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 an applicant can be in order for them to be considered for a Buy to Let application. For example if a lender has a maximum age at the end of the mortgage term of 75 and a minimum term of 5 years then they would have a maximum age at application of 69 (70 next birthday). 

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.

Our outside policy allowances:

Last updated:

29 August 2018

Remortgage purpose: Balance Swap (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) a Buy to Let lender 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

Our outside policy allowances:

Last updated:

29 August 2018

Address History (Min UK address history needed)

Our standard acceptability

36

Criteria definition:

This is the required number of months a Buy to Let lender specifies a client has to have had a UK address history for. For example if ABC Bank states all Buy to Let borrowers must be UK residents and be able to show a 3 year address history in the UK then the value for the Address History (Min UK address history needed) criteria for ABC Bank would be 36.

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:

29 August 2018

Age Limits: Maximum Age at End of Mortgage Term

Our standard acceptability

94

Criteria definition:

Indicates the absolute maximum age a Buy to Let lender will lend to. For instance, Chris is 55 years old and wants a Buy to Let mortgage term of 19 years which will mean he will be 74 when the mortgage finishes. ABC Bank have a maximum age of 75 years at the end of the mortgage term. It doesn't necessarily mean ABC Bank will give Chris a 19 year term - it simply indicates that if other criteria is met then this is the maximum they may be able to lend until.

In summary 'Lender max age at end of mortgage term' indicates the age a lender could potentially lend up to if you meet all required criteria.

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.

Our outside policy allowances:

Last updated:

29 August 2018

Age Limits: Minimum Age at Application

Our standard acceptability

18

Criteria definition:

The minimum age a Buy to Let lender will accept when assessing an applicant. For example Joe is 20 years old and wishes to apply for a Buy to Let mortgage with ABC Bank. ABC Bank requires all applicants to be at least 25 years of age therefore they will not currently lend to Joe.

Our policy notes:

The minimum age of each applicant must be 18.

Our outside policy allowances:

Last updated:

29 August 2018

Arrears (secured/mortgage)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Arrears (unsecured)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender is 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.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 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 Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Back to back (Remortgage - Inherited)

Our standard acceptability

Acceptable

Criteria definition:

Back to back (Remortgage - Inherited) indicates if a Buy to Let lender will 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.

Our outside policy allowances:

Last updated:

29 August 2018

Can Consider Earned Income in Rental Assessment (Topslicing)

Our standard acceptability

No

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

21 August 2018

Can extend mortgage offer

Our standard acceptability

Yes

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Can use actual existing rent when higher than valuers estimate

Our standard acceptability

No

Criteria definition:

Indicates if a lender can potentially use the actual rent received from an existing tenant when it is higher than the valuers estimate. For example this situation could arrise on remortgage applications where, in the valuers 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.

Our outside policy allowances:

Last updated:

29 August 2018

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

Our standard acceptability

No

Criteria definition:

Indicates if a lender can potentially use the valuers estimate when assessing loan affordability even if the actual rent being received is less than the estimate. For example this situation could arrise on remortgage applications where the existing tenant is paying below the market estimate (based on the valuers rental valuation).

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Consumer Buy to Let (position and definition)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender lends when they consider the transaction to be a 'Consumer Buy to Let (CBTL)' and what their 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)'

Our outside policy allowances:

Last updated:

21 August 2018

Contract Reassignment

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender is potentially able to accept the 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.

Our outside policy allowances:

Last updated:

29 August 2018

County Court Judgements (CCJs) (Satisfied) potentially accepted

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender can potentially accept Buy to Let applications from applicants that have had/or have satisfied CCJs registered against their name. 

Our policy notes:

One County Court Judgement (CCJ), with a total value less than £500, within the last three years subject to being satisfied and a satisfactory explanation provided.

Our outside policy allowances:

Last updated:

29 August 2018

County Court Judgements (CCJs) (Unsatisfied) potentially accepted

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender can potentially accept Buy to Let applications from applicants that have had/or have unsatisfied CCJs registered against their name. 

Our policy notes:

We will not accept applications where CCJs exist that have not been satisfied.

Our outside policy allowances:

Last updated:

29 August 2018

Credit Checks with Callcredit

Our standard acceptability

no

Criteria definition:

Indicates if a Buy to Let lender uses Callcredit as a credit reference agency when assessing applications.

Our policy notes:

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

Our outside policy allowances:

Last updated:

21 August 2018

Credit Checks with Equifax

Our standard acceptability

Yes

Criteria definition:

Indicates if a Buy to Let lender uses Equifax as a credit reference agency when assessing applications.

