's ownership.

Last updated:

31 May 2018

Repayment (Capital & Interest)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept mortgages on a Repayment basis (Capital & Interest) for Buy to Let applications.

Our policy notes:

Family Building Society can potentially offer Buy to Let mortgages on a 'Repayment (Capital & Interest)' basis.

Last updated:

31 May 2018

Restricted Sale Price

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially offer a Buy to Let mortgage on a property that has a 'Restricted Sale Price' clause.

Our policy notes:

Family Building Society will not consider applications on properties that have a restricted sale price clause.

Last updated:

07 November 2019

Retrospective New Build Warranty

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on properties that have been issued with a retrospective new build warranty. These warranties were specifically not in place during the build phase but taken out at a later date following completion.

Our policy notes:

Family Building Society will not consider retrospective new build warranties.

Last updated:

07 November 2019

Returning to UK - Employed

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into paid employment. Critically, indicates if a lender will accept an employed applicant (with no current minimum length of time in UK employment) who is returning from a non UK address to the UK.

Our policy notes:

Family Building Society will not accept applications from applicants who are returning to the UK and going straight into employment.

Last updated:

07 November 2019

Returning to UK - Self-Employed

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into Self-Employment. Critically, indicates if a lender will accept a Self-Employed applicant who is returning from a non UK address to the UK and would essentially have zero UK trading history.

Our policy notes:

Family Building Society will not accept applications from applicants who are returning to the UK and going straight into self-employment.

Last updated:

07 November 2019

Sale and Rent Back

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a sale and rent back transaction where the vendor sells the property (usually at a discount), remains in the property and pays a rent to the new owner.

Our policy notes:

Family Building Society does not accept 'Sale and Rent Back' transactions.

Last updated:

31 January 2018

Sharia Compliant Mortgages

Our standard acceptability

Not Available

Criteria definition:

Indicates if we can offer Sharia compliant Buy to Let mortgages.

Our policy notes:

Family Building Society does not offer Sharia compliant mortgages.

Last updated:

16 August 2023

Simultaneous First and Second Charge

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Buy to Let application where there will be a simultaneous completion of a second charge.

Our policy notes:

Family Building Society will not consider applications where there will be a simultaneous completion of a second charge.

Last updated:

07 November 2019

Soft Footprint on Credit Search?

Our standard acceptability

No (Full Footprint)

Criteria definition:

Indicates if we will leave a 'soft footprint' when performing a credit search (as opposed to leaving a full/hard footprint on the credit file).

Our policy notes:

We use Equifax and we leave a hard footprint.

Last updated:

31 May 2018

Solar Panels

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept properties that have had solar panels installed.

Our policy notes:

These are acceptable subject to no onerous terms being contained in the lease agreement if the panels are leased.

Last updated:

31 May 2018

Sole application joint proprietor

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications on a sole application joint proprietor basis. This is where a property will be jointly owned but only one person will be named on the mortgage and is distinctly different to the more common Joint Application Sole Proprietor where only one party would own the property but there are two named on the mortgage.

Our policy notes:

Family Building Society will not consider applications on a sole application joint proprietor basis

Last updated:

11 September 2020

Source of deposit: Builders Deposit

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept builder gifted deposits as an acceptable source of deposit for new build properties

Our policy notes:

A builder’s deposit is acceptable providing the Borrowers are providing a deposit from their own resources of at least 20%. The Valuer will be required to confirm that the valuation is not affected, and the Solicitor should confirm that the purchase price in the legal documentation matches that on the Society’s Mortgage Offer. Lending will be based on the lower of purchase price or valuation.

Last updated:

31 May 2018

Source of deposit: Concessionary

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept applications that are considered a concessionary purchase

Our policy notes:

We can lend up to 100% of the discounted purchase price or 80% of the value whichever is lower. An indemnity to protect the Society might be required.

Last updated:

31 May 2018

Source of deposit: Gift From Immediate Family

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept a gift from an immediate family member as an acceptable source of deposit.

Our policy notes:

We will accept deposits being gifted.

Last updated:

31 May 2018

Source of deposit: Gifted NOT from Immediate Family

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept a gift as a deposit source outside of immediate family members such as a friend, employer or cousin for example.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Source of deposit: Loan from immediate family

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept a loan from an immediate family member as an acceptable source of deposit on a buy to let application.

Our policy notes:

Family Building Society is unable to accept deposits where the source is a loan from immediate family

Last updated:

03 August 2022

Source of deposit: Mortgage on additional property

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept monies raised from the mortgage of an additional property as an acceptable source of deposit.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

Source of deposit: Originated outside of EEA

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if can potentially accept deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit.

