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
Self Build Accepted

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are potentially able to offer self-build mortgages.

Our policy notes:

We do not currently accept applications for self build mortgages.

Last updated:

20 April 2017

Self Build: Maximum loan amount

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the maximum loan size we can consider on self build applications

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self Build: Maximum term

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the maximum term a self build mortgage can be taken over.

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self Employed Income: Directors Loan Payback

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept repayment of a directors loan as an acceptable source of income for affordability purposes. Often directors will first take back any money they introduced into the business as a directors loan before formally drawing a salary or taking dividends.

Our policy notes:

Family Building Society does not accept payback of a directors loan as an income that can be used in our affordability assessment.

Last updated:

10 May 2018

Self Employed Income: Limited Company Directors (Salary and Dividends)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept Salary and Dividends as the components used to assess affordability as opposed to say salary and net profit.

Our policy notes:

We would accept director's remuneration and dividends (providing dividends do not exceed the available net profit).

Last updated:

03 July 2017

Self Employed Income: Limited Company Directors (Salary and Net Profits)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept Salary and Net Profit as the components used to assess affordability as opposed to say salary and dividends.

Our policy notes:

These are acceptable.

Last updated:

17 July 2017

Self Employed Income: Limited Company Directors (Salary and Share of Net Profits AFTER CORPORATION TAX)

Our standard acceptability

Acceptable

Criteria definition:

Displays if we will use 'Salary and Share of Net Profit AFTER CORPORATION TAX' as the components used to assess affordabiliy as opposed to either 'Salary and Share of Net Profit BEFORE CORPORATION TAX' or 'Salary and Dividends'

Our policy notes:

Family Building Society can potentially accept salary and share of net profits AFTER CORPORATION TAX as the primary income used when assessing income from directors of a limited company.

Last updated:

11 September 2020

Self Employed Income: Limited Company Directors (Salary and Share of Net Profits BEFORE CORPORATION TAX)

Our standard acceptability

Not Acceptable

Criteria definition:

Displays if we will use 'Salary and Share of Net Profit BEFORE CORPORATION TAX' as the components used to assess affordabiliy as opposed to either 'Salary and Share of Net Profit AFTER CORPORATION TAX' or 'Salary and Dividends'

Our policy notes:

Family Building Society does not use salary and share of net profits BEFORE CORPORATION TAX as the primary income used when assessing income from directors of a limited company.

Last updated:

11 September 2020

Self Employed Income: Limited Company Retained Profits

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider retained profits as an allowable income type when assessing affordability on residential applications.

Our policy notes:

Family Building Society does not accept retained profits as an acceptable source of income when assessing affordability.

Last updated:

09 September 2019

Self Employed Income: Net Profit (for sole traders and partnerships)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can accept Net Profit (for sole traders and partnerships) as an acceptable source of income for affordability purposes.

Our policy notes:

We ask for two year's account or HMRC SA302s. The Society reserves the right to average two year's figures.

Last updated:

17 July 2017

Self Employed: Accounts or Accountant Certificates where Accountant is not Chartered or Certified

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we will accept accounts or an accountant's certificate from an accountant that does NOT have 'Chartered' or 'Certified' status.

Our policy notes:

Family Building Society does not accept accounts or accountants certificates from accountants that are not either 'Chartered' or 'Certified'

Last updated:

23 October 2017

Self Employed: Amount of shareholding to be considered self employed (percentage)

Our standard acceptability

33

Criteria definition:

Indicates the point at which we consider a person as self-employed as opposed to employed when they hold a shareholding in the business. The figure indicates the percentage shareholding required to be considered self-employed and anything less than this figure the applicant will be assessed as employed.

Our policy notes:


Applicants are defined as self-employed if they have a shareholding of 33% or more, of a firm. The Society defines a ‘firm’ as a Limited Company, Sole Proprietor/Trader or a Partnership between persons carrying on business together.

Last updated:

20 April 2017

Self Employed: Can use Projection as Latest Year

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially consider the self-employed applicants latest year figures as a projection from their accountant.

Our policy notes:

Family Building Society does not accept a projection for the latest years self employed figures for affordability purposes.

Last updated:

10 May 2018

Self Employed: Declining Profits

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a self-employed applicants income where the profits have declined year on year.

