On Wednesday 6 April we’re making the following updates to coincide with the start of the 2022/2023 tax year:
·     National insurance and dividend income tax rates are being increased by 1.25 percentage points, and Scottish tax bands are also changing.

·     Household expenditure figures are being updated to reflect the most recent Office of National Statistics (ONS) data.

We’re also increasing our 5-year fixed, £4£ remortgage and retained property residential stress rates.

Our affordability calculator will be updated to reflect these changes. Please use this calculator to make sure you get an accurate reflection of what we can lend your clients.

Residential lending criteria

At the same time, we’re updating our residential lending criteria to include:

·     Applicants – what to do where an applicant has just one name (first name or surname)

·     Cladding – updated to include a revised question, confirmation that responses need to be on letter headed paper with job title of signatory showing, and that we don’t need an EWS1 form or other supporting cladding information.

·     Maximum product LTVs – clarified LTVs over £1m

·     Foreign nationals – clarified evidence required.

Pipeline rules

Our usual pipeline rules will apply. All full mortgage applications (FMAs) already submitted on Introducer Internet by close of business on Tuesday 5 April won’t be affected by these changes. Any FMAs submitted from 6am on Wednesday 6 April, or where a material change is made to an FMA submitted before close of business on Tuesday 5 April, will be assessed using our updated lending policy.

How are we supporting the change?

We’re updating the SFI website affordability calculator and lending criteria.
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