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a mortgage and care should be taken to consider whether a business would remain viable if any retained profits were withdrawn for personal usage.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
The broker portal
The updated system is designed to provide a streamlined and simplified process, enabling us to process your cases quicker and more efficiently.
Along with improved AIP decision making, we offer one single journey for submissions and case tracking, making it easier to navigate. Plus, we also send regular case updates out via email and text message.
If you’re already registered with us, the good news is that you don’t need to change anything. The only difference is that you’ll be asked to provide some new security details the next time you log in to the updated portal.
If you're new to doing business with us, you must register online before using the new system. You can do this here.
When you log in from our website, you’ll have a choice of logins, one of which will be for the previous Broker Portal. This is what you’ll have to use to progress an existing application.
Please note that you can upload documents or add notes to existing applications but you cannot start a new application or AIP. All new illustrations, AIPs and full applications will have to be submitted on the new portal.
You’ll be able to access product transfers by logging into the previous Broker Portal via one of the login options on our website.
You’re only able to use the solicitors on our approved panels. If the solicitor your client wishes to use isn’t on our approved panel, the solicitor firm needs to register to be on our panel before you can select that solicitor firm on the application. More information on how solicitors can register on our panel can be found here.
If you’re submitting a limited company or shared ownership application, you’ll only have access to the solicitors that are on our closed panels.
The new portal is compatible with Chrome, Firefox, Safari and Edge.
This is so that we can underwrite your applications at the point of submission therefore providing a faster service for you and your clients.
Yes – we’ve increased the maximum size of the document from 5MB to 10MB. Please ensure you upload the document against the correct checklist item.
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.