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
Layered company Ltd BTL

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

11 September 2020

Leasehold Property where No Separate Management Company Exists

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Lender or Group Lending Limit

Our standard acceptability

No Maximum

Criteria definition:

Indicates if 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.

Last updated:

31 May 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:

31 May 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.

Last updated:

31 May 2018

Lending Location: Channel Islands

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

We cannot accept applications for mortgages in Guernsey.

Last updated:

29 November 2018

Lending Location: England

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

We do lend in England

Last updated:

31 May 2018

Lending Location: Isle of Man

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if 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.

Last updated:

31 May 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.

Last updated:

31 May 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.

Last updated:

31 May 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.

Last updated:

31 May 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.

Last updated:

31 May 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.

Last updated:

31 May 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.

Last updated:

31 May 2018

Let to Rent

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Limited Company (SPV) applicant definition

Our standard acceptability

Directors & Shareholders

Criteria definition:

Our policy notes:

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

Last updated:

19 July 2019

Limited Company (SPV) maximum number of applicants

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of applicants 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.

Last updated:

31 May 2018

Limited Company (SPV) Minimum trading period

Our standard acceptability

No Minimum

Criteria definition:

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

Our policy notes:

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

Last updated:

22 May 2018

Limited Company (SPV) shareholders required to provide personal guarantees

Our standard acceptability

No

Criteria definition:

Indicates if 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.

Last updated:

31 May 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

Last updated:

22 May 2018

Limited Company (Trading) maximum number of applicants

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

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

Our policy notes:

The Society does not lend to trading limited companies.

Last updated:

22 May 2018

Limited Company (Trading) Min Trading Period

Our standard acceptability

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.

Last updated:

22 May 2018

Limited Company (Trading) shareholders required to provide personal guarantees

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

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

Our policy notes:

Family Building Society does not lend to trading limited companies.

Last updated:

29 November 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

Last updated:

22 May 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).

Last updated:

22 May 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.

Last updated:

22 May 2018

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

Our standard acceptability

84

Criteria definition:

Indicates the maximum age an applicant can be at application.

Our policy notes:

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

Last updated:

31 May 2018

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

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

16 September 2020

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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