Criteria A-Z

Our standard acceptability

80

Criteria definition:

Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised).

Our policy notes:

We can consider up to 80% LTV for remortgages.

Last updated:

03 July 2017

Our standard acceptability

80

Criteria definition:

Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is to raise funds to buy out a partner or other borrower.

Our policy notes:

We can consider remortgage applications to buy out an existing partner up to 80% LTV

Last updated:

06 June 2025

Our standard acceptability

80

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:

We will permit lending up to 80% LTV for a remortgage to purchase a buy to let.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially allow a residential remortgage application for owner occupation where the existing mortgage is on a Buy to Let basis.

Our policy notes:

Family Building Society can potentially consider remortgage residential applications for owner occupation on properties where the existing mortgage is a Buy to Let.

Last updated:

07 November 2018

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:

11 September 2020

Our standard acceptability

80

Criteria definition:

Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application. For example, Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%. 

Our policy notes:

We will consider remortgages for debt consolidation up to 80% LTV providing the amount being raised does not exceed 49% of the total mortgage advance and 20% of the property value. In addition we will not normally permit more than five items of credit to be consolidated.

Last updated:

03 July 2017

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:

11 September 2020

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider lending when the reason for capital raising is considered for 'Business Related Purposes'.

Our policy notes:

Family Building Society can potentially allow capital raising on a remortgage where the purpose of the funds is for business purposes.

Last updated:

10 May 2018

Our standard acceptability

80

Criteria definition:

Indicates if we are able, and if so to what loan to value, accept 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 80%. We will require a certificate of understanding to be signed after offer and before completion.

Last updated:

03 July 2017

Our standard acceptability

80

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 home improvements.

Our policy notes:

We will accept remortgages to raise funds for home improvements up to 80%.

Last updated:

03 July 2017

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 residential applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising to carry home improvements on a property other than the security property.

Last updated:

25 September 2019

Our standard acceptability

80

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 residential applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising for 'Land Purchase' up to a maximum LTV of 80%.

Last updated:

26 November 2019

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:

11 September 2020

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 medical expenses

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is medical expenses

Last updated:

11 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending when the reason for capital raising is to raise funds to pay a tax bill.

Our policy notes:

Family Building Society does not allow capital raising on a remortgage where the purpose of the funds is for payment of a tax bill.

Last updated:

10 May 2018

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 personal investments

Our policy notes:

Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is personal investments

Last updated:

11 September 2020

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of purchasing commercial property on residential applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising to purchase a commercial property.

Last updated:

07 November 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of purchasing overseas property on residential applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising to purchase a property overseas.

Last updated:

07 November 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we will allow capital raising for the purpose of repaying (IN FULL) their Help to Buy Equity Loan to take their ownership to 100% on residential applications.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising to repay a Help to Buy equity loan in full.

Last updated:

07 November 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Our policy notes:

Family Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Last updated:

11 September 2020