Positive changes to our lending policy

Changes to our lending policy

Thursday 12th October

We regularly review our policy to ensure we’re delivering the right outcomes for our customers. Please see below for key changes effective from today, Thursday 12th October. 

Limited Liability Partnership (LLPs)

From today, for residential and Buy to Let applications, we will begin to request the latest two year’s financial accounts where the applicant is an equity partner in the firm and has a profit share entitlement of 20% or more.

Transactions at undervalue

We’ve expanded the list of acceptable relationships between vendor and purchaser to include landlords selling to their tenant(s).  This means we can now consider lending up to 95% of the discounted purchase price where your client is buying from their landlord but the LTV for product purposes is based on the higher market value.

Please submit applications of this nature under the ‘family sale’ special scheme option. The Loan-to-value for product eligibility purposes should be calculated using the valuation figure.

Explore our full mortgage policy