Criteria Search

Use the search bar to find key words or browse through our lending criteria below, or use the dropdown to search for commonly asked questions

All criteria is subject to change and subject to an acceptable valuation.

Do we lend on properties in England? Acceptable - no maximum property value. Maximum loan size £2,000,000
Do we lend on properties in Scotland? Acceptable - maximum property value £1,000,000. Maximum loan size £540,000
Do we lend on properties in Wales? Acceptable - maximum property value £1,000,000. Maximum loan size £540,000
Do we lend on properties in Northern Ireland? Not acceptable
Are freehold houses/bungalows acceptable? If so, what is the policy on this? Acceptable
Are properties with any element of Flying Freehold considered acceptable security to us? Acceptable - up to 15% of the total floor area or shared access alleyway
Is a Leasehold Flat / Apartment where applicant/s own part or all of the Freehold considered an acceptable security to us? Acceptable - subject to a maximum of 2 properties in the block
Are properties identified as Mundic Block Construction considered suitable security to us? Acceptable - only if graded A1 in line with latest RICS guidance
Will we consider Pre-Reinforced Concrete (PRC) properties as suitable security? Not acceptable
Are Timber Framed Properties considered to be acceptable security to us? Post-1970 timber frame is acceptable.
Are Steel Framed Properties considered to be acceptable security to us? Acceptable - if construction is post-2000 (flats only)
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Maximum LTV available is 54.00% at age 80 and above
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? The following Fixed Early Repayment Charges will apply: Yr 1 = 10%, Yr 2 = 9%, Yr 3 = 8%, Yr 4 = 7%, Yr 5 = 6%, Yr 6 = 5%, Yr 7 = 4%, Yr 8 = 3%, Yr 9 = 2%, Yr 10 to 15 = 1%, Yr 16+ = 0%
Do we offer a Downsizing Protection Option, whereby the applicant can move house & downsize to clear the mortgage debt? If so, what is the policy on this? Yes - if after 5 years the applicants choose to downsize to a property of lesser value which is outside the lending criteria and therefore ineligible for porting, they will be exempt from early repayment charges.
Are we a member of the Equity Release Council? Yes - Pure Retirement is a member of the Equity Release Council
Is the product approved by The Equity Release Council? Yes - Pure Retirement's products are approved by the Equity Release Council
Do we offer an Inheritance Protection Guarantee? If so, what is the policy on this? Inheritance Protection Guarantee not available
What is the Maximum loan amount that you will consider advancing? Standard Classic range - £1,000,000 in England, and £540,000 in Wales and Scotland Classic Elite range - £2,000,000 (England only)
What is the Maximum Age acceptable by us at the point at which the application is submitted? Maximum age of 84
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
What is the maximum property value that is acceptable to us? Standard Classic range - £2,000,000 in England, and £1,000,000 in Wales and Scotland Classic Elite range - No maximum (England only)
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years
What is the Minimum loan amount that you will consider advancing? Standard Classic range - £10,000 Classic Elite range - £100,000
What is the Minimum property value acceptable to you? Standard Classic range - £125,000 (£150,000 if ex-local authority) Classic Elite range - £2,000,001 (England only)
Do we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Do we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Can partial repayments be made? If so, what is the policy on this? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Are Sheltered Accommodation or Retirement Housing considered suitable security for us? Not acceptable
Are properties with any element of a Flat Roof considered acceptable security to us? Acceptable - can consider up to 100% flat roof on selected Classic products (for full details please refer to the Classic Lending Criteria document). On all other products we will consider up to 50% flat roof
What are the Minimum of Bedrooms per property that we will consider as security? No minimum - studio flats acceptable within the M25 only (85% of property value will be used)
Does the lender offer Home Reversion Plans? No
Do we offer an Early Vacancy Guarantee? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where Rent payments can escalate? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where rent payments are guaranteed to remain fixed? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is the Maximum % Release that we will consider? Not applicable - do not offer Home Reversion plans
What is the Minimum % Release that we will consider? Not applicable - do not offer Home Reversion plans
Will we accept an application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
Do we offer products where the Rent Payment may Cease? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where the rent payment may be reduced? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is our policy on Rent Payable during the lifetime of the plan? I.e. do we stipulate a Minimum and Maximum Rent Payable under the Home Reversion Plan? Not applicable - do not offer Home Reversion plans
Do we offer the option to re-purchase / buy back the property at a later date? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Are crofted properties / houses considered acceptable security to us? Not acceptable
Do we consider Properties that have Solar Panels as suitable security? Acceptable - if owned outright. Leased solar panels acceptable subject to approval
What are the Maximum Number of Bedrooms per property that we will consider as security? No maximum - refer if over 6 bedrooms
Will we accept applications for farms or small holdings? Not acceptable
Will we consider an application for a Property with Land? Up to 5 acres of land acceptable. For Classic Elite products only there is no maximum acreage, however the valuation will be based upon the value of 5 acres and charge the whole title (subject to referral)
Do we consider lending against properties with Agricultural Ties or Restrictions? Not acceptable
Will the lender consider an application from Tenants in Common? If so, what is the policy on this? Both joint tenants or tenants in common acceptable
Will we consider an application from a sole applicant who is either married, in a civil partnership or common law partners? We can consider a single application if the married couple are divorcing and the ex-spouse will be removed from the title upon completion.
Will we consider an application from either a Trust or Trustees? Not applicable
Do we accept applications from Non UK, EU or EEA Foreign Nationals? Acceptable - subject to the applicant being granted unconditional and indefinite leave to remain in the UK, and the applicant has been permanently resident in the UK for the last 3 years
Will we consider an application where there will be occupiers over the age of 17 who are not party to the mortgage? Acceptable - subject to every occupier over the age of 17 that is not named on the mortgage signs a Deed of Consent. If a spouse is an occupier it is a requirement that they are named on the mortgage
Can a non-applicant reside in the property if they are not on the title deeds? Acceptable - subject to every occupier over the age of 17 that is not named on the mortgage signs a Deed of Consent. If a spouse is an occupier it is a requirement that they are named on the mortgage
Will we permit a room to be let out to a boarder or lodger? Acceptable where there are lodgers residing without security of tenure to a maximum of 2 people (either one couple or two individuals), and no formal agreement in place
Is renting a room to a lodger/boarder an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment is required
Will we consider an application from someone with a Criminal Record? Not acceptable, unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974.
Will we consider a case from an applicant who has a Conviction? Not acceptable unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974. For a custodial sentence of more than 4 years then the conviction can never become spent.
Will we accept an application from a person who has been appointed with a Power of Attorney to act on the applicant's behalf? Acceptable subject to an Enduring or Lasting Power of Attorney. Powers of Attorney must be registered with the Office of the Public Guardian. POA cannot be the spouse of the applicant or have any interest in the funds being raised.
Will we consider an application from someone who has a history of CCJs totalling more than £500? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Are we happy to consider an application from someone who has had 2 or more CCJ's? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Will we consider an application from someone who has had a CCJ registered in the last 3 years? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Will we consider an application from someone who had a CCJ registered against them over 3 years ago? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Will we consider an application from someone who has satisfied a CCJ in the past 3 years? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Will the we consider an application from someone who satisfied a CCJ over 3 years ago? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Will we consider an application from someone who has an unsatisfied CCJ? Acceptable - Up to 3 unsatisfied CCJs with a combined total of £1,000 registered within the last 5 years, or up to £3,000 registered more than 5 years ago. Any unsatisfied CCJs must be settled upon completion of the loan.
Will we consider an application from someone who has CCJs totalling up to £500? Acceptable - Up to 3 satisfied CCJs within the last 5 years with no maximum amount. Or up to 3 unsatisfied CCJs with a combined total of £3,000. Any unsatisfied CCJs must be settled upon completion of the loan.
Will we consider an application where the applicant is currently in a Debt Management Plan? If so, what is the policy on this? Not acceptable
Will we allow Capital Raising specifically for Home Improvements on a Remortgage? Acceptable
Will we accept an application to purchase a Holiday Home? Acceptable - funds can be used to purchase a holiday home. However a holiday home cannot be used as acceptable security
Will we allow Capital Raising specifically for Debt Consolidation on a Remortgage? Acceptable
What is the minimum age of the Second Applicant that is acceptable to us? 55 years
For New Build Properties, what specific Warranties or Warranty Providers are acceptable to us? - NHBC - LABC (Local Authority Building Control) Certificate - Zurich Municipal New Build Guarantee - Building Life Plan - Principal - Build Zone - Checkmate / Castle 10 Warranty Certificate - separate endorsement needed for unattached garages - CRL Limited Warranty - underwritten by ARK only - A Foundation 15 Policy - Architect's Certificate - Premier Guarantee - Build Assure - Global Home Warranties - Protek - IWC
Will we accept an Architect's Certificate as opposed to a Warranty on a property? Acceptable - subject to being registered with the Architects Registration Board (ARB) and accompanied by evidence of Professional Indemnity cover
Do we accept applications for Large Loans over £500,000? Yes - maximum loan amount of £2,000,000 in England, and £540,000 in mainland Scotland and Wales
What is our policy surrounding Free Legals? For example, do we typically offer them? Are there any fees which are considered to be additional costs payable by the applicant? Legal fees payable by customer
Is cashback available as a set amount ? If so, what is the policy on this? No cashback option available
Is cash back available as a percentage of the loan amount ? Cashback option not available
Do we allow a Cash Reserve or Facility for Additional Funds to be applied for at the same time as the Application for the Main Loan and Initial Drawdown Amount? Yes, drawdown facility available. The minimum release amount is £2,000.
Is the cash reserve facility guaranteed? Cash reserve facility is not guaranteed
How may flexible ad-hoc payments can be made per year? What is the policy on this? Can they be made in the first year? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
How frequently can flexible ad-hoc payments be made? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can flexible ad-hoc payments be made? If so, what is the policy on this? Are there set percentages? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can interest payments be made? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Do we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
Will we consider lending to applicants who are looking to let their property out at any stage using Airbnb? Not acceptable
Is a Barn Conversion acceptable security to us? Acceptable - subject to all relevant permissions gained
Are Basement Flats/Apartments acceptable security to us? Acceptable - if within Greater London Zone 1 or Zone 2 only. 85% of the property value will be used
Are Studio Flats or Studio Apartments considered to be acceptable security to us? Acceptable - if located within the M25 only. 85% of the property value will be used
Are BISF Properties considered to be acceptable security to us? Not acceptable
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee free option is available
Is a Capital & Interest Repayment Method acceptable to us? Not acceptable
Are Flats/Apartments that are above Commercial Premises considered acceptable security to us? Considered on a case-by-case basis subject to referral in high value areas only.
Are Grade 1 Listed Buildings considered acceptable security to us? Not acceptable
Are Grade 2 Listed Buildings considered acceptable security to us? Acceptable - however Grade 2* and Grade B (Scotland) not acceptable
Are properties with any evidence of Japanese Knotweed growing within the vicinity considered acceptable security to us? If Category A this is a decline; if Category B a report will be required. Both Categories C and D can be considered.
Do we offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
Do we offer a Medically Enhanced Lifetime Mortgage Product, for example where clients have medical conditions which will shorten their life expectancy, therefore allowing the client to borrow a higher proportion of the property's value? If so, what is the policy on this? Not available
Are Tyneside Flats / Cross Leases considered to be acceptable security to us? Not acceptable
What is our policy on Direct Debits? For example, must the payment come from the bank account of someone named on the mortgage? Can the applicant choose on which date their Direct Debit is taken or is the date set by us? Acceptable -the Classic range allows payments to be made via direct debit, standing order or debit card.
Can ad-hoc payments be made on additional borrowing? If so, what is the policy on this? A maximum of 12 repayments (minimum £50) up to a maximum of 10% of all advances per year can be made without incurring early repayment charges. Repayments can be made via direct debit, standing order and debit card.
Will we accept an Application from the Broker for their own Mortgage Application (either in a single or joint names)? Not acceptable
Do we accept applications for either the Purchase or Remortgage of Affordable Housing? Ex-local authority houses and bungalows acceptable (minimum property value £150,000)
Will we consider an application where the applicant is currently living in Tied Accommodation and will continue to do so on completion of the mortgage? Not acceptable
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not acceptable
Will we consider assessing an application without the need for Bank Statements? If not, what is required and what Bank Statement formats are acceptable? Yes - no affordability assessment is required
Will we consider an application from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must be residing in the UK
Will we consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago? Not acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago? Not acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago? Acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant is currently in an Individual Voluntary Arrangement? If so, what is the policy on this? Not acceptable - IVA must have been satisfied more than 6 years prior to application
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Not acceptable - IVA must have been satisfied more than 6 years prior to application
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement but which was discharged less than 3 years ago? If so, what is the policy on this? Not acceptable - IVA must have been satisfied more than 6 years prior to application
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - IVA must have been satisfied more than 6 years prior to application
Do we Credit Score as opposed to Credit Check when underwriting? No credit scoring is involved
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Are Ex-Council/Local Authority Flats/Maisonettes considered acceptable security to us? Not acceptable
Are Ex-Council/Local Authority Houses considered acceptable security to us? Acceptable - minimum property value of £150,000
Do we offer products with Fixed Interest Rate Payments for the duration of the mortgage? Yes - interest is fixed for the lifetime of the mortgage
Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us? Acceptable - Maximum of 4 floors. 85% of the property value will be used
What is the Maximum number of floors / storeys in a building that will be acceptable to us? Maximum of 4 floors. Buildings with more than 4 floors can be considered if prestigious area and subject to referral. Flats and maisonettes are subject to 85% of the maximum LTV.
