Criteria A-Z

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can 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

Our standard acceptability

Not Available

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:

16 August 2023

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

Our standard acceptability

No (Full Footprint)

Criteria definition:

Indicates if we 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

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can 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

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

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept builder gifted deposits as an acceptable source of deposit for new build properties

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

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept applications that are considered a concessionary purchase

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

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept a gift from an immediate family member as an acceptable source of deposit.

Our policy notes:

We will accept deposits being gifted.

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept a 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

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept a loan from an immediate family member as an acceptable source of deposit on a buy to let application.

Our policy notes:

Family Building Society is unable to accept deposits where the source is a loan from immediate family

Last updated:

03 August 2022

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept monies raised from the mortgage of an additional property as an acceptable source of deposit.

Our policy notes:

This is acceptable.

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if can potentially accept 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

Our standard acceptability

Acceptable

Criteria definition:

Indicates whether or not we will accept a redundancy payment as an acceptable source of deposit on a BTL application. 

Our policy notes:

Family Building Society can potentially accept a redundancy payment as an acceptable source of deposit

Last updated:

03 August 2022

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates whether or not we 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

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

Our standard acceptability

ICR based

Criteria definition:

This relates to the potential rental calculation we will apply. 

Our policy notes:

Please refer to the Society's website

Last updated:

03 August 2023

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