Our policy notes:

Declining profits without any evidence the business has improved would not be acceptable.

Last updated:

17 July 2017

Self Employed: Latest years self employed figures for affordability

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially use the latest years figures exclusively (rather than an average) for affordability assessment. 

Our policy notes:

This is subject to underwriter discretion but we can consider working on the latest year's profit figures so long as the trend over the last three years is upwards. Substantial increases are less likely to be taken unless evidence supplied that this level of profit can be maintained.

Last updated:

23 May 2017

Self Employed: Limited Company: Other allowable income

Our standard acceptability

No

Criteria definition:

This indicates if we are able to add back in any accounting deductions. For example for a limited company, allowing car allowance and/or pension contributions to be added to overall customers self-employed income.

Our policy notes:

We do not add back any deductions.

Last updated:

23 May 2017

Self Employed: Loss in Latest Year

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider Self-Employment income from an applicant how has made a loss in their latest year.

Our policy notes:

Family Building Society can potentially consider income from self-employed applicants who have made a loss in the latest year subject to underwriting. Please call us to discuss this further.

Last updated:

06 November 2018

Self Employed: Maximum age of latest company accounts for Limited Companies (months)

Our standard acceptability

18

Criteria definition:

Specifies the max age of the latest company accounts (in months) that we will find acceptable for income proofs for a limited company.

Our policy notes:

We would not normally accept accounts prepared more than 18 months prior to application.

Last updated:

03 July 2017

Self Employed: Maximum age of latest company accounts for Sole Traders/Partnerships (Months)

Our standard acceptability

18

Criteria definition:

Specifies the max age of the latest company accounts (in months) that we will find acceptable for income proofs for a sole trader or partnership.

Our policy notes:

We would normally expect accounts to be no older than 18 months however please refer any that are over 12 months for underwriters to confirm they are still acceptable.

Last updated:

03 July 2017

Self Employed: Minimum length of time self employed (months)

Our standard acceptability

24

Criteria definition:

This is the MINIMUM length of time an applicant must have been self-employed for in order for their income to be considered.

Our policy notes:

We would normally expect to see two year's accounts and/or SA302s. It is likely that a self-employed person would have been self-employed for more than two years to be able to provide these.

Last updated:

20 April 2017

Self Employed: Recent change in status (sole trader to limited company, etc)

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can consider the income from a self-employed applicant on a residential application where a change in self employed status has recently taken place. For example, where an applicant has been a sole trader for 8 years and has recently converted his business status to a Limited Company but has not been trading long enough as a Limited Company to have sufficient accounts. The applicant would need us to consider their income based upon their historic performance as a sole trader.

Our policy notes:

Family Building Society can potentially consider an application where a change in self employed status has recently taken place

Last updated:

11 September 2020

Self Employed: Sole Trader / Partnerships: Other allowable income

Our standard acceptability

No

Criteria definition:

This indicates if we are able to add back in any accounting deductions. For example for a sole trader, allowing spousal salary and/or use of home as an office to be added to the net profit figure.

Our policy notes:

We do not normally add back any deductions

Last updated:

23 May 2017

Self-Build: Additional borrowing considered during the build

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow applicants to borrow additional funds during the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Affordability - Can applicants savings be used to cover monthly rental or mortgage payments?

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow applicants savings to cover the monthly rental or mortgage payments during the build rather than included in affordability assessment

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Affordability - Dual affordability assessment required? (During & After build)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will complete an affordability assessment during and post build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Affordability - Ongoing rent or mortgage payments included in affordability assessment?

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will include existing monthly rental or mortgage payments into the affordability calculation

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: All applicants are First time buyers

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can potentially consider self build applications where all applicants are First Time Buyers.

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: applicants own savings required?

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we require the applicant's to contribute their own savings towards the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Back to Back (Remortgage waiting period)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the number of months we state a person must have owned the plot before it can be considered for a remortgage application.

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Build type - Barn conversion

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can accept a self build application for a barn conversion

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Build type - Conversion (commercial to residential)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will accept an application for converting a commercial property to a residential dwelling

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Build type - Knock down & rebuild

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can accept a self build application for a knock down & rebuild

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Build type - Renovation

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if a lender can accept a self-build application for a renovation project

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Build type - Unfinished/mid-build projects

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can accept a self build application for unfinished/mid-build projects

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Building Regulations approval required prior to completion

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we require building regulations approval to be in place prior to completion of a self-build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Can use own Conveyancer?

