Versatility - lending to people, by people
FOR INTERMEDIARY USE ONLY
Versatility is our range for mortgage applications that need more of our individual underwriting expertise.
Our Versatility guide covers a number of different application types and within it you'll also find helpful information about our credit criteria and the income calculations that we use when checking affordability. Use our online affordability calculator.
Here's a summary of the key areas covered in the guide. The criteria shown below is available on selected products within the range, please see the guide for full details.
You can download the Versatility Guide from our product guides and downloads page.
Family, Regulated and Specialist Buy to Let
Lending criteria and products for our specialist buy to let and FCA regulated buy to let.
- Family Buy to Let (FCA regulated)
- Funding repairs or property improvement and other non-standard buy to let
Self Employed and Contractors
Whilst we have products and criteria available on our standard range for self employed and contractors, in our Versatility guide you'll find products and criteria for circumstances where the applicant has a limited historic proof of income available up to 80% LTV:
- 1 year accounts considered
- Minimum 1 year trading with 6 months management accounts
- Minimum 1 year trading with most recent accounts or combination of actual and forecast income
Interest Only and Lending into Retirement
Our lending criteria for mortgages up to age 85 is shown below and we have a broker exclusive mortgage product for interest only with property downsizing as the repayment strategy up to age 80.
|Mortgage Repaid Before Age 70||Mortgage Repaid Between Age 70 and Before Age 80||Mortgage Repaid Between Age 80 and Before Age 85|
|Maximum mortgage term (years)||35||35||35|
|Minimum mortgage term (years)||5||5||5|
|Acceptable repayment methods||Capital repayment and interest only. Interest only element must not exceed 75% LTV. Part capital repayment/part interest only available.||Capital repayment and interest only. Part capital repayment/part interest only available.||Capital repayment|
|Property downsizing considered for interest only, subject to minimum £150,000 equity||Yes||Yes (on specified products only subject to maximum 40% LTV)||No|
Family Assist, Right to Buy and Future Values
We have included a section covering gifted deposits, discounted purchases (sale not at arms length and right to buy), and remortgaging to fund home improvements.
- Future Values: loan assessed using improved and current valuations of the property where additional borrowing of greater than £15,000 is required to fund significant/structural property improvement
- Right to Buy: up to 90% purchase price and up to 75% LTV; or 100% purchase price + 10% home improvements up to 75% LTV
- Family Assist: discounted family purchase up to 100% of purchase price and up to 80% LTV; gifted deposit from an extended family member; gifted deposit under a trust deed (deposit returned on sale of the property)
Mortgages on Unusual Property Types
We can consider non-standard construction, non traditional design or use and Section 106 Agreements.
If you have a case that you would like us to consider, please contact our Intermediary Sales Support team on 01623 676360.