Following our return to 90% lending for first time buyers, we’re introducing some new criteria, which we’ll continue to review to ensure we lend responsibly.

We’re anticipating high call volumes into our Dedicated Broker Support teams and BDMs, so please check your client’s eligibility before contacting us.

If the application doesn’t meet the criteria and/or it fails the credit score, it will be declined.

Learn more

90% LTV criteria

From Monday 20 July, the following criteria will apply to all first time buyer lending over 85%:

●Maximum term of 25 years
●No fully gifted deposits
●Maximum loan £500k
●Houses/Bungalows only
●No flats/maisonettes/coach house flats/coach houses or New Build properties
●No income from applicants who are currently on furlough schemes. If previously furloughed, they must have returned to work fully and no longer be receiving any furlough income
Proofs

The standard proofs required for all applications over 85% LTV are proof of income, proof of deposit and three months bank statements. For self-employed cases, you’ll need to provide the additional proofs listed here.

For further guidance on things to look out for before submitting an application which may prevent it from being accepted, click here.
Pipeline

Any case amended after 20 July that exceeds 85% LTV will be looked at under the new criteria. If you amend the LTV above 85% and the case is referred and then declines, you may not be able to amend the case back below 85% LTV.

Read more

Important information on maximum term, timescales and more

Thank you, there’s been a huge uptake in our new 90% LTV first time buyer range (FTB), which means together we’re helping even more people buy their first home.

This does also mean we’re very busy, so please make sure you’re familiar with our new criteria that applies to all FTB lending over 85%.

Are you aware of our current timescales?
Please check our service updates page at all stages of the application. And please don’t contact us if your case is within our current service levels.
Check our timescales
Have you ensured that the application fits all criteria?
●Maximum term of 25 years – If you key a term more than 25 years, you’ll need to rekey the application (no products are available at FMA)
●No fully gifted deposits (Maximum gifted deposit is 25% of total deposit)
●Maximum loan £500k
●Houses/Bungalows only – This means no flats/maisonettes/coach house flats/coach houses or New Build properties
●No income from applicants who are currently on furlough schemes. If previously furloughed, they must have returned to work fully and no longer be receiving any furlough income
Learn more about criteria
Do you have all the required proofs?
●Proof of income (e.g. payslips)
●3 months salary fed bank statements
●Proof of deposit
For self-employed cases, you must provide the additional requirements which are detailed here.

Please do not submit proofs until you have received a ‘Subjective Accept’ decision.

Learn more about proofs
Getting a Decision in Principle
With many estate agents asking potential buyers to have a DIP in place before viewing homes, be sure to check our timescales to see how quickly you’ll receive a ‘subjective accept’ decision.

Remember, it’s easy to get a DIP in NFI Online. If you need a reminder, our Keying guide can help.

Download keying guide