Our policy notes:

We currently use Equifax for our credit search facility

Our outside policy allowances:

Last updated:

29 August 2018

Credit Checks with Experian

Our standard acceptability

No

Criteria definition:

Indicates if a Buy to Let lender uses 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.

Our outside policy allowances:

Last updated:

29 August 2018

Credit Scores?

Our standard acceptability

No

Criteria definition:

Indicates if a Buy to Let lender uses '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.

Our outside policy allowances:

Last updated:

29 August 2018

Debt Management Plan (Current/Unsatisfied)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Debt Management Plan (satisfied)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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:

29 August 2018

Debt Related: Payday loan (current)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Debt Related: Payday loan (previous)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Please refer applicants where a payday loan hasn't been used for at least 12 months. Evidence of the satisfactory conduct of the applicant's current account will be required.

Last updated:

29 August 2018

Defaults (satisfied) potentially accepted

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender can potentially accept Buy to Let applications from applicants that have had/or have satisfied defaults registered against their name.

Our policy notes:

One default, with a total value less than £500, within the last three years subject to being satisfied and a satisfactory explanation provided.

Our outside policy allowances:

Last updated:

29 August 2018

Defaults (unsatisfied) potentially accepted

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender can potentially accept Buy to Let applications from applicants that have had/or have unsatisfied defaults registered against their name

Our policy notes:

Unsatisfied defaults are not acceptable

Our outside policy allowances:

Last updated:

29 August 2018

Discharged Bankrupt (years)

Our standard acceptability

3

Criteria definition:

Displays if a lender accepts discharged bankrupts on Buy to Let applications and if so how long a client has to have been discharged for. For example Mr Smith was made bankrupt 7 years ago and was discharged one year later so has been discharged for 6 years. ABC Bank accepts borrowers who have previously been made bankrupt so long as they have been discharged for at least 3 years. Mr Smith could therefore apply for a mortgage with ABC Bank.

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.

Our outside policy allowances:

Last updated:

29 August 2018

Expat Buy to Let

Our standard acceptability

Acceptable

Criteria definition:

Our policy notes:

The Society does accept applications from UK expats abroad as long as they are resident in the following countries only: Australia Austria Belgium Bulgaria Canada China Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hong Kong Hungary Iceland India Ireland Italy Japan Kingdom of the Netherlands New Zealand Kuwait Latvia Lithuania Luxembourg Malta Malaysia Norway Oman Poland Portugal Romania Singapore Slovakia Slovenia South Africa South Korea Spain Sweden Switzerland UK Crown Dependencies, United States.

Our outside policy allowances:


Applications for UK expats resident in India, Kuwait, Malaysia,Saudi Arabia and the UAE can be accepted through authorised packagers only.

Last updated:

21 August 2018

Expat minimum income

Our standard acceptability

No Minimum

Criteria definition:

Indicates if a lender has a minimum income requirement when assessing expat applications and if so what is it

Our policy notes:

Family Building Society has no minimum income.

Our outside policy allowances:

Last updated:

29 August 2018

Expat Regulated Buy to Let (Let to Family Member)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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)

Our outside policy allowances:

Last updated:

21 August 2018

Expat UK Credit Profile Required

Our standard acceptability

Yes

Criteria definition:

Indicates if a lender requires expats to have a UK credit profile

Our policy notes:

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

Our outside policy allowances:

Last updated:

21 August 2018

First Time Buyers

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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'

Our outside policy allowances:

Last updated:

21 August 2018

First Time Landlords

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender 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'.

Our outside policy allowances:

Last updated:

29 August 2018

Flat/Maisonette Maximum LTV (New Build)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates the maximum potential loan to value (LTV) a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Flat/Maisonette Maximum LTV (Standard)

Our standard acceptability

70

Criteria definition:

Indicates the maximum potential loan to value (LTV) a Buy to Let lender 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%

Our outside policy allowances:

Last updated:

29 August 2018

Foreign Nationals (with indefinite leave to remain)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is potentially able to accept applications from foreign nationals that have indefinite leave to remain. Often lenders that consider foreign nationals will have restrictions based on length of time resident in the UK, the size of deposit and the type of employment of the applicant.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Foreign Nationals (WITHOUT indefinite leave to remain)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender is potentially able to accept applications from foreign nationals that DO NOT have indefinite leave to remain. Often lenders that consider foreign nationals will have restrictions based on length of time resident in the UK, the size of deposit and the type of employment of the applicant.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Full Time Landlord

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender can potentially lend to what they 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'.

