Lending and Security Guidelines

Lending and security guidelines

Here you’ll find information on what we’ll consider as part of our mortgage underwriting process. For general questions, please see our frequently asked questions.

It’s important to remember that we also apply our own credit assessment tools, which might mean we have to decline a case, even if it looks like it fits the guidelines on this page.

We have the right to change our underwriting policy at any time, without updating these guidelines beforehand.

You can use the search function to quickly find the information you’re looking for.

If you need any more information, please contact your dedicated Business Development Manager (BDM) or the Intermediary Sales and Support team (ISST).

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Security Basic Criteria

  • Permitted

  • New build is defined as a property that has been completed or converted in the last 24 months, or on first occupation

  • Maximum 75% LTV for flats/maisonettes

  • Maximum 95% for other builds

  • Completion within 12 months of application

  • New build/Shared Ownership lending within a specific development is restricted to:

    • Maximum 25% exposure within a development

    • Maximum 25% may be flats/maisonettes of the securities accepted

    • Maximum 25% of flats per block

    • Maximum of 25% of Shared Ownership proportion of a development

    • Qualified Architect supervised new builds permitted where an acceptable building warranty is available

    • Off plan purchases permitted where completion complies with standard Offer of Loan and Valuation validity period

  • Acceptable new build warranties:

    • NHBC

    • Premier Guarantee

    • Building Life Plans underwritten by Allianz Global

    • LABC new build warranty

    • Checkmate Castle 10

    • Buildzone

    • Q Assure Build

    • Global Home Warranties

    • Protek (subject to the Society interest being noted on the individual policy)

    • HomeProof

    • One Guarantee

    • Advantage

Definitions

ADV : Advance
BTL : Buy to Let
CAIS : Credit Account Information Sharing
CCJ : County Court Judgment
CII : Consumer Indebtedness Index
COMM : Commission
KFI : Key Facts Illustration
LTV : Loan to Value
RMC : Regulated Mortgage Contract

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