Summary of changes to Lending Criteria 23 June 2014

The table below outlines all changes made to our Lending Criteria as of 23 June 2014.

 

 CATEGORY SUB HEADING  CRITERIA AS OF 03/04/2014 CRITERIA AS OF 23/06/2014
 Repayment Methods Interest Only           Wording has been made clearer for joint applications with regards to the use of income for main income earner or collective joint income. Also all reference to net income has now been removed.
 Buy to Let               All reference to net income has now been removed.
 Let to Buy  High Income Earners    Wording has been made clearer for joint applications with regards to the use of income for main income earner or collective joint income. Also all reference to net income has now been removed.
 Income    Currently we state 'Where benefit income is greater than the total acceptable earned income, the application will be declined.' Wording made clearer - 'Where acceptable benefit/maintenance income is greater than the total acceptable earned income, the application will be declined.'
 Income    Current wording 'Net Pension'  This wording has now been changed to 'Gross Pension'
 Income  Financial Dependents    Wording for Financial Dependents has been amended slightly to show how we define dependent adults and dependent children.

 Credit History

     Wording has been amended to include debt relief orders.
 Help to Buy    Current maximum term is 25 years unless prior approval has been obtained by the agency.  Maximum term has now been amended to 35 years subject to meeting maximum term criteria. The Authority to Proceed document is also now required at minimum submission stage.
 Foreign Nationals      Further clarification has been added around Foreign Nationals to confirm that a copy of the visa page of the applicant's passport will be required as evidence.
 Property Types  Space 4 System    New wording has been added to give clarification on the construction type.
 Minimum Submission Criteria  Residential Applications    Confirmed that the Authority to Proceed document is required at minimum submission stage for all Help to Buy cases.
 Proof of ID  Acceptable personal ID    Wording around foreign identification has been clarified.

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