We’ve made significant updates to our lending criteria, allowing us to better serve your clients. But that’s enough small talk – let’s get onto the good stuff!
Headline changes
Later life: using pension asset as income
More flexibility when using SIPP and pension funds for affordability assessments and income multiples – for applicants over 55, we’ll divide 80% fund value of a SIPP/pension fund that isn’t being drawn by the mortgage term and use the resulting figure in our calculations. We’ll have to see a recent statement showing the value.
Self build: day one remortgage
We can now accept an application within 6 months, if your client shows as the land owner on the Land Registry prior to application.
Additional changes
Self employed
- Now accepted up to 90% LTV.
- Government Support Loans accepted if no loans taken in 2021 and can evidence it has not been utilised (monies remained in account).
- For accounts covering 2020 (or April 2021 Tax Calcs) we can use the latest figure if the increase has been less than 20% (if above 20% or accounts do not cover this period then an average of the latest 2 years will be used).
- Self Employed Grants accepted if no grants taken in 2021.
- Day rate contractors up to 80% LTV, click here for more info & search contractor.
Other
- No payment holidays within the last 3 months.
- Applicants on Furlough no longer accepted.
- 50% of bonus/overtime/commission used. 100% if guaranteed (contract to evidence).
- Consolidating a 2nd charge.
- Debt consolidation up to 75% LTV.
For full details of our lending criteria see our residential and buy to let criteria pages, with a super simple search function.
Got a case in mind? Give us a call on 0330 123 1073.
