| We've answered all the questions you'll need to know about our lending criteria. |
Do you do self-cert mortgages? Do self-employed clients who have been trading for less than 6 months need to verify their income? Do you lend on holiday homes? What income multiples do you use? Do you lend on property above commercial premises? What is the maximum loan to value for debt consolidation? Will you lend to UK citizens who have been in the country for less than 18 months? Will you lend outwith your normal lending criteria? Will you lend on a property that is being bought for less than the market value? Do you do guarantor mortgages? Do you lend on freehold flats? Do you do right to buy mortgages? Do you lend on shared ownership properties? Can I have more than 2 applicants on a mortgage? Do you lend on live/work units? Do you do professional mortgages? Do you do self-cert mortgages?No, however if the loan to value (including any additional borrowing) is 75% or less, then income verification may not be required. However, Standard Life Bank reserves the right to request this. Do self-employed clients who have been trading for less than 6 months need to verify their income?We will require the income to be confirmed if the applicant has been trading for less than 12 months and will not consider the case if the trading time is less that 6 months.Do you lend on holiday homes?Yes, subject to affordability and no restrictive covenant and as long as the property is not used for commercial purposes. The property must also be located in the UK.What income multiples do you use?We base our lending on affordability.Do you lend on property above commercial premises?These are looked at on a case-by-case basis subject to the loan to value, the valuation and valuer's comments. What is the maximum loan to value for debt consolidation?The maximum loan to value for debt consolidation is 90% and is available for residential mortgages cases only. Will you lend to UK citizens who have been in the country for less than 18 months?Looked at on a case-by-case basis and is subject to a credit search and general lending criteria. We will usually need to see further documentation such as 3 months' satisfactory bank statements and certified copies of the applicant's passport. Will you lend outwith your normal lending criteria?We are able to lend up to a maximum of £500,000 and can in certain circumstances extend the term to end when the applicant turns 75, but these are subject to permission being given by senior management. Will you lend on a property that is being bought for less than the market value?Yes, but we will only lend up to a maximum of 90% of the purchase price. Do you do guarantor mortgages?Yes. Your clients may be able to help their children onto the property ladder by using our Guarantor facility to boost their affordability. Guarantors should seek independent legal advice. Do you lend on freehold flats?Yes, subject to a maintenance contract being in place for communal repairs. Do you do right to buy mortgages?No. We will however consider lending on an ex council property as long as it is outwith the discount period. Do you lend on shared ownership properties?No, unless the applicant(s) are buying out the housing association to fully own the property. We will, however, lend for properties being bought under the Key Worker Scheme and the Affordable Housing Scheme. Can I have more than 2 applicants on a mortgage?No, the maximum that we will allow is 2 applicants. Do you lend on live/work units?Yes, subject to the spilt being a maximum of 60/40 and a maximum loan to value of 90% Do you do professional mortgages?
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