News - Update

Coronavirus - Stay at home guidance

Changes to product offering and policy requirements

28 August 2020

We’re working hard to support you and your customers.

Some changes to our product range and policy requirements are currently in place. Here’s a full update of all changes.

Affordability policy

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

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

Self-employed customers will need to provide their last 3 months’ business bank statements, to evidence continued turnover, and a completed Self-Employed Supplementary Form.

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.

90% LTV products for first time buyers

We have launched a range of 90% LTV products for first time buyers with the following criteria:

  • Maximum purchase price of 400K.
  • Maximum term of 25 years.
  • Not for purchase of flats, maisonettes or new builds.

Our definitions of new build and first time buyers can be found in our lending policy. Please ensure your client meets all these criteria before submitting an application. These products may be withdrawn at any time without our usual notice.

Product Transfers

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

Existing Applications

Surveyors are now able to carry out physical inspections across the UK. Valuations will follow government guidelines, and will only take place if the occupier consents to allow access to the property.

We understand that many peoples’ lives have changed in recent months. As we continue to assess mortgage applications, it’s important that we take into account your customers’ current circumstances. This is part of our commitment to responsible lending.

You must let us know if there have been any changes to a customer’s circumstances since you submitted an application to us. Examples of changes could include unemployment, furlough, 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, 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.