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21- if joint application, at least one applicant must be 21.
Normally the loan must be repaid before the oldest applicant’s state retirement age detailed below or applicants stated intended retirement age, whichever is lower.
Date of Birth State Retirement Age From 6 April 1950- 5 June 1953 63 From 6 June 1953- 5 September 1953 64 From 6 September 1953- 5 October 1954 65 From 6 October 1954- 5 March 1961 66 From 6 March 1961-5 April 1978 67 From 6 April 1978 onwards 68
Borrower Non Owner
Maximum Term Guidelines
Age* Term <55 30 56 29 57 28 58 27 59 26 60 25 61 24 62 23 63 23 64 22 65 21 66 20 67 19 68 18 69 17 70 16
Refer above age 70
Subject to minimum product term and maximum term of 30 years.
*Age of oldest borrower.
Source: Based on 2016 ONS Cohort Life Expectancy Tables based expectation of life, 1981-2064 principal projection, England and Wales.
Guidelines subject to review in December each year based on the age attained in the following year an bi-annual update of Cohort Life Expectancy Tables.
Maximum Number of Applicants
Up to 2 borrower owners and 2 borrower non owners.
Borrower Non Owner Specific Eligibility Requirements
Parent or Step Parent.
Existing Residential Home
Must own their own residential home with a mortgage not exceeding 50% loan to value.
A minimum of 7 years’ employment remaining before state retirement age or anticipated retirement age, whichever is lower.
Evidence of future pension arrangements required
Full disclosure of income and expenditure to enable affordability of the loan to be assessed.
In addition to the specific eligibility requirements details above all borrower non owners are subject to the remaining Joint Borrower Sole Proprietor criteria.
CCJs & Defaults
CCJs/Defaults within the last 3 years are not acceptable.
CCJs/Defaults => 3 years prior to application are acceptable up to a maximum £2,500, subject to an explanation and being cleared/satisfied 12 months prior to application.
No other adverse entries must show on credit file.
CCJs/Defaults are not acceptable over 80% LTV.
Up to 80% LTV
Mortgage, Loan and HP arrears & missed payments => 3 years prior to application, status 1s and 2s are accepted –status 3 or above not accepted.
Mortgage, Loan, HP arrears and missed payments within the last 3 years are not acceptable.
Credit Card, Mail Order, Utility commitments => 3 years prior to application –up to and including status 2s are acceptable.
Credit Card, Mail Order, Utility <3 years prior to application –Status 2 –ok to proceed subject to the commitment being up to date for a minimum of 12 months prior to application. =< Status 3 are ok subject to commitments totalling less than £500 and being up to date for a minimum of 12 months prior to application.
Above 80% LTV
Mortgage, Loan and HP arrears and missed payments are not acceptable.
Credit card, Mail Order, Utility commitments -a maximum of 3 status 2’s are acceptable if less than £100.
No other adverse entries within the last 3 years must show on the credit file.
Applicants who are non-UK citizens must have been permanently resident in the UK for the past 3 years and must have indefinite leave to remain in the UK and be a UK tax payer.
Minimum of 6 months in current job and not in probation.
LTV > 80% -The applicant must have been contracting for a minimum of 3 years.
LTV < 80% -The applicant must have been contracting for a minimum of 1 year with a further 2 years experience in the same field.
Zero hour contracts accepted –please refer.
Directors with a shareholding of more than 25% will also be classified as self employed.
LTV >80% -The applicant must have been in their current business for a minimum of 3 years.
LTV < 80% -The applicant must have been in their current business for a minimum of 1 year with a further 2 years’ experience in the same field.
We capture gross annual income and net monthly income details.In addition we may also consider; 60% of regular overtime, bonus or commission (avg. of these over the last 2 years P60).
Up to 100% of second employed income, subject to length of service meeting criteria.
We assess the applicant’s income based on the most recent years’ income (or salary and dividends in the case of shareholding directors).
We require 2 years’ most recent accounts (covering 3 years trading) and SA302s or 1 years trading account and 2 years’ P60 if previously employed in the same field.
If fluctuations are shown within the accounts we will work on an average of the 3 years or most recent year if lower than average (if there is >20% fluctuation, please refer to Underwriting).
Accounts must be produced by Chartered or Certified Accountants.
100% private and/or state pension and income generated from a trust fund.
The Society may also take into account a percentage of any payments received in respect of investment, dividend or rental income if evidenced by accounts or SA302s and SA100s.
100% of maintenance can be used if court ordered or payments can be evidenced on the most recent 6 month bank statements.
100% of benefits which are subject to a lifetime award.
100% child benefit (for children up to age 14).
50% working and child tax credits (for children up to age 14).
Maximum loan size dependent on LTV, please see below
LTV Maximum Loan >79.99% LTV £1,200,000* 80-85% LTV £425,000 85.1-90% LTV £375,000 90.1-95% LTV £325,000
*Please refer if above £750,000
Minimum 2 years (product dependent).
Maximum 35 years.
We will consider re-mortgage applications where the applicant has been the registered owner for the past 6 months.
Repayment, Interest Only and part and part applications accepted dependent on the selected product.
Interest Only Repayment Vehicle
Sale of Mortgaged Security/ Investments/ Sale of other property/Endowment.
Let to Buy
Right to Buy
Properties that do not have any pre-emption remaining will be considered.
Minimum property value
England and Wales.
The property must be the main residence of the applicant(s).
Properties must be of traditional construction.
Timber framed properties may be considered if brick clad.
New build houses <3 years old subject to NHBC/Local Authority Building Control Scheme/Premier/Checkmate(Castle10)/Buildzone/Zurich Professional Consultant Certificate –maximum 80% LTV.
Purpose built and converted flats and maisonettes are acceptable (new builds not acceptable) up to 75% LTV and must be leasehold.
Flats/apartments more than 4 storeys –if above 4 storeys, they must be serviced by at least 1 lift. If above 15 storeys, referral to Underwriting required.
Any construction covered by Housing Defect Legislation such as high alumina cement, prefabricatereinforced concrete, large panel system, BISF.
Flats above commercial property.