As we continue to navigate through these unprecedented times, we wanted to keep you updated on the most recent changes to our products, criteria and rates.

Here’s a quick summary of our latest updates:

  • Clear, AAA & AA products all capped at 75% LTV (excluding product fees which can be
    added)
  • Maximum loan size now £500,000 on all products
  • We will no longer accept overtime, commission and bonuses in our affordability calculations unless the applicant is a key worker as defined by HM Government.
  • Customers employed in the leisure, hospitality & retail industries will no longer be accepted
  • Loan to Income ratio will be capped at 4.5x for all residential loans
  • Buy to Let loans no longer available to First Time Buyers
  • Investment BTL will only now be available on Clear product basis
  • New build construction is now only available on Help to Buy loans
  • We are amending the minimum remaining lease terms for residential to 40 years and 50 years for BTL

We have also made some adjustments to our rates so please download our latest product guide for more information or alternatively, feel free to contact your dedicated KAM or BDM via their direct contact numbers. The new rates are live in Bluelink and all sourcing systems will be updated to reflect these changes as soon as possible.

All product and criteria changes will apply to all pipeline applicants that have not yet received a formal mortgage offer. We regret that we will be unable to proceed with applications already submitted to us that fall outside of the new criteria changes. Any valuation fees paid on pipeline applications which are unable to proceed will be refunded. We acknowledge that this will be disappointing for you and your customers and we apologise for any inconvenience caused.

The UK Government’s instruction to work from home extends to our Valuers that are an integral part of the mortgage application journey. This will prevent any physical valuations being completed until further notice. We are working on alternative solutions and will provide a further update as soon as possible.

In the meantime, we will prioritise those applications where the valuation has already been completed. All new applications will be processed and underwritten
as normal, then held awaiting the valuation and our final assessment.

We appreciate your continued support and understanding during this time as we strive to make our products and services suitable to your customers.

Contact us on 0800 368 1833