Criteria A-Z

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept interest-only lending and if so is 'sale of the mortgaged property' an acceptable repayment method on residential mortgages.

Our policy notes:

We can accept downsizing to a maximum 70% LTV.

Last updated:

31 August 2017

Our standard acceptability:

Yes

Criteria definition:

Indicates if we can potentially accept interest-only lending and if so is the sale of another mortgaged property (Not the security property) an acceptable repayment vehicle for residential interest-only lending.

Our policy notes:

Property details and proof of ownership evidence of any outstanding mortgage and estimate of value obtained via such sources such as “Zoopla”, “Rightmove” or an estate agents estimated sale value must be provided. 100% of any equity held.Properties solely owned by the applicants only will be considered.

Last updated:

23 May 2017

Our standard acceptability:

Yes

Criteria definition:

Indicates if we can potentially accept interest-only lending and if so are we able to accept interest-only applications where the repayment vehicle is the sale of another mortgage-free property (Not the security property).

Our policy notes:

Property details and proof of ownership evidence of any outstanding mortgage and estimate of value obtained via such sources such as “Zoopla”, “Rightmove” or an estate agents estimated sale value and placed on the mortgage file. 100% of any equity held. Properties solely owned by the applicants only will be considered.

Last updated:

23 May 2017

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can consider an inter-family application with no discount being offered

Our policy notes:

Family Building Society can potentially consider an application from an inter-family sale with no discount being offered

Last updated:

15 January 2021

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can accept Investment Income (not rent) as an acceptable source of income for affordability purposes.

Our policy notes:

This source of income is acceptable but the level of the income taken is assessed on a case by case basis.

Last updated:

30 October 2023

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can accept Rental Income (from a mortgage-free property) as an acceptable source of income for affordability purposes.

Our policy notes:

100% of rental income that is declared to HMRC.

Last updated:

08 May 2017

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can accept Rental Income (from a mortgaged property) as an acceptable source of income for affordability purposes.

Our policy notes:

We would assess this sort of income in the same way as we would all self-employed income which is via accounts or SA302s.

Last updated:

30 March 2021

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can accept Trust Income as an acceptable source of income for affordability purposes.

Our policy notes:

We can accept income from a trust but will require a chartered/certified accountant's confirmation of the income.

Last updated:

03 July 2017

Our standard acceptability:

Acceptable

Criteria definition:

Specifies if we are able to potentially accept applications where there is evidence of Japanese knotweed at the property or near the property.

Our policy notes:

Please refer these for assessment on a case by case basis. Japanese Knotweed is an invasive plant species and can cause damage to properties if left untreated. Where a valuation report identifys that Japanese Knotweed is present a program of eradication may be required before the Society can lend

Last updated:

25 November 2024

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we will accept joint applications where one applicant will NOT reside in the property. For example, a father and son are looking to buy a property together that only the son will live in.

Our policy notes:

Family Building Society can potentially accept applications on a joint application sole occupier basis subject to underwriter referral.

Last updated:

17 April 2019

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we will accept applications from joint borrowers where only ONE applicant will OWN the property. A good example would be a close family member who wants to help increase the borrowing capacity.

Our policy notes:

We can accept applications where one applicant only is to be an owner and up to two other applicants are to occupy the property. Each application needs to be referred for consideration prior to submission. We would consider applications where adult children wish to use their parents, sibling’s, parents’ siblings or grandparents to support their income to secure the loan they need but that in time (approximately five years) the likelihood is their income will grow sufficiently to afford the mortgage in their own right. The other scenario is where an elderly parent needs the support of their son/daughter so secure a mortgage. Please refer the scenario to us for consideration before submitting an application.

Last updated:

23 January 2025

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially consider applications from applicants who have a history of late payments (NOT REGISTERED AS MISSED) on any credit agreements they hold.

Our policy notes:

Family Building Society can potentially accept applicants with previous 'Late Payments'.

Last updated:

07 November 2018

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially lend on residential applications for leasehold properties where no separate management company exists.

Our policy notes:

Family Building Society can potentially consider lending on leasehold properties where no separate management company exists.

Last updated:

25 September 2019

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept ‘no-search indemnity insurance’ for a purchase application

Our policy notes:

Family Building Society can potentially accept ‘no-search indemnity insurance’ for a purchase application

Last updated:

02 August 2021

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept ‘no-search indemnity insurance’ policy for a remortgage application

Our policy notes:

Family Building Society can potentially accept ‘no-search indemnity insurance’ for a remortgage application

Last updated:

02 August 2021

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept a private local authority search for a purchase application

Our policy notes:

Family Building Society can potentially accept a private local authority search for a purchase application

Last updated:

04 March 2021

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially accept a private local authority search for a remortgage application

Our policy notes:

Family Building Society can potentially accept a private local authority search for a remortgage application

Last updated:

04 March 2021

Our standard acceptability:

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in the Channel Islands.

Our policy notes:

We cannot accept applications for mortgages in Guernsey.

Last updated:

24 August 2017

Our standard acceptability:

Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in England.

Our policy notes:

We do lend in England

Last updated:

24 August 2017

Our standard acceptability:

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located on the Isle of Man.

Our policy notes:

Family Building Society does not lend on properties on the Isle of Man.

Last updated:

18 August 2017