Coronavirus is without doubt creating some major challenges for us all and we want to ensure we’re doing our very best to support you and your clients through this difficult time.
This page is where you can find all details of any new requirements we have put in place, which we will keep updated so you always know where you stand.
Maximum 80% LTV
Please note that, until further notice, we are unable to accept mortgage enquiries or applications at anything more than 80% loan to value.
New Temporary Lending Policy
We have introduced a Temporary Lending Policy, which is summarised below. These changes apply to applications received on or after Wednesday 22 July 2020.
New documentation requirements
COVID-19 Declaration Form and bank statements
All applications must include the COVID-19 Declaration form and six months’ bank statements.
Business bank statements for self-employed applicants
Self-employed applicants will additionally be required to submit six months’ business bank statements.
Proof of savings for Buy to Let applicants
Buy to Let applicants will additionally be required to submit proof of up to three months’ savings to support potential rental void periods.
For full details of the supporting documentation required with applications please read our updated information
Lending policy changes
For applicants subject to furlough, we will accept furloughed income of 80% plus any top ups received via the employer, evidence of which will be obtained directly by us.
We will accept a maximum 30% of regular bonus or overtime income for non-key workers and up to 50% for key workers.
Changes to our debt consolidation policy include a limit to the amount of borrowing set to £30,000 and 70% overall maximum LTV. The debt to income ratio must not exceed 50% and no more than 30% of the property value. Debt consolidation is only available on a repayment basis.
As a manual lender, we will consider policy exceptions on an individual basis for otherwise high-quality cases. These cases will be discussed in our Mortgage Referral Committee meetings where you will receive a decision within 24 hours and often on the same day.