Lending Policy Changes 20/04/2021

Following a review of our lending policy, the following changes will be implemented with effect from tomorrow, Tuesday 20 April.

Changes to our lending policy

• National/Residency – Applications will be accepted from:
• British and Irish Citizens resident in the UK.
• Non British/Irish Citizens resident in the UK who have permanent rights of residency or indefinite leave to remain.
• All applicants are required to have 3 years’ residential history in the UK immediately prior to this application.
• For EU/EEA/Swiss Nationals, the Society will accept Settled Status but not Pre Settled Status as evidence of permanent right to reside in UK.

• Employed – Fixed Term Contract: In addition to our standard policy listed below, a minimum of 6 months remaining on the existing contract is required
• Subject to a minimum of 12 months’ continuous fixed term contract within the same skill set.
• New fixed term contract replacing an employed position held in the same skill set.
• Borrowers entering a ‘professional’ occupation (e.g. Doctor, teacher etc.) for the first time considered. Qualified tradespersons also considered where there is clear future earning potential.
• Borrowers entering a ‘professional’ occupation who are changing job considered. Qualified tradespersons also considered where there is clear future earning potential.

• Employed Family Business – Permitted where 3 months’ payslips and personal bank statements show individual salary
• Deposit source: Now includes the release of equity from another property
• Proximity to Mine or Adit: Permitted subject to mining report not identifying any potential risks
• Security Type: Commercial buildings that have been transformed into residential - Permitted
• Flats converted from former office, industrial buildings – Not permitted.

Pipeline applications

Where a DIP was submitted prior to Tuesday 20 April, conversion to a Full Mortgage Application in line with previous policy, will continue to be accepted up to close of business Monday 26 April.