Criteria A-Z

Our standard acceptability

Not Acceptable

Criteria definition:

Displays if we will accept Seasonal Contract as an acceptable source of income for affordability purposes.

Our policy notes:

We do not accept this as a source of income.

Last updated:

20 April 2017

Our standard acceptability

Acceptable

Criteria definition:

Displays if we will accept Short Term Renewable Contract as an acceptable source of income for affordability purposes.

Our policy notes:

If for self-employed contract workers these are acceptable.

Last updated:

11 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Displays if we will accept Sub contractor as an acceptable source of income for affordability purposes.

Our policy notes:

Sub contractors normally refer to those employed under the CIS scheme and, as such, we regard them as self-employed.

Last updated:

08 May 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Displays if we will accept Temporary Contract as an acceptable source of income for affordability purposes.

Our policy notes:

We do not accept applications from those on temporary contracts as we do not feel this income can be relied on.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can consider contractor income where the income paid to the applicant is paid via an umbrella company.

Our policy notes:

Family Building Society can potentially consider contractor income that is paid via an umbrella company.

We would treat income as we would a zero hours employee and look for a history of employment in that industry or role together with sight of the contractor's last two years' P60s or SA302s. Where applicable, we would also take into account deductions for 'employer' National Contributions (where these are paid for by the contractor) and the umbrella company charges when assessing affordability.

Last updated:

06 November 2018

Our standard acceptability

Acceptable

Criteria definition:

Displays if we will accept Zero Hours Contract as an acceptable source of income for affordability purposes.

Our policy notes:

A track record demonstrating income must be provided covering no less than a 2 year period.

Last updated:

03 July 2017

Our standard acceptability

Yes

Criteria definition:

Indicates if we use Equifax as a credit reference agency when assessing applications.

Our policy notes:

We currently use Equifax for our credit search facility

Last updated:

20 April 2017

Our standard acceptability

No

Criteria definition:

Indicates if we use Experian as a credit reference agency when assessing applications.

Our policy notes:

We currently don't use Experian for our credit search facility.

Last updated:

20 April 2017

Our standard acceptability

no

Criteria definition:

Indicates if we use Transunion (formerly Callcredit) as a credit reference agency when assessing applications.

Our policy notes:

We currently don't use Callcredit for our credit search facility

Last updated:

20 April 2017

Our standard acceptability

No

Criteria definition:

Indicates if we use 'credit scoring' to assess a client(s) mortgage application usually, at, agreement in principle (AIP) stage.

Our policy notes:

We don't credit score applications. Applications are assessed individually based on their own merit by underwriters.

Last updated:

20 April 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have a criminal record.

Our policy notes:

Family Building Society can potentially accept applicants with criminal convictions.

Last updated:

10 May 2018