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.
Not Acceptable
Criteria definition:Indicates if we are able to potentially accept applications from applicants who are looking to purchase a property that has an age restriction. For example, Mr Jones is looking to purchase a retirement apartment that can only be occupied by people who are at least 55 years of age.
Our policy notes:Properties with restrictive covenants of this type are not acceptable.
11 July 2017
Not Acceptable
Criteria definition:Indicates if we can potentially consider lending against a property that has an Annex and the Annex will be Let.
Our policy notes:We do not accept properties where an annexe is let.
11 July 2017
Not Acceptable
Criteria definition:Indicates if we can potentially accept properties that have deck access.
Our policy notes:We do not accept this property type.
03 July 2017
Not Acceptable
Criteria definition:Indicates if we are able to potentially accept an application where the security property has more than one kitchen. This is not the same as a property split into two or more units or a House of Multiple Occupation (HMO).
Our policy notes:Properties with more than one kitchen are not normally acceptable.
Consideration can be given where a property has a 'granny' annexe. These must be referred prior to submission on an application. Please provide the property address and any sales particulars (where applicable) for an underwriter to give consideration.
20 April 2017
Not Acceptable
Criteria definition:Indicates if we are able to potentially accept applications on properties that are subject to a Section 106 restrictive covenant.
Our policy notes:Unfortunately, the Society does not lend on properties with a restrictive covenant.
31 August 2017
80
Criteria definition:Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised).
Our policy notes:We can consider up to 80% LTV for remortgages.
03 July 2017
80
Criteria definition:Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is to raise funds to buy out a partner or other borrower.
Our policy notes:We can consider remortgage applications to buy out an existing partner up to 80% LTV
06 June 2025
80
Criteria definition:Indicates the maximum loan to value (LTV) we will accept when the reason for capital raising is to raise funds to fund or part-fund a buy to let purchase.
Our policy notes:We will permit lending up to 80% LTV for a remortgage to purchase a buy to let.
03 July 2017
Acceptable
Criteria definition:Indicates if we can potentially allow a residential remortgage application for owner occupation where the existing mortgage is on a Buy to Let basis.
Our policy notes:Family Building Society can potentially consider remortgage residential applications for owner occupation on properties where the existing mortgage is a Buy to Let.
Last updated:07 November 2018
Acceptable
Criteria definition:Indicates if we can potentially consider remortgage applications with capital raising for a BTL property where the property has not yet been found. Essentially they want to put themselves in the position of a cash buyer with the funds accessible ready for when they find their property.
Our policy notes:Family Building Society can consider remortgage applications with capital raising for a BTL property where a property is not yet found
Last updated:11 September 2020
80
Criteria definition:Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application. For example, Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%.
Our policy notes:We will consider remortgages for debt consolidation up to 80% LTV providing the amount being raised does not exceed 49% of the total mortgage advance and 20% of the property value. In addition we will not normally permit more than five items of credit to be consolidated.
03 July 2017
Acceptable
Criteria definition:Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease
Our policy notes:Family Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease
Last updated:11 September 2020
Acceptable
Criteria definition:Indicates if we can potentially consider lending when the reason for capital raising is considered for 'Business Related Purposes'.
Our policy notes:Family Building Society can potentially allow capital raising on a remortgage where the purpose of the funds is for business purposes.
Last updated:10 May 2018
80
Criteria definition:Indicates if we are able, and if so to what loan to value, accept remortgages where the purpose is to raise money to make a gift (for example to children to help with school fees etc or where parent(s) might want to help their children buy their first home).
Our policy notes:We will permit capital raising to gift funds to a close family member to assist with a property purchase to 80%. We will require a certificate of understanding to be signed after offer and before completion.
03 July 2017
80
Criteria definition:Indicates if we are able to and if so to what loan to value, accept remortgages where the purpose is to raise money for home improvements.
Our policy notes:We will accept remortgages to raise funds for home improvements up to 80%.
03 July 2017
Acceptable
Criteria definition:Indicates if we will allow capital raising for the purpose of home improvements on a property which is NOT the security property on residential applications.
Our policy notes:Family Building Society can consider remortgage applications with capital raising to carry home improvements on a property other than the security property.
Last updated:25 September 2019
80
Criteria definition:Indicates if we will allow capital raising for the purpose to purchase land and if so up to what loan to value for residential applications.
Our policy notes:Family Building Society can consider remortgage applications with capital raising for 'Land Purchase' up to a maximum LTV of 80%.
Last updated:26 November 2019
Not Acceptable
Criteria definition:Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)
Our policy notes:Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)
Last updated:11 September 2020
Not Acceptable
Criteria definition:Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses
Our policy notes:Family Building Society will not consider capital raising on a remortgage where the purpose of the funds is medical expenses
Last updated:11 September 2020
Not Acceptable
Criteria definition:Indicates if we can potentially consider lending when the reason for capital raising is to raise funds to pay a tax bill.
Our policy notes:Family Building Society does not allow capital raising on a remortgage where the purpose of the funds is for payment of a tax bill.
Last updated:10 May 2018
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