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates in an applicant can use use their own conveyancer on a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Concessionary Land Purchase

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can accept a concessionary land purchase for self-build applications.

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Contiguous land owned by the applicant

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will accept a self build application where the surrounding or adjoining land is owned by the applicant

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Contiguous land owned by their family

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will accept a self build application where the surrounding or adjoining land is owned by the applicants family

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Custom build schemes

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will accept custom build applications. Custom build homes are self-build properties that are offered in a customised way by a builder / developer . These offer buyers the opportunity to self-build in a more hands off approach to what they would potentially experience when managing the whole process themselves.

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Direct to Lender or Packager

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if an adviser can submit a self-build application directly to the lender or is required to go via a packager.

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Eco property allowed

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow a self build application for an eco property

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Gifted land/plot (gifted by a NON family member)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can accept a self build application where the land or plot has been gifted to the applicant from a person who is NOT a family member

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Gifted land/plot (gifted by family member)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we can accept a self build application where the land or plot has been gifted to the applicant from a family member

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Lending against land

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will consider an application to lend against the purchase of Land

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Length of time before works must commence (months)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the length of time we will accept before works must commence on the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Maximum amount of stage payments

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we have a maximum amount of stage payments for a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Maximum LTV against valuation at point of stage release

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we have a maximum LTV limit at each stage release during the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Maximum LTV of estimated final value

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the maximum LTV we will consider of the estimated final value

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Maximum LTV on land/plot value or purchase price

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the maximum LTV we will consider of the land/plot value or purchase price

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Maximum number of multi-plot or group development allowed

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the maximum amount of properties/plots we allow in a multi-plot or group development

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Maximum plot size (acres)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the maximum plot size we can consider

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Minimum amount of stage payments

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we have a minimum amount of stage payments for a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Minimum number of months remaining on planning permission

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the minimum number of months we require remaining on planning permission for a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Minimum plot size (Square Metres - 1 Acre = 4047 SqM )

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the minimum plot size (in Square Metres) we can consider

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: More than one pending self-build application

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will accept applicants with more than one self build application pending

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Multi-plot or group developments allowed? (where applicant is purchasing one plot of many)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow a self build application that is part of a multi-plot or group development

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Outline or full planning permission required

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we require Full or Outline planning permission when submitting a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Preferential terms for eco build

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow preferential terms for applicants building an eco property

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Product fees added to the loan

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance on a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Property Type: Semi-detached property

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow a self build application for a semi-detached property

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Property Usage: Holiday/Second Home

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will allow a self build application for second property or holiday home purposes

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Pure Interest only acceptable during the build?

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates on a self build application if we will allow interest only during the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Required build completion time (months)

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we requires the build to be completed in a specific time frame

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Retention product offered upon completion of build

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we offer a retention product upon completion of the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Retention retained until sign off following build completion

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will retain a retention until completion of the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Shared access allowed?

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will accept a self build application where there is shared access to the security

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Stage payment frequency

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we allow flexible stage payments or we have set stage payments for self build mortgages

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Stage payment release schedule

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we make advanced payments or payments in arrears for self build mortgages

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Stage release fees

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if a fee payable for each stage release on a self build application

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

02 March 2020

Self-Build: Standard retention for project

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates the retention percentage we will retain until completion of the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Self-Build: Valuation fee based on the estimated final value or land value

Our standard acceptability

We do not currently offer Self Build mortgages

Criteria definition:

Indicates if we will base the valuation fee on the value of the land or estimated final value of the build

Our policy notes:

Family Building Society does not currently offer self-build mortgages.

Last updated:

28 February 2020

Shared Ownership

Our standard acceptability

Not Acceptable

Criteria definition:

Specifies if we can accept shared ownership applications.

Our policy notes:

We do not currently accept shared ownership applications.

Last updated:

20 April 2017

Shared Ownership Maximum Initial Share (%)

Our standard acceptability

We do not accept shared ownership applications

Criteria definition:

Indicates if we offer shared ownership mortgages and if so what is the maximum initial share we permit for a shared ownership case.

