Good afternoon and Happy New Year!
I am writing to advise you of some immediate updates to our lending criteria:
- Income multiples will now be 4 x sole or 4 x joint regardless of the LTV (affordability will need to be met)
- Our minimum income is £15,000 for either sole or joint applications. However this is increased to £35,000 for a self-build mortgage or if there are one or more Buy To Lets in the background
- For a Buy To Let in the background to be classed as self-funding then rent must exceed interest by 140%, with the interest calculated at the highest interest rate on the account for a 5 year period plus 2%, subject to a minimum interest rate of 5.5%
- If an application over 75% LTV is deemed to be acceptable then Product numbers 208 and 209 are now available up to 90% LTV
- CCJs and Defaults within the last three years up to a maximum combined total of £500 are acceptable provided that they are satisfied prior to application and there is a satisfactory explanation
