Criteria A-Z

As we manually underwrite our mortgages we’re much more flexible with our criteria than most. Using our common sense approach (and our ears!) means we can cater for a larger variety of life stages and circumstances for your clients than many other lender. 

Browse criteria by A-Z below or search criteria by keyword to find what you need.

Take a look at what we have to offer
Owner Occupier Criteria
Remortgage purpose: Balance Swap (maximum LTV)

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

Remortgage purpose: Buy out (maximum LTV)

Our standard acceptability

60

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:

As a result of the covid-19 outbreak the Society can only accept remortgages to buy out an existing partner up to 60% LTV

Last updated:

01 May 2020

Remortgage purpose: Buy to Let Purchase (maximum LTV)

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

Remortgage Purpose: Buy to Let to Residential

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

Remortgage purpose: Capital raise for BTL where property not yet found

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

Remortgage purpose: Debt Consolidation (maximum LTV)

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

Remortgage purpose: Extending a lease

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

Remortgage Purpose: For Business Purposes

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

Remortgage purpose: Gift Money (Maximum LTV)

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

Remortgage purpose: Home Improvements (maximum LTV)

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

Remortgage Purpose: Home Improvements (other property)

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

Remortgage purpose: Land Purchase (maximum LTV)

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

Remortgage purpose: Lifestyle (holidays, car's, non essential spending etc)

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

Remortgage purpose: Medical expenses

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

Remortgage Purpose: Pay Tax Bill

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

Remortgage purpose: Personal investments (not property related)

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

Remortgage Purpose: Purchase Commercial Property

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

Remortgage Purpose: Purchase Overseas Property

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

Remortgage Purpose: Repay Help to Buy

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

Remortgage purpose: School/Education fees

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

Remortgage Purpose: Shared Ownership Staircasing to 100% ownership (maximum LTV)

Our standard acceptability

80

Criteria definition:

Indicates if we will allow capital raising for the purpose of staircasing to 100% ownership on residential applications that are currently a shared ownership property.

Our policy notes:

Family Building Society can consider remortgage applications with capital raising to staircase to 100% ownership up to a maximum LTV of 80%.

Last updated:

07 November 2019

Remortgage waiting period

Our standard acceptability

6

Criteria definition:

Indicates the number of months we state a person must have owned a property before it can be considered for a remortgage application. For example, John purchased a property at auction 3 months ago and now wishes to remortgage the property to raise some funds. 

Our policy notes:

We will consider remortgages after 6 month's ownership.

Last updated:

03 July 2017

Restricted Sale Price

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially offer a residential mortgage on a property that has a 'Restricted Sale Price' clause.

Our policy notes:

Family Building Society will not consider applications on properties that have a restricted sale price clause.

Last updated:

25 September 2019

Retentions (Minor retentions potentially ignored)

Our standard acceptability

Yes

Criteria definition:

Indicates if we will ignore valuers small suggested retentions below a certain figure. For example, a lender might ignore any suggestions that are for £2,000 or less.

Our policy notes:

Family Building Society can potentially ignore small suggested retentions. Please call to discuss further.

Last updated:

07 November 2018

Retirement Interest Only (RIO) Enhanced Terms Where Lasting Power of Attorney (LPA) Exists?

Our standard acceptability

No

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so if we can offer enhanced terms (better interest rate, etc) if a 'Lasting Power of Attorney' is in place before completion of the proposed mortgage.

Our policy notes:

Society will not accept a Lasting Power of Attorney.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Benefit Income

Our standard acceptability

Not Acceptable

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer RIO mortgages and if so, can consider benefit income when assessing their ability to maintain the ongoing mortgage. 

Our policy notes:

The Society will not take into account income from benefits.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Family Assistance

Our standard acceptability

Not Acceptable

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider family assistance when assessing their ability to maintain the ongoing mortgage.

Our policy notes:

The Society will not accept income from family assistance.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Investment Income

Our standard acceptability

Not Acceptable

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider investment income when assessing their ability to maintain the ongoing mortgage.

