Changes to our products and policy

30th October 2020

Here’s a full update of all temporary changes currently in place to our product range and policy:

Variable Pay

We are now accepting 60% of variable income (bonus, commission, overtime) in our affordability assessment.

To evidence that customers have continued to receive variable income through the challenging economic conditions, we can only use variable income if a customer has received this type of income after 2 December 2020.

For further details please see our lending criteria.

Furlough Scheme

Where an applicant is receiving income through the Furlough Scheme we are not able to use their income in the affordability assessment.

Please use the ‘additional information’ section of the application form to tell us if any of the income details provided relate to the Furlough Scheme.

Self Employed

All self-employed customers (sole traders, partnerships, LLP’s and limited companies) will need to provide their last 3 months’ business bank statements to show continued turnover along with a completed Self-Employed Supplementary Form. These must be submitted with the application to help us understand what impact COVID-19 restrictions have had on the customer’s business.

Existing Applications

As we continue to assess mortgage applications, it’s important that we take into account your customers’ current circumstances as part of our commitment to responsible lending.

We understand that many peoples’ lives have changed in recent months, and we want to remind you that you must tell us about any changes to a customer’s circumstances since you submitted an application. Examples of changes could include unemployment, being forced to stop work, loss of overtime or commission.

If things have changed after you have submitted an application, please tell us and we will assess your customer’s current circumstances against our policy at the time of the original application.

Service Update

Due to exceptionally busy times for the market, we have paused our 10-day Application to Offer Service Commitment and are working hard to process applications as fast as possible.

Contacting your BDM

For help and support with any applications, please contact your dedicated Business Development Manager.

90% LTV Products

We have a range of 90% LTV products for purchase and remortgage customers, with the following criteria:

• Maximum loan amount of £450k. This increases to £750k where the property is in Greater London.
• Maximum Term of 30 Years.
• Flats, Maisonettes & New Build not accepted.

Our definition of a new build can be found in our Lending Criteria. Please ensure your client meets all these criteria before submitting an application. These products may be withdrawn at any time without our usual notice.