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
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.

Last updated:

31 May 2018

Maximum debt to income ratio

Our standard acceptability

No Maximum

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Maximum 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:

31 May 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.

Last updated:

31 May 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

Last updated:

31 May 2018

Maximum Mortgage Arrears in last 24 Months

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Maximum number of applicants allowed

Our standard acceptability

4

Criteria definition:

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

Last updated:

31 May 2018

Maximum Number of CCJs (Satisfied)

Our standard acceptability

1

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Maximum Number of CCJs (Unsatisfied)

Our standard acceptability

0

Criteria definition:

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

Our policy notes:

Family Building Society will not consider applicants with unsatisfied CCJs.

Last updated:

07 November 2019

Maximum Number of Defaults (Satisfied)

Our standard acceptability

1

Criteria definition:

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

Our policy notes:

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

Last updated:

22 November 2019

Maximum Number of Defaults (Unsatisfied)

Our standard acceptability

0

Criteria definition:

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

Our policy notes:

Family Building Society will not consider applicants with unsatisfied Defaults.

Last updated:

07 November 2019

Maximum number of rental properties MORTGAGED with ALL lenders

Our standard acceptability

No Maximum

Criteria definition:

Indicates if there is a maximum number of mortgaged Buy to Let properties and if so how many, an applicant can have in the background. For example, Tom already has 13 background rental properties, 8 of which are mortgaged, and his new lender states that the maximum number of Buy to Let mortgages he can hold with other lenders is 10. Tom can therefore potentially submit an application with his new lender as he is within limits for this particular criteria. 

Our policy notes:

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

Last updated:

29 November 2018

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

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates the maximum number of stories 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.

Last updated:

31 May 2018

Maximum number of storeys considered for lending on flats

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of storeys 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:

06 November 2018

Maximum number of stories where no lift is present

Our standard acceptability

5

Criteria definition:

Indicates the maximum number of storeys we can consider when lending on flats when there is no lift access.

Our policy notes:

Family Building Society will only consider flats with no lift access up to five storeys

Last updated:

16 September 2020

Maximum number of students considered on one AST

Our standard acceptability

We do not accept student tenants

Criteria definition:

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

Our policy notes:

Family Building Society does not accept students Lets

Last updated:

16 September 2020

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

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of tenants permitted by 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).

Last updated:

31 May 2018

Maximum Term (Years)

Our standard acceptability

40

Criteria definition:

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

Our policy notes:

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

Last updated:

31 May 2018

Maximum Unsecured Arrears in last 24 Months

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Maximum Value of CCJs (Satisfied)

Our standard acceptability

500

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Maximum Value of CCJs (Unsatisfied)

Our standard acceptability

0

Criteria definition:

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

Our policy notes:

Family Building Society will not consider applicants with unsatisfied CCJs.

Last updated:

07 November 2019

Maximum Value of Defaults (Satisfied)

Our standard acceptability

500

Criteria definition:

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

Our policy notes:

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

Last updated:

22 November 2019

Maximum Value of Defaults (Unsatisfied)

Our standard acceptability

0

Criteria definition:

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

Our policy notes:

Family Building Society will not consider applicants with unsatisfied Defaults.

Last updated:

07 November 2019

Minimum ICR across the whole portfolio

Our standard acceptability

5.9% stressed at 145%

Criteria definition:

This relates to if we specify a minimum income coverage ratio (ICR) that cannot be exceeded across the customers entire portfolio including both properties mortgaged to us 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 or
  • The society’s monthly BTL SVR whichever is higher.

Last updated:

10 December 2018

Minimum Income Requirement

Our standard acceptability

No Minimum

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 no minimum income requirement.

Last updated:

14 December 2018

Minimum Landlord Experience (in MONTHS)

Our standard acceptability

No Minimum

Criteria definition:

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

Our policy notes:

Family Building Society has no minimum experience requirement for applicants.

Last updated:

07 November 2019

Minimum Length of Time Employed (in MONTHS)

Our standard acceptability

No Minimum

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Minimum length of time of assured shorthold tenancy (AST)

Our standard acceptability

No Minimum

Criteria definition:

Indicates the minimum number of months 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.

Last updated:

31 May 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

Last updated:

31 May 2018

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

Our standard acceptability

We do not lend on Ex Local Authority Flats

Criteria definition:

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

Our policy notes:

We do not lend on ex-local authority flats.

Last updated:

07 November 2019

Minimum Property Value for standard Buy to Let lending

Our standard acceptability

120000

Criteria definition:

Indicates if 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.

Last updated:

31 May 2018

Minimum remaining lease at application

Our standard acceptability

55

Criteria definition:

Indicates the minimum required lease remaining at date of application 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.

Last updated:

31 May 2018

Minimum remaining lease at end of term

Our standard acceptability

50

Criteria definition:

Indicates the minimum required lease remaining at the end of the mortgage term 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.

Last updated:

31 January 2018

Minimum Term (Years)

Our standard acceptability

5

Criteria definition:

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

Our policy notes:

Our minimum term is 5 years.

Last updated:

31 May 2018

Months passed where Mortgage Arrears can be ignored

Our standard acceptability

No Mortgage Arrears Accepted

Criteria definition:

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

Our policy notes:

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

Last updated:

07 November 2019

Multi Unit Freehold (multiple properties on same title)

Our standard acceptability

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.

Last updated:

31 May 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.

Last updated:

31 May 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.

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

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Arif Kara

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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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