Our outside policy allowances:

Last updated:

29 August 2018

HMO First Time Landlord

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender 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)'.

Our outside policy allowances:

Last updated:

29 August 2018

HMO Maximum Loan Size

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum loan size a lender can consider on HMO Buy to Let applications

Our policy notes:

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

Our outside policy allowances:

Last updated:

21 August 2018

HMO Maximum Loan Size 60% LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum loan size a lender can consider on HMO Buy to Let applications at 60% LTV

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

HMO Maximum Loan Size 70% LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum loan size a lender can consider on HMO Buy to Let applications at 70% LTV

Our policy notes:

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

Our outside policy allowances:

Last updated:

21 August 2018

HMO Maximum Loan Size 75% LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum loan size a lender can consider on HMO Buy to Let applications at 75% LTV

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

HMO Maximum Loan Size 80% LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum loan size a lender can consider on HMO Buy to Let applications at 80% LTV

Our policy notes:

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

Our outside policy allowances:

Last updated:

21 August 2018

HMO Maximum Loan Size 85% LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum loan size a lender can consider on HMO Buy to Let applications at 85% LTV

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

HMO Maximum LTV

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates the maximum LTV a lender 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)'.

Our outside policy allowances:

Last updated:

29 August 2018

HMO Maximum Number of Bedrooms

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender has 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)'.

Our outside policy allowances:

Last updated:

21 August 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 a lender in an HMO property

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 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)'.

Our outside policy allowances:

Last updated:

21 August 2018

HMO Minimum Applicant Experience

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender requires 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)'.

Our outside policy allowances:

Last updated:

29 August 2018

HMO Minimum Double Bedroom Square Metre

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender has 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)'.

Our outside policy allowances:

Last updated:

29 August 2018

HMO Minimum Property Value

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender specifies 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)'.

Our outside policy allowances:

Last updated:

21 August 2018

HMO Minimum Single Bedroom Square Metre

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender has 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)'.

Our outside policy allowances:

Last updated:

29 August 2018

HMO Unlicensed Acceptable

Our standard acceptability

We do not accept HMO applications

Criteria definition:

Indicates if a lender 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)'.

Our outside policy allowances:

Last updated:

21 August 2018

House of Multiple Occupation (HMO's)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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)'.

Our outside policy allowances:

Last updated:

21 August 2018

House/Bungalow Maximum LTV (New Build)

Our standard acceptability

70

Criteria definition:

Indicates the maximum potential loan to value (LTV) a Buy to Let lender 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%

Our outside policy allowances:

Last updated:

29 August 2018

House/Bungalow Maximum LTV (Standard)

Our standard acceptability

70

Criteria definition:

Indicates the maximum potential loan to value (LTV) a Buy to Let lender 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%

Our outside policy allowances:

Last updated:

29 August 2018

Individual Voluntary Arrangements - IVA (Years satisfied)

Our standard acceptability

3

Criteria definition:

Displays if a lender accepts 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. For example a purchaser is looking to obtain a Buy to Let mortgage to fund a house purchase but entered into an IVA 6 years ago which consisted of a 5 year plan to repay the agreed amount to their creditors. The plan was successfully completed without any unsatisfactory conduct so their IVA has now been satisfied for 1 year. They approach their lender of choice who says that in order to be considered for a Buy to Let mortgage borrowers with a history of an IVA must have been satisfied for at least 3 years and so on this occasion the person is unable to proceed with an application with this lender.

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.

Our outside policy allowances:

Last updated:

29 August 2018

Individual Voluntary Arrangements - IVA (Years since registered)

Our standard acceptability

6

Criteria definition:

Displays if a lender accepts 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. For example a Buy to Let purchaser is looking to obtain a Buy to Let mortgage to fund a house purchase but entered into an IVA 6 years ago which consisted of a 5 year plan to repay the agreed amount to their creditors. The plan was successfully completed without any unsatisfactory conduct so their IVA has now been satisfied for 1 year and was registered 6 years ago. They approach their lender of choice who says that in order to be considered for a Buy to Let mortgage the IVA must have been registered at least 6 years ago and so on this occasion the person able to discuss the case further with the lender.

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.

Our outside policy allowances:

Last updated:

29 August 2018

Individual Voluntary Arrangements (IVA)

Our standard acceptability

Acceptable

Criteria definition:

Specifies if a lender is 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.