Our policy notes:

The Society will not accept non-guaranteed investment income.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Life Cover

Our standard acceptability

Will be considered

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider life cover when assessing their ability to maintain the ongoing mortgage.

Our policy notes:

The Society will accept whole of life cover when assessing the affordability of the surviving partner.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Other Non Provable Income

Our standard acceptability

Not Acceptable

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider other non-provable income when assessing applicants ability to maintain the ongoing mortgage.

Our policy notes:

The Society will not accept non-provable income.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Rental Income

Our standard acceptability

Not Acceptable

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider rental income when assessing an applicants ability to maintain the ongoing mortgage.

Our policy notes:

The Society will not accept income from rental income.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Survivors Pension

Our standard acceptability

Will be considered

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider the survivor's pension when assessing their ability to maintain the ongoing mortgage.

Our policy notes:

The Society can accept a survivor's pension when assessing affordability of the surviving partner.

Last updated:

03 March 2020

Retirement Interest Only (RIO) Lasting Power of Attorney (LPA) Required?

Our standard acceptability

No

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so is it a requirement of Retirement Interest Only (RIO) mortgages that a 'Lasting Power of Attorney' is in place.

Our policy notes:

The Society does not insist on a Lasting Power of Attorney being in place

Last updated:

03 March 2020

Retirement Interest Only (RIO) Offered?

Our standard acceptability

Yes

Criteria definition:

Indicates if we offer 'Retirement Interest Only' mortgages. RIO mortgages are specifically mortgages that can be taken on an interest-only basis with an open-ended mortgage term where the repayment vehicle is typically sale of property on the occurrence of one or more of the specified life events such as the death of either or both borrowers.

Our policy notes:

Family Building Society offers Retirement Interest Only (RIO) mortgages.

Last updated:

03 March 2020

Retirement Interest Only (RIO): Can Consider Non-Guaranteed Potential Future Affordability

Our standard acceptability

No

Criteria definition:

Often times applicants may be in paid employment at the time of application without a guaranteed conventional pension in place for their retirement. They could, however, have other planned methods of generating themselves an income into retirement such as purchasing an annuity with savings or receiving rental income. Whilst this criteria is not specific to those two examples it indicates if we offer Retirement Interest Only (RIO) mortgages and if so if
are we willing to consider other types of non guaranteed future projected income?

Our policy notes:

The Society will not accept employed non-guaranteed income.

Last updated:

03 March 2020

Retirement Interest Only (RIO): Minimum Equity Requirement

Our standard acceptability

No Minimum

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so do we have a minimum equity requirement. If the repayment strategy is the sale of the mortgaged property, lenders no longer have to assume, as was the case under the previous MCOB rule, that borrowers will need to downsize. Consequently, they do not need to factor into their criteria any specific minimum equity requirement, as is the case with other interest-only mortgages.

Our policy notes:

Family Building Society offers Retirement Interest Only (RIO).

Last updated:

03 March 2020

Retrospective New Build Warranty

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially lend on residential applications for properties that have been issued with a retrospective new build warranty. These warranties were specifically not in place during the build phase but taken out at a later date following completion.

Our policy notes:

Family Building Society can potentially consider retrospective new build warranties.

Last updated:

25 September 2019

Returning to UK - Employed

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept residential applications from an applicant who is returning to the UK and going straight into paid employment. Critically, indicates if a lender will accept an employed applicant (with no current minimum length of time in UK employment) for affordability who is returning from a non UK address to the UK.

Our policy notes:

Family Building Society can potentially consider applications from applicants who are returning to the UK and going straight into employment.

Last updated:

09 September 2019

Returning to UK - Self-Employed

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept residential applications from an applicant who is returning to the UK and going straight into Self-Employment. Critically, indicates if a lender will accept a Self-Employed applicant for affordability who is returning from a non UK address to the UK and would essentially have zero UK trading history.

Our policy notes:

Family Building Society will not applications from applicants who are returning to the UK and going straight into self-employment.

Last updated:

09 September 2019

Right to Aquire

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept Right to Aquire applications.

Our policy notes:

These are not acceptable but need to be referred individually.