Are Flats/Apartments that are above Food Outlets considered acceptable security to us? Not acceptable - property cannot be adjacent or above commercial premises
Can the interest roll-up? If so, what is the policy on this? Yes - all products are on an interest roll up basis. No repayments required
Will the lender consider an AVM, desktop or drive by valuation as opposed to a physical inspection of the property? Yes - only if a physical valuation cannot take place. Minimum property value £150,000
Are Freehold Flats/Maisonettes considered acceptable security to us? Not acceptable
Are Live/Work Units considered acceptable security? Not acceptable
Will we accept an application where an applicant is already retired? If so, what it the policy on this? Acceptable - no income or affordability assessment required
Will we consider an application where an applicant is not currently retired but where the term of the mortgage will extend into retirement? If so, what is the policy on this? Acceptable - no income or affordability assessment required
Will we consider lending against a property that has Overhead Power Lines? Acceptable - if smaller overhead lines, such as telephone lines, that are typical to residential streets, unless the valuer specifically comments that they will negatively impact value and / or saleability. Properties within 100 metres of pylons, overhead power cables and / or mobile phone masts not acceptable
Are properties identified as a No Fines or Easi Form Construction and built prior to 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines acceptable. Laing Easiform not accepted
Are properties identified as a No Fines or Easi Form Construction and built after 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines acceptable. Laing Easiform II can be considered if built post-1940
Are properties which have flooded within the last 5 years acceptable? If so, what is the policy on this? Not acceptable
Are properties which have flooded over 5 years ago acceptable? If so, what is the policy on this? Can be considered - subject to area benefiting from flood defences
Are Flats/Apartments that are in Converted Buildings considered acceptable security to us? Can be considered - 85% of the property value will be used
Are properties with single skin brick and block work acceptable to us? If so, what is our policy on this? Acceptable - where single skin comprises a minor part of the whole property, single story and is a non-habitable room (i.e. porch, entrance hall, utility room etc.,)
Will we allow the applicant to add any Arrangement or Booking Fees to the Loan when by doing this, it takes them above either the LTV for their chosen product or our LTV limits? Not acceptable
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Is Additional Borrowing to the main loan permitted by us? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Will we accept that the applicant has been Electronically Identified by the Broker removing the need for Certified ID? Acceptable
What are our specific requirements for the Certification of Documents? Documents must be certified as being a true copy by the applicant's adviser
Will we consider issuing a mortgage offer without the need to see a Coal Mining Authority Report? Yes - no requirement for Coal Mining Authority Report
Is a property that has spray foam insulation on underside of roof considered acceptable security to us? Acceptable - if spray foam applied during property construction, and subject to being BBA approved with a full guarantee and all relevant building regulation certificates. Must not be applied to the roof tiles, felting or battens.
Do we consider Properties that are close to Commercial Outlets as suitable security? Can be considered - subject to property not being above or adjacent to commercial premises
Are Further Advances available to Existing Borrowers? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Do we offer products with Variable Interest Rate Payments for the duration of the mortgage? No - the mortgage rate is fixed for the life of the mortgage
Are Properties requiring Essential Repairs acceptable to us? If so, what is the policy on this? Acceptable - subject to the works not amounting to greater than £3,000
Do we lend on properties in England? Acceptable - no maximum property value. Maximum loan size £2,000,000
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Arrangement fee (£500) can be added to the loan. Arrangement fee free options also available.
Will we consider an application where there is Adverse Credit? Can be considered subject to the following: Satisfied CCJs - No more than 3 satisfied CCJs in the last 5 years with no maximum amount. Unsatisfied CCJs - No more than 3 unsatisfied CCJs totalling no more than £3,000, and must be repaid upon completion. Bankruptcy - If discharged more than 6 years prior to application IVAs - If satisfied more than 6 years prior to application Debt Management Plans - Not acceptable
Will the lender accept an application to release Equity from a Buy to Let property? If so, what is the policy on this? Not acceptable
Will we allow Capital Raising on a Remortgage? Acceptable
Will we consider an application to Capital Raise for the purpose of Purchasing a Buy To Let? Acceptable
Will we consider an application to Capital Raise for the purpose of Purchasing Land? Acceptable
Will we allow Capital Raising specifically for Business Purposes on a Remortgage? Not acceptable
Are Commonhold properties considered acceptable security to us? If so, what is the policy on this? Not acceptable
Will an application for a Concessionary Purchase, Deed of Gift or an Inter-family Transaction be considered by us? Not acceptable
Are properties with Insulated Concrete Eco Friendly construction acceptable? If so, what is the policy on this? Not acceptable
As the existing Residential Lender, will we typically grant a Consent To Let on a property that is currently occupied by the applicant? Not acceptable
Do we accept applications for Consumer Buy To Lets? Not acceptable
Will we consider an application where there has been any history of Arrears on a Credit Card or on any form of Revolving Credit (i.e. Store Cards, Catalogue Accounts, etc.? Acceptable - no credit or affordability assessment required
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Can be considered - ongoing debt management plans are unacceptable
Will we consider an application where the applicant has historically had a Debt Management Plan but which was discharged less than 3 years ago? If so, what is the policy on this? Can be considered - ongoing debt management plans are unacceptable
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged over 6 years ago? If so, what is the policy on this? Can be considered - ongoing debt management plans are unacceptable
Will we consider an application where the applicant is currently subject to a Debt Relief Order? If so, what is the policy on this? Not acceptable
Will we consider an application where the applicant has historically had a Debt Relief Order, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Can be considered - ongoing debt relief orders are unacceptable
Will we consider an application where the applicant has historically been subject to a Debt Relief Order which was discharged less than 3 years ago? If so, what is the policy on this? Can be considered - ongoing debt relief orders are unacceptable
Will we consider an application where the applicant has historically had a Debt Relief Order, but which was discharged over 6 years ago? If so, what is the policy on this? Can be considered - ongoing debt relief orders are unacceptable
What is our definition of what we will class as a New Build Property? A property that was built, converted or completely renovated in the last 12 months; a property that is being sold by the builder or developer, or a property being purchased or occupied for the first time in its current form
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
Is a property that has a Section 106 and/or is a Discounted Market Sale acceptable security to us? Not acceptable
Will we accept an Endowment Policy an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an application for the Purchase of Equity? Not acceptable
What is our policy regarding Existing Borrowers? For example, are they permitted to port in certain cases? Can they continue on Interest Only in cases where policy has otherwise changed? Acceptable - porting is available subject to standard lending policy
Will we consider an application where there is an existing second charge on a property? Not acceptable
Is accessing the cash reserve facility fee free? What is the policy on this? Yes - no fee is applied
Will we consider an application where there is a First Time Buyer named as the Second Applicant? Acceptable
Do we accept applications from First Time Buyers? What is our definition of a First Time Buyer? Acceptable
Are Flats/Apartments that have Deck/Balcony Access considered acceptable security to us? Flats with deck or balcony access not acceptable
Are Freehold houses with self contained flats considered acceptable security to us? Not acceptable
Is Income received from a Trust Fund an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment is required
Will we consider an application to mortgage a property that has been Inherited? Acceptable
Will we consider lending on an Interest Only repayment type? Not acceptable
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable
Will we accept an application to purchase the property next door to a property already owned by the applicant to knock through? Not applicable
How many years are required on the lease at the beginning of the term in order to consider an application? Youngest applicant age and minimum lease term remaining at application: • 55-60 = 125 years • 61-65 = 119 years • 66-70 = 114 years • 71-75 = 109 years • 76-80 = 104 years • 81+ = 100 years
How many years are required on the lease at the end of the mortgage term in order to consider an application? Not applicable
Will we consider an application from a Limited Company? Not applicable
Do we offer a product where the client can elect to roll up some of the interest and pay some of the interest simultaneously? If so, what is the policy on this? Not acceptable - interest servicing option not available
Will we consider an application for a property where Light Refurbishment is required? Acceptable - subject to valuation report
Will we accept an application for a property being purchased through a Local Authority Grant Scheme? Not acceptable
What is the Maximum Age acceptable at the End of the Mortgage Term using Employed Income only and not taking into consideration any Pension Income? Not applicable - no income or affordability assessment required
What is the minimum flexible ad-hoc payment allowed? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Will we consider an application from an applicant who has had any Missed or Late Payments on a Credit Agreement? Acceptable - no affordability assessment is required
Will we consider an application from an applicant who has had any Arrears or Defaults with a Mobile Phone or Communications? Acceptable - no affordability assessment is required
How long are the Mortgage Offers valid for on a New Build House / Flat Mortgage offers are valid for 42 days from the date of issue
How long are Mortgage Offers on a re-sale house / flat valid for? Mortgage offers are valid for 42 days from the date of issue
Will we consider an application from an applicant who has had any history of Arrears on either a Mortgage or on a Secured Loan? Acceptable - no affordability assessment is required
Are New Build Apartments/Flats considered suitable security for us? Acceptable - must have a suitable certificate to confirm that it does not contravene any building regulations (e.g. NHBC certificate). 85% of property value will be used
Are New Build Houses considered suitable security to us? Acceptable - must have a suitable certificate to confirm that it does not contravene any building regulations (e.g. NHBC certificate)
Are properties identified as being of a Non-Standard Construction considered suitable security to us? Can be considered dependent upon type of construction
Is a property with Non Standard Utilities considered acceptable security to us? Not acceptable
What are the maximum number of kitchens that are acceptable us? Maximum of 1 kitchen
Will we consider lending on a Part Repayment and Part Interest Only repayment type? Not acceptable
Will we consider Period Properties as suitable security? Period (tudor style) timber frame properties pre-1900 acceptable
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
What Areas of the Country/Postcode Areas does we lend in? Are applications considered for the islands surrounding the UK Mainland? If so, which are acceptable? England (including Isle of Wight, and excluding Isle of Man, Channel Islands and Scilly Isles), Wales, and mainland Scotland (any Scottish islands excluded). Lending in Northern Ireland is not currently available.
Will we consider an application for the Purchase of a property is a Private Sale and where there is no Estate Agent involvement? Acceptable
Will we consider a product split on the same mortgage? Not acceptable
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not acceptable
Will we consider applications from Professional Landlords? Not applicable
Will we consider lending against a property affected by Mining or in close proximity to a Mineshaft? If so, what is the policy on this? Subject to valuation report. No standard requirement for a mining report to be requested
Will we consider lending against a property affected by Subsidence? If so, what is the policy on this? Ongoing and progressive movement is not acceptable. If property has been underpinned it will be acceptable subject to details and guarantees being provided
Will we consider lending against a property build on or in close proximity to Landfill? If so, what is the policy on this? Not acceptable
Are properties that are in poor condition due to neglect, hoarding, etc. considered acceptable security? Properties in poor condition or repair, requiring major essential works, or significant renovation or alteration are not acceptable
Are properties owned under any form of Shared Equity Schemes considered acceptable security to us? If so, what is the policy on this? Not acceptable
Are Properties undergoing substantial Alterations, Extensions or Repairs considered acceptable security? If so, what is the policy on this? Properties in poor condition or repair, requiring major essential works, or significant renovation or alteration are not acceptable
Are Properties with an Unregistered Title considered acceptable security? If so, what is the policy on this? Acceptable - subject to registration upon completion
Will we consider lending against a property affected by Contamination? If so, what is the policy on this? Not acceptable
What is our policy on the Condition of a Property? What are the Minimum Requirements in order to consider lending? Property must have a minimum property value of £150,000 and be in a good state of repair
Are properties which are close to other properties which have flooded, but have not suffered flooding themselves, acceptable? If so, what is the policy on this? Can be considered - subject to area benefiting from flood defences
Will we consider an application for a Property with an Annex? Acceptable - subject to being suited to the property, and no more than 2 units in total (including main residence). Annex can be detached from the main residence. Annex should be on same utilities and council tax as the main residence.
Will we consider an application for a Property with Outbuildings? Acceptable - subject to being suited to the property, and no more than 2 units in total (including main residence)
Will we consider new purchase applications? Acceptable
Will we consider an application where an Applicant has a history of Rent Arrears? Acceptable - no affordability assessment required
What is our policy regarding UK residency? E.g. will we accept an application without stipulating a minimum period of residency in the UK prior to application? Must the applicant have Permanent Right to Reside? All applicants must have been resident in the UK for a minimum of the last 3 years
Will we consider an application on a Property where there is a Restrictive Covenant? Not acceptable
Will we consider an Application for Right To Acquire? Not acceptable
Will we consider an Application for Right To Buy? Not acceptable
Will we accept Sale of a Foreign Property or Assets as an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Is Seasonal Employment an acceptable source of income for Affordability Assessment? No applicable - no income or affordability assessment required
Will the lender accept an application to release Equity from a Second Home? If so, what is the policy on this? Not acceptable - property must be occupied by the applicants as their main residence
Are Serviced Flats/Apartments considered suitable security for us? Not acceptable
Is the applicant free to use any solicitor of their choosing and without the firm meeting specific requirements? E.g. Is there a requirement for a minimum number of Partners in a Practice or for the applicant to use a specific Panel of Solicitors? Yes - customer is free to appoint solicitor of their choice as long as they are registered with the Law Society
Is Statutory Sick Pay an acceptable source of income for Affordability Assessment? If so, what is the policy on this? Not applicable - no income or affordability assessment required
What Tenures are acceptable to us? What is the specific policy detail on these? Freehold, Leasehold (subject to minimum remaining term based on youngest applicant age) and Absolute Ownership
Will we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable - both applicants must be named on deeds
Are Properties that have been Underpinned ever considered to be acceptable security to us? Acceptable - subject to details and guarantees being provided
Will we consider an Application to Mortgage a property that is Unencumbered? I.e. is the Application treated as a Remortgage? And if so, are Free Legals available? Acceptable
Will we consider an application where there has been any history of any Arrears on an Unsecured Loan? Acceptable - no affordability or income assessment required
Will we consider an application where there has been any history of Missed or Late Payments or Arrears on Utility Bills? Acceptable - no affordability or income assessment required
Which Valuation Company is the preferred Valuer for us? Countrywide
What Types of Valuation is the Applicant able to arrange via us? Physical property valuation is arranged as standard. However if a physical valuation cannot take place due to Covid-19 restrictions a desktop valuation may be arranged
How often can withdrawals be made from a cash reserve facility? What is the policy on this? No restrictions on the number of withdrawals
Will we consider granting an extension to the original Mortgage Offer? Mortgage offers are valid for 42 days from the date of issue. Extensions of a further 30 days can be considered dependent upon circumstances
Will we accept an application from a person with Diplomatic Immunity? Not acceptable
Will we consider an application from an applicant purchasing a property that the current Vendor has owned for less than 6 months? Acceptable - subject to applicant being registered as the owner prior to completion, and no issues or restrictions on the title highlighted by solicitor
Will we consider an application for a property where it has been owned for less than 6 months by the current vendor? Acceptable - subject to applicant being registered as the owner prior to completion, and no issues or restrictions on the title highlighted by solicitor
Are properties that are being purchased Below Market Value acceptable to us? Not acceptable
Which Credit Referencing Agency do we use? Creditsafe
Is it acceptable to remortgage a property within 6 months of purchase or acquisition? Are there certain circumstances under which this would be acceptable? Subject to individual assessment
Will we consider an application from an applicant who has had a Default? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had defaults totalling more than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had a default registered in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who had a default registered over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has satisfied a default in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who satisfied a default over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has any unsatisfied defaults? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has defaults totalling less than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application where there is any element of a distressed sale? Not acceptable
Will we consider an application for a privately rented property where it is confirmed that the property has an EPC Rating below an E? Not acceptable - applicants must own the property. No concerns regarding EPC ratings
Will we accept an application for a property which was formerly an HMO? Acceptable - subject to surveyor comments and no property alterations remaining for multiple occupancy
Will we consider an application from an Applicant who is currently in an Arrangement to Pay with a Creditor? Acceptable - subject to payment plan being redeemed in full upon completion
Is a landlocked property with Easements / Rights of Way considered an acceptable security to us? May be considered - subject to relevant access (legal right of way) to the property
What are our requirements for Mortgage Declarations and Direct Debit Mandates? For example, are these paper based? Is a wet ink signature required? What is our policy on these? Wet signature is required. The Classic range allows payments to be made via direct debit, standing order or debit card.
