Criteria A-Z

Our standard acceptability

55

Criteria definition:

Indicates the minimum required lease remaining at the date of application we can potentially accept. For example, 

Our policy notes:

The Society doesn't have a minimum lease term at application but the minimum is 50 years unexpired at the end of the mortgage term (with the minimum mortgage term being five years).

Our outside policy allowances:

We can consider shorter leases where the purpose of the remortgage is to extend the lease on completion.

Last updated:

23 July 2019

Our standard acceptability

50

Criteria definition:

Indicates the minimum required lease remaining at the end of the mortgage term we can potentially accept. For example, Alex is looking to purchase a flat which currently has a remaining lease term of 90 years and wishes to take out a mortgage over 20 years. Therefore his remaining lease at the end of the mortgage term will be 70 years (90-20=70).

Our policy notes:

The Society requires an unexpired lease of 50 years at the end of the term of the mortgage.

Last updated:

02 August 2018

Our standard acceptability

5

Criteria definition:

Indicates the minimum term a mortgage can be taken over.

Our policy notes:

Our minimum term is 5 years.

Last updated:

20 April 2017

Our standard acceptability

6

Criteria definition:

Indicates if we have a minimum requirement that an applicant must have been an owner occupier for (in MONTHS) in order to be considered for a residential mortgage.

Our policy notes:

Family Building Society requires applicants to have been an owner occupier for at least 6 months.

Last updated:

07 November 2019

Our standard acceptability

24

Criteria definition:

Indicates if we can potentially ignore mortgage arrears that are historic and if so at what point they can potentially be ignored when assessing residential mortgage applications.

Our policy notes:

Family Building Society can potentially ignore previous mortgage arrears that are older than 24 months old subject to a satisfactory explanation.

Last updated:

25 September 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider an application for a new build purchase 'Off-Plan'. Buying new build property off-plan means you agree to purchase a property before the property is built or sometimes before construction has even started.

Our policy notes:

Family Building Society can potentially consider an application for a new build purchase 'off plan'

Last updated:

11 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if AEDIS is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Build Assure is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Building Life Plans is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Buildzone is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Checkmate (Castle 10) is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable. Where outbuildings, such as a detached garage, are included in the construction, an endorsement to include these in the cover is required)

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if CRL Management Ltd is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Global Home Warranties is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept ICW as an acceptable new build warranty

Our policy notes:

Family Building Society accepts ICW as an acceptable new build warranty

Last updated:

15 January 2021

Our standard acceptability

Acceptable

Criteria definition:

Indicates if LABC is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if NHBC Guarantee is an acceptable new build warranty to us on new build properties.

Our policy notes:

We will accept NHBC guarantees.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Premier Guarantee Scheme is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Professional Consultants Certificate is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if Protek is an acceptable new build warranty to us on new build properties.

Our policy notes:

Family Building Society accepts Protek as an acceptable new build warranty.

Last updated:

09 March 2021

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if Q Assure Build is an acceptable new build warranty to us on new build properties.

Our policy notes:

This is not acceptable.

Last updated:

17 July 2017