Criteria A-Z

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider lending on properties located in the Scilly Isles.

Our policy notes:

Family Building Society does not lend on properties in the Scilly Isles.

Last updated:

18 August 2017

Our standard acceptability

Not Acceptable

Criteria definition:

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

Our policy notes:

Family Building Society does not lend on properties in Scotland.

Last updated:

18 August 2017

Our standard acceptability

Acceptable

Criteria definition:

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

Our policy notes:

We do lend in Wales.

Last updated:

24 August 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially allow a customer to Let their existing residential mortgaged property. 

Our policy notes:

The Society will consider allowing an existing customer let their existing residential property and obtain a consent to let.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are potentially able to arrange the new residential mortgage where the existing residential mortgaged property is going to be Let with a different lender. 

Our policy notes:

Providing an applicant has obtained a consent to let from their existing lender we can consider a new application for an onward purchase.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications to remortgage onto a buy to let basis when the current mortgage is residential. For example, Jack wants to move out of his current residential mortgaged property, remortgage onto a buy to let and purchase a new residential property to live in. This criteria relates to converting the current residential onto a buy to let mortgage.

Our policy notes:

We can accept applications for a remortgage onto a buy to let basis subject to our normal BTL criteria.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applications where there is/will be a lodger residing in the security property.

Our policy notes:

We will not accept an application where a lodger is present.

Last updated:

11 July 2017

Our standard acceptability

100+

Criteria definition:

Indicates the maximum potential debt to income (DTI) ratio we might accept. For example, an applicant has outstanding unsecured debts of £26,000 and a salary of £40,000. Therefore their DTI is 65%. This criteria indicates if we have a maximum and if so what it is.

Our policy notes:

The Society does not have a maximum debt to income ratio.

Last updated:

12 November 2018

Our standard acceptability

0.25

Criteria definition:

Indicates if we have a maximum threshold, and if so what it is, that the ground rent on a leasehold property cannot exceed measured against the property value. For example, Applicant 'A' is purchasing a leasehold flat valued at £100,000 that has a ground rent payable annually of £100. This ground rent equates to 0.1% of the property value. Lender 'A' has no maximum threshold on ground rents and therefor Applicant 'A' is able to proceed with a mortgage application on this property.

Our policy notes:

Family Building Society can potentially consider applications on leasehold properties so long as the ground rent is no more than 0.25% of the property value.

Last updated:

07 November 2019

Our standard acceptability

No Maximum

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what our maximum loan size is for Retirement Interest Only (RIO) applications.

Our policy notes:

The Society's standard maximum loan amounts and LTVs apply.

Last updated:

03 March 2020

Our standard acceptability

80

Criteria definition:

Indicates if we can consider Interest Only lending on residential mortgages and if so up to what loan to value (LTV). Take care to check other factors such as:

• Is there a minimum equity requirement?
• Is their a minimum income requirement?
• Is there a minimum property valuation?
• Is the repayment vehicle acceptable to us?
• Can any borrowing over the stated max LTV be taken on a repayment basis?

Our policy notes:

The Society will lend up to 80% LTV on an interest only basis with an acceptable repayment strategy.

Last updated:

17 March 2022

Our standard acceptability

50

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum loan to value (LTV) for Retirement Interest Only (RIO) purchase applications.

Our policy notes:

The Society's maximum loan to value for RIO mortgages is 50% LTV.

Last updated:

03 March 2020

Our standard acceptability

50

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum loan to value (LTV) for Retirement Interest Only (RIO) remortgage applications where there is no element of capital raising and it is a simple balance swap.

Our policy notes:

The maximum LTV is 50%.

Last updated:

03 March 2020

Our standard acceptability

50

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum loan to value (LTV) for Retirement Interest Only (RIO) remortgage applications where there is additional capital being raised.

Our policy notes:

The maximum LTV is 50%

Last updated:

03 March 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept residential applications from an applicant who has mortgage arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

Our policy notes:

Family Building Society will not consider applicants with any mortgage arrears in the previous 24 months.

Last updated:

09 September 2019

Our standard acceptability

4

Criteria definition:

Indicates the maximum number of applicants able to go on a mortgage application.

Our policy notes:

We can consider applications for up to four applicants.

Last updated:

20 April 2017

Our standard acceptability

4

Criteria definition:

Indicates how many applicants we can factor into the affordability calculation.

Our policy notes:

We will accept up to four applicants on a mortgage application and will consider incomes from all.

Last updated:

03 July 2017

Our standard acceptability

3

Criteria definition:

Indicates if we can consider residential applications from applicants with previously satisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously satisfied CCJs in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society can consider applicants with up to three satisfied CCJs.

Last updated:

07 November 2019

Our standard acceptability

0

Criteria definition:

Indicates if we can consider residential applications from with unsatisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously unsatisfied CCJs in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society will not consider applicants with unsatisfied CCJs.

Last updated:

29 September 2023

Our standard acceptability

1

Criteria definition:

Indicates if we can consider residential applications from applicants with previously satisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously satisfied Defaults in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Our policy notes:

Family Building Society can consider applicants with up to 1 satisfied Default that relate to a utility or communication supplier.

Last updated:

21 November 2019