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.

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Buy to Let Criteria
ICR Rental Calculation (Income Coverage Ratio): (purchases) (Additional Rate Tax Payers)

Our standard acceptability

5.8% stressed at 145%

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Standard Purchase
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

The Society's current rental coverage requirements for purchases is 145% @ 5.79%

Last updated:

12 February 2020

ICR Rental Calculation (Income Coverage Ratio): (purchases) (Basic Rate Tax Payers) 5 YEAR FIX

Our standard acceptability

Returned to review as discussed, Thanks, Grace

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Standard Purchase
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

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 or
  • The society’s monthly BTL SVR whichever is higher.

Last updated:

06 November 2019

ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Additional Rate Tax Payers) 5 YEAR FIX

Our standard acceptability

5.8% stressed at 145%

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

The Society's stressed 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.

Last updated:

12 February 2020

ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Basic Rate Tax Payers)

Our standard acceptability

5.8% stressed at 145%

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

The Society's stressed 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 or
  • The society’s monthly BTL SVR whichever is higher.

Last updated:

12 February 2020

ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Basic Rate Tax Payers) 5 YEAR FIX

Our standard acceptability

5.8% stressed at 145%

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

The Society's stressed 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.

Last updated:

12 February 2020

ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Higher Rate Tax Payers)

Our standard acceptability

5.8% stressed at 145%

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

The Society's stressed 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 or
  • The society’s monthly BTL SVR whichever is higher.

Last updated:

12 February 2020

ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Higher Rate Tax Payers) 5 YEAR FIX

Our standard acceptability

5.8% stressed at 145%

Criteria definition:

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with the lender to ensure their calculation can be applied for your client(s)

Our policy notes:

The Society's stressed rate is stated as:
  • 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 or
  • The society’s monthly BTL SVR whichever is higher.

Last updated:

12 February 2020

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.

Last updated:

31 May 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.

Last updated:

31 May 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.

Last updated:

31 May 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:

Arif Kara

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

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

Grace Bennett

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

Darren Deacon

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

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire & 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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