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
Sale and Rent Back

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a lender is able to potentially accept a sale and rent back transaction where the vendor sells the property (usually at a discount), remains in the property and pays a rent to the new owner.

Our policy notes:

Family Building Society does not accept 'Sale and Rent Back' transactions.

Last updated:

31 January 2018

Sharia Compliant Mortgages

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can offer Sharia compliant Buy to Let mortgages.

Our policy notes:

Family Building Society does not offer Sharia compliant mortgages.

Last updated:

07 November 2019

Simultaneous First and Second Charge

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a Buy to Let application where there will be a simultaneous completion of a second charge.

Our policy notes:

Family Building Society will not consider applications where there will be a simultaneous completion of a second charge.

Last updated:

07 November 2019

Soft Footprint on Credit Search?

Our standard acceptability

No (Full Footprint)

Criteria definition:

Indicates if a Buy to Let lender will leave a 'soft footprint' when performing a credit search (as opposed to leaving a full/hard footprint on the credit file).

Our policy notes:

We use Equifax and we leave a hard footprint.

Last updated:

31 May 2018

Solar Panels

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender is able to potentially accept properties that have had solar panels installed.

Our policy notes:

These are acceptable subject to no onerous terms being contained in the lease agreement if the panels are leased.

Last updated:

31 May 2018

Sole application joint proprietor

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications on a sole application joint proprietor basis. This is where a property will be jointly owned but only one person will be named on the mortgage and is distinctly different to the more common Joint Application Sole Proprietor where only one party would own the property but there are two named on the mortgage.

Our policy notes:

Family Building Society will not consider applications on a sole application joint proprietor basis

Last updated:

11 September 2020

Source of deposit: Builders Deposit

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts builder gifted deposits as an acceptable source of deposit for new build properties. For example a couple are purchasing a new build property to Let. The purchase price is £200,000 and the builder is offering a deposit of £10,000 (5%). The couple want a lender who is happy for this to form part of the clients overall deposit. 

Our policy notes:

A builder’s deposit is acceptable providing the Borrowers are providing a deposit from their own resources of at least 20%. The Valuer will be required to confirm that the valuation is not affected, and the Solicitor should confirm that the purchase price in the legal documentation matches that on the Society’s Mortgage Offer. Lending will be based on the lower of purchase price or valuation.

Last updated:

31 May 2018

Source of deposit: Concessionary

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts applications that are considered a concessionary purchase. Example of a concessionary purchase are a grandparent selling a property to a grandchild at a genuine discount. For example the property might be worth £150,000 on the open market but the owner is selling it to the buyer for £112,500 with the discount effectively becoming the deposit.

Our policy notes:

We can lend up to 100% of the discounted purchase price or 80% of the value whichever is lower. An indemnity to protect the Society might be required.

Last updated:

31 May 2018

Source of deposit: Gift From Immediate Family

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts gift from an immediate family member as an acceptable source of deposit. Immediate family usually means spouse, parent, grandparent, sibling, child or grandchild but you should check with the lender to clarify their specific definition.

Our policy notes:

We will accept deposits being gifted.

Last updated:

31 May 2018

Source of deposit: Gifted NOT from Immediate Family

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts gift as a deposit source outside of immediate family members such as a friend, employer or cousin for example.

Our policy notes:

These are not acceptable.

Last updated:

31 May 2018

Source of deposit: Mortgage on additional property

Our standard acceptability

Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts monies raised from the mortgage of an additional property as an acceptable source of deposit. For example Mr & Mrs Smith want to purchase a property to rent out. The purchase price is £200,000 and they are looking to put down a £50,000 deposit. Their deposit is being raised against another property they own. Mr & Mrs Smith approach their preferred lender who tells them that raising a deposit against an additional property they own is acceptable and therefore they are able to proceed with an application.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

Source of deposit: Originated outside of EEA

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if a Buy to Let lender accepts deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit.

Our policy notes:

We do not accept funds from sources deposited outside of the EU.

Our outside policy allowances:

If the country the funds are deposited in are FATF compliant the case should be referred for further consideration.

Last updated:

31 May 2018

Source of deposit: Unsecured Loan

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates whether or not a Buy to Let lender will accept borrowers source of deposit as a loan. For example a person is looking to put down a total 25% deposit and borrow a 75% mortgage. 5% of the total deposit is a bank loan.

Our policy notes:

We do not accept deposits that have been borrowed.

Last updated:

31 May 2018

Split Mortgage Terms

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider an application with a split term. For example, an applicant wishes to take one part of their mortgage over 25 years and another part over 10 years.

Our policy notes:

Family Building Society can offer mortgages with split term durations

Last updated:

16 September 2020

Student Let Valuation

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially use the student Let rental valuation as opposed to the open market valuation to a typical tenant (family, couples, etc)

Our policy notes:

Family Building Society will not use the student Let rental valuation for affordability as opposed to the open market rental valuation.

Last updated:

07 November 2019

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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