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 can potentially consider retained profits as an allowable income type when assessing affordability on residential applications.
Our policy notes:Family Building Society does not accept retained profits as an acceptable source of income when assessing affordability.
Last updated:09 September 2019
Acceptable
Criteria definition:Indicates if we can accept Net Profit (for sole traders and partnerships) as an acceptable source of income for affordability purposes.
Our policy notes:We ask for two year's account or HMRC SA302s. The Society reserves the right to average two year's figures.
30 October 2023
Not Acceptable
Criteria definition:Indicates if we will accept accounts or an accountant's certificate from an accountant that does NOT have 'Chartered' or 'Certified' status.
Our policy notes:Family Building Society does not accept accounts or accountants certificates from accountants that are not either 'Chartered' or 'Certified'
Last updated:23 October 2017
33
Criteria definition:Indicates the point at which we consider a person as self-employed as opposed to employed when they hold a shareholding in the business. The figure indicates the percentage shareholding required to be considered self-employed and anything less than this figure the applicant will be assessed as employed.
Applicants are defined as self-employed if they have a shareholding of 33% or more, of a firm. The Society defines a ‘firm’ as a Limited Company, Sole Proprietor/Trader or a Partnership between persons carrying on business together.
20 April 2017
Yes
Criteria definition:Indicates if we can potentially consider the self-employed applicants latest year figures as a projection from their accountant.
Our policy notes:14 May 2026
Acceptable
Criteria definition:Indicates if we can potentially accept a self-employed applicants income where the profits have declined year on year.
Our policy notes:14 May 2026
Acceptable
Criteria definition:Indicates if we can potentially use the latest years figures exclusively (rather than an average) for affordability assessment.
Our policy notes:This is subject to underwriter discretion but we can consider working on the latest year's profit figures so long as the trend over the last three years is upwards. Substantial increases are less likely to be taken unless evidence supplied that this level of profit can be maintained.
23 May 2017
Yes
Criteria definition:This indicates if we are able to add back in any accounting deductions. For example for a limited company, allowing car allowance and/or pension contributions to be added to overall customers self-employed income.
Our policy notes:We can potentially consider adding back appropriate accounting deductions as income for directors of limited companies.
14 May 2026
Acceptable
Criteria definition:Indicates if we can potentially consider Self-Employment income from an applicant how has made a loss in their latest year.
Our policy notes:Family Building Society can potentially consider income from self-employed applicants who have made a loss in the latest year subject to underwriting. Please call us to discuss this further.
Last updated:06 November 2018
18
Criteria definition:Specifies the max age of the latest company accounts (in months) that we will find acceptable for income proofs for a limited company.
Our policy notes:We would not normally accept accounts prepared more than 18 months prior to application.
03 July 2017
18
Criteria definition:Specifies the max age of the latest company accounts (in months) that we will find acceptable for income proofs for a sole trader or partnership.
Our policy notes:We would normally expect accounts to be no older than 18 months however please refer any that are over 12 months for underwriters to confirm they are still acceptable.
03 July 2017
24
Criteria definition:This is the MINIMUM length of time an applicant must have been self-employed for in order for their income to be considered.
Our policy notes:We would normally expect to see two year's accounts and/or SA302s. It is likely that a self-employed person would have been self-employed for more than two years to be able to provide these.
20 April 2017
Acceptable
Criteria definition:Indicates if we can consider the income from a self-employed applicant on a residential application where a change in self employed status has recently taken place. For example, where an applicant has been a sole trader for 8 years and has recently converted his business status to a Limited Company but has not been trading long enough as a Limited Company to have sufficient accounts. The applicant would need us to consider their income based upon their historic performance as a sole trader.
Our policy notes:Family Building Society can potentially consider an application where a change in self employed status has recently taken place
Last updated:11 September 2020
No
Criteria definition:This indicates if we are able to add back in any accounting deductions. For example for a sole trader, allowing spousal salary and/or use of home as an office to be added to the net profit figure.
Our policy notes:We do not normally add back any deductions
23 May 2017
We do not currently offer Self Build mortgages
Criteria definition:Indicates if we will allow applicants to borrow additional funds during the build
Our policy notes:Family Building Society does not currently offer self-build mortgages.
Last updated:28 February 2020
We do not currently offer Self Build mortgages
Criteria definition:Indicates if we will allow applicants savings to cover the monthly rental or mortgage payments during the build rather than included in affordability assessment
Our policy notes:Family Building Society does not currently offer self-build mortgages.
Last updated:28 February 2020
We do not currently offer Self Build mortgages
Criteria definition:Indicates if we will complete an affordability assessment during and post build
Our policy notes:Family Building Society does not currently offer self-build mortgages.
Last updated:28 February 2020
We do not currently offer Self Build mortgages
Criteria definition:Indicates if we will include existing monthly rental or mortgage payments into the affordability calculation
Our policy notes:Family Building Society does not currently offer self-build mortgages.
Last updated:04 January 2021
We do not currently offer Self Build mortgages
Criteria definition:Indicates if we can potentially consider self build applications where all applicants are First Time Buyers.
Our policy notes:Family Building Society does not currently offer self-build mortgages.
Last updated:28 February 2020
We do not currently offer Self Build mortgages
Criteria definition:Indicates if we require the applicant's to contribute their own savings towards the build
Our policy notes:Family Building Society does not currently offer self-build mortgages.
Last updated:21 March 2021
Affordability Calculator
Find out how much your residential client may be able to borrow. To see affordability for a Buy to Let client, use our Buy to Let calculator