Lending and Security Guidelines

Our lending and security guidelines must be read in conjunction with the COVID-19 support page which outlines any temporary lending policy changes. If there is a conflict, the information on the COVID-19 support page will apply.


This page provides guidance for mortgage intermediaries on the areas the West Brom will consider as part of its mortgage underwriting processes.

In addition to the guidelines set out in this page, the West Brom also applies a number of proprietary credit assessment tools, the outcome of which may result in a case being declined despite appearing to fit within the guidelines set out in this page.

The West Brom retains the right to change its underwriting policy at any time and without necessarily updating these guidelines. However, the West Brom will endeavour to ensure the guidelines set out in this page represent the Society’s current approach to lending.

In the event of any clarification being required please contact the Intermediary Sales and Support Team (ISST) or your Business Relationship Manager (BRM). Prior to submission of supporting documentation please contact the BRM for clarification of any items or policy which may require further investigation to ensure cases are processed in a timely manner. 

Please use the search facility below in order to quickly find the information you are looking for from our Lending and Security Guidelines.

Alternatively, you can download a printable pdf of our Lending and Security Guidelines.

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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 85% 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

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