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The applicant
Yes, they must have had their contract renewed at least once, with at least 6 months remaining on the current contract.
Equifax is used for credit reference purposes. The search results provide a score as well as credit history and Anti Money Laundering results.
Guarantors are considered subject to status, credit checks and assessed on ability to afford the repayments taking into consideration all existing commitments. The guarantor must have obtained independent legal and financial advice.
Please refer to the product specific pages for guidance on what may be considered.
The income or deposit
Income for the affordability assessment will be based on the directors salary and dividends from the accounts. Retained profits should be viewed as an indicator of the health of a business rather than a means for a borrower to afford a mortgage and care should be taken to consider whether a business would remain viable if any retained profits were withdrawn for personal usage.
Rather than the earned income, it is the ability of the security property to generate income that is used to assess the affordability of the application. However, establishing employment and earned income provides comfort that the applicant is more likely to be in a position to cover any sporadic void periods. Underwriters may request evidence of personal income status on an individual case basis.
Yes, a gifted family deposit is accepted with no additional deposit required from the borrower, subject to gift coming from an immediate family member, the amount is a non-refundable gift, the donor will have no interest in the property and a deed of gift indemnity policy is in place on completion.
Yes, unless the profit has been steadily increasing where income will be taken from the net profit for the latest year.
Benefit income is not acceptable for lending purposes.
For builder/vendor incentives, the value of the deposit/incentive is deducted from the lower of the purchase price/valuation and the loan is based on the lower amount. The borrower must provide the required level of deposit to meet product parameters (e.g. if max LTV is 85%, the borrower must provide at least 15% from their own resources).
Documents required on submission
We need the client to sign the mortgage declaration. This must be uploaded to us via the Broker portal.
The broker portal
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Please call our broker liaison team on 01634 835791.
Please call our broker liaison team on 01634 835791.
Please call our broker liaison team on 01634 835791.
Products and Cases
Yes, fees can be added to the loan. This will not affect the LTV band of the mortgage product.
There is no upper limit to the number of properties in a portfolio.
This is determined by the individual applicant and the product parameters.
We consider a range of codes but typically 68209 is a common one.