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Lending criteria updates? You got it!

We’ve made significant updates to our lending criteria, allowing us to better serve your clients. But that’s enough small talk - let’s get onto the good stuff!

Headline changes

Later life: using pension asset as income

More flexibility when using SIPP and pension funds for affordability assessments and income multiples - for applicants over 55, we’ll divide 80% fund value of a SIPP/pension fund that isn’t being drawn by the mortgage term and use the resulting figure in our calculations. We’ll have to see a recent statement showing the value. 

Self build: day one remortgage

We can now accept an application within 6 months, if your client shows as the land owner on the Land Registry prior to application.

Additional changes 

Self employed

  • Now accepted up to 90% LTV.
  • Government Support Loans accepted if no loans taken in 2021 and can evidence it has not been utilised (monies remained in account).
  • For accounts covering 2020 (or April 2021 Tax Calcs) we can use the latest figure if the increase has been less than 20% (if above 20% or accounts do not cover this period then an average of the latest 2 years will be used).
  • Self Employed Grants accepted if no grants taken in 2021.
  • Day rate contractors up to 80% LTV, click here for more info & search contractor.

Other

  • No payment holidays within the last 3 months.
  • Applicants on Furlough no longer accepted.
  • 50% of bonus/overtime/commission used. 100% if guaranteed (contract to evidence).
  • Consolidating a 2nd charge.
  • Debt consolidation up to 75% LTV.

For full details of our lending criteria see our residential and buy to let criteria pages, with a super simple search function.

Got a case in mind? Give us a call on 0330 123 1073.

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