Will we accept an application for a new build house or apartment which is being purchased 'off plan?' Not acceptable
What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions? Not acceptable
Will an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is required
Are Properties where Building Works have not yet commenced an acceptable security? If so, what is the policy on this? Subject to review
Are Properties with a Sinking Fund considered acceptable security to us? Acceptable
Will we consider an application for a Property that has either Shared Access and/or Shared Services? Acceptable - can consider shared drainage between a maximum of 4 properties. Solicitors may need to investigate the shared access or drainage maintenance dependent upon valuation. We can also consider private water supplies subject to a human consumption certificate.
Can we issue Full or Partial Retentions on a Mortgage Offer? Not acceptable
Will we allow the Splitting of a Title Deed to be done on Completion? Not acceptable - a title split can however be considered prior to application
Will we allow the result of a Valuation to be Appealed? If so, what is the policy and process for this? I.e. is there a specific form, how many comparables are needed, in what distance from the security address and at what status etc? Acceptable - applicant will need to provide 3 comparable local properties that have been sold within the last 6 months
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Maximum LTV available is 54.00% at age 80 and above
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years
What is the minimum age of the Second Applicant that is acceptable to us? 55 years
What is the Maximum Age acceptable by us at the point at which the application is submitted? Maximum age of 85 Heritage Freedom - Maximum age of 80
What is the Minimum property value acceptable to you? £70,000 (£100,000 if Heritage Special products, or if property is ex-council / ex-MOD)
What is the maximum property value that is acceptable to us? No maximum property value (but refer if over £2,000,000)
What is the Minimum loan amount that you will consider advancing? Minimum advance of £10,000 (£20,000 if fees package)
What is the Maximum loan amount that you will consider advancing? £800,000
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Maximum LTV available is 52.50% at age 85. Heritage Freedom - Maximum LTV available is 50.00% at age 80.
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
Will the lender consider an application from Tenants in Common? If so, what is the policy on this? Both joint tenants or tenants in common acceptable
Will we permit a room to be let out to a boarder or lodger? Applications will be considered subject to the lodger (generally maximum of 2 tenants) sharing a kitchen, bathroom or living room with the applicant or their family. All lodgers over the age of 17 must sign a Deed of Consent, and if a tenancy agreement exists it must be capable of being terminated within 2 months.
Is renting a room to a lodger/boarder an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment is required
What is our policy regarding UK residency? E.g. will we accept an application without stipulating a minimum period of residency in the UK prior to application? Must the applicant have Permanent Right to Reside? All applicants must have been resident in the UK for a minimum of the last 3 years
Will we accept an application from a person who has been appointed with a Power of Attorney to act on the applicant's behalf? Acceptable subject to an Enduring or Lasting Power of Attorney. Powers of Attorney must be registered with the Office of the Public Guardian. POA cannot be the spouse of the applicant or have any interest in the funds being raised.
Will we accept an application from a person who has been appointed with a Power of Attorney to act on the applicant's behalf? Acceptable subject to an Enduring or Lasting Power of Attorney. Powers of Attorney must be registered with the Office of the Public Guardian
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Do we Credit Score as opposed to Credit Check when underwriting? No credit scoring is involved
Will we consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable - subject to being discharged prior to application
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago? Acceptable - subject to being discharged prior to application
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago? Acceptable - subject to being discharged prior to application
Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago? Acceptable - subject to being discharged prior to application
Are freehold houses/bungalows acceptable? If so, what is the policy on this? Acceptable
Are Freehold Flats/Maisonettes considered acceptable security to us? Not acceptable
Are properties with any element of Flying Freehold considered acceptable security to us? Acceptable - up to 15% of the total floor area or shared access alleyway
How many years are required on the lease at the end of the mortgage term in order to consider an application? Not applicable
How many years are required on the lease at the beginning of the term in order to consider an application? A minimum unexpired leasehold term of 120 years. If Heritage Super Max Plus product, leasehold properties are not acceptable.
Are Tyneside Flats / Cross Leases considered to be acceptable security to us? Not acceptable
Are Commonhold properties considered acceptable security to us? If so, what is the policy on this? Not acceptable
Do we lend on properties in England? Acceptable - no maximum property value (refer over £2,000,000). Maximum loan size £1,000,000 (dependent upon product)
Do we lend on properties in Scotland? Acceptable - Mainland Scotland only. No maximum property value (refer over £2,000,000). Maximum loan size £800,000
Do we lend on properties in Wales? Acceptable - no maximum property value (refer over £2,000,000). Maximum loan size £1,000,000 (dependent upon product)
Do we lend on properties in Northern Ireland? Not acceptable
What Tenures are acceptable to us? What is the specific policy detail on these? Freehold, Leasehold (subject to minimum remaining term of 120 years) and Absolute Ownership
Are properties owned under any form of Shared Equity Schemes considered acceptable security to us? If so, what is the policy on this? Not acceptable
Will we consider an Application for Right To Buy? Not acceptable
Will we consider an Application for Right To Acquire? Not acceptable
Will we consider an application from either a Trust or Trustees? Not applicable
Are Steel Framed Properties considered to be acceptable security to us? Can consider if built post 2000 with relevant warranties
Are properties with single skin brick and block work acceptable to us? If so, what is our policy on this? Can be considered - where single skin comprises a minor part of the whole property, single story and is a non-habitable room (i.e. porch, entrance hall, utility room etc.,)
Are Timber Framed Properties considered to be acceptable security to us? Acceptable if post-1965 timber frame. Refer if before this. If Heritage Super Max Plus product, pre-1900 timber frame properties are not acceptable
Is a property that has spray foam insulation on underside of roof considered acceptable security to us? Not acceptable
Are properties with Insulated Concrete Eco Friendly construction acceptable? If so, what is the policy on this? Not acceptable
Will we consider Pre-Reinforced Concrete (PRC) properties as suitable security? Not acceptable
Are properties identified as Mundic Block Construction considered suitable security to us? Considered subject to a Mundic report and the property being A1 rated.
Are properties identified as a No Fines or Easi Form Construction and built after 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines and Laing Easiform II acceptable
Are properties identified as a No Fines or Easi Form Construction and built prior to 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines acceptable. Laing Easiform I not acceptable
Are properties identified as being of a Non-Standard Construction considered suitable security to us? Can be considered dependent upon type of construction If Heritage Super Max Plus product, modern methods of construction are not acceptable
Are BISF Properties considered to be acceptable security to us? Not acceptable
Are properties with any element of a Flat Roof considered acceptable security to us? Acceptable - subject to maximum of 30%, however up to 100% flat roof can be considered. If Heritage Super Max Plus product, properties with a flat roof above 30% can be considered
Do we consider Properties that have Solar Panels as suitable security? Acceptable - if owned outright or with a suitable lease
Will we consider an application for a Property with Land? Acceptable - up to 10 acres. Can consider properties with more than 10 acres, with the property value being based on 5 acres
Are Flats/Apartments that are above Commercial Premises considered acceptable security to us? Can be considered - subject to there being no affect on saleability. For flats the loan amount is restricted to 85% of the max LTV. If Heritage Super Max Plus product, leasehold properties and properties adjacent to commercial premises are not acceptable.
Do we consider Properties that are close to Commercial Outlets as suitable security? Can be considered - including properties above or adjacent commercial properties that do not affect saleability If Heritage Super Max Plus product, properties adjacent to commercial premises are not acceptable
Will we consider lending to applicants who are looking to let their property out at any stage using Airbnb? Not acceptable
Do we consider lending against properties with Agricultural Ties or Restrictions? Not acceptable
Will we accept applications for farms or small holdings? Not acceptable
Are Sheltered Accommodation or Retirement Housing considered suitable security for us? Acceptable - subject to minimum property value of £200,000, resale value below 3%, and more than 3 years since construction. 66.6% of the maximum LTV will be applied. If Heritage Super Max Plus product, sheltered accommodation properties are not acceptable
Will we consider an application for a Property with an Annex? Can be considered - subject to annex or self-contained accommodation being occupied by relatives or carers or max 2 lodgers/Airbnb occupiers. If Heritage Super Max Plus product, properties with annexes or self-contained accommodation are not acceptable. Annex should be on same utilities and council tax as the main residence
Will we consider lending against a property that has Overhead Power Lines? Properties within 75 metres of pylons, overhead power cables and / or mobile phone masts not acceptable
Are Grade 1 Listed Buildings considered acceptable security to us? Not acceptable
Are Grade 2 Listed Buildings considered acceptable security to us? Can be considered - however Grade 2* and Grade B (Scotland) not acceptable. If Heritage Super Max Plus product, any listed properties are not acceptable
What are the Minimum of Bedrooms per property that we will consider as security? Minimum of one bedroom (studio flats not acceptable)
What are the Maximum Number of Bedrooms per property that we will consider as security? Maximum of 7 bedrooms. Refer if 5 bedrooms or above. If Heritage Super Max Plus product, properties with more than 4 bedrooms can be considered
Are Studio Flats or Studio Apartments considered to be acceptable security to us? Not acceptable
What is the Maximum number of floors / storeys in a building that will be acceptable to us? Maximum of 6 floors. Flats above 4 floors must be accessible via a lift. Flats above 6 floors can be considered. For flats the loan amount is restricted to 85% of the max LTV If Heritage Super Max Plus product, leasehold properties are not acceptable
Are Ex-Council/Local Authority Flats/Maisonettes considered acceptable security to us? Can consider ex-public sector maisonettes subject to a minimum property value of £100,000 and a maximum of 2 storeys. The loan will be restricted to 85% of the max LTV. Ex-local authority flats not acceptable
Are Ex-Council/Local Authority Houses considered acceptable security to us? We can consider ex local authority houses on all of our products, subject to surveyors comments and assessments. We would also require that the properties meet a minimum value; Sovereign - 70k Classic - 150k (50% or more Properties on the street need to be privately owned, between 40-49.9% can be considered) Emerald – 150k Heritage – 100k (40% or more Properties on the street need to be privately owned)
What is our definition of what we will class as a New Build Property? A property that was built, converted or completely renovated in the last 12 months; a property that is being sold by the builder or developer, or a property being purchased or occupied for the first time in its current form
Will we accept an application for a new build house or apartment which is being purchased 'off plan?' Not acceptable
Are New Build Apartments/Flats considered suitable security for us? Acceptable - must be support by one of the approved Buildings Standards Indemnity Schemes
Are New Build Houses considered suitable security to us? Acceptable - must be support by one of the approved Buildings Standards Indemnity Schemes
Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us? Acceptable - Maximum of 6 floors (over 4 floors must be serviced by a working lift). Flats in blocks of 7 or more can be referred. For flats the loan amount is restricted to 85% of the max LTV If Heritage Super Max Plus product, leasehold properties are not acceptable
Are Flats/Apartments that are in Converted Buildings considered acceptable security to us? Acceptable. For flats the loan amount is restricted to 85% of the max LTV If Heritage Super Max Plus product, leasehold properties are not acceptable
Do we accept applications for either the Purchase or Remortgage of Affordable Housing? Ex-local authority houses and bungalows acceptable (minimum property value £100,000)
Are properties with any evidence of Japanese Knotweed growing within the vicinity considered acceptable security to us? Considered - if identified as RICS category D or C only.
Are Further Advances available to Existing Borrowers? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Is Additional Borrowing to the main loan permitted by us? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Do we offer products with Fixed Interest Rate Payments for the duration of the mortgage? Yes - interest is fixed for the lifetime of the mortgage
Will we accept that the applicant has been Electronically Identified by the Broker removing the need for Certified ID? Acceptable
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Do we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
For New Build Properties, what specific Warranties or Warranty Providers are acceptable to us? - Advantage HCI - Build Assure - Building Life Plan (BLP) - Build Zone - Castle 10 / Checkmate - CRL 10 Year Structural Defects Insurance Policy - Global Home Warranties 10 Year Structural Defects Insurance Policy - NHBC - ICW (International Construction Warranties) - LABC - Premier - Protek - Q Policy - Zurich Municipal Scheme (for cover issued up to 30 September 2009) - A Professional Consultants Certificate (PCC) may be accepted provided it is signed by a corporate member of the BIAT, RIBA or RICS and accompanied by evidence of Professional Indemnity cover.
Will we accept an Architect's Certificate as opposed to a Warranty on a property? Acceptable - subject to being signed a corporate member of the BIAT, RIBA or RICS and accompanied by evidence of Professional Indemnity cover
Will we consider assessing an application without the need for Bank Statements? If not, what is required and what Bank Statement formats are acceptable? Yes - no affordability assessment is required
Will we consider an application from an applicant purchasing a property that the current Vendor has owned for less than 6 months? Generally not acceptable - subject to review of circumstances of acquisition
Is cashback available as a set amount ? If so, what is the policy on this? Cashback up to 5.5% and £900 fees contribution available on Heritage fees package products.
Is cash back available as a percentage of the loan amount ? Cashback up to 5.5% and £900 fees contribution available on Heritage fees package products.
Do we allow a Cash Reserve or Facility for Additional Funds to be applied for at the same time as the Application for the Main Loan and Initial Drawdown Amount? Yes, drawdown facility available. The minimum release amount is £5,000. Maximum drawdown facility amount capped at £200,000.
How often can withdrawals be made from a cash reserve facility? What is the policy on this? No restrictions on the number of withdrawals
Is the cash reserve facility guaranteed? Cash reserve facility is not guaranteed
Is accessing the cash reserve facility fee free? What is the policy on this? Yes - no fee is applied
Will we consider an application from someone with a Criminal Record? Not acceptable, unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974.
Will we consider a case from an applicant who has a Conviction? Not acceptable unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974. For a custodial sentence of more than 4 years then the conviction can never become spent.
