Lending Criteria Search

Our Lending Criteria Search Tool has been designed to help you find further information about our underwriting policies. You can search for a certain topic by clicking on the related letter below, or if you are unsure where the information will be, our keyword search will help to narrow your search even further.

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ACCOUNTANTS QUALIFICATIONS

Accountants Panel

In order to assist the processing of applications received from self employed individuals, the Accountants panel has been reviewed and extended.

A reminder of the panel is noted below and includes the recent additions highlighted in bold print.

1) Institute of Chartered Accountants in England and Wales	ACA /FCA
2) Institute of Chartered Accountants in Scotland	CA
3) The Chartered Association of Certified Accountants	ACCA /FCCA
4) The Institute of Financial Accountants	IFA /FFA /AFA
5) The Chartered Institute of Management Accountants	ACMA /FCMA /CIMA
6) The Association of Authorised Public Accountants	AAPA /FAPA
7) The Association of International Accountants (UK practising certificate required)	AIA / AAIA / FAIA
8) Chartered Institute of Taxation	CIOT /ATII /FTII /CTA
9) Association of Taxation Technicians	ATT
10) The Chartered Institute of Public Finance & Accountancy	CIPFA /IPFA
11) Institute of Company Accountants	ASCA /FSCA
12) Association of Accounting Technicians	MAAT / FMAAT /AAT

ADDING FEES

Mainstream and Large Loans

Your clients can add the Higher Lending Charge and Product Fee to the Loan. Legal fees however, cannot be added beyond the maximum lending limits as stated below.

Large Loan lending limits

£1 million to 95% LTV
£1.75 million to 90% LTV
£2.5 million to 80% LTV
£5 million+ to 75% LTV

Mainstream lending limits

£500,000 to 95% LTV

Self-Certification

The Product Fee may be added to the loan. Legal fees (including Stamp Duty Land Tax) may be added to the loan, beyond the maximum loan and LTV limits noted below, subject to a maximum of £295:

£1 million to 75% LTV

Buy-to-Let

The Product Fee may be added to the loan. Legal fees (including Stamp Duty Land Tax) cannot be added to the loan.

AGE – MINIMUM/MAXIMUM

Minimum – 18 years.
Maximum – normal retirement age or, acceptable where affordability into retirement is satisfactory (see Lending into Retirement rules).

AGREEMENT IN PRINCIPLE

Our Agreement in Principle provides a full mortgage credit score facility using minimal information. It states how much we can lend, is valid for three months and is subject to a valuation and the information supplied being correct. This is only available for mortgages in the UK.

The credit score result obtained at Agreement in Principle stage will be guaranteed through to completion subject to a full application being keyed within 90 days. The honouring of this decision is based upon there being no material change to the application details. Where there is a significant change to the application details, the application will be reassessed taking this change into account.

ASSIGNABLE CONTRACTS

Any application which involves an assignable contract is not acceptable. Assignable contracts allow the original buyer to sell the property before legal completion by assigning the contract to buy the property to a new buyer after contracts have been exchanged with the developer.

For a copy of our full lending and underwriting criteria 'click here'.

For the use of mortgage intermediaries and other professionals only.

For independent information on mortgages, visit the FSA website 'money made clear'.

If you do not have professional experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise private clients, you must ensure it conforms to the Financial Services Authority's advising and selling rules.

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