Our outside policy allowances:

Last updated:

29 August 2018

Japanese Knotweed

Our standard acceptability

Acceptable

Criteria definition:

Specifies if a Buy to Let lender is 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 identifies that Japanese Knotweed is present a program of eradication may be required before the Society can lend

Our outside policy allowances:

Last updated:

29 August 2018

Joint application sole proprietor

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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 up to two other applicants are to occupy the property. Each application needs to be referred for consideration prior to submission.The two categories we'd consider are where son/daughter wish to use mother/father to support their income to secure the loan they need but that in time (approximately five years) the likelihood is their income will grow sufficiently to afford the mortgage in their own right.
The other scenario is where an elderly parent needs the support of their son/daughter to secure a mortgage.
Please refer either scenario to us for consideration before submitting an application.

Our outside policy allowances:

Last updated:

29 August 2018

Lender or Group Lending Limit

Our standard acceptability

No Maximum

Criteria definition:

Indicates if a lender has a maximum exposure limit a borrower can have with them or within their group. For example ABC Bank state that the total amount of mortgages outstanding for any customer with them is £5,00,000

Our policy notes:

The Society has no maximum.

Our outside policy allowances:

Last updated:

29 August 2018

Lender or Group Maximum Number of Mortgages

Our standard acceptability

3

Criteria definition:

Indicates if a lender has a maximum number of mortgages a borrower can have with them or within their group. For example ABC Bank might say that a borrower can have no more than X number of mortgages with them at any one time. This might be in addition to any overall monetary exposure limits the lender may have as well.

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:

29 August 2018

Lending against Uplifted Value following Refurbishment Works

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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 new enhanced value.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: England

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

We do lend in England

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: Isle of Man

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let  lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: Isle of Wight

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially consider lending on properties located on the Isle of Wight

Our policy notes:

We do lend on the Isle of Wight.

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: Northern Ireland

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially consider lending on properties located in Northern Ireland.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: Scilly Isles

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let  lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: Scotland

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let  lender can potentially consider lending on properties located in Scotland.

Our policy notes:

Family Building Society does not lend on properties in Scotland.

Our outside policy allowances:

Last updated:

29 August 2018

Lending Location: Wales

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially consider lending on properties located in Wales.

Our policy notes:

We do lend in Wales.

Our outside policy allowances:

Last updated:

29 August 2018

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

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept applications to remortgage onto a buy to let basis when the current mortgage is residential. For example Jack wants to move out of his current residential mortgaged property, remortgage onto a buy to let and purchase a new residential property to live in. This criteria relates converting the current residential onto a buy to let mortgage.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Limited Company (SPV) maximum number of applicants

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of applicants a lender 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.

Our outside policy allowances:

Last updated:

29 August 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.

Our outside policy allowances:

Last updated:

29 August 2018

Limited Company (SPV) shareholders required to provide personal guarantees

Our standard acceptability

No

Criteria definition:

Indicates if a lender requires 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.

Our outside policy allowances:

Last updated:

29 August 2018

Limited Company (Trading) applicant definition

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

Indicates if a lender considers 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

Our outside policy allowances:

Last updated:

29 August 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 a lender can consider when lending to Trading Limited Companies

Our policy notes:

The Society does not lend to trading limited companies.

Our outside policy allowances:

Last updated:

29 August 2018

Limited Company (Trading) Min Trading Period

Our standard acceptability

Does not lend to Trading Ltd Companies

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:

The Society will only lend to limited company SPV which are newly set up. We will not lend to existing SPVs.

Our outside policy allowances:

Last updated:

29 August 2018

Limited Company Buy to Let

Our standard acceptability

Accepted

Criteria definition:

Indicates of a lender can potentially accept Buy to Let applications from Limited Companies

Our policy notes:

Family Building Society can consider Ltd Company Buy to Let applications

Our outside policy allowances:

Last updated:

29 August 2018

Limited Company Buy to Let (Special Purpose Vehicle SPV)

Our standard acceptability

Accepted

Criteria definition:

Indicates if a lender 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).

Our outside policy allowances:

Last updated:

29 August 2018

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

Our standard acceptability

Not Accepted

Criteria definition:

Indicates of a lender 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.

Our outside policy allowances:

Last updated:

29 August 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.

Our outside policy allowances:

Last updated:

29 August 2018

Maximum Aggregate Portfolio LTV (within group or lender)

Our standard acceptability

We do not lend to Portfolio Landlords

Criteria definition:

Indicates if the lender specifies a maximum LTV of all properties owned by the applicants that are mortgaged to them or their group. For example ABC Bank might specify the maximum LTV accross the ABC Group of lenders is 70% for any individual.