Do we offer a Downsizing Protection Option, whereby the applicant can move house & downsize to clear the mortgage debt? If so, what is the policy on this? Downsizing Protection not available
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? Standard Heritage products allow a choice of Fixed or GILT based Early Repayment Charges. For Heritage Freedom products Fixed ERCs will apply. For Fixed ERC products the following Fixed Early Repayment Charges will apply: Yr 1 = 10%, Yr 2 = 9%, Yr 3 = 8%, Yr 4 = 7%, Yr 5 = 6%, Yr 6 = 5%, Yr 7 = 4%, Yr 8 = 3%, Yr 9 = 2%, Yr 10 to 15 = 1%, Yr 16+ = 0% For GILT ERC products the following Early Repayment Charges will apply: A charge of between 0% and 25% of the loan amount to reflect any movement in the level of long term interest rates using the FTSE UK 15 year gilt yield index, as published daily in the Financial Times
Can partial repayments be made? If so, what is the policy on this? Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
Do we offer a Medically Enhanced Lifetime Mortgage Product, for example where clients have medical conditions which will shorten their life expectancy, therefore allowing the client to borrow a higher proportion of the property's value? If so, what is the policy on this? Not available
What are the maximum number of kitchens that are acceptable us? Maximum of 1 kitchen
Do we offer an Early Vacancy Guarantee? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Does the lender offer Home Reversion Plans? Not applicable - do not offer Home Reversion plans
Do we offer a product where Rent payments can escalate? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where rent payments are guaranteed to remain fixed? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is the Maximum % Release that we will consider? Not applicable - do not offer Home Reversion plans
What is the Minimum % Release that we will consider? Not applicable - do not offer Home Reversion plans
Will we accept an application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
Do we offer products where the Rent Payment may Cease? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where the rent payment may be reduced? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is our policy on Rent Payable during the lifetime of the plan? I.e. do we stipulate a Minimum and Maximum Rent Payable under the Home Reversion Plan? Not applicable - do not offer Home Reversion plans
Do we offer the option to re-purchase / buy back the property at a later date? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Can ad-hoc payments be made on additional borrowing? If so, what is the policy on this? A maximum of 6 repayments (minimum £500) up to a maximum of 10% of all advances per year can be made without incurring early repayment charges. Freedom 20 = A maximum of 12 repayments (minimum £500) up to a maximum of 20% of all advances per year can be made without incurring early repayment charges. Freedom 40 = A maximum of 12 repayments (minimum £500) up to a maximum of 40% of all advances per year can be made without incurring early repayment charges.
Will we accept an Application from the Broker for their own Mortgage Application (either in a single or joint names)? Not acceptable
Will we consider an application where the applicant is currently living in Tied Accommodation and will continue to do so on completion of the mortgage? Not acceptable
Is a Barn Conversion acceptable security to us? Acceptable - subject to all relevant permissions gained
Are Flats/Apartments that have Deck/Balcony Access considered acceptable security to us? Flats with deck or balcony access not acceptable
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee of £895 payable
Will we consider an application from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must be residing in the UK
Will the lender accept an application to release Equity from a Buy to Let property? If so, what is the policy on this? Not acceptable
Is a Capital & Interest Repayment Method acceptable to us? Not acceptable
Will we allow Capital Raising on a Remortgage? Acceptable
Will we allow Capital Raising specifically for Debt Consolidation on a Remortgage? Acceptable
Will we allow Capital Raising specifically for Home Improvements on a Remortgage? Acceptable
Will we allow Capital Raising specifically for Business Purposes on a Remortgage? Not acceptable
Will we consider an application to Capital Raise for the purpose of Purchasing Land? Acceptable
Will we consider issuing a mortgage offer without the need to see a Coal Mining Authority Report? Yes - no requirement for Coal Mining Authority Report
Will an application for a Concessionary Purchase, Deed of Gift or an Inter-family Transaction be considered by us? Not acceptable
As the existing Residential Lender, will we typically grant a Consent To Let on a property that is currently occupied by the applicant? Not acceptable
Do we accept applications for Consumer Buy To Lets? Not acceptable
Will we consider an application from someone who has an unsatisfied CCJ? Not acceptable - CCJ must have been satisfied prior to application
Are we happy to consider an application from someone who has had 2 or more CCJ's? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will we consider an application from someone who has a history of CCJs totalling more than £500? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will we consider an application from someone who has had a CCJ registered in the last 3 years? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will we consider an application from someone who had a CCJ registered against them over 3 years ago? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will we consider an application from someone who has satisfied a CCJ in the past 3 years? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will the we consider an application from someone who satisfied a CCJ over 3 years ago? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will we consider an application from someone who has CCJs totalling up to £500? Acceptable - subject to CCJ having been satisfied prior to application (a maximum of 5, up to a maximum value of £10,000)
Will we consider an application where there has been any history of Arrears on a Credit Card or on any form of Revolving Credit (i.e. Store Cards, Catalogue Accounts, etc.? Acceptable - no credit or affordability assessment required
Are crofted properties / houses considered acceptable security to us? Not acceptable
Is it acceptable to remortgage a property within 6 months of purchase or acquisition? Are there certain circumstances under which this would be acceptable? Not acceptable - remortgage applications after 6 months of purchase can be considered
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Can be considered subject to being repaid on completion (No Maximum) If Heritage Super Max Plus product, any unsatisfied DMPs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant has historically had a Debt Management Plan but which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000 under management If Heritage Super Max Plus product, any unsatisfied DMPs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000 under management If Heritage Super Max Plus product, any unsatisfied DMPs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant is currently in a Debt Management Plan? If so, what is the policy on this? Can be considered subject to being repaid on completion (No Maximum) If Heritage Super Max Plus product, any unsatisfied DMPs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant has historically had a Debt Relief Order, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000
Will we consider an application where the applicant has historically been subject to a Debt Relief Order which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000
Will we consider an application where the applicant has historically had a Debt Relief Order, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000
Will we consider an application where the applicant is currently subject to a Debt Relief Order? If so, what is the policy on this? Can be considered subject to being repaid on completion (No Maximum)
What is our policy on Direct Debits? For example, must the payment come from the bank account of someone named on the mortgage? Can the applicant choose on which date their Direct Debit is taken or is the date set by us? Not applicable - we do not currently accept Direct Debits
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
Is a property that has a Section 106 and/or is a Discounted Market Sale acceptable security to us? Not acceptable
Will we accept an Endowment Policy an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Is the product approved by The Equity Release Council? Yes - Pure Retirement's products are approved by the Equity Release Council
Are we a member of the Equity Release Council? Yes - Pure Retirement is a member of the Equity Release Council
Do we offer an Inheritance Protection Guarantee? If so, what is the policy on this? Inheritance Protection Guarantee not available
What is our policy regarding Existing Borrowers? For example, are they permitted to port in certain cases? Can they continue on Interest Only in cases where policy has otherwise changed? Acceptable - porting is available subject to standard lending policy
Will we consider an application where there is an existing second charge on a property? Not acceptable
Will we consider granting an extension to the original Mortgage Offer? Mortgage offers are valid for 42 days from the date of issue. Extensions of a further 30 days can be considered dependent upon circumstances
Are Flats/Apartments that are above Food Outlets considered acceptable security to us? Can be considered - subject to there being no affect upon saleability. For flats the loan amount is restricted to 85% of the max LTV. If Heritage Super Max Plus product, leasehold properties and properties adjacent to commercial premises are not acceptable
How may flexible ad-hoc payments can be made per year? What is the policy on this? Can they be made in the first year? Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
How frequently can flexible ad-hoc payments be made? Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
Can flexible ad-hoc payments be made? If so, what is the policy on this? Are there set percentages? Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
Is Income received from a Trust Fund an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment is required
What is our policy surrounding Free Legals? For example, do we typically offer them? Are there any fees which are considered to be additional costs payable by the applicant? A £600 contribution to legal fees is payable upon completion with all Heritage products
Are Freehold houses with self contained flats considered acceptable security to us? Not acceptable
Will we accept an application to purchase a Holiday Home? Acceptable - funds can be used to purchase a holiday home. However a holiday home cannot be used as acceptable security
Will we consider an application where the applicant is currently in an Individual Voluntary Arrangement? If so, what is the policy on this? Can be considered subject to being repaid on completion (No Maximum) If Heritage Super Max Plus product, any unsatisfied IVAs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000. IVA must be satisfied in full prior to or upon completion If Heritage Super Max Plus product, any unsatisfied IVAs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement but which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000. IVA must be satisfied in full prior to or upon completion If Heritage Super Max Plus product, any unsatisfied IVAs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - subject to a maximum of £20,000. IVA must be satisfied in full prior to or upon completion If Heritage Super Max Plus product, any unsatisfied IVAs exceeding £10,000 are not acceptable.
Will we consider an application to mortgage a property that has been Inherited? Acceptable
Can the interest roll-up? If so, what is the policy on this? Yes - all products are on an interest roll up basis. No repayments required
Will the lender consider an AVM, desktop or drive by valuation as opposed to a physical inspection of the property? No
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable
Will we accept an application to purchase the property next door to a property already owned by the applicant to knock through? Not applicable
Do we accept applications for Large Loans over £500,000? Yes - maximum loan amount of £800,000
Will we accept an application where an applicant is already retired? If so, what it the policy on this? Acceptable - no income or affordability assessment required
Will we consider an application where an applicant is not currently retired but where the term of the mortgage will extend into retirement? If so, what is the policy on this? Acceptable - no income or affordability assessment required
Will we consider an application from a Limited Company? Not applicable
Do we offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
Do we offer a product where the client can elect to roll up some of the interest and pay some of the interest simultaneously? If so, what is the policy on this? Not acceptable - interest servicing option not available
Will we consider an application for a property where Light Refurbishment is required? Acceptable - subject to valuation report
Are Live/Work Units considered acceptable security? Not acceptable
Will we accept an application for a property being purchased through a Local Authority Grant Scheme? Not acceptable
Will we consider an application from a sole applicant who is either married, in a civil partnership or common law partners? Not acceptable - if the applicants are married or in a civil partnership, the application must be submitted in joint names
What is the Maximum Age acceptable at the End of the Mortgage Term using Employed Income only and not taking into consideration any Pension Income? Not applicable - no income or affordability assessment required
What is the minimum flexible ad-hoc payment allowed? Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
Do we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Are properties which have flooded within the last 5 years acceptable? If so, what is the policy on this? Not acceptable
Are properties which have flooded over 5 years ago acceptable? If so, what is the policy on this? Can be considered - if property has active flood management mitigations in place and acceptable building insurance in place
Are properties which are close to other properties which have flooded, but have not suffered flooding themselves, acceptable? If so, what is the policy on this? Can be considered - dependent upon reason for flooding of neighbouring property and valuation comments
Is a property with Non Standard Utilities considered acceptable security to us? Not acceptable
Is Seasonal Employment an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment required
Is the applicant free to use any solicitor of their choosing and without the firm meeting specific requirements? E.g. Is there a requirement for a minimum number of Partners in a Practice or for the applicant to use a specific Panel of Solicitors? Yes - customer is free to appoint solicitor of their choice as long as they are registered with the Law Society
Will we consider an application on a Property where there is a Restrictive Covenant? Not acceptable - any restrictive covenants that limit the available market for sale of the property are not acceptable
Which Valuation Company is the preferred Valuer for us? E-surv
Do we offer products with Variable Interest Rate Payments for the duration of the mortgage? No - the mortgage rate is fixed for the life of the mortgage
Are Properties that have been Underpinned ever considered to be acceptable security to us? Acceptable - providing that the property was underpinned over 3 years ago
Will we allow the applicant to add any Arrangement or Booking Fees to the Loan when by doing this, it takes them above either the LTV for their chosen product or our LTV limits? Acceptable
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Arrangement fee (£895) can be added to the loan above the maximum LTV.
Will we consider an application where there is Adverse Credit? Can be considered subject to the following: CCJs - No more than 5 satisfied CCJs totalling no more than 10,000 Bankruptcy - If discharged prior to application IVAs - Can be considered if satisfied on completion (No Maximum) Debt Management Plans - Can be considered if satisfied on completion (No Maximum) If Heritage Super Max Plus product, any unsatisfied CCJs, and unsatisfied IVAs or DMPs exceeding £10,000 are not acceptable.
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not acceptable
Will we consider an application for the Purchase of Equity? Not acceptable
Will we consider an application where there is a First Time Buyer named as the Second Applicant? Acceptable
Do we accept applications from First Time Buyers? What is our definition of a First Time Buyer? Acceptable
Will we consider lending on an Interest Only repayment type? Not acceptable
Can interest payments be made? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 6 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £500. Freedom 20 - Maximum of 12 payments up to a total of 20% of advances per annum ERC free. Minimum amount of £500 Freedom 40 - Maximum of 12 payments up to a total of 40% of advances per annum ERC free. Minimum amount of £500
How long are the Mortgage Offers valid for on a New Build House / Flat Mortgage offers are valid for 42 days from the date of issue
How long are Mortgage Offers on a re-sale house / flat valid for? Mortgage offers are valid for 42 days from the date of issue
Will we consider an application from an applicant who has had any Missed or Late Payments on a Credit Agreement? Acceptable - no affordability assessment is required
Will we consider an application from an applicant who has had any Arrears or Defaults with a Mobile Phone or Communications? Acceptable - no affordability assessment is required
Will we consider an application from an applicant who has had any history of Arrears on either a Mortgage or on a Secured Loan? Acceptable - no affordability assessment is required
Will we consider an application where there will be occupiers over the age of 17 who are not party to the mortgage? Acceptable - subject to every occupier over the age of 17 that is not named on the mortgage signs a Deed of Consent. If a spouse is an occupier it is a requirement that they are named on the mortgage
Do we accept applications from Non UK, EU or EEA Foreign Nationals? Acceptable - subject to the applicant being granted unconditional and indefinite leave to remain in the UK, and the applicant has been permanently resident in the UK for the last 3 years
Can a non-applicant reside in the property if they are not on the title deeds? Acceptable - subject to every occupier over the age of 17 that is not named on the mortgage signs a Deed of Consent. If a spouse is an occupier it is a requirement that they are named on the mortgage
Will we consider lending on a Part Repayment and Part Interest Only repayment type? Not acceptable
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
What Areas of the Country/Postcode Areas does we lend in? Are applications considered for the islands surrounding the UK Mainland? If so, which are acceptable? England (excluding Isle of Man or Channel Islands), Wales, and Mainland Scotland. Lending in Northern Ireland is not currently available.