Our policy notes:

We do not currently accept applications for shared ownership.

Last updated:

20 April 2017

Shared Ownership Maximum LTV (of applicants share)

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we offer shared ownership mortgages and if so what is the maximum loan to value we can lend on the share the applicant is purchasing on a shared ownership basis. 

Our policy notes:

We do not currently accept shared ownership applications.

Last updated:

20 April 2017

Shared Ownership Min Initial Share (%)

Our standard acceptability

We do not accept shared ownership applications

Criteria definition:

Indicates if we offer shared ownership mortgages and if so what is the minimum share we permit for shared ownership cases.

Our policy notes:

Currently, we do not lend on shared ownership.

Last updated:

03 July 2017

Shared Ownership remortgage purpose: Capital raising for home improvements

Our standard acceptability

We do not accept shared ownership applications

Criteria definition:

Indicates if we can potentially consider a shared ownership application with capital raising for home improvements

Our policy notes:

Family Building Society does not accept Shared Ownership applications.

Last updated:

11 September 2020

Shared Ownership: Restricted Staircasing

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider residential applications for Shared Ownership cases that have a restricted staircasing clause.

Our policy notes:

Family Building Society will not consider applications on shared ownership properties that have a restricted staircasing clause

Last updated:

09 September 2019

Sharia Compliant Mortgages

Our standard acceptability

Not Available

Criteria definition:

Indicates if we offer Sharia compliant residential mortgages.

Our policy notes:

Family Building Society does not offer Sharia compliant mortgages.

Last updated:

09 September 2019

Simultaneous First and Second Charge

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a residential application where there will be a simultaneous completion of a second charge.

Our policy notes:

Family Building Society will not consider applications where there will be a simultaneous completion of a second charge.

Last updated:

07 November 2019

Soft Footprint on Credit Search?

Our standard acceptability

No (Full Footprint)

Criteria definition:

Indicates if we will leave a 'soft footprint' when performing a credit search (as opposed to leaving a full/hard footprint on the credit file).

Our policy notes:

We use Equifax and we leave a hard footprint.

Last updated:

24 August 2017

Solar Panels

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are able to potentially accept properties that have had solar panels installed.

Our policy notes:

These are acceptable subject to no onerous terms being contained in the lease agreement if the panels are leased.

Last updated:

17 July 2017

Sole application for married couple

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are able to potentially accept applications in sole names where the applicant is married and the husband or wife will also be residing in the property. For example, a couple may wish to keep their financial affairs separate to avoid any unwanted disputes if they were ever to split which is sometimes common when people remarry.

Our policy notes:

We usually require applications for spouses to be jointly applied.

Last updated:

20 April 2017

Sole application joint proprietor

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications on a sole application joint proprietor basis. This is where a property will be jointly owned but only one person will be named on the mortgage and is distinctly different to the more common Joint Application Sole Proprietor where only one party would own the property but there are two named on the mortgage.

Our policy notes:

Family Building Society will not consider applications on a sole application joint proprietor basis

Last updated:

11 September 2020

Source of deposit: Builders Deposit

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept builder gifted deposits as an acceptable source of deposit for new build properties.

Our policy notes:

A builder’s deposit is acceptable providing the Borrowers are providing a deposit from their own resources of at least 20%. The Valuer will be required to confirm that the valuation is not affected, and the Solicitor should confirm that the purchase price in the legal documentation matches that on the Society’s Mortgage Offer. Lending will be based on the lower of purchase price or valuation.

Last updated:

17 July 2017

Source of deposit: Concessionary

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept applications that are considered a concessionary purchase. Examples of a concessionary purchase are a grandparent selling a property to a grandchild at a genuine discount or a landlord doing the same for a tenant. For example, the property might be worth £150,000 on the open market but the owner is selling it to the buyer for £135,000 with the discount effectively becoming the deposit.

Our policy notes:

We can lend up to 100% of the discounted purchase price or 80% of the value whichever is lower. An indemnity to protect the Society might be required.

Last updated:

11 July 2017

Source of Deposit: Cryptocurrency / Bitcoin

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept cryptocurrencies as an acceptable source of deposit.

Our policy notes:

Family Building Society will not consider this type of deposit.

