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.
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
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.
03 July 2017
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
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
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
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
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
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
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
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
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
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
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
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
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?
The Society will not accept employed non-guaranteed income.
Last updated:03 March 2020
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
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
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
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
Acceptable
Criteria definition:These are not acceptable but need to be referred individually.
17 July 2017
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