Our policy notes:

We do not accept funds from sources deposited outside of the EU.

Our outside policy allowances:

If the country the funds are deposited in are FATF compliant the case should be referred for further consideration.

Last updated:

31 May 2018

Source of deposit: Redundancy payment

Our standard acceptability

Acceptable

Criteria definition:

Indicates whether or not we will accept a redundancy payment as an acceptable source of deposit on a BTL application. 

Our policy notes:

Family Building Society can potentially accept a redundancy payment as an acceptable source of deposit

Last updated:

03 August 2022

Source of deposit: Unsecured Loan

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates whether or not we will accept borrowers source of deposit as a loan. For example a person is looking to put down a total 25% deposit and borrow a 75% mortgage. 5% of the total deposit is a bank loan.

Our policy notes:

We do not accept deposits that have been borrowed.

Last updated:

31 May 2018

Split Mortgage Terms

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider an application with a split term. For example, an applicant wishes to take one part of their mortgage over 25 years and another part over 10 years.

Our policy notes:

Family Building Society can offer mortgages with split term durations

Last updated:

16 September 2020

Standard BTL affordability assessment

Our standard acceptability

ICR based

Criteria definition:

This relates to the potential rental calculation we will apply. 

Our policy notes:

Please refer to the Society's website

Last updated:

03 August 2023

Student Let Valuation

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially use the student Let rental valuation as opposed to the open market valuation to a typical tenant (family, couples, etc)

Our policy notes:

Family Building Society will not use the student Let rental valuation for affordability as opposed to the open market rental valuation.

Last updated:

07 November 2019

Telecommunications Adverse Ignored

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially ignore telecommunications adverse credit on Buy to Let applications.

Our policy notes:

Family Building Society will not ignore telecommunications adverse.

Last updated:

07 November 2019

Tenants: Asylum Seekers

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to an Asylum Seeker.

Our policy notes:

Family Building Society will not consider applications where the property will be let to an Asylum seeker

Last updated:

07 November 2019

Tenants: Corporate Lets/Company Lets

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we an potentially consider applications from borrowers that wish to Let the property on a Corporate Let or Company Let

Our policy notes:

Family Building Society will consider properties that are to be Let on a Corporate/Company Let basis.

Last updated:

21 August 2024

Tenants: DSS/Housing Benefit

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to DSS/Housing Benefit tenants

Our policy notes:

Family Building Society can potentially accept DSS/Housing benefit tenants.

Last updated:

06 November 2020

Tenants: Housing Association Lets

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to Housing Association tenants.

Our policy notes:

Family Building Society does not accept Housing Association tenants.

Last updated:

22 May 2018

Tenants: Letting whole property via AirBnB

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the entire property via services such as AirBnB and similar.

Our policy notes:

Family Building Society does not lend on properties that are intended to be Let as a 'Holiday Let'

Last updated:

31 January 2018

Tenants: Multiple Tenancies

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to have multiple tenancies on a Buy to Let property.

Our policy notes:

Family Building Society will not consider a Buy to Let application with multiple tenancies

Last updated:

07 November 2019

Tenants: Protected Tenancies

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to a tenant who is benefiting from a protected tenancy.

Our policy notes:

Family Building Society will not consider applications where the tenant enjoys a 'Protected Tenancy'.

Last updated:

07 November 2019

Tenants: Serviced Properties

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications on properties that are considered 'Serviced Properties'. These are typically furnished properties that are Let on a short term basis and the rent covers all amenities including the rent.

Our policy notes:

Family Building Society will not consider applications where the property will be Let as a 'Serviced Property'.

Last updated:

07 November 2019

Tenants: Student Lets?

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to students

Our policy notes:

Family Building Society does not allow applicants to Let their Buy to Let property to Students.

Last updated:

22 May 2018

Tenants: Third Party/Company (where the third party/company is Sub-Letting the property)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications where the tenant will be (or is) a third party who pays a rent to the applicant and acts as the primary tenant but Sub-Lets the property. This is sometimes referred to as 'Rent to Rent'.

Our policy notes:

Family Building Society will not consider applications where the property will be Let to a third party who will in turn Sublet the property.

Last updated:

07 November 2019

Transitional Arrangements Offered

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially offer Buy to Let mortgages on a transitional arrangement as defined by the FCA under MCOB 11.8

Our policy notes:

Family Building Society does not offer Buy to Let mortgages on a transitional arrangement basis.