Will we consider an application for the Purchase of a property is a Private Sale and where there is no Estate Agent involvement? Acceptable
Will we consider a product split on the same mortgage? Not acceptable
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not acceptable
Will we consider applications from Professional Landlords? Not applicable
Will we consider lending against a property build on or in close proximity to Landfill? If so, what is the policy on this? Not acceptable
Are properties that are in poor condition due to neglect, hoarding, etc. considered acceptable security? Properties in poor condition or repair, requiring major essential works, or significant renovation or alteration are not acceptable
Are Properties requiring Essential Repairs acceptable to us? If so, what is the policy on this? Properties in poor condition or repair, requiring major essential works, or significant renovation or alteration are not acceptable. Properties that require non-essential (minor) works can be considered
Are Properties undergoing substantial Alterations, Extensions or Repairs considered acceptable security? If so, what is the policy on this? Properties in poor condition or repair, requiring major essential works, or significant renovation or alteration are not acceptable
Are Properties with an Unregistered Title considered acceptable security? If so, what is the policy on this? Acceptable - subject to registration upon completion
Will we consider lending against a property affected by Contamination? If so, what is the policy on this? Not acceptable
What is our policy on the Condition of a Property? What are the Minimum Requirements in order to consider lending? Property must have a minimum property value of £70,000 (£100,000 if Heritage Super Max Plus product, or if property is ex-local authority or MOD), and be in a good state of repair
Will we consider lending against a property affected by Subsidence? If so, what is the policy on this? Ongoing and progressive movement is not acceptable. If property has been underpinned it must have been carried out more than 3 years ago with long term guarantees
Will we consider an application for a Property with Outbuildings? Can be considered - subject to annex or self-contained accommodation being occupied by relatives or carers If Heritage Super Max Plus product, properties with annexes or self-contained accommodation are not acceptable
Will we consider new purchase applications? Acceptable
Will we consider an application where an Applicant has a history of Rent Arrears? Acceptable
Will we accept Sale of a Foreign Property or Assets as an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will the lender accept an application to release Equity from a Second Home? If so, what is the policy on this? Not acceptable - property must be occupied by the applicants as their main residence
Is Statutory Sick Pay an acceptable source of income for Affordability Assessment? If so, what is the policy on this? Not applicable - no income or affordability assessment required
Will we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable - both applicants must be named on deeds
Will we consider an Application to Mortgage a property that is Unencumbered? I.e. is the Application treated as a Remortgage? And if so, are Free Legals available? Acceptable - along with a contribution of £600 to customer legal fees as standard
Will we consider an application where there has been any history of any Arrears on an Unsecured Loan? Acceptable - no affordability or income assessment required
Will we consider an application where there has been any history of Missed or Late Payments or Arrears on Utility Bills? Acceptable - no income or affordability assessment required
What Types of Valuation is the Applicant able to arrange via us? Physical property valuation is arranged as standard. However if a physical valuation cannot take place due to Covid-19 restrictions a desktop valuation may be arranged, with a 5% reduction on standard LTVs being applied
What are our specific requirements for the Certification of Documents? Documents must be certified as being a true copy by the applicant's adviser
Will we accept an application from a person with Diplomatic Immunity? Not acceptable
Are Basement Flats/Apartments acceptable security to us? Acceptable - subject to valuation report. For flats the loan amount is restricted to 85% of the max LTV If Heritage Super Max Plus product, leasehold properties are not acceptable
Are properties that are being purchased Below Market Value acceptable to us? Not acceptable
Will we consider an application to Capital Raise for the purpose of Purchasing a Buy To Let? Acceptable - if purchasing a single Buy to Let
Which Credit Referencing Agency do we use? Creditsafe
Will we consider an application from an applicant who has had a Default? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had defaults totalling more than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had a default registered in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who had a default registered over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has satisfied a default in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who satisfied a default over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has any unsatisfied defaults? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has defaults totalling less than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application where there is any element of a distressed sale? Not acceptable
Will we consider an application for a privately rented property where it is confirmed that the property has an EPC Rating below an E? Not acceptable - applicants must own the property. No concerns regarding EPC ratings
Will we consider an application from an Applicant who is currently in an Arrangement to Pay with a Creditor? Acceptable - subject to a maximum of £20,000 under management
Will we accept an application for a property which was formerly an HMO? Acceptable - subject to surveyor comments and no property alterations remaining for multiple occupancy
Is a landlocked property with Easements / Rights of Way considered an acceptable security to us? May be considered - subject to relevant access (legal right of way) to the property
Is a Leasehold Flat / Apartment where applicant/s own part or all of the Freehold considered an acceptable security to us? Acceptable - subject to a maximum of 2 properties in the block. For flats the loan amount is restricted to 85% of the max LTV.
What are our requirements for Mortgage Declarations and Direct Debit Mandates? For example, are these paper based? Is a wet ink signature required? What is our policy on these? Wet signature is required. Direct debits not currently available
Will we consider Period Properties as suitable security? Acceptable - subject to surveyor comments If Heritage Super Max Plus product, pre-1900 timber frame properties are not acceptable
Will an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is required
What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions? Subject to review
Will we consider lending against a property affected by Mining or in close proximity to a Mineshaft? If so, what is the policy on this? Subject to valuation report
Are Properties where Building Works have not yet commenced an acceptable security? If so, what is the policy on this? Subject to review
Are Properties with a Sinking Fund considered acceptable security to us? Acceptable
Will we consider an application for a property where it has been owned for less than 6 months by the current vendor? Generally not acceptable - subject to review of circumstances of acquisition
Will we consider an application for a Property that has either Shared Access and/or Shared Services? Acceptable - subject to surveyor comments. We can consider properties with shared septic tanks provided it is shared between no more than 4 properties and there is a satisfactory formal agreement in place. Shared water or drainage is not acceptable
Can we issue Full or Partial Retentions on a Mortgage Offer? Not acceptable
Will we allow the Splitting of a Title Deed to be done on Completion? Not acceptable - a title split can however be considered prior to application
Will we allow the result of a Valuation to be Appealed? If so, what is the policy and process for this? I.e. is there a specific form, how many comparables are needed, in what distance from the security address and at what status etc? Acceptable - applicant will need to provide 3 comparable local properties that have been sold within the last 6 months
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years
What is the Maximum Age acceptable by us at the point at which the application is submitted? Maximum age of 90 (dependent upon product)
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
What is the Minimum property value acceptable to you? £70,000
What is the maximum property value that is acceptable to us? No maximum property value (but refer if over £6,000,000)
What is the Minimum loan amount that you will consider advancing? Standard Sovereign range = minimum advance of £10,000 (£20,000 if 4% cashback product) Sovereign Elite range = minimum advance of £1,000,001
What is the Maximum loan amount that you will consider advancing? Standard Sovereign range = £1,000,000. Elite Sovereign range = £2,000,000 (can refer if above)
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Maximum LTV available is 52.00% at age 86 and above
Do we lend on properties in England? Acceptable - no maximum property value (refer over £6,000,000). Maximum loan size £2,000,000 (refer over £1,000,000)
Do we lend on properties in Scotland? Acceptable - no maximum property value (refer over £6,000,000). Maximum loan size £2,000,000 (refer over £1,000,000)
Do we lend on properties in Wales? Acceptable - no maximum property value (refer over £6,000,000). Maximum loan size £2,000,000 (refer over £1,000,000)
Do we lend on properties in Northern Ireland? Not acceptable
Are freehold houses/bungalows acceptable? If so, what is the policy on this? Acceptable
Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us? Acceptable - Maximum of 6 floors (over 4 floors must be serviced by a working lift). Flats in blocks of 7 or more can be considered if within an 'excellent' location.
Are Freehold Flats/Maisonettes considered acceptable security to us? Not acceptable
Are Commonhold properties considered acceptable security to us? If so, what is the policy on this? Not acceptable
Do we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
What is the Maximum number of floors / storeys in a building that will be acceptable to us? Maximum of 6 floors. Flats above 4 floors must be accessible via a lift. Flats above 6 floors can be considered subject to location.
Are Grade 1 Listed Buildings considered acceptable security to us? Not acceptable
Are Grade 2 Listed Buildings considered acceptable security to us? Acceptable - however Grade 2* and Grade B (Scotland) not acceptable
Are Steel Framed Properties considered to be acceptable security to us? Post 2000 acceptable
Are BISF Properties considered to be acceptable security to us? Not acceptable
Are Timber Framed Properties considered to be acceptable security to us? Acceptable if post-1965 timber frame
Are properties with single skin brick and block work acceptable to us? If so, what is our policy on this? Acceptable - where single skin comprises a minor part of the whole property, single story and is a non-habitable room (i.e. porch, entrance hall, utility room etc.,)
Will we consider Pre-Reinforced Concrete (PRC) properties as suitable security? Can be considered - subject to: - PRC certificate of structural completion required - Only acceptable if completed by PRC Homes Ltd - If property is semi-detached, the next door property would have to have been repaired and certification provided - If property is terraced, then all properties in the row would have to have been repaired and certification provided
Is a property that has spray foam insulation on underside of roof considered acceptable security to us? Not acceptable
Will we consider lending against a property affected by Contamination? If so, what is the policy on this? Not acceptable
Are properties with any evidence of Japanese Knotweed growing within the vicinity considered acceptable security to us? May be acceptable - If Japanese Knotweed is present over 7 metres outside the property boundaries, subject to valuation and surveyor comments
Is a Barn Conversion acceptable security to us? Acceptable - subject to all relevant permissions gained
Are Ex-Council/Local Authority Houses considered acceptable security to us? Acceptable - minimum property value of £70,000
Are Ex-Council/Local Authority Flats/Maisonettes considered acceptable security to us? Not acceptable
Are properties with any element of Flying Freehold considered acceptable security to us? Acceptable - up to 25% of the total floor area or shared access alleyway
Will we consider an application for a Property with Land? Acceptable - up to a maximum of 20 acres
Will we permit a room to be let out to a boarder or lodger? Acceptable where there are lodgers residing without security of tenure to a maximum of 2 people (either one couple or two individuals), and no formal agreement in place
Is renting a room to a lodger/boarder an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment is required
Will we consider Period Properties as suitable security? Period (tudor style) timber frame properties in historic towns or areas acceptable
Are properties identified as a No Fines or Easi Form Construction and built after 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines and Laing Easiform acceptable
Are properties identified as a No Fines or Easi Form Construction and built prior to 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines and Laing Easiform acceptable
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? The following Fixed Early Repayment Charges will apply: 1) Fee free / £895 arrangement fee products - Yr 1 = 8%, Yr 2 = 8%, Yr 3 = 8%, Yr 4 = 8%, Yr 5 = 8%, Yr 6 = 6%, Yr 7 = 6%, Yr 8 = 6%, Yr 9+ = 0% 2) 4% cashback / Elite range products - Yr 1 = 10%, Yr 2 = 9%, Yr 3 = 8%, Yr 4 = 7%, Yr 5 = 6%, Yr 6 = 5%, Yr 7 = 4%, Yr 8 = 3%, Yr 9 = 2%, Yr 10% = 1%, Yr 11+ = 0%
Can partial repayments be made? If so, what is the policy on this? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Do we offer a Downsizing Protection Option, whereby the applicant can move house & downsize to clear the mortgage debt? If so, what is the policy on this? Yes - if after 5 years the applicants choose to downsize to a property of lesser value which is outside the lending criteria and therefore ineligible for porting, they will be exempt from early repayment charges.
For New Build Properties, what specific Warranties or Warranty Providers are acceptable to us? - NHBC - Zurich 10 (new build or conversion) - Premier Guarantee for Private Housing / Premier Guarantee for Completed Housing - Building Life Plan - LABC New Homes Warranty Scheme - Build Zone 10 Year Warranty - Checkmate / Castle 10 New Home Warranty - ICW Warranty - Protek
Are properties with any element of a Flat Roof considered acceptable security to us? Acceptable - up to 100%
Do we offer an Early Vacancy Guarantee? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Does the lender offer Home Reversion Plans? Not applicable - do not offer Home Reversion plans
Do we offer a product where Rent payments can escalate? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where rent payments are guaranteed to remain fixed? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is the Maximum % Release that we will consider? Not applicable - do not offer Home Reversion plans
What is the Minimum % Release that we will consider? Not applicable - do not offer Home Reversion plans
Will we accept an application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
Do we offer products where the Rent Payment may Cease? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where the rent payment may be reduced? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is our policy on Rent Payable during the lifetime of the plan? I.e. do we stipulate a Minimum and Maximum Rent Payable under the Home Reversion Plan? Not applicable - do not offer Home Reversion plans
Do we offer the option to re-purchase / buy back the property at a later date? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Is the cash reserve facility guaranteed? Cash reserve facility not guaranteed
What is our policy surrounding Free Legals? For example, do we typically offer them? Are there any fees which are considered to be additional costs payable by the applicant? Legal fees payable by customer
Will we consider an application where an applicant is not currently retired but where the term of the mortgage will extend into retirement? If so, what is the policy on this? Acceptable - no income or affordability assessment required
Will we accept an application where an applicant is already retired? If so, what it the policy on this? Acceptable - no income or affordability assessment required
Do we consider lending against properties with Agricultural Ties or Restrictions? Not acceptable
Will we accept applications for farms or small holdings? Not acceptable
Are Sheltered Accommodation or Retirement Housing considered suitable security for us? Not acceptable
Will we consider lending against a property that has Overhead Power Lines? Properties within 75 metres of pylons, overhead power cables and / or mobile phone masts not acceptable
Are Properties requiring Essential Repairs acceptable to us? If so, what is the policy on this? Acceptable - where the cost of the essential repairs is £2,500 or less, an undertaking from the applicant will be requested to complete all essential repairs within 3 months of mortgage completion
Is Income received from a Trust Fund an acceptable source of income for Affordability Assessment? Not applicable
Will we consider an application from either a Trust or Trustees? Not applicable
Are Studio Flats or Studio Apartments considered to be acceptable security to us? Not acceptable
Are properties owned under any form of Shared Equity Schemes considered acceptable security to us? If so, what is the policy on this? Not acceptable
Are properties with Insulated Concrete Eco Friendly construction acceptable? If so, what is the policy on this? Not acceptable
Are properties identified as Mundic Block Construction considered suitable security to us? Acceptable if get a report confirming A1 mundic property.
Which Valuation Company is the preferred Valuer for us? E-surv
Do we consider Properties that have Solar Panels as suitable security? Acceptable - if owned outright
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee free option is available
Do we offer a Medically Enhanced Lifetime Mortgage Product, for example where clients have medical conditions which will shorten their life expectancy, therefore allowing the client to borrow a higher proportion of the property's value? If so, what is the policy on this? Not available
Do we offer an Inheritance Protection Guarantee? If so, what is the policy on this? Inheritance Protection Guarantee not available
Are Tyneside Flats / Cross Leases considered to be acceptable security to us? Not acceptable
Are we a member of the Equity Release Council? Yes - Pure Retirement is a member of the Equity Release Council
Is the product approved by The Equity Release Council? Yes - Pure Retirement's products are approved by the Equity Release Council
Do we offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
Will we accept that the applicant has been Electronically Identified by the Broker removing the need for Certified ID? Acceptable
Can ad-hoc payments be made on additional borrowing? If so, what is the policy on this? A maximum of 12 repayments (minimum £50) up to a maximum of 10% of all advances per year can be made without incurring early repayment charges. Repayments can be made via direct debit, standing order and debit card.
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Will we allow the applicant to add any Arrangement or Booking Fees to the Loan when by doing this, it takes them above either the LTV for their chosen product or our LTV limits? Acceptable
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Arrangement fee (£895) can be added to the loan above the maximum LTV. Arrangement fee free options also available.
