Criteria A-Z

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

15 January 2021

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

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

Our standard acceptability

No Maximum

Criteria definition:

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

Our policy notes:

The Society has no maximum.

Last updated:

31 May 2018

Our standard acceptability

3

Criteria definition:

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

Our policy notes:

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

Our outside policy allowances:

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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

We cannot accept applications for mortgages in Guernsey.

Last updated:

29 November 2018

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

We do lend in England

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

We do lend on the Isle of Wight.

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

Family Building Society does not lend on properties in Scotland.

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

We do lend in Wales.

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

03 August 2022

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

Our standard acceptability

Directors & Shareholders

Criteria definition:

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

Our policy notes:

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

Last updated:

19 July 2019

Our standard acceptability

4

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

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

Our standard acceptability

No

Criteria definition:

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

Our policy notes:

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

Last updated:

28 January 2022

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

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

Our policy notes:

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

Last updated:

22 May 2018

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

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

Our policy notes:

The Society does not lend to trading limited companies.

Last updated:

22 May 2018

Our standard acceptability

No Minimum

Criteria definition:

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

Our policy notes:

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

Last updated:

22 March 2021

Our standard acceptability

Does not lend to Trading Ltd Companies

Criteria definition:

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

Our policy notes:

Family Building Society does not lend to trading limited companies.

Last updated:

08 November 2021

Our standard acceptability

Accepted

Criteria definition:

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

Our policy notes:

Family Building Society can consider Ltd Company Buy to Let applications

Last updated:

22 May 2018

Our standard acceptability

Accepted

Criteria definition:

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

Our policy notes:

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

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

Last updated:

22 March 2021

Our standard acceptability

Not Accepted

Criteria definition:

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

Our policy notes:

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

Last updated:

22 May 2018

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

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