Criteria A-Z

Our standard acceptability

18

Criteria definition:

Specifies our minimum age at point of application requirement for residential mortgages. 

Our policy notes:

The minimum age of each applicant must be 18.

Last updated:

20 April 2017

Our standard acceptability

No Maximum

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a MAXIMUM AGE AT APPLICATION requirement.

Our policy notes:

There is no maximum age.

Last updated:

10 March 2020

Our standard acceptability

No Maximum

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a maximum age at the end of the term requirement. Mortgage lenders are not required to set a fixed term for the mortgage and so the repayment date can be when the borrower dies or goes into care, as with Lifetime Mortgages. 

Our policy notes:

Our normal maximum age is 95 years however on RIO mortgages there is no maximum age at end of term

Last updated:

11 January 2021

Our standard acceptability

55

Criteria definition:

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a minimum age requirement.

Our policy notes:

Last updated:

21 June 2022

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we will consider a residential application for an applicant who is not on the electoral register

Our policy notes:

Family Building Society can consider an applicant who is not on electoral register

Last updated:

03 August 2022

Our standard acceptability

No

Criteria definition:

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the max lending policy loan to value will be exceeded. 

Our policy notes:

Family Building Society does not allow fees to be added where it means the lending loan to value limits will be exceeded.

Last updated:

10 May 2018

Our standard acceptability

No

Criteria definition:

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the product loan to value will be exceeded.

Our policy notes:

Family Building Society does not allow fees to be added where it means the product loan to value limits will be exceeded.

Last updated:

10 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept applicants that have an arrangement to pay registered on their credit file on residential applications.

Our policy notes:

Family Building Society will not consider applicants that have an arrangement to pay registered on their credit file.

Our outside policy allowances:

Arrangements to pay that were cleared/satisfied over two years ago can be considered subject to referral to the Society with an up to date credit file.

Last updated:

09 September 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications from applicants that have a history of mortgage or secured loan arrears.

Our policy notes:

Any existing mortgage or secured loan must be up to date at the time of application. A maximum of one month’s arrears within the last 12 months will be allowed, provided the account is currently up to date. An explanation of any arrears will be required.

Last updated:

20 April 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications from applicants that have a history of unsecured loan arrears.

Our policy notes:

Any existing mortgage/rent/loan must be up to date at the time of application. A maximum of one month’s arrears within the last 12 months will be allowed, provided the account is currently up to date. An explanation of any arrears will be required.

Last updated:

20 April 2017

Our standard acceptability

Monthly Payment

Criteria definition:

Indicates if we will use the monthly payment of any background other residential mortgages when assessing affordability or the outstanding balance. For example, Applicant 'A' is applying for a new mortgage with Lender 'A'. Applicant 'A' has a second property in the background that is used as a second home with an outstanding mortgage of £50,000 and a monthly payment of £300 per month. When assessing Applicant 'A's' income Lender 'A' take the monthly payment of the background mortgage as a monthly commitment as opposed to deducting the outstanding balance (£50,000) from the total amount they have calculated Applicant 'A' could borrow based on his income.

Our policy notes:

Family Building Society will use the monthly payment of any additional residential mortgages when assessing affordability as opposed the outstanding balance.

Last updated:

25 September 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to Back (Remortgage - Bridging) indicates if we will accept applications where the customer has funded the purchase from a bridging loan and now wishes to mortgage the property.

Our policy notes:

We normally expect properties to have been owned at least 6 months.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to back (Remortgage - Customer Funded), indicates if we can accept applications where the customer has funded the purchase from their own funds and now wish to mortgage the property.

Our policy notes:

The property must be owned at least six months in this situation.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to back (Remortgage - Inherited) indicates if we will accept applications where the customer has inherited a property and now wish to mortgage it on a residential basis.

Our policy notes:

We will consider remortgages where an inherited property has been owned for less than 6 months.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

In the case of Back to back (Remortgage - Other) it indicates if we are able to potentially accept remortgage applications where the current owner has owned the property for less than 6 months and is now looking to remortgage for a reason other than due to the property being inherited, remortgaging having recently ported, to repay bridging finance or to mortgage having originally purchase the property for cash.

Our policy notes:

We do not accept back to back remortgages.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to back (Remortgage - Ported) indicates if we will accept applications where the customer has recently moved and ported their mortgage, their product has come to an end shortly after and they now wish to remortgage. For example, Jeff moved into his new property last month and ported his existing mortgage across so as to avoid an early repayment charge on his then-current mortgage. The current product, however, expires about a month after his move in date and so he would like to remortgage to a new lender in order to obtain a new product even though he has only been in the property for one month.

Our policy notes:

We do not accept back to back remortgages.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

In the case of Back to back (Purchase - Other) it indicates if we are able to potentially accept applications for purchases where the current owner has owned the property for less than 6 months and is now wishing to sell for a reason other than due to a previous part exchange or a lender repossession.

Our policy notes:

The property must be owned at least six months.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

In the case of Back to back (Purchase - Part Exchange), it indicates if we are able to potentially accept applications for purchases where the current owner took the property as a part exchange on a previous sale. An example would be where a builder sold a property to someone and took their property as a part exchange and now wishes to sell that property and the part exchange falls within the last 6 months.

Our policy notes:

We do not accept back to back remortgages.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

In the case of Back to back (Purchase - Repossessed), it indicates if we are able to potentially accept applications for purchases where the current owner is a lender that has repossessed the property being sold from the previous owner in the past 6 months. 

Our policy notes:

We would expect the property to have been owned at least six months.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Displays if we will accept Adoption Allowance as an acceptable source of income for affordability purposes.

Our policy notes:

We do not accept this as a source of income.

Last updated:

20 April 2017