Is Additional Borrowing to the main loan permitted by us? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Will we consider an application where there is Adverse Credit? Can be considered subject to the following: CCJs - If repaid upon completion Bankruptcy - If discharged prior to application IVAs - If repaid upon completion
Will we accept an Application from the Broker for their own Mortgage Application (either in a single or joint names)? Not acceptable
Do we accept applications for either the Purchase or Remortgage of Affordable Housing? Ex-local authority houses and bungalows acceptable (minimum property value £70,000)
Will we consider lending to applicants who are looking to let their property out at any stage using Airbnb? Not acceptable
Will we consider an application where the applicant is currently living in Tied Accommodation and will continue to do so on completion of the mortgage? Not acceptable
Will we accept an application from a person who has been appointed with a Power of Attorney to act on the applicant's behalf? Acceptable subject to an Enduring or Lasting Power of Attorney. Powers of Attorney must be registered with the Office of the Public Guardian. POA cannot be the spouse of the applicant or have any interest in the funds being raised.
Will we accept an Architect's Certificate as opposed to a Warranty on a property? Acceptable - subject to being registered with the Architects Registration Board (ARB) and accompanied by evidence of Professional Indemnity cover
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not acceptable
Will we consider assessing an application without the need for Bank Statements? If not, what is required and what Bank Statement formats are acceptable? Yes - no affordability assessment is required
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago? Acceptable - subject to being discharged prior to application
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago? Acceptable - subject to being discharged prior to application
Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago? Acceptable - subject to being discharged prior to application
Will we consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable - subject to being discharged prior to application
Will we consider an application from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must be residing in the UK
Will the lender accept an application to release Equity from a Buy to Let property? If so, what is the policy on this? Not acceptable
Is a Capital & Interest Repayment Method acceptable to us? Not acceptable
Will we allow Capital Raising on a Remortgage? Acceptable
Will we consider an application to Capital Raise for the purpose of Purchasing a Buy To Let? Acceptable
Will we allow Capital Raising specifically for Business Purposes on a Remortgage? Not acceptable
Will we allow Capital Raising specifically for Debt Consolidation on a Remortgage? Acceptable
Will we allow Capital Raising specifically for Home Improvements on a Remortgage? Acceptable
Will we consider an application to Capital Raise for the purpose of Purchasing Land? Acceptable
Is cash back available as a percentage of the loan amount ? Cashback option of 4% available on all products
Do we allow a Cash Reserve or Facility for Additional Funds to be applied for at the same time as the Application for the Main Loan and Initial Drawdown Amount? Yes, drawdown facility available. The minimum release amount is £500
Is cashback available as a set amount ? If so, what is the policy on this? Cashback option of 4% available on all products
Will we consider issuing a mortgage offer without the need to see a Coal Mining Authority Report? Yes - no requirement for Coal Mining Authority Report
As the existing Residential Lender, will we typically grant a Consent To Let on a property that is currently occupied by the applicant? Not acceptable
Do we accept applications for Consumer Buy To Lets? Not acceptable
Will we consider a case from an applicant who has a Conviction? Not acceptable unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974. For a custodial sentence of more than 4 years then the conviction can never become spent.
Will we consider an application from someone who has a history of CCJs totalling more than £500? Acceptable - subject to any current CCJs being satisfied upon completion
Are we happy to consider an application from someone who has had 2 or more CCJ's? Acceptable - subject to any current CCJs being satisfied upon completion
Will we consider an application from someone who has had a CCJ registered in the last 3 years? Acceptable - subject to any current CCJs being satisfied upon completion
Will we consider an application from someone who had a CCJ registered against them over 3 years ago? Acceptable - subject to any current CCJs being satisfied upon completion
Will we consider an application from someone who has satisfied a CCJ in the past 3 years? Acceptable - subject to any current CCJs being satisfied upon completion
Will the we consider an application from someone who satisfied a CCJ over 3 years ago? Acceptable - subject to any current CCJs being satisfied upon completion
Will we consider an application from someone who has an unsatisfied CCJ? Acceptable - subject to any current CCJs being satisfied upon completion
Will we consider an application from someone who has CCJs totalling up to £500? Acceptable - subject to any current CCJs being satisfied upon completion
Will we consider an application where there has been any history of Arrears on a Credit Card or on any form of Revolving Credit (i.e. Store Cards, Catalogue Accounts, etc.? Acceptable - no credit or affordability assessment required
Do we Credit Score as opposed to Credit Check when underwriting? No credit scoring is involved
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Will we consider an application from someone with a Criminal Record? Not acceptable, unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974.
Are crofted properties / houses considered acceptable security to us? Not acceptable
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - subject to any current debt management plan being repaid upon completion
Will we consider an application where the applicant has historically had a Debt Management Plan but which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - subject to any current debt management plan being repaid upon completion
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - subject to any current debt management plan being repaid upon completion
Will we consider an application where the applicant is currently in a Debt Management Plan? If so, what is the policy on this? Acceptable - subject to any current debt management plan being repaid upon completion
What is our definition of what we will class as a New Build Property? A property that was built, converted or completely renovated in the last 12 months; a property that is being sold by the builder or developer, or a property being purchased or occupied for the first time in its current form
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
What is our policy on Direct Debits? For example, must the payment come from the bank account of someone named on the mortgage? Can the applicant choose on which date their Direct Debit is taken or is the date set by us? Acceptable - the Sovereign range allows payments to be made via direct debit, standing order or debit card.
Will we accept an Endowment Policy an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an application for the Purchase of Equity? Not acceptable
What is our policy regarding Existing Borrowers? For example, are they permitted to port in certain cases? Can they continue on Interest Only in cases where policy has otherwise changed? Acceptable - porting is available subject to standard lending policy
Will we consider an application where there is an existing second charge on a property? Can be considered - if the charger is prepared for our charge to rank as first charge on the property, and the existing charge to rank as second charge.
Will we consider granting an extension to the original Mortgage Offer? Mortgage offers are valid for 42 days from the date of issue. Extensions of a further 30 days can be considered dependent upon circumstances
Are Freehold houses with self contained flats considered acceptable security to us? Not acceptable
Is accessing the cash reserve facility fee free? What is the policy on this? Yes - no fee is applied
Will we consider an application where there is a First Time Buyer named as the Second Applicant? Acceptable
Do we accept applications from First Time Buyers? What is our definition of a First Time Buyer? Acceptable
Do we offer products with Fixed Interest Rate Payments for the duration of the mortgage? Yes - interest is fixed for the lifetime of the mortgage
Are Flats/Apartments that are above Commercial Premises considered acceptable security to us? Not acceptable
Are Flats/Apartments that are above Food Outlets considered acceptable security to us? Not acceptable - property cannot be adjacent or above commercial premises
Are Flats/Apartments that are in Converted Buildings considered acceptable security to us? Acceptable
How may flexible ad-hoc payments can be made per year? What is the policy on this? Can they be made in the first year? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
How frequently can flexible ad-hoc payments be made? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can flexible ad-hoc payments be made? If so, what is the policy on this? Are there set percentages? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Are Further Advances available to Existing Borrowers? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Will we accept an application to purchase a Holiday Home? Not acceptable
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - subject to any current IVAs being repaid upon completion
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement but which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - subject to any current IVAs being repaid upon completion
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - subject to any current IVAs being repaid upon completion
Will we consider an application where the applicant is currently in an Individual Voluntary Arrangement? If so, what is the policy on this? Acceptable - subject to any current IVAs being repaid upon completion
Will we consider an application to mortgage a property that has been Inherited? Acceptable
Will we consider lending on an Interest Only repayment type? Not acceptable
Can the interest roll-up? If so, what is the policy on this? Yes - all products are on an interest roll up basis. No repayments required
Can interest payments be made? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Will the lender consider an AVM, desktop or drive by valuation as opposed to a physical inspection of the property? Yes - only if a physical valuation cannot take place
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable
Will we accept an application to purchase the property next door to a property already owned by the applicant to knock through? Not applicable
Do we accept applications for Large Loans over £500,000? Yes - maximum loan amount of £1,000,000. For Sovereign Elite products maximum loan amount of £2,000,000 (can refer if above)
Is a Leasehold Flat / Apartment where applicant/s own part or all of the Freehold considered an acceptable security to us? Acceptable - subject to a maximum of 2 properties in the block
How many years are required on the lease at the beginning of the term in order to consider an application? Youngest applicant age and minimum lease term remaining at application must be 185 or greater
How many years are required on the lease at the end of the mortgage term in order to consider an application? Not applicable
Will we consider an application from a Limited Company? Not applicable
Do we offer a product where the client can elect to roll up some of the interest and pay some of the interest simultaneously? If so, what is the policy on this? Not acceptable - interest servicing option not available
Will we consider an application for a property where Light Refurbishment is required? Acceptable - subject to valuation report
Are Live/Work Units considered acceptable security? Not acceptable
Will we accept an application for a property being purchased through a Local Authority Grant Scheme? Not acceptable
Will we consider an application from a sole applicant who is either married, in a civil partnership or common law partners? Acceptable - if the title is in the applicant's sole name and the application is in a sole name. We would need to condition for an Occupier Waiver and independent legal advice to be obtained for the spouse who is residing
What is the Maximum Age acceptable at the End of the Mortgage Term using Employed Income only and not taking into consideration any Pension Income? Not applicable - no income or affordability assessment required
What are the Maximum Number of Bedrooms per property that we will consider as security? No maximum
What is the minimum age of the Second Applicant that is acceptable to us? 55 years
What is the minimum flexible ad-hoc payment allowed? Maximum 12 payments up to a total of 10% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
What are the Minimum of Bedrooms per property that we will consider as security? Minimum of one bedroom (studio flats not acceptable)
Will we consider an application from an applicant who has had any Missed or Late Payments on a Credit Agreement? Acceptable - no affordability assessment is required
Will we consider an application from an applicant who has had any Arrears or Defaults with a Mobile Phone or Communications? Acceptable - no affordability assessment is required
How long are the Mortgage Offers valid for on a New Build House / Flat Mortgage offers are valid for 42 days from the date of issue
How long are Mortgage Offers on a re-sale house / flat valid for? Mortgage offers are valid for 42 days from the date of issue
Will we consider an application from an applicant who has had any history of Arrears on either a Mortgage or on a Secured Loan? Acceptable - no affordability assessment is required
Are New Build Apartments/Flats considered suitable security for us? Acceptable - must have a suitable certificate to confirm that it does not contravene any building regulations (e.g. NHBC certificate)
Are New Build Houses considered suitable security to us? Acceptable - must have a suitable certificate to confirm that it does not contravene any building regulations (e.g. NHBC certificate)
Will we accept an application for a new build house or apartment which is being purchased 'off plan?' Not acceptable
Do we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Will we consider an application where there will be occupiers over the age of 17 who are not party to the mortgage? Acceptable - subject to every occupier over the age of 17 that is not named on the mortgage signs a Deed of Consent. Also applicable for a spouse residing at the property that is not named on the mortgage.
Are properties identified as being of a Non-Standard Construction considered suitable security to us? Not acceptable
Is a property with Non Standard Utilities considered acceptable security to us? Not acceptable
Do we accept applications from Non UK, EU or EEA Foreign Nationals? Acceptable - subject to the applicant being granted unconditional and indefinite leave to remain in the UK. 3 years address history must be provided.
What are the maximum number of kitchens that are acceptable us? Maximum of 1 kitchen
Can a non-applicant reside in the property if they are not on the title deeds? Acceptable - subject to every occupier over the age of 17 that is not named on the mortgage signs a Deed of Consent. Also applicable for a spouse residing at the property that is not named on the mortgage.
Will we consider lending on a Part Repayment and Part Interest Only repayment type? Not acceptable
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
What Areas of the Country/Postcode Areas does we lend in? Are applications considered for the islands surrounding the UK Mainland? If so, which are acceptable? England (including Isle of Wight, and excluding Isle of Man, Channel Islands and Scilly Isles), Wales, and mainland Scotland (any Scottish islands excluded). Lending in Northern Ireland is not currently available.
Will we consider an application for the Purchase of a property is a Private Sale and where there is no Estate Agent involvement? Acceptable
Will we consider a product split on the same mortgage? Not acceptable
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not acceptable
Will we consider applications from Professional Landlords? Not applicable
Will we consider lending against a property affected by Subsidence? If so, what is the policy on this? Ongoing and progressive movement is not acceptable. If property has been underpinned it must have been carried out more than 3 years ago with long term guarantees
Will we consider lending against a property build on or in close proximity to Landfill? If so, what is the policy on this? Not acceptable
Do we consider Properties that are close to Commercial Outlets as suitable security? Acceptable - if property is adjacent. Above or directly next to commercial premises is not acceptable
Are properties that are in poor condition due to neglect, hoarding, etc. considered acceptable security? Properties in poor condition or repair, requiring major essential works (over £2,500 worth of works), or significant renovation or alteration are not acceptable
Are Properties undergoing substantial Alterations, Extensions or Repairs considered acceptable security? If so, what is the policy on this? Properties in poor condition or repair, requiring major essential works (over £2,500 worth of works), or significant renovation or alteration are not acceptable
Are Properties with an Unregistered Title considered acceptable security? If so, what is the policy on this? Acceptable - subject to registration upon completion
What is our policy on the Condition of a Property? What are the Minimum Requirements in order to consider lending? Property must have a minimum property value of £70,000 and be in a good state of repair
Are properties which have flooded over 5 years ago acceptable? If so, what is the policy on this? Can be considered - subject to area benefiting from flood defences
Are properties which have flooded within the last 5 years acceptable? If so, what is the policy on this? Not acceptable
Are properties which are close to other properties which have flooded, but have not suffered flooding themselves, acceptable? If so, what is the policy on this? Can be considered - subject to area benefiting from flood defences
Will we consider new purchase applications? Acceptable
Will we consider an application where an Applicant has a history of Rent Arrears? Acceptable - no affordability assessment required
What is our policy regarding UK residency? E.g. will we accept an application without stipulating a minimum period of residency in the UK prior to application? Must the applicant have Permanent Right to Reside? All applicants must be resident in the UK and provide an address history covering the last 36 months.
