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Mortgage Lending Criteria & Guidance (Effective 30th July 2018) 1 Contents Page High Level Summary of Lending Criteria 2 Application Submission 3 Borrower (also see Employment Status) - Affordability (also see Income & Financial Commitments on pages 7-8) - Bankruptcy / Individual Voluntary Arrangements (IVA) - Convictions, County Court Judgements (CCJ) and Defaults - Credit Score / credit search - Number of applicants and residency 3-5 Buy to Let (including Remortgage of Let to Buy) - Portfolio landlords - Assessment of rental income - Houses in Multiple Occupation (HMO) 5-6 Early Repayment & Other Fees 6 Employment Status - Contractors - Directors of limited companies including Limited Partnerships / LLPs - Employees & second employment - Self Employed including Sole Traders / Partnerships / Short term contracts - Qualified Accountants list of acceptable professional accountancy organisations 6-8 Guarantors 8 Holiday Let 9-10 Income & Financial Commitments (Underwriting) - Primary & other income - Financial commitments including those due to expire in the next 12 months - Background Buy to L
must make downsizing plausible at the end of the mortgage term. Buy to Let, Portfolio, Holiday Let, and HMO lending are subject to different lending criteria. Not available for shared equity/ownership or lending into retirement. 60% 75% Retirement Interest Only Sale of mortgaged property is the only acceptable repayment strategy.
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