Specialist Lending Webinar

In April 2021, we held a Specialist Lending Webinar, hosted by our Business Development Manager, James Green and Underwriter, Anna Pullen.

This webinar provides detailed information on the specialist mortgage market; as well as information on how this ties into our specialist lending criteria. In addition to this, you will also be able to claim this as 1 hour for your CPD.

You can view the full webinar below.


Specialist Lending Webinar Q&As
Do you accept deposits from non-UK sources as a sale of property in Asia?

We can accept deposits from overseas funds (where reasonable checks can be carried out to validate the source). 

Solicitor checks will be carried out to ensure that sufficient funds are available. 

Do you accept contractors through umbrella companies and what evidence of income do you need?

Yes we will consider contractors through an umbrella acompany. 

Income may be calculated daily, weekly or monthly. Where a day rate is available, the Society will annualise income based upon an assumed 48 week working year. A 5 day working week is usual unless proof is received on the contrary. 

The applicant must be able to demonstrate industry experience and where the contract is less than 12 months old the Society will use an average of the contract income and the earned income from the most recent P60, to arrive at a 12-month figure.

Income from CIS (Construction Industry Scheme) is treated in the same way we consider Self-Employed applicants and HMRC documentation is required in all cases. 

Do you consider second home mortgages?

Yes we will consider second homes, if the property is for owner-occupation, to a maximim loan to value of 80%. 

Applications would be subject to normal underwriting processes and affordability checks. 

For a second home would you include bills and mortgages in the affordability assessment?

Yes all commitments for both homes will be included in the affordability assessment. 

For interest only mortgages where downsizing is used as a repayment strategy, what minimum equity is required and what is the maximum LTV?

We have no minimum equity requirements but we will assess whether the downsizing is plausible for the borrower(s) known needs and circumstances. This will include obtaining a minimum of two comparables of properties currently being marketed on Rightmove or Zoopla, to be located within a 3 mile radius of the mortgaged property, or in the area that the borrowers have declared to be where they will downsize to. 

The maximum LTV for interest only is 75%.

Up to what age do you accept benefits for children?

We will accept child related benefits for children aged 13 or under. 

Will you consider interest only or part and part for an Ex-Pat?

Our Ex-Pat residential product is currently only available on capital & interest. Interest only is available on our Ex-Pat BTL product, 

Please see a link to our Ex-Pat products here

 

Would you consider properties next door to pubs or hotels?

All properties are subject to valuers comments but we will not accept properties where there are business premises in close proximity that would be considered to potentially impact on future saleability. 

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