Criteria A-Z

Our standard acceptability:

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an application where the security property has more than one kitchen. This is not the same as a property split into two or more units or a House of Multiple Occupation (HMO).

Our policy notes:

Properties with more than one kitchen are not normally acceptable.

Our outside policy allowances:

Consideration can be given where a property has a 'granny' annexe. These must be referred prior to submission on an application. Please provide the property address and any sales particulars (where applicable) for an underwriter to give consideration.

Last updated:

31 May 2018

Our standard acceptability:

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications on properties that are subject to a Section 106 restrictive covenant.

Our policy notes:

Family Building Society does not lend on properties that have a section 106 restrictive covenant.

Last updated:

31 January 2018

Our standard acceptability:

Not Acceptable

Criteria definition:

Indicates if we can potentially consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

Our policy notes:

Family Building Society will not consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

Last updated:

16 September 2020

Our standard acceptability:

Not Acceptable

Criteria definition:

Indicates if we can potentially accept situations where the property being purchased on a Buy to Let basis has an existing tenant who wishes to remain in the property and therefore vacant possession on completion would not exist.

Our policy notes:

Family Building Society does not accept situations on purchase applications where there is a tenant in situ at the property where it is the intention to allow them to remain as the ongoing tenant.

Last updated:

31 May 2018

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept an application where a Limited Company wishes to purchase a property from one of its directors or shareholders. This is typically referred to as a 'Related Transaction'.

Our policy notes:

Family Building Society can potentially consider applications where the Ltd Company is purchasing the property on a related transaction basis.

Last updated:

31 May 2018

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept an application where the purchaser is looking to purchase a property from a limited company for which he/she is a shareholder.

Our policy notes:

Family Building Society can potentially accept these types of transaction where the individual is looking to purchase a property from a Ltd Company that they are a director or shareholder of.

Last updated:

31 May 2018

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:

75

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 75%

Last updated:

12 February 2025

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:

75

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 75% LTV.

Last updated:

12 February 2025

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:

75

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 75%. We will require a certificate of understanding to be signed after offer and before completion.

Last updated:

12 February 2025

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:

75

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 75% LTV

Last updated:

12 February 2025

Our standard acceptability:

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 can potentially consider capital raising on a remortgage where the purpose of the funds are for home improvements to another property owned by the applicant

Last updated:

10 December 2024

Our standard acceptability:

75

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 75% (our current maximum LTV for all BTLs).

Last updated:

12 February 2025

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