Criteria A-Z

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we 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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising on an applicant's current shared ownership residential property for the purpose of staircasing to 100% and take their ownership to 100% and then Letting the property.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to staircase their Shared Ownership property and then Let the property on a Buy to Let basis with us.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a Buy to Let application when the reason for capital raising is considered for 'Business Related Purposes'.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising for business purposes.

Last updated:

07 November 2019

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we can accept where the BTL remortgage purpose is to raise funds to buy out a partner or other borrower. 

Our policy notes:

The Society will accept applications at normal LTVs to buy out a co-owner.

Last updated:

03 August 2022

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we 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%

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider remortgage applications with capital raising for a BTL property where the property has not yet been found. Essentially they want to put themselves in the position of a cash buyer with the funds accessible ready for when they find their property.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising for a BTL property where a property is not yet found

Last updated:

16 September 2020

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application.

Our policy notes:

The Society will lend up to 70% LTV.

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

Our policy notes:

Family Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

Last updated:

16 September 2020

Our standard acceptability

70

Criteria definition:

Indicates if we are able, and if so to what loan to value, accept BTL remortgages where the purpose is to raise money to make a gift (for example to children to help with school fees etc or where parent(s) might want to help their children buy their first home).

Our policy notes:

We will permit capital raising to gift funds to a close family member to assist with a property purchase to 80%. We will require a certificate of understanding to be signed after the offer and before completion.

Last updated:

03 August 2022

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a remortgage application where an existing HMO will be converted back to a standard residence

Our policy notes:

Family Building Society will not consider a remortgage application where an existing HMO property will be converted to a standard residence

Last updated:

16 September 2020

Our standard acceptability

70

Criteria definition:

Indicates if we are 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

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of home improvements on a property which is NOT the security property on Buy to Let applications.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising for home improvements on another property owned by the applicant.

Last updated:

07 November 2019

Our standard acceptability

65

Criteria definition:

Indicates if we will allow capital raising for the purpose to purchase land and if so up to what loan to value for Buy to Let applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising for 'Land Purchase' up to a maximum LTV of 65% (our current maximum LTV for all BTLs).

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)

Last updated:

16 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is medical expenses

Last updated:

11 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is personal investments

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is personal investments

Last updated:

16 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of purchasing commercial property on Buy to Let applications.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to purchase a commercial property.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of purchasing overseas property on Buy to Let applications.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to purchase a property overseas.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will allow capital raising on an applicant's current residential property that has a Help to Buy Equity Loan present for the purpose of repaying (IN FULL) their Help to Buy Equity Loan, take their ownership to 100% and then Let the property.

Our policy notes:

Family Building Society will not consider remortgage applications with capital raising to repay their Help to Buy equity loan and then Let the property on a Buy to Let basis with us.

Last updated:

07 November 2019

Our standard acceptability

70

Criteria definition:

Indicates the maximum loan to value (LTV) we can accept where the BTL remortgage purpose is to repay the customer's residential mortgage.

Our policy notes:

Family Building Society has a maximum LTV of 70% when remortgaging with capital raising to repay their residential mortgage

Last updated:

03 August 2022

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Our policy notes:

Family Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Last updated:

16 September 2020

Our standard acceptability

6

Criteria definition:

Indicates the number of months we state a person must have owned a property before it can be considered for a remortgage application. 

Our policy notes:

We will consider remortgages after 6 month's ownership.

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept 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.

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially offer a Buy to Let mortgage on a property that has a 'Restricted Sale Price' clause.

Our policy notes:

Family Building Society will not consider applications on properties that have a restricted sale price clause.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially lend on properties that have been issued with a retrospective new build warranty. These warranties were specifically not in place during the build phase but taken out at a later date following completion.

Our policy notes:

Family Building Society will not consider retrospective new build warranties.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into paid employment. Critically, indicates if a lender will accept an employed applicant (with no current minimum length of time in UK employment) who is returning from a non UK address to the UK.

Our policy notes:

Family Building Society will not accept applications from applicants who are returning to the UK and going straight into employment.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into Self-Employment. Critically, indicates if a lender will accept a Self-Employed applicant who is returning from a non UK address to the UK and would essentially have zero UK trading history.

Our policy notes:

Family Building Society will not accept applications from applicants who are returning to the UK and going straight into self-employment.

Last updated:

07 November 2019