Lending and Security Guidelines

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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Mortgage Terms

  • Maximum ≤ 95% LTV.

  • Maximum Term: 35 years.

  • Maximum ≤ 60% LTV Interest Only element.

  • Maximum Term: 25 years.

Affordability

  • An affordability assessment based on a Capital & Interest repayment method, is required in all instances to support the authorisation of an Offer of Loan.

  • An affordability assessment is considered on the basis of net applicant income and household expenditure.

  • A “household” is considered to be anyone who will be resident in the security property as their main residence and has a financial dependency on the applicant(s).

  • A dependent child is defined as a child who is residing in the security as their main home and ≤ 16 years of age.

  • A dependent adult is defined as anyone who is 17 or older and is residing in the security as their main home and is unable to independently support themselves financially.

  • The Society declines to accept a further application from a sole applicant where they have previously been party to a joint application which failed the affordability assessment.

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