Criteria A-Z

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept a gift from an immediate family member as an acceptable source of deposit. Immediate family usually means spouse, parent, grandparent, sibling, child or grandchild but you should check to clarify our specific definition.

Our policy notes:

We will accept deposits being gifted.

Last updated:

03 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept a gift from an occupier who will not be named on the mortgage. An example of this situation could be whereby two friends or a couple plan to live together and one of them purchases the property and obtains the mortgage where the other party is providing the deposit (as a gift) but will not be named on the mortgage or jointly own the property.

Our policy notes:

This situation is acceptable subject to the occupier signing a form of consent and deed of gift (post offer).

Last updated:

13 May 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept a gift as a deposit source outside of immediate family members such as a friend, employer or cousin for example.

Our policy notes:

These are not acceptable.

Last updated:

17 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can accept a loan from an immediate family member as an acceptable source of deposit. 

Our policy notes:

Family Building Society is unable to accept deposits where the source is a loan from immediate family

Last updated:

22 February 2023

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we accept a loan that is secured against the property as a second charge, no monthly repayments are made and is repayable upon the sale of the property. For example, this situation could arise where parents want to help out a child to purchase a property but do not want to outright gift the money. The parent would place a second charge against the property so that when the property was sold at a later date the loan would be repaid providing there was sufficient equity remaining after any higher ranking charges (a mortgage for example) were repaid.

Our policy notes:

These are not acceptable.

Last updated:

17 July 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept monies raised from the mortgage of an additional property as an acceptable source of deposit. For example, Mr & Mrs Smith want to purchase a new home to live in. The purchase price is £200,000 and they are looking to put down a £50,000 deposit. Their deposit is being raised against another property they own which is Let. 

Our policy notes:

This is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit to us.

Our policy notes:

We do not accept funds from sources deposited outside of the EU.

Our outside policy allowances:

If the country the funds are deposited in are FATF compliant the case should be referred for further consideration.

Last updated:

04 July 2025

Our standard acceptability

Acceptable

Criteria definition:

Indicates whether or not we will accept a redundancy payment as an acceptable source of deposit

Our policy notes:

Family Building Society can potentially accept a redundancy payment as an acceptable source of deposit

Last updated:

25 November 2022

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept the repayment of a limited company directors loan as an acceptable source of deposit. For example, Tom has a limited company that he personally put some money into when setting the company up. He now wishes to take that money back out of the company and use it to fund his deposit.

Our policy notes:

This source of deposit is acceptable.

Last updated:

17 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates whether or not we will accept borrowers source of deposit as a loan. For example, a person is looking to put down a 5% deposit and borrow a 95% mortgage. The 5% deposit is a bank loan.

Our policy notes:

We do not accept deposits that have been borrowed.

Last updated:

20 April 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we accept vendor gifted deposits as an acceptable source of deposit. (NOT builder gifted deposit for new build properties). For example, John is looking to purchase a property an estate agent is selling and the current owner (not related to the buyer) has offered to help with a deposit by way of a gift.

Our policy notes:

A builder’s or vendor’s deposit is acceptable providing the Borrowers are providing a deposit from their own resources of at least 20%. The Valuer will be required to confirm that the valuation is not affected, and the Solicitor should confirm that the purchase price in the legal documentation matches that on the Society’s Mortgage Offer. Lending will be based on the lower of purchase price or valuation.

Last updated:

17 July 2017

Our standard acceptability

Allowed

Criteria definition:

Indicates if we can potentially consider an application with a split term. For example, an applicant wishes to take one part of their mortgage over 25 years and another part over 10 years. An example of when this might be useful is where the applicant has agreed to repay money back to a parent who lent them some money to get started

Our policy notes:

Family Building Society can offer mortgages with split term durations

Last updated:

11 September 2020

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications from sports professionals and if so how they are treated and assessed.

Our policy notes:

Family Building Society can potentially lend to applicants who are considered 'Sports Professionals'.

Last updated:

23 October 2017

Our standard acceptability

Yes

Criteria definition:

Indicates if we can potentially ignore telecommunications adverse credit on residential applications.

Our policy notes:

Family Building Society can potentially ignore telecommunications adverse.

Last updated:

09 September 2019

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially offer mortgages on a transitional arrangement as defined by the FCA under MCOB 11.8

Our policy notes:

Family Building Society does not offer mortgages on a transitional arrangement basis.

Last updated:

07 November 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a property with unadopted roads

Our policy notes:

Family Building Society can potentially consider a property with unadopted roads

Last updated:

11 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are able to potentially accept applicants who have recently been charged for an unauthorised overdraft (either by exceeding their overdraft limit or by simply going overdrawn if they do not have an agreed overdraft limit). These unauthorised overdraft charges will likely appear on the client's recent bank statements.

Our policy notes:

Family Building Society does not accept applicants that have recently had unauthorized overdraft charges

Last updated:

23 October 2017

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we are able to potentially accept applications where the transaction constitutes an undervalue transaction.

Our policy notes:

We accept purchases at an undervalue providing it is not a 'distressed sale'. We will ask the solicitors to provide the appropriate indemnity as part of the conveyancing.

Last updated:

03 July 2017

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applicants who hold a Family Visa. Types of Family Visas are spouse or partner, fiancé, fiancée or proposed civil partner, child, parent or relative who’ll provide long-term care for you.

Our policy notes:

Family Building Society will not consider applicants that hold a family visa.

Last updated:

06 November 2018

Our standard acceptability

We do not lend to foreign nationals on a visa

Criteria definition:

Indicates if we can consider an applicant on a visa and if so what is the minimum requirement (in MONTHS) that the applicant must have remaining on residential applications

Our policy notes:

Family Building Society will not consider an applicant on a visa

Last updated:

11 September 2020