Lending Criteria
In addition to the product criteria contained within the Mortgage Product Summaries, the following also applies:
Geographical Lending Area
The Society offers mortgages on properties in Wales and England, but limits the loan to value to 80% outside of our normal geographical area. Our normal geographical area is defined as postcode areas NP, CF, SA, LD, WR, GL, HR and BS. Buy to Let lending is restricted to these eight postcode areas only.
Income Multiples
If your client’s income means that they fall outside of our standard income multiples, (which are 3.5 x single; 2.75 x joint or 3.5 x main plus 1 x additional), the Society may be able to offer enhanced income multiples of up to 4.25 x single income or 4.25 x joint incomes [subject to status].
In order for these multiples to be considered, the following criteria must apply:
1. The loan to value must not exceed 80%.
2. Total income must be at least £31,250.
Please also note that any regular monthly financial commitments must be taken into account and deducted from the income prior to multiplying.
It is advisable to contact our Business Development Manager, or a member of our mortgage team, to discuss cases which exceed our standard multiples, prior to submission.
Alternatively, you can use our Mortgage Calculator.
Mortgage Term
Where the customer requires a mortgage beyond normal retirement age, the Society will need full details of how they intend to fund their mortgage into retirement.
Repayment Method
We are happy to accept mortgages on a repayment basis, interest-only basis or split repayment/interest-only method. For borrowers who select an interest only mortgage, full details of how they intend to repay the mortgage will be required.
Interest-only, or split repayment type mortgages, will only be considered where the loan to value does not exceed 80%. Please also note that the maximum allowable on an interest-only basis is 50% - any borrowing in excess of this must proceed on a repayment basis.
For details of the charges payable in connection with a mortgage application please see our Mortgage Services Tariff.
If you have any questions please contact us.
