News - Update

Coronavirus - Stay at home guidance

Changes to product offering and policy requirements

28 May 2020

We have restarted physical valuations and reinstated our product range up to 90% LTV. Some changes to policy requirements remain in place.

What does this mean for your clients?

We have residential products available to 90% LTV and BTL to 80%.

Restrictions on the ability for surveyors to carry out physical inspections remain in place in Northern Ireland, Scotland and Wales. Where we are unable to progress a case because we require a physical inspection for a property in Northern Ireland, Scotland or Wales we will let you know.

Some changes to policy requirements remain in place.

Affordability policy

We’ve had to make some temporary changes to our lending policy which unfortunately means that we are currently unable to accept the following:

  • Any form of variable income (overtime, commission, bonus). Affordability will only be assessed on basic salary.
  • Where an employed customer is designated as furloughed, or a self-employed customer has applied for the self-employed income support scheme, their income will not be used in the affordability assessment.

Self-employed customers will also need to provide their last 3 months business bank statements to evidence continued turnover.

The changes to our affordability policy do not impact applications received before Friday 17th April 2020, which will continue to be assessed on a case by case basis.

Product Transfers

Product transfer applications are not impacted by changes to affordability policy.

Existing Applications

We are now processing the small number of pipeline cases on hold requiring a physical valuation in England. We aim to book in physical valuations as soon as possible, which will be carried out under government guidelines of working safely during coronavirus in other people’s homes and only if the occupier is happy to give consent to allow access. Once restrictions ease in Northern Ireland, Scotland and Wales we’ll work with customers to progress those cases too.

Mortgage Offer extensions

If your client has a Mortgage Offer that is due to expire and they have exchanged contracts on a property purchase, you can request that the Mortgage Offer is extended by 3 months. We're happy to take requests for a Mortgage Offer extension once there is less than a month remaining on the valid period of the Offer.

The request will need to be made through your client’s Solicitor, who can use the usual routes to contact us with the request. As a responsible lender we will need to ensure that the mortgage is still affordable so we will need to see up-to-date proof of income.

When we review the request to extend the Mortgage Offer, we will base our decision on the mortgage product confirmed in the original Offer. If your client wants to change mortgage products, you will need to make a new mortgage application.

Service Update

Due to the impact of COVID-19 we are focussing our resources on providing crucial services to customers during these difficult times, therefore our 10-day Application to Offer Service Commitment has been paused. We are working hard to progress cases in our pipeline and remain committed to getting offers to your clients as soon as we can. For any queries please talk to your dedicated Business Development Manager.

Contacting your BDM

For help and support with any applications, please contact your dedicated Business Development Manager, you can find their contact details on our BDM Finder.

Don’t forget that you can find the latest status of an application in our case tracking updates. If you do need to call us, you can find our contact details on our website.