Our policy notes:

The Society doesn't usually lend on portfolios.

Our outside policy allowances:

Last updated:

29 August 2018

Maximum length of time of assured shorthold tenancy (AST)

Our standard acceptability

12

Criteria definition:

Indicates the maximum number of months a lender specifies 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:

29 August 2018

Maximum Loan Size

Our standard acceptability

No Maximum

Criteria definition:

Indicates the maximum potential loan size a Buy to Let lender can consider lending. Be aware that this relates to the maximum and other factors may reduce this maximum such as property type, loan to value etc.

Our policy notes:

We have no maximum loan size. Please refer loans over £1.5m.

Our outside policy allowances:

Last updated:

29 August 2018

Maximum Loan Size (75% LTV)

Our standard acceptability

0

Criteria definition:

Indicates the maximum potential loan size a Buy to Let lender can consider lending at 75% 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:

We don't lend above 70% LTV on a Buy to Let

Our outside policy allowances:

Last updated:

29 August 2018

Maximum Loan Size (80% LTV)

Our standard acceptability

0

Criteria definition:

Indicates the maximum potential loan size a Buy to Let lender 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

Our outside policy allowances:

Last updated:

21 August 2018

Maximum Loan Size (85% LTV)

Our standard acceptability

0

Criteria definition:

Indicates the maximum potential loan size a Buy to Let lender can consider lending at 85% 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 doesn't lend above 70% LTV on buy to lets

Our outside policy allowances:

Last updated:

29 August 2018

Maximum Loan to Value (LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum LTV a lender can consider for Buy to Let applications

Our policy notes:

The Society will lend up to 70% LTV.

Our outside policy allowances:

Last updated:

29 August 2018

Maximum LTV across the whole portfolio

Our standard acceptability

We do not lend to Portfolio Landlords

Criteria definition:

Indicates if the lender specifies a maximum LTV of all properties owned by the applicants accross 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 doesn't usually lend on portfolios

Our outside policy allowances:

Last updated:

29 August 2018

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. For example ABC Bank will allow up to 4 applicants on a Buy to Let mortgage application.

Our policy notes:

We can consider applications for up to four applicants.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender can consider when lending on ex local authority high rise flats.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Maximum number of storeys considered for lending on flats

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of storeys a Buy to Let lender 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:

29 August 2018

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

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of tenants permitted by the lender 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).

Our outside policy allowances:

Last updated:

29 August 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.

Our outside policy allowances:

Last updated:

29 August 2018

Minimum ICR across the whole portfolio

Our standard acceptability

5.5% stressed at 145%

Criteria definition:

This relates to if the lender specifies a minimum income coverage ratio (ICR) that cannot be exceeded accross the customers entire portfolio including both properties mortgages to them and to other lenders.

Our policy notes:

The Society reduces the stressed rate to 130% for loans up to 65% or 135% for loans up to 70% for £ for £ remortgages. The Society's ICR rate is calculated as follows:

  • The society’s expectation of likely future interest rates ( the society’s stressed rate) or
  • The origination rate plus 2% or
  • Guidance from the PRA (currently 5.5%) or
  • The society’s monthly BTL SVR whichever is higher.

Our outside policy allowances:

Last updated:

21 August 2018

Minimum Income Requirement

Our standard acceptability

20000

Criteria definition:

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

Our policy notes:

Family Building Society has a minimum income requirement of £20,000 per annum.

Our outside policy allowances:

Last updated:

29 August 2018

Minimum length of time of assured shorthold tenancy (AST)

Our standard acceptability

No Minimum

Criteria definition:

Indicates the minimum number of months a lender specifies 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.

Our outside policy allowances:

Last updated:

29 August 2018

Minimum Loan Size

Our standard acceptability

45000

Criteria definition:

Indicates the minimum loan size (if there is one) that a Buy to Let lender accepts for new applications.

Our policy notes:

Our minimum loan is £45,000

Our outside policy allowances:

Last updated:

29 August 2018

Minimum Property Value for standard Buy to Let lending

Our standard acceptability

120000

Criteria definition:

Indicates if a Buy to Let lender has a minimum property value they require for new Buy to Let applications.

Our policy notes:

Our minimum property value is £120,000.

Our outside policy allowances:

Last updated:

29 August 2018

Minimum remaining lease at application

Our standard acceptability

55

Criteria definition:

Indicates the minimum required lease remaining at date of application a Buy to Let lender can potentially accept. For example Alex is looking to purchase a flat to rent out which has a remaining lease term of 47 years. He approaches his Buy to Let lender of choice and is told that there must be a minimum of 55 years remaining on the lease at the time of application and he is therefore unable to apply with this lender at this time. 