Last updated:

07 November 2019

Unadopted Roads

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a property with unadopted roads

Our policy notes:

Family Building Society can potentially consider a property with unadopted roads

Last updated:

16 September 2020

Unauthorized Overdraft Charges

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are able to potentially accept Buy to Let applications from applicants who have recently been charged for an unauthorised overdraft (either by exceeding their overdraft limit or by simply going overdrawn if they do not have an agreed overdraft limit). These unauthorised overdraft charges will likely appear on the clients recent bank statements.

Our policy notes:

Family Building Society does not accept applicants that have recently had unauthorized overdraft charges

Last updated:

31 May 2018

Undervalue transactions

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications where the transaction constitutes an undervalue transaction.

Our policy notes:

We accept purchases at an undervalue providing it is not a 'distressed sale'. We will ask the solicitors to provide the appropriate indemnity as part of the conveyancing.

Last updated:

31 May 2018

Unemployed Applicants

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications for unemployed applicants.

Our policy notes:

Family Building Society will not consider Buy to Let applications for unemployed applicants

Last updated:

07 November 2019

Visas: Family Visa (Spousal etc)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applicants who hold a Family Visa. Types of Family Visas are spouse or partner, fiancé, fiancée or proposed civil partner, child, parent or relative who’ll provide long-term care for you.

Our policy notes:

Family Building Society will not consider applicants that hold a family visa.

Last updated:

15 January 2021

Visas: Minimum number months remaining on visa

Our standard acceptability

We do not lend to foreign nationals on a visa

Criteria definition:

Indicates if we can consider an applicant on a visa and if so what is the minimum requirement (in MONTHS) that the applicant must have remaining on BTL applications

Our policy notes:

Family Building Society will not consider an applicant on a visa

Last updated:

16 September 2020

Visas: Working Visa (Tier 1 - Investors, entrepreneurs and talent visas)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a buy to let application from an applicant that holds a Working Tier 1 Visa. These visas can be issued to Entrepreneurs, Exceptional Talents, Graduate Entrepreneurs, and Investors.

Our policy notes:

Family Building Society will not consider applicants that hold a 'Tier 1' working visa.

Last updated:

15 January 2021

Visas: Working Visa (Tier 2 - Long-term work visas)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a buy to let application from an applicant that holds a Working Tier 2 Visa. These visas can be issued to General workers who've been offered a skilled position in the UK, Intra-company Transfers, Ministers of Religion and Sportspersons.

Our policy notes:

Family Building Society will not consider applicants that hold a 'Tier 2' working visa.

Last updated:

15 January 2021

Affordability Calculator

Find out how much your residential client may be able to borrow. To see affordability for a Buy to Let client, use our Buy to Let calculator

Find Your Local

Business Development Manager

Your Local BDM:

Sam Morrison

Working out of our head office, as our phone-based BDM in Epsom, Sam has a wealth of knowledge regarding our processes and criteria and covers a variety of postcodes across the UK.
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Your Local BDM:

Neil Cadwallader

Neil has over 19 years experience in Financial Services from pensions and investments to mortgages. Neil focuses around South Wales and the West of England area. Contact Neil for help with your clients' mortgages.
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Your Local BDM:

Stuart Heavens

Stuart focuses on the South Coast area. Contact Stuart for help with your clients' mortgages.
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Your Local BDM:

Amar Mashru

Amar focuses on the Central London area. Contact Amar for help with your clients' mortgages.
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Your Local BDM:

Arif Kara

Arif was previously a mortgage adviser, and focuses on North and West London. Contact Arif for help with your clients' mortgages.
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Your Local BDM:

Nathan Waller

Nathan, previously a mortgage broker, focuses on Cambridgeshire, East Sussex, Essex, Suffolk, Hertfordshire, Bedfordshire, Lincolnshire, Norfolk and Kent. Contact Nathan for help with your clients' mortgages.
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Your Local BDM:

Grace Bennett

Grace focuses around the West M25 area. Contact Grace for help with your clients' mortgages.
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Your Local BDM:

Darren Deacon

Darren has over 28 years' Financial Services experience and focuses on both the East and West Midlands as well as the Southwest. Contact Darren for help with your clients' mortgages.
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Your Local BDM:

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire and the North East. Contact Paul for help with your clients' mortgages.
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We do not currently have a BDM covering your area. Please contact our Mortgage Helpdesk:

Opening hours: Monday - Friday: 9am - 5.30pm. Saturday: Closed

We may record any telephone calls we have with you in the interest of staff training, monitoring customer service or for security purposes.

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