Last updated:

17 July 2017

Right to Buy

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept Right to Buy applications.

Our policy notes:

These are acceptable.

Last updated:

06 November 2018

Right to Buy additional lending above discounted price

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept Right to Buy cases if we allow a borrower to borrow more than the discounted Right to Buy purchase price to cover other costs and home improvements. For example, John would like to purchase his council home he has been offered for £65,000 which is 100% of the discounted price (£100,000 less a £35,000 discount). He would also like to borrow an additional £5,000 to cover some legal costs and to put in a new kitchen. 

Our policy notes:

We will not lend more than the discounted purchase price.

Last updated:

17 July 2017

Right to Buy Home Improvements Allowed

Our standard acceptability

No

Criteria definition:

Indicates if we accept Right to Buy cases can we can potentially accept additional monies being raised for home improvements at the point of the Right to Buy initial purchase.

Our policy notes:

We will not advance more than the discounted purchase price.

Last updated:

17 July 2017

Right to Buy joint application sole occupier

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept Right to Buy cases can we accept a joint application for a Right to Buy application where only one borrower will reside at the property. For example, John wishes to purchase his council home that he has the right to buy on but cannot afford it on his current income. His son has offered to help but has his own separate living arrangements independent from his father. They therefore need to find a lender that would accept a joint application with only one occupier.

Our policy notes:

These are not acceptable.

Last updated:

17 July 2017

Right to Buy Maximum LTV (of discounted purchase price)

Our standard acceptability

100

Criteria definition:

Indicates if we accept Right to Buy cases, the maximum loan to value (LTV) of the discounted purchase price we will consider for Right to Buy applications. For example, John has the right to buy his council home which has been given an open market value of £100,000 with a discount of £35,000. The discounted purchase price is therefor £65,000. 

Our policy notes:

We can lend up to 100% of the discounted purchase price as long as the LTV based on the valuation does not exceed 80%.

Last updated:

17 July 2017

Right to buy remortgage within pre-emption period - Balance swap

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a right to buy remortgage balance swap application within the pre-emption period

Our policy notes:

Family Building Society can potentially consider a right to buy remortgage balance swap application within the pre-emption period

Last updated:

11 September 2020

Right to buy remortgage within pre-emption period - Capital raising

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a right to buy remortgage capital raising application within the pre-emption period

Our policy notes:

Family Building Society can potentially consider a right to buy remortgage capital raising application within the pre-emption period

Last updated:

11 September 2020

Affordability Calculator

Find out how much your residential client may be able to borrow. To see affordability for a Buy to Let client, use our Buy to Let calculator

Find Your Local

Business Development Manager

Your Local BDM:

Arif Kara

Arif was previously a mortgage adviser, and focuses on North and West London. Contact Arif for help with your clients' mortgages.
Edit my local BDM

Your Local BDM:

Michelle Parry-Bunter

Michelle has worked for the Society for over a decade and focuses on the South Coast. Contact Michelle for help with your clients' mortgages.
Edit my local BDM

Your Local BDM:

Nathan Waller

Nathan, previously a mortgage broker, focuses on Cambridgeshire, East Sussex, Essex, Suffolk, Hertfordshire, Bedfordshire, Lincolnshire, Norfolk and Kent. Contact Nathan for help with your clients' mortgages.
Edit my local BDM

Your Local BDM:

Grace Bennett

Grace focuses around the West M25 area. Contact Grace for help with your clients' mortgages.
Edit my local BDM

Your Local BDM:

Darren Deacon

Darren has over 28 years' Financial Services experience and focuses on both the East & West Midlands as well as the Southwest. Contact Darren for help with your clients' mortgages.
Edit my local BDM

Your Local BDM:

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire & North East. Contact Paul for help with your clients' mortgages.
Edit my local BDM

We do not currently have a BDM covering your area. Please contact our Mortgage Helpdesk:

Opening hours: Mon - Fri: 8am - 5.30pm, Sat: 9am - noon

We may record any telephone calls we have with you in the interest of staff training, monitoring customer service or for security purposes.

Edit my local BDM