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender can potentially accept. For example Alex is looking to purchase a flat which currently has a remaining lease term of 90 years and wishes to take out a mortgage over 20 years. Therefore his remaining lease at the end of the mortgage term will be 70 years (90-20=70). He approaches his lender of choice and is told that there must be a minimum of 60 years remaining on the lease at the end of the mortgage term and he is therefore invited to apply for a mortgage.

Our policy notes:

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

Our outside policy allowances:

Last updated:

21 August 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.

Our outside policy allowances:

Last updated:

29 August 2018

Multi Unit Freehold (multiple properties on same title)

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

Family Building Society does not lend on 'Multi Unit Freehold' properties.

Our outside policy allowances:

Last updated:

29 August 2018

Multi Unit Freehold Maximum Number of Flats

Our standard acceptability

We do not lend on Multi Unit Freehold Properties

Criteria definition:

Where a lender accepts single title multi unit properties indicates if there is a maximum number of units permitted and if so how many.

Our policy notes:

Family Building Society does not lend on 'Multi Unit Freehold' properties.

Our outside policy allowances:

Last updated:

29 August 2018

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

Our standard acceptability

We do not lend on Multi Unit Freehold Properties

Criteria definition:

Where a lender accepts single title multi unit properties indicates if there is a minimum square meterage requirement and if so what it is.

Our policy notes:

Family Building Society does not lend on 'Multi Unit Freehold' properties.

Our outside policy allowances:

Last updated:

29 August 2018

New Build Warranty: AEDIS

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if AEDIS  is an acceptable new build warranty for a Buy to Let lender on new build properties.

Our policy notes:

This is not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

New Build Warranty: Build Assure

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Build Assure is an acceptable new build warranty for a Buy to Let  lender on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 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 a lender Buy to Let  on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

New Build Warranty: Buildzone

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Buildzone is an acceptable new build warranty for a Buy to Let lender on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender on new build properties.

Our policy notes:

This is not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

New Build Warranty: LABC

Our standard acceptability

Acceptable

Criteria definition:

Indicates if LABC is an acceptable new build warranty for a Buy to Let lender on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

New Build Warranty: NHBC Guarantee

Our standard acceptability

Acceptable

Criteria definition:

Indicates if NHBC Guarantee is an acceptable new build warranty for a Buy to Let lender on new build properties.

Our policy notes:

We will accept NHBC guarantees.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender on new build properties.

Our policy notes:

This is not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

New Build Warranty: Protek

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Protek is an acceptable new build warranty for a Buy to Let lender on new build properties.

Our policy notes:

This is not acceptable.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender on new build properties.

Our policy notes:

This is not acceptable.

Our outside policy allowances:

Last updated:

29 August 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 a Buy to Let lender on new build properties.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Non Owner Occupier

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender can potentially accept an applicant that is a non-owner occupier for a Buy to Let application. For example, Mr Smith rents the property he currently lives in (a non-owner occupier) but owns at least one other property that is Let. He now wishes to purchase a new Buy to Let property but will do so as a 'Non-Owner Occupier' himself. 

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'.

Our outside policy allowances:

Last updated:

29 August 2018

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).

Our outside policy allowances:

Last updated:

29 August 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.

Our outside policy allowances:

Last updated:

29 August 2018

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 a lenders Buy to Let mortgage. For example it is quite common for many lenders to allow borrowers to overpay 10% per annum without penalty.


Our policy notes:

Borrowers can overpay up to 10% without penalty.

Our outside policy allowances:

Last updated:

29 August 2018

Ownership of Adjoining Property (Related Transaction)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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 lend on properties where the applicant also owns the adjoining property.

Our outside policy allowances:

Last updated:

21 August 2018

Permission to Self Occupy Holiday Let Property

Our standard acceptability

We do not accept Holiday Let applications

Criteria definition:

Indicates if a lender 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 predominently 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'

Our outside policy allowances:

Last updated:

29 August 2018

Portable mortgages as standard

Our standard acceptability

Yes

Criteria definition:

Indicates if a lenders Buy to Let mortgages are portable as standard.

Our policy notes:

Our products are portable.

Our outside policy allowances:

Last updated:

29 August 2018

Portfolio Applicants Minimum Income Requirement

Our standard acceptability

We do not lend to Portfolio Landlords

Criteria definition:

Indicates if a lender specifies 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 normally lend on portfolios.

