Criteria A-Z

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept remortgage applications from an applicant who has recently inherited the property. For example, James inherited a property today and wishes to remortgage it to raise some funds. 

Our policy notes:

We would consider applications for a day one remortgage on an inherited property if it were to improve the property or buy out other beneficiaries.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept day one remortgage applications. An example of this type of situation would be where an applicant has recently purchased a property at auction for cash and then wishes to release funds by remortgaging the property straight away. 

Our policy notes:

We would not accept a day 1 remortgage that is not an inherited property.

Last updated:

20 April 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an application from an applicant who is currently in a debt management plan.

Our policy notes:

We do not accept applications where there is an existing and unsatisfied debt management plan.

Last updated:

20 April 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an application from an applicant who has previously had a debt management plan that is now satisfied.

Our policy notes:

We do not accept applications from applicants who have had a satisfied debt management plan.

Our outside policy allowances:

We could consider applicants who have had a satisfied debt management plan where this was satisfied at least three years ago. Please refer the application for further consideration.

Last updated:

20 April 2017

Our standard acceptability

Yes

Criteria definition:

Indicates if, when assessing affordability, we are able to potentially ignore debts that an applicant is intending to repay on or before completion of the new mortgage. 

Our policy notes:

If applicants indicate that a credit commitment is to be repaid on or prior to completion we will ignore it from an affordability perspective. It is our standard policy to condition any mortgage offer to stipulate that the commitment be settled if affordability requires it.

Last updated:

23 May 2017

Our standard acceptability

Yes

Criteria definition:

Indicates if, when assessing affordability, we are able to potentially ignore (in part or in full) loans that are coming to an end (typically 6 months or less to run). 

Our policy notes:

We usually ignore loans which have less than 12 months to run. These still need to be declared on the application form.

Last updated:

23 May 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an application from an applicant who is currently in a payday loan credit agreement

Our policy notes:

We do not accept applications where any applicant has a payday loan.

Last updated:

20 April 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept an application from an applicant who has had a payday loan in the past but is not currently in a payday loan credit agreement.

Our policy notes:

We do not accept applications from applicants who have taken a payday loan.

Last updated:

09 May 2022

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can consider an applicant with a satisfied debt relief order

Our policy notes:

Family Building Society can potentially consider an applicant with a satisfied debt relief order as long as that has been satisfied for three years.

Last updated:

15 January 2021

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered more than 12 months ago and less than 24 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered more than 12 months ago and less than 24 months ago.

Last updated:

25 September 2019

Our standard acceptability

Potentially Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered more than 24 months ago and less than 36 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society can potentially consider applicants that have had Defaults registered more than 24 months ago and less than 36 months ago.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered more than 3 months ago and less than 12 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered more than 3 months ago and less than 12 months ago.

Our outside policy allowances:

Defaults registered by mobile phone providers are ignored up to £100.

Last updated:

25 September 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have had any Defaults registered in the past 3 months. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society will not consider applicants that have had Defaults registered in the past 3 months.

Last updated:

09 September 2019

Our standard acceptability

Potentially Ignored

Criteria definition:

Indicates if we can potentially ignore Defaults that were registered more than 36 months ago. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Our policy notes:

Family Building Society can potentially ignore any satisfied Defaults that were registered over 36 months ago (and satisfied at least 24 months ago) subject to a satisfactory explanation.

Last updated:

08 June 2021

Our standard acceptability

3

Criteria definition:

Indicates if we can accept discharged bankrupts and if so how long a client has to have been discharged for. For example, Mr Smith was made bankrupt 7 years ago and was discharged one year later so has been discharged for 6 years. 

Our policy notes:

We can consider discharged bankrupts as long as they have been discharged at least three years, have no subsequent adverse registered credit and can provide a satisfactory explanation. Please refer these for consideration prior to an application being submitted.

Last updated:

20 April 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can consider an application on the Discount Market Scheme

Our policy notes:

Family Building Society is unable to accept applications on the Discount Market Scheme

Last updated:

15 January 2021