Last updated:

06 November 2018

Source of deposit: Forces Help To Buy

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept the forces help to buy scheme as an acceptable source of deposit.

Our policy notes:

These are acceptable.

Last updated:

17 July 2017

Source of deposit: Gift From Immediate Family

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept a gift from an immediate family member as an acceptable source of deposit. Immediate family usually means spouse, parent, grandparent, sibling, child or grandchild but you should check to clarify our specific definition.

Our policy notes:

We will accept deposits being gifted.

Last updated:

03 July 2017

Source of deposit: Gift from occupier NOT named on mortgage

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept a gift from an occupier who will not be named on the mortgage. An example of this situation could be whereby two friends or a couple plan to live together and one of them purchases the property and obtains the mortgage where the other party is providing the deposit (as a gift) but will not be named on the mortgage or jointly own the property.

Our policy notes:

This situation is acceptable subject to the occupier signing a form of consent and deed of gift (post offer).

Last updated:

13 May 2019

Source of deposit: Gifted NOT from Immediate Family

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept a gift as a deposit source outside of immediate family members such as a friend, employer or cousin for example.

Our policy notes:

These are not acceptable.

Last updated:

17 July 2017

Source of deposit: Loan Repayable on Sale of Property

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept a loan that is secured against the property as a second charge, no monthly repayments are made and is repayable upon the sale of the property. For example, this situation could arise where parents want to help out a child to purchase a property but do not want to outright gift the money. The parent would place a second charge against the property so that when the property was sold at a later date the loan would be repaid providing there was sufficient equity remaining after any higher ranking charges (a mortgage for example) were repaid.

Our policy notes:

These are not acceptable.

Last updated:

17 July 2017

Source of deposit: Mortgage on additional property

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept monies raised from the mortgage of an additional property as an acceptable source of deposit. For example, Mr & Mrs Smith want to purchase a new home to live in. The purchase price is £200,000 and they are looking to put down a £50,000 deposit. Their deposit is being raised against another property they own which is Let. 

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Source of deposit: Originated outside of EEA

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit to us.

Our policy notes:

We do not accept funds from sources deposited outside of the EU.

Our outside policy allowances:

If the country the funds are deposited in are FATF compliant the case should be referred for further consideration.

Last updated:

20 April 2017

Source of deposit: Repayment of Ltd Company Directors Loan

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept the repayment of a limited company directors loan as an acceptable source of deposit. For example, Tom has a limited company that he personally put some money into when setting the company up. He now wishes to take that money back out of the company and use it to fund his deposit.

Our policy notes:

This source of deposit is acceptable.

Last updated:

17 July 2017

Source of deposit: Unsecured Loan

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates whether or not we will accept borrowers source of deposit as a loan. For example, a person is looking to put down a 5% deposit and borrow a 95% mortgage. The 5% deposit is a bank loan.

Our policy notes:

We do not accept deposits that have been borrowed.

Last updated:

20 April 2017

Source of deposit: Vendor Gifted

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept vendor gifted deposits as an acceptable source of deposit. (NOT builder gifted deposit for new build properties). For example, John is looking to purchase a property an estate agent is selling and the current owner (not related to the buyer) has offered to help with a deposit by way of a gift.

Our policy notes:

A builder’s or vendor’s deposit is acceptable providing the Borrowers are providing a deposit from their own resources of at least 20%. The Valuer will be required to confirm that the valuation is not affected, and the Solicitor should confirm that the purchase price in the legal documentation matches that on the Society’s Mortgage Offer. Lending will be based on the lower of purchase price or valuation.

Last updated:

17 July 2017

Split Mortgage Terms

Our standard acceptability

Allowed

Criteria definition:

Indicates if we can potentially consider an application with a split term. For example, an applicant wishes to take one part of their mortgage over 25 years and another part over 10 years. An example of when this might be useful is where the applicant has agreed to repay money back to a parent who lent them some money to get started

Our policy notes:

Family Building Society can offer mortgages with split term durations

Last updated:

11 September 2020

Sports Professionals

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications from sports professionals and if so how they are treated and assessed.

Our policy notes:

Family Building Society can potentially lend to applicants who are considered 'Sports Professionals'.

Last updated:

23 October 2017

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.
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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.
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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.
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Your Local BDM:

Grace Bennett

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