Will we consider an application on a Property where there is a Restrictive Covenant? Not acceptable
Will we consider an Application for Right To Acquire? Not acceptable
Will we consider an Application for Right To Buy? Not acceptable
Will we accept Sale of a Foreign Property or Assets as an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Is Seasonal Employment an acceptable source of income for Affordability Assessment? No applicable - no income or affordability assessment required
Is the applicant free to use any solicitor of their choosing and without the firm meeting specific requirements? E.g. Is there a requirement for a minimum number of Partners in a Practice or for the applicant to use a specific Panel of Solicitors? Yes - customer is free to appoint solicitor of their choice as long as they are registered with the Law Society
Will the lender accept an application to release Equity from a Second Home? If so, what is the policy on this? Not acceptable - property must be occupied by the applicants as their main residence
Will we allow the Splitting of a Title Deed to be done on Completion? Not acceptable
Is Statutory Sick Pay an acceptable source of income for Affordability Assessment? If so, what is the policy on this? Not applicable - no income or affordability assessment required
Will the lender consider an application from Tenants in Common? If so, what is the policy on this? Both joint tenants or tenants in common acceptable
What Tenures are acceptable to us? What is the specific policy detail on these? Freehold, Leasehold (subject to minimum remaining term based on youngest applicant age) and Absolute Ownership
Will we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable - both applicants must be named on deeds
Are Properties that have been Underpinned ever considered to be acceptable security to us? Acceptable - providing that the property was underpinned over 3 years ago
Will we consider an Application to Mortgage a property that is Unencumbered? I.e. is the Application treated as a Remortgage? And if so, are Free Legals available? Acceptable
Will we consider an application where there has been any history of any Arrears on an Unsecured Loan? Acceptable - no affordability or income assessment required
Will we consider an application where there has been any history of Missed or Late Payments or Arrears on Utility Bills? Acceptable - no affordability or income assessment required
What Types of Valuation is the Applicant able to arrange via us? Physical property valuation is arranged as standard. However if a physical valuation cannot take place due to Covid-19 restrictions a desktop valuation may be arranged
Do we offer products with Variable Interest Rate Payments for the duration of the mortgage? No - the mortgage rate is fixed for the life of the mortgage
How often can withdrawals be made from a cash reserve facility? What is the policy on this? No restrictions on the number of withdrawals
Will we accept an application from a person with Diplomatic Immunity? Not acceptable
Will we consider an application from an applicant purchasing a property that the current Vendor has owned for less than 6 months? Acceptable - subject to applicant being registered as the owner prior to completion, and no issues or restrictions on the title highlighted by solicitor
Are Basement Flats/Apartments acceptable security to us? Acceptable - subject to valuation report
What are our specific requirements for the Certification of Documents? Documents must be certified as being a true copy by the applicant's adviser
Are properties that are being purchased Below Market Value acceptable to us? Not acceptable
Which Credit Referencing Agency do we use? Creditsafe
Will an application for a Concessionary Purchase, Deed of Gift or an Inter-family Transaction be considered by us? Not acceptable
Is it acceptable to remortgage a property within 6 months of purchase or acquisition? Are there certain circumstances under which this would be acceptable? Subject to individual assessment
Will we consider an application from an applicant who has had a Default? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had defaults totalling more than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application where the applicant has historically had a Debt Relief Order, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had a default registered in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who had a default registered over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has satisfied a default in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who satisfied a default over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has any unsatisfied defaults? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has defaults totalling less than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Is a property that has a Section 106 and/or is a Discounted Market Sale acceptable security to us? Not acceptable
Will we consider an application where there is any element of a distressed sale? Not acceptable
Will we consider an application for a privately rented property where it is confirmed that the property has an EPC Rating below an E? Not acceptable - applicants must own the property. No concerns regarding EPC ratings
Are Flats/Apartments that have Deck/Balcony Access considered acceptable security to us? Flats with deck or balcony access not acceptable
Will we accept an application for a property which was formerly an HMO? Acceptable - subject to surveyor comments and no property alterations remaining for multiple occupancy
Will we consider an application from an Applicant who is currently in an Arrangement to Pay with a Creditor? Acceptable - subject to payment plan being redeemed in full upon completion
Is a landlocked property with Easements / Rights of Way considered an acceptable security to us? May be considered - subject to relevant access (legal right of way) to the property
What are our requirements for Mortgage Declarations and Direct Debit Mandates? For example, are these paper based? Is a wet ink signature required? What is our policy on these? Wet signature is required. The Sovereign range allows payments to be made via direct debit, standing order or debit card.
What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions? Subject to review
Will an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is required
Will we consider lending against a property affected by Mining or in close proximity to a Mineshaft? If so, what is the policy on this? Subject to valuation report
Are Properties where Building Works have not yet commenced an acceptable security? If so, what is the policy on this? Subject to review
Are Properties with a Sinking Fund considered acceptable security to us? Acceptable
Will we consider an application for a property where it has been owned for less than 6 months by the current vendor? Acceptable - subject to applicant being registered as the owner prior to completion, and no issues or restrictions on the title highlighted by solicitor
Will we consider an application for a Property with an Annex? Acceptable - subject to being suited to the property, and no more than 2 units in total (including main residence). Annex can be detached from the main residence. Annex should be on same utilities and council tax as the main residence
Will we consider an application for a Property with Outbuildings? Subject to surveyor report
Will we consider an application for a Property that has either Shared Access and/or Shared Services? Acceptable - subject to surveyor comments. Shared water or drainage is not acceptable
Can we issue Full or Partial Retentions on a Mortgage Offer? Not acceptable
Are Serviced Flats/Apartments considered suitable security for us? Acceptable - applicant will need to provide 3 comparable local properties that have been sold within the last 6 months
What is the Maximum loan amount that you will consider advancing? Maximum loan size available is £950,000
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years
What is the Minimum property value acceptable to you? £120,000 (£150,000 if ex-local authority)
What is the Minimum loan amount that you will consider advancing? £10,000 (£20,000 if 4% cashback product)
What is the maximum property value that is acceptable to us? £2,000,000 (£1,000,000 in Scotland and Wales)
How may flexible ad-hoc payments can be made per year? What is the policy on this? Can they be made in the first year? Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
What is the Maximum Age acceptable by us at the point at which the application is submitted? Maximum age of 85
What is our policy on Direct Debits? For example, must the payment come from the bank account of someone named on the mortgage? Can the applicant choose on which date their Direct Debit is taken or is the date set by us? Acceptable - the Emerald range allows payments to be made via direct debit, standing order or debit card.
Do we accept applications for Large Loans over £500,000? Maximum loan size available is £950,000
Will we accept that the applicant has been Electronically Identified by the Broker removing the need for Certified ID? Acceptable
Can ad-hoc payments be made on additional borrowing? If so, what is the policy on this? A maximum of 12 repayments (minimum £50) up to a maximum of 12% of all advances per year can be made without incurring early repayment charges. Repayments can be made via direct debit, standing order and debit card.
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Will we allow the applicant to add any Arrangement or Booking Fees to the Loan when by doing this, it takes them above either the LTV for their chosen product or our LTV limits? Acceptable
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Arrangement fee (£895) can be added to the loan above the maximum LTV. Arrangement fee free options also available.
Is Additional Borrowing to the main loan permitted by us? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Will we consider an application where there is Adverse Credit? Can be considered subject to the following: CCJs - No more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years. No unsatisfied CCJs. Bankruptcy - If discharged more than 6 years prior to application IVAs - If satisfied (can be satisfied with mortgage proceeds). DMPs - If satisfied (can be satisfied with mortgage proceeds). Not acceptable if applicant has also had a satisfied CCJ in the last 4 years
Will we accept an Application from the Broker for their own Mortgage Application (either in a single or joint names)? Not acceptable
Do we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
Do we accept applications for either the Purchase or Remortgage of Affordable Housing? Ex-local authority houses and bungalows acceptable (minimum property value £150,000)
Do we consider lending against properties with Agricultural Ties or Restrictions? Not acceptable
Will we consider lending to applicants who are looking to let their property out at any stage using Airbnb? Not acceptable
Do we lend on properties in England? Acceptable - maximum property value £2,000,000. Maximum loan size £950,000
Do we lend on properties in Northern Ireland? Not acceptable
Do we lend on properties in Scotland? Acceptable - maximum property value £1,000,000. Maximum loan size £950,000
Do we lend on properties in Wales? Acceptable - maximum property value £1,000,000. Maximum loan size £950,000
Will we consider an application where the applicant is currently living in Tied Accommodation and will continue to do so on completion of the mortgage? Not acceptable
Will we accept an application from a person who has been appointed with a Power of Attorney to act on the applicant's behalf? Acceptable subject to an Enduring or Lasting Power of Attorney. Powers of Attorney must be registered with the Office of the Public Guardian. POA cannot be the spouse of the applicant or have any interest in the funds being raised.
Will we accept an application from a person with Diplomatic Immunity? Not acceptable
Will we accept an Architect's Certificate as opposed to a Warranty on a property? Acceptable
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not acceptable
Will we consider assessing an application without the need for Bank Statements? If not, what is required and what Bank Statement formats are acceptable? Yes - no affordability assessment is required
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago? Not acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago? Not acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago? Acceptable - must have been discharged more than 6 years prior to application
Will we consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable - must have been discharged more than 6 years prior to application
Are Basement Flats/Apartments acceptable security to us? Not acceptable
How frequently can flexible ad-hoc payments be made? Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can flexible ad-hoc payments be made? If so, what is the policy on this? Are there set percentages? Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can partial repayments be made? If so, what is the policy on this? Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Are properties that are being purchased Below Market Value acceptable to us? Not acceptable
Are BISF Properties considered to be acceptable security to us? Not acceptable
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee free option is available
Will we consider an application from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must be residing in the UK
Will the lender accept an application to release Equity from a Buy to Let property? If so, what is the policy on this? Not acceptable
Is a Capital & Interest Repayment Method acceptable to us? Not acceptable
Is cash back available as a percentage of the loan amount ? Cashback option of 4% available on all products
Is cashback available as a set amount ? If so, what is the policy on this? Cashback option of 4% available on all products
Are we happy to consider an application from someone who has had 2 or more CCJ's? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
Will we consider an application from someone who has a history of CCJs totalling more than £500? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
Will we consider an application from someone who has had a CCJ registered in the last 3 years? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
Will we consider an application from someone who had a CCJ registered against them over 3 years ago? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
Will we consider an application from someone who has satisfied a CCJ in the past 3 years? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
Will the we consider an application from someone who satisfied a CCJ over 3 years ago? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
Will we consider an application from someone who has an unsatisfied CCJ? Not acceptable - CCJ must have been satisfied prior to application
Will we consider an application from someone who has CCJs totalling up to £500? Acceptable - no more than 3 satisfied CCJs totalling no more than £3,000 in the last 4 years
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Maximum LTV available is 46.10% at age 85
Are Studio Flats or Studio Apartments considered to be acceptable security to us? Not acceptable
Are Tyneside Flats / Cross Leases considered to be acceptable security to us? Not acceptable
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds)
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement but which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds)
Will we consider an application where the applicant has historically had an Individual Voluntary Arrangement, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds)
Will we consider an application where the applicant is currently in an Individual Voluntary Arrangement? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds)
Do we offer an Early Vacancy Guarantee? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Does the lender offer Home Reversion Plans? Not applicable - do not offer Home Reversion plans
Do we offer a product where Rent payments can escalate? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where rent payments are guaranteed to remain fixed? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is the Maximum % Release that we will consider? Not applicable - do not offer Home Reversion plans
What is the Minimum % Release that we will consider? Not applicable - do not offer Home Reversion plans
Will we accept an application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
Do we offer products where the Rent Payment may Cease? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Do we offer a product where the rent payment may be reduced? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
What is our policy on Rent Payable during the lifetime of the plan? I.e. do we stipulate a Minimum and Maximum Rent Payable under the Home Reversion Plan? Not applicable - do not offer Home Reversion plans
Do we offer the option to re-purchase / buy back the property at a later date? If so, what is the policy on this? Not applicable - do not offer Home Reversion plans
Will we consider an application from an applicant who has had a Default? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had defaults totalling more than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has had a default registered in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who had a default registered over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has satisfied a default in the last 3 years? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who satisfied a default over 3 years ago? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has any unsatisfied defaults? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider an application from an applicant who has defaults totalling less than £500? Acceptable - not subject to assessment unless default has lead to CCJ etc.,
Will we consider a case from an applicant who has a Conviction? Not acceptable unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974. For a custodial sentence of more than 4 years then the conviction can never become spent.
Will we consider an application from someone with a Criminal Record? Not acceptable unless the conviction is for minor traffic offences, or it is spent under the Rehabilitation of Offenders Act 1974. For a custodial sentence of more than 4 years then the conviction can never become spent.
Are we a member of the Equity Release Council? Yes - Pure Retirement is a member of the Equity Release Council
Is the product approved by The Equity Release Council? Yes - Pure Retirement's products are approved by the Equity Release Council
Do we offer an Inheritance Protection Guarantee? If so, what is the policy on this? Inheritance Protection Guarantee not available
Do we offer a Medically Enhanced Lifetime Mortgage Product, for example where clients have medical conditions which will shorten their life expectancy, therefore allowing the client to borrow a higher proportion of the property's value? If so, what is the policy on this? Not available
Are properties identified as Mundic Block Construction considered suitable security to us? Acceptable - only if graded A1 in line with latest RICS guidance
Are properties identified as a No Fines or Easi Form Construction and built after 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines and Laing Easiform acceptable
Are properties identified as a No Fines or Easi Form Construction and built prior to 1945 considered suitable security for the Lender? If so, what is the policy on this? Wimpey No-Fines and Laing Easiform acceptable
Are properties with any element of a Flat Roof considered acceptable security to us? Acceptable - subject to maximum of 25%
Are properties with any element of Flying Freehold considered acceptable security to us? Acceptable - up to 15% of the total floor area
Are Grade 1 Listed Buildings considered acceptable security to us? Not acceptable
Are Grade 2 Listed Buildings considered acceptable security to us? Acceptable - however Grade 2* and Grade B (Scotland) not acceptable
What is the minimum flexible ad-hoc payment allowed? Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
What are the Minimum of Bedrooms per property that we will consider as security? Minimum of one bedroom (studio flats not acceptable)
What are the Maximum Number of Bedrooms per property that we will consider as security? Maximum of 5 bedrooms
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? The following Fixed Early Repayment Charges will apply: 1) Fee free / £895 arrangement fee products - Yr 1 = 7%, Yr 2 = 7%, Yr 3 = 6%, Yr 4 = 6%, Yr 5 = 6%, Yr 6 = 5%, Yr 7 = 4%, Yr 8 = 3%, Yr 9 = 2%, Yr 10 = 1%, Yr 11+ = 0% 2) 4% cashback products - Yr 1 = 10%, Yr 2 = 10%, Yr 3 = 9%, Yr 4 = 9%, Yr 5 = 9%, Yr 6 = 7%, Yr 7 = 5%, Yr 8 = 3%, Yr 9 = 2%, Yr 10% = 1%, Yr 11+ = 0%
What is the Maximum number of floors / storeys in a building that will be acceptable to us? Flats not acceptable
Are Sheltered Accommodation or Retirement Housing considered suitable security for us? Not acceptable
What is the minimum age of the Second Applicant that is acceptable to us? 55 years
What are our specific requirements for the Certification of Documents? Documents must be certified as being a true copy by the applicant's adviser
Do we allow a Cash Reserve or Facility for Additional Funds to be applied for at the same time as the Application for the Main Loan and Initial Drawdown Amount? Yes, drawdown facility available. The minimum release amount is £500.
