Criteria A-Z

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

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

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

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

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

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

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