Right-to-buy: will now lend up to 95% of discounted price (previously 90%) – overall LTV must be 80% or less

Clean/minor adverse up to 95% LTV/LTS : Missed payments on communications and utilities acceptable, recently satisfied default or CCJ up to the value of £100 acceptable, 1 missed payment on credit card, mail order or unsecured loan in the last year and up to 3 missed in 3 years, no more than 2 consecutive acceptable,

Zero Hours Contract/ Agency Work: If one applicant has a full time PAYE income and the underwriter has discretion to use up to 50% of Zero Hours/Agency Income from applicant 2 as verified by bank statements or tax returns over the last 12 months

Employed Applicants:

Must consider employment history and have had 3 months with current employer (so if they are in 6 m probationary with 3m employment,  this is acceptable)

Applicants are defined as having the majority of income derived under PAYE conditions (which includes PAYE CIS subcontractor) – this is new

So we can look at CIS contractors with 12m consistent track record and 3m with current employer

Self employed applicants:

Now 2 years verified – used to be 3 years

New: The society welcomes applications from trainee doctors, nurses, solicitors  classed as future professionals, who will become permanent PAYE once qualified. If they are classed as Contractors during this period, they will not have a renewal. These cases are within policy up to 80% LTV. Higher LTV cases may be considered but would need to be referred to MIG Co for approval outside policy.