Will we consider issuing a mortgage offer without the need to see a Coal Mining Authority Report? Yes - no requirement for Coal Mining Authority Report
Are Commonhold properties considered acceptable security to us? If so, what is the policy on this? Not acceptable
As the existing Residential Lender, will we typically grant a Consent To Let on a property that is currently occupied by the applicant? Not acceptable
Do we accept applications for Consumer Buy To Lets? Not acceptable
Will we consider an application where there has been any history of Arrears on a Credit Card or on any form of Revolving Credit (i.e. Store Cards, Catalogue Accounts, etc.? Acceptable - no credit or affordability assessment required
Which Credit Referencing Agency do we use? Creditsafe
What is our definition of what we will class as a New Build Property? A property that is less than 10 years following construction at the point of application
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
Is a property that has a Section 106 and/or is a Discounted Market Sale acceptable security to us? Not acceptable
Will we consider an application where there is any element of a distressed sale? Not acceptable
Do we offer a Downsizing Protection Option, whereby the applicant can move house & downsize to clear the mortgage debt? If so, what is the policy on this? Yes - if after 5 years the applicants choose to downsize to a property of lesser value which is outside the lending criteria and therefore ineligible for porting, they will be exempt from early repayment charges.
Will we accept an Endowment Policy an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an application for a privately rented property where it is confirmed that the property has an EPC Rating below an E? Not acceptable - applicants must own the property. No concerns regarding EPC ratings
Will we consider an application for the Purchase of Equity? Not acceptable
Do we Credit Score as opposed to Credit Check when underwriting? No credit scoring is involved
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Is it acceptable to remortgage a property within 6 months of purchase or acquisition? Are there certain circumstances under which this would be acceptable? Subject to individual assessment
Are Ex-Council/Local Authority Flats/Maisonettes considered acceptable security to us? Not acceptable
Are Ex-Council/Local Authority Houses considered acceptable security to us? Acceptable - minimum property value of £150,000
What is our policy regarding Existing Borrowers? For example, are they permitted to port in certain cases? Can they continue on Interest Only in cases where policy has otherwise changed? Acceptable - porting is available subject to standard lending policy
Will we consider an application where there is an existing second charge on a property? Not acceptable
Will we consider granting an extension to the original Mortgage Offer? Mortgage offers are valid for 42 days from the date of issue. Extensions of a further 30 days can be considered dependent upon circumstances
Will we accept applications for farms or small holdings? Not acceptable
Is accessing the cash reserve facility fee free? What is the policy on this? Yes - no fee is applied
Will we consider an application where there is a First Time Buyer named as the Second Applicant? Acceptable
Do we accept applications from First Time Buyers? What is our definition of a First Time Buyer? Acceptable
Do we offer products with Fixed Interest Rate Payments for the duration of the mortgage? Yes - interest is fixed for the lifetime of the mortgage
Are Flats/Apartments that are above Commercial Premises considered acceptable security to us? Not acceptable
Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us? Not acceptable
Are Flats/Apartments that are in Converted Buildings considered acceptable security to us? Not acceptable
Are Flats/Apartments that are above Food Outlets considered acceptable security to us? Not acceptable - property cannot be adjacent or above commercial premises
Are Flats/Apartments that have Deck/Balcony Access considered acceptable security to us? Acceptable - Maximum of 4 floors. If the property is on floor 3 or 4, lift access must be available. 85% of the property value will be used
What is our policy surrounding Free Legals? For example, do we typically offer them? Are there any fees which are considered to be additional costs payable by the applicant? Legal fees payable by customer
Are Freehold Flats/Maisonettes considered acceptable security to us? Not acceptable
Are freehold houses/bungalows acceptable? If so, what is the policy on this? Acceptable
Are Freehold houses with self contained flats considered acceptable security to us? Not acceptable
Are Further Advances available to Existing Borrowers? Acceptable - subject to outstanding loan balance, property value and lending criteria at the time of the further advance application
Is the cash reserve facility guaranteed? Cash reserve facility is not guaranteed
Will we accept an application to purchase a Holiday Home? Acceptable - funds can be used to purchase a holiday home. However a holiday home cannot be used as acceptable security
Will we consider lending on an Interest Only repayment type? Not acceptable
Can the interest roll-up? If so, what is the policy on this? Yes - all products are on an interest roll up basis. No repayments required
Can interest payments be made? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest only payments unavailable, however partial repayments acceptable. Maximum 12 payments up to a total of 12% of all advances per annum ERC free. Minimum amount of £50. Repayments can be made via direct debit, standing order or debit card
Will the lender consider an AVM, desktop or drive by valuation as opposed to a physical inspection of the property? Desktop valuations are not available
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Do we offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
Do we offer a product where the client can elect to roll up some of the interest and pay some of the interest simultaneously? If so, what is the policy on this? All products are on an interest roll up basis. No repayments required
Will we accept an application where an applicant is already retired? If so, what it the policy on this? Acceptable - no income or affordability assessment required
Will we consider an application where an applicant is not currently retired but where the term of the mortgage will extend into retirement? If so, what is the policy on this? Acceptable - no income or affordability assessment required
Will we consider an application from a Limited Company? Not applicable
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
What is the Maximum Age acceptable at the End of the Mortgage Term using Employed Income only and not taking into consideration any Pension Income? Not applicable - no income or affordability assessment required
Will we consider an application from an applicant who has had any Missed or Late Payments on a Credit Agreement? Acceptable - no affordability assessment is required
Will we consider an application from an applicant who has had any Arrears or Defaults with a Mobile Phone or Communications? Acceptable - no affordability assessment is required
What are our requirements for Mortgage Declarations and Direct Debit Mandates? For example, are these paper based? Is a wet ink signature required? What is our policy on these? Wet signature is required. The Emerald range allows payments to be made via direct debit, standing order or debit card.
Do we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Will we consider an application from an applicant who has had any history of Arrears on either a Mortgage or on a Secured Loan? Acceptable - no affordability assessment is required
Will we consider lending on a Part Repayment and Part Interest Only repayment type? All products are on an interest roll up basis. No repayments required
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
What Areas of the Country/Postcode Areas does we lend in? Are applications considered for the islands surrounding the UK Mainland? If so, which are acceptable? England, Wales and Scotland including the following islands only - Portsea, Isle of Wight, Anglesey, Isle of Sheppey, Canvey, Hayling
Will we consider an application where there has been any history of Missed or Late Payments or Arrears on Utility Bills? Acceptable - no affordability or income assessment required
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged between 3 and 6 years ago? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds). Not acceptable if the applicant has also had a satisfied CCJ in the last 4 years
Will we consider an application where the applicant has historically had a Debt Management Plan but which was discharged less than 3 years ago? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds). Not acceptable if the applicant has also had a satisfied CCJ in the last 4 years
Will we consider an application where the applicant has historically had a Debt Management Plan, but which was discharged over 6 years ago? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds). Not acceptable if the applicant has also had a satisfied CCJ in the last 4 years
Will we consider an application where the applicant is currently in a Debt Management Plan? If so, what is the policy on this? Acceptable - if satisfied (can be satisfied using mortgage proceeds). Not acceptable if the applicant has also had a satisfied CCJ in the last 4 years
How many years are required on the lease at the beginning of the term in order to consider an application? Minimum leasehold term of 125 years remaining at the time of completion
How many years are required on the lease at the end of the mortgage term in order to consider an application? Minimum leasehold term of 125 years remaining at the time of completion
Will we permit a room to be let out to a boarder or lodger? No tenants other than rent a room with a maximum of 2 occupants who may not be family members. Where there is a tenant there must be a formal tenancy agreement with no more than 1 months' notice required.
Is renting a room to a lodger/boarder an acceptable source of income for Affordability Assessment? Not applicable - no affordability assessment required
Will we consider an application from a sole applicant who is either married, in a civil partnership or common law partners? Not acceptable
Are New Build Apartments/Flats considered suitable security for us? New build properties acceptable only if customer is using funds to remortgage. New build purchases are unacceptable. For flats a maximum of 4 floors. If the property is on floor 3 or 4, lift access must be available. 85% of the property value will be used
Are New Build Houses considered suitable security to us? New build properties acceptable only if customer is using funds to remortgage. New build purchases are unacceptable.
Will we consider an application where there will be occupiers over the age of 17 who are not party to the mortgage? Acceptable - subject to all non-borrowing occupants aged 17 or over signing an occupancy waiver
Do we accept applications from Non UK, EU or EEA Foreign Nationals? Acceptable - no minimum length of residency, but applicants must currently be residing in the UK with a UK address.
Can a non-applicant reside in the property if they are not on the title deeds? Acceptable - subject to all non-borrowing occupants aged 17 or over signing an occupancy waiver
Will we consider lending against a property that has Overhead Power Lines? Not acceptable if overhead - properties close to high or low voltage wooden pylons can be considered. Unable to consider if within 75m.
Will we consider Period Properties as suitable security? Acceptable - if historic timber framed
Will we consider lending against a property affected by Subsidence? If so, what is the policy on this? Acceptable - if underpinning has occurred, must have been more than 3 years ago and have a certificate of structural adequacy. Properties with active movement not acceptable
Do we consider Properties that are close to Commercial Outlets as suitable security? Acceptable - subject to property not being above, adjacent or overlooking commercial property, or likely to be adversely impacted by HGV traffic, noise or pollution emanating the commercial premises.
Will we consider an application for a Property with an Annex? Acceptable - subject to being suited to the property and a maximum of 2 units in total and internal access to the main residence. Annex must be on the same council tax and shared utilities as the main residence.
Will we consider an application for a Property with Land? Acceptable - subject to a maximum of 7 acres
Will we consider an application for a Property with Outbuildings? Acceptable - subject to being suited to the property and a maximum of 2 units in total and internal access to the main residence. Annex must be on the same council tax and shared utilities as the main residence.
Will the lender consider an application from Tenants in Common? If so, what is the policy on this? Acceptable
Are Properties that have been Underpinned ever considered to be acceptable security to us? Acceptable - if underpinning has occurred, must have been more than 3 years ago and have a certificate of structural adequacy. Properties with active movement not acceptable
Are properties which have flooded over 5 years ago acceptable? If so, what is the policy on this? Acceptable - if property in flood zone 1 or on border between zones 1 and 2. Historical flooding is unacceptable, unless if this was a one off event, more than 5 years ago and insurance can be obtained at standard terms. Properties in flood zones 2 and 3 unacceptable.
Are properties which have flooded within the last 5 years acceptable? If so, what is the policy on this? Acceptable - if property in flood zone 1 or on border between zones 1 and 2. Historical flooding is unacceptable, unless if this was a one off event, more than 5 years ago and insurance can be obtained at standard terms. Properties in flood zones 2 and 3 unacceptable.
Are properties which are close to other properties which have flooded, but have not suffered flooding themselves, acceptable? If so, what is the policy on this? Acceptable - if property in flood zone 1 or on border between zones 1 and 2. Historical flooding is unacceptable, unless if this was a one off event, more than 5 years ago and insurance can be obtained at standard terms. Properties in flood zones 2 and 3 unacceptable.
Will we consider an application where an Applicant has a history of Rent Arrears? Not applicable - no affordability assessment required
Do we consider Properties that have Solar Panels as suitable security? Acceptable - if owned outright. Leased solar panels can be considered subject to it being demonstrated they can be removed without onerous break costs.
Are Steel Framed Properties considered to be acceptable security to us? Acceptable - if property built post 2000
Are properties with single skin brick and block work acceptable to us? If so, what is our policy on this? Acceptable - if less than 20% of the non habitable area
Are Timber Framed Properties considered to be acceptable security to us? Acceptable - if historic timber framed property, or if property built post-1970 without skin of brick or stone and compliant with building regulations
Is Statutory Sick Pay an acceptable source of income for Affordability Assessment? If so, what is the policy on this? Not applicable - no affordability assessment required
How often can withdrawals be made from a cash reserve facility? What is the policy on this? No restrictions on the number of withdrawals
Do we offer products with Variable Interest Rate Payments for the duration of the mortgage? No - the mortgage rate is fixed for the life of the mortgage
What Types of Valuation is the Applicant able to arrange via us? Physical property valuation is arranged as standard
Which Valuation Company is the preferred Valuer for us? Countrywide
Will we allow the result of a Valuation to be Appealed? If so, what is the policy and process for this? I.e. is there a specific form, how many comparables are needed, in what distance from the security address and at what status etc? Acceptable - applicant will need to provide 3 comparable local properties that have been sold within the last 6 months
Will we consider an application where there has been any history of any Arrears on an Unsecured Loan? Acceptable - no affordability or income assessment required
Will we allow the Splitting of a Title Deed to be done on Completion? Not acceptable - a title split can however be considered prior to application
Are Serviced Flats/Apartments considered suitable security for us? Not acceptable
Is the applicant free to use any solicitor of their choosing and without the firm meeting specific requirements? E.g. Is there a requirement for a minimum number of Partners in a Practice or for the applicant to use a specific Panel of Solicitors? Yes - customer is free to appoint solicitor of their choice as long as they are registered with the Law Society
Will the lender accept an application to release Equity from a Second Home? If so, what is the policy on this? Not acceptable - property must be occupied by the applicants as their main residence
Is Seasonal Employment an acceptable source of income for Affordability Assessment? Not applicable - no affordability assessment required
Will we accept Sale of a Foreign Property or Assets as an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider an Application for Right To Buy? Not acceptable
Will we consider an Application for Right To Acquire? Not acceptable
What is our policy regarding UK residency? E.g. will we accept an application without stipulating a minimum period of residency in the UK prior to application? Must the applicant have Permanent Right to Reside? No minimum length of residency, but applicant must be currently residing in the UK with a UK address
Will we consider new purchase applications? Acceptable - however new build purchase not acceptable
Will we consider an application for a Property that has either Shared Access and/or Shared Services? Acceptable - subject to the other property(s) being residential
Are properties owned under any form of Shared Equity Schemes considered acceptable security to us? If so, what is the policy on this? Not acceptable
Will an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is required
Will we consider applications from Professional Landlords? Not applicable
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not applicable
Will we consider a product split on the same mortgage? Not acceptable
Will we consider an application for the Purchase of a property is a Private Sale and where there is no Estate Agent involvement? Acceptable
Will we consider Pre-Reinforced Concrete (PRC) properties as suitable security? Not acceptable
Are properties with any evidence of Japanese Knotweed growing within the vicinity considered acceptable security to us? Not acceptable