Our outside policy allowances:

Last updated:

29 August 2018

Portfolio Landlord Minimum Experience

Our standard acceptability

No Minimum

Criteria definition:

Indicates if a lender requires a minimum amount of experience (IN MONTHS) if lending to what they consider to be a portfolio landlord.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Portfolio Landlords Position and Definition

Our standard acceptability

Accepted

Criteria definition:

Indicates if a lender accepts '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.

Our outside policy allowances:

Last updated:

29 August 2018

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

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender can potentially consider applications where the applicants tenant will be paying their rent as an advance payment. For example often a tenant may not pass the initial checks carried out due to a number of reasons (failed credit check, lack of address history, etc) and as a solution to proceed a landlord might accept 6 months rent upfront as a compromise.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Previously Repossessed (years ago acceptable)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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. For example an applicant had a property repossessed just over 5 years ago and now wishes to apply for a Buy to Let mortgage. They speak to their bank who informs them that they can consider applicants who have previously been repossessed as long as it was over 5 years ago. This means the applicant can potentially proceed.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Properties with Asbestos

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: 100% Timber Construction

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to potentially accept 100% timber construction properties - this is NOT the same as timber framed.

Our policy notes:

These are not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Concrete construction

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Easiform

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to potentially accept Easiform construction properties.

Our policy notes:

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

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Flying Freehold

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Majority Flat Roof

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Modern method of construction (MMC)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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:

29 August 2018

Property Construction: Mundic block

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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:

29 August 2018

Property Construction: No-Fines

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Non repaired prefabricated reinforced concrete

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept NON repaired prefabricated reinforced concrete as suitable security for lending purposes.

Our policy notes:

These are not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Repaired prefabricated reinforced concrete

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Steel framed

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept steel framed properties as suitable lending security.

Our policy notes:

These are not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Thatched roof

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept properties that have any element of a thatched roof.

Our policy notes:

These are acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Construction: Timber framed

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept timber framed properties.

Our policy notes:

These are acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Developers

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Ex local auth flat/maisonette

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender is potentially able to lend on ex local authority flats/maisonettes.

Our policy notes:

We would not lend on this property type.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Ex local authority house/bungalow

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is potentially able to lend on ex local authority houses/bungalows.

Our policy notes:

These are acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Flat above commercial food outlet

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to potentially accept flats above a commercial food outlet.

Our policy notes:

We would not accept this sort of property.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Flat above commercial offices

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Flat above commercial pub

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept flats that are above a pub.

Our policy notes:

We would not consider this type of property.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Freehold flats and maisonettes

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept a flat or maisonette where the tenure is freehold. 

Our policy notes:

Freehold flats/maisonettes are not acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Property Type: Studio flat

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially lend on studio flats.

Our policy notes:

Studio flats are not normally acceptable.

Our outside policy allowances:

Last updated:

29 August 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property with acreage

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is potentially able to 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.

Our outside policy allowances:

Last updated:

29 August 2018

Property with deck access

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender can potentially accept properties that have deck access. 

Our policy notes:

We do not accept this property type.

Our outside policy allowances:

Last updated:

29 August 2018

Property with more than one kitchen

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to 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:

29 August 2018

Property with Restrictive Covenant Section 106

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is able to 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.

Our outside policy allowances:

Last updated:

21 August 2018

Purchase applications where existing tenants will remain in the property

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is able to potentially accept situations where the property being purchased on a Buy to Let basis has an existing tenant whom wishes to remain in the property and therefor 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.

Our outside policy allowances:

Last updated:

29 August 2018

Purchase from Individual Name to Limited Company (Related Transaction)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Purchase from Limited Company to Individual Name (Related Transaction)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Regulated Buy to Let (Let to Family Member)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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

Our outside policy allowances:

Last updated:

29 August 2018

Remortgage purpose: Buy to Let Purchase (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) a Buy to Let lender 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%

Our outside policy allowances:

Last updated:

29 August 2018

Remortgage purpose: Debt Consolidation (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) a Buy to Let lender will accept where there is an element of debt consolidation on a remortgage application. For example Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%. He approaches his bank who tells him that they are happy where there is some debt consolidation so long as the overall LTV does not exceed 75% and therefore Trevor is able to proceed with an application.

Our policy notes:

The Society will lend up to 70% LTV.

Our outside policy allowances:

Last updated:

29 August 2018

Remortgage purpose: Home Improvements (maximum LTV)

Our standard acceptability

70

Criteria definition:

Indicates if a Buy to Let lender is 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

Our outside policy allowances:

Last updated:

29 August 2018

Remortgage waiting period

Our standard acceptability

6

Criteria definition:

Indicates the number of months a Buy to Let lender states a person must have owned a property before it can be considered for a remortgage application. For example John purchased a property at auction 3 months ago and now wishes to remortgage the property to raise some funds. He approaches his lender of choice and they state that he must have owned the property for a minimum of 6 months before he can apply for a mortgage against it. John is therefore unable to apply for a mortgage on this property with his chosen lender at this moment in time. 

Our policy notes:

We will consider remortgages after 6 month's ownership.

Our outside policy allowances:

Last updated:

29 August 2018

Repayment (Capital & Interest)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender accepts 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.

Our outside policy allowances:

Last updated:

29 August 2018

Sale and Rent Back

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is able to 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.

Our outside policy allowances:

Last updated:

21 August 2018

Soft Footprint on Credit Search?

Our standard acceptability

No (Full Footprint)

Criteria definition:

Indicates if a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Solar Panels

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to 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.

Our outside policy allowances:

Last updated:

29 August 2018

Source of deposit: Builders Deposit

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts builder gifted deposits as an acceptable source of deposit for new build properties. For example a couple are purchasing a new build property to Let. The purchase price is £200,000 and the builder is offering a deposit of £10,000 (5%). The couple want a lender who is happy for this to form part of the clients overall deposit. 

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.

Our outside policy allowances:

Last updated:

29 August 2018

Source of deposit: Concessionary

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts applications that are considered a concessionary purchase. Example of a concessionary purchase are a grandparent selling a property to a grandchild at a genuine discount. For example the property might be worth £150,000 on the open market but the owner is selling it to the buyer for £112,500 with the discount effectively becoming the deposit.

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.

Our outside policy allowances:

Last updated:

29 August 2018

Source of deposit: Gift From Immediate Family

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts gift from an immediate family member as an acceptable source of deposit. Immediate family usually means spouse, parent, grandparent, sibling, child or grandchild but you should check with the lender to clarify their specific definition.

Our policy notes:

We will accept deposits being gifted.

Our outside policy allowances:

Last updated:

29 August 2018

Source of deposit: Gifted NOT from Immediate Family

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts 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.

Our outside policy allowances:

Last updated:

29 August 2018

Source of deposit: Mortgage on additional property

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts monies raised from the mortgage of an additional property as an acceptable source of deposit. For example Mr & Mrs Smith want to purchase a property to rent out. The purchase price is £200,000 and they are looking to put down a £50,000 deposit. Their deposit is being raised against another property they own. Mr & Mrs Smith approach their preferred lender who tells them that raising a deposit against an additional property they own is acceptable and therefore they are able to proceed with an application.

Our policy notes:

This is acceptable.

Our outside policy allowances:

Last updated:

29 August 2018

Source of deposit: Originated outside of EEA

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts 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:

29 August 2018

Source of deposit: Unsecured Loan

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates whether or not a Buy to Let lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Tenants: Corporate Lets/Company Lets

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a lender can 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.

Our outside policy allowances:

Last updated:

29 August 2018

Tenants: DSS/Housing Benefit

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

Family Building Society does not accept DSS/Housing benefit tenants.

Our outside policy allowances:

Last updated:

21 August 2018

Tenants: Holiday Lets

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

21 August 2018

Tenants: Housing Association Lets

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

29 August 2018

Tenants: Letting whole property via AirBnB

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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'

Our outside policy allowances:

Last updated:

21 August 2018

Tenants: Student Lets?

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender 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.

Our outside policy allowances:

Last updated:

21 August 2018

Unauthorized Overdraft Charges

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is 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

Our outside policy allowances:

Last updated:

29 August 2018

Undervalue transactions

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to 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.

Our outside policy allowances:

Last updated:

29 August 2018

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:

Michelle Parry-Bunter

Michelle has worked for the Society for over a decade and focuses on the South Coast. Contact Michelle for help with your clients' mortgages.
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Your Local BDM:

Nathan Waller

Nathan was previously a mortgage and protection adviser, and focuses on Essex and Kent. Contact Nathan for help with your clients' mortgages.
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Your Local BDM:

Charlotte Grimshaw

Charlotte has a background working with intermediaries within the Building Society sector and focuses around the West M25 area. Contact Charlotte 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 & West Midlands. 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 & 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:

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