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.

What is the Maximum Age acceptable by us at the point at which the application is submitted? 84
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years, except for Classic Max product (drawdown only) which is 65 years
Will we consider an application from either a Trust or Trustees? Not applicable
Does 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 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
What is the minimum age of the Second Applicant that is acceptable to us? 55 years, except for Classic Max product (drawdown only) which is 65 years
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
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 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 an application to mortgage a property that has been Inherited? Acceptable
Will we consider an application from a Limited Company? Not applicable
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not acceptable
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
Do we offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
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
Is Seasonal Employment an acceptable source of income for Affordability Assessment? No applicable - no income or affordability assessment required
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
Does we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
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 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
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 where there is an existing second charge on a property? Not acceptable
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 consider an application from someone who has a history of CCJs totalling more than £500? Acceptable - Up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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.
Are we happy to consider an application from someone who has had 2 or more CCJ's? Acceptable - Up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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 had a CCJ registered in the last 3 years? Acceptable - Up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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 had a CCJ registered against them over 3 years ago? Acceptable - Up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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 satisfied a CCJ in the past 3 years? Acceptable - Up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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 the we consider an application from someone who satisfied a CCJ over 3 years ago? Acceptable - Up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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 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 with a combined total of £3,000 registered within the last 5 years. Or 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 where the applicant is currently in a Debt Management Plan? If so, what is the policy on this? Not acceptable
Will we consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable - customer must have been discharged from bankruptcy / sequestration 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 - customer must have been discharged from bankruptcy / sequestration 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 - customer must have been discharged from bankruptcy / sequestration 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 - customer must have been discharged from bankruptcy / sequestration 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
Will we consider an application where there is Adverse Credit? Can be considered - subject to: • CCJs - acceptable where up to 3 satisfied CCJs with a combined total of £3,000 registered within the last 5 years. Or 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. • Bankruptcy - acceptable if the applicants have been satisfactorily discharged more than 6 years prior to application • IVAs - acceptable if the applicants have satisfactorily completed the term more than 6 years prior to application • DMPs - ongoing debt management plans are 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
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 an Applicant has a history of Rent Arrears? Acceptable - no affordability assessment required
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
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 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
Do we Credit Score as opposed to Credit Check when underwriting? No
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Which Credit Referencing Agency do we use? Creditsafe
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 new purchase applications? 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 properties that are being purchased Below Market Value acceptable to us? Not acceptable
Will an application for a Concessionary Purchase, Deed of Gift or an Inter-family Transaction be considered by us? Not acceptable
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
Will we allow Capital Raising specifically for Home Improvements on a Remortgage? Acceptable
Will we allow Capital Raising specifically for Debt Consolidation on a Remortgage? 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
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
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
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
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
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest servicing not available, however optional partial repayments are acceptable
What is the Maximum loan amount that you will consider advancing? £1,000,000 in England, and £515,000 in Wales and Scotland
Will we consider an application without placing any limit on the maximum value of the property? £2,000,000 in England, and £1,000,000 in Wales and Scotland
What is the Minimum loan amount that you will consider advancing? Minimum advance of £10,000
What is the Minimum property value acceptable to you? £125,000 (£150,000 if ex-local authority property)
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
Do we accept applications for Large Loans over £500,000? Yes - maximum loan amount of £1,000,000 in England, and £515,000 in mainland Scotland and Wales
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Dependent upon age, property value and product. The maximum LTV within the range at age 84 is 48.0% (single applicant) or 47.0% (joint applicants).
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
Do we lend on properties in England? Yes - mainland England (including Isle of Wight). Excludes the Channel Islands, Isle of Man and Scilly Isles
Do we lend on properties in Scotland? Yes - mainland Scotland. Excludes Scottish islands e.g. Orkneys, Shetland Islands etc.,
Do we lend on properties in Wales? Yes
Do we lend on properties in Northern Ireland? No
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
Are properties identified as Mundic Block Construction considered suitable security to us? Acceptable - if A1 and subject to a recent test in line with RICS guidelines
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? Post 2000 acceptable
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 - subject to maximum of 25%
What are the Minimum of Bedrooms per property that we will consider as security? No minimum, however studio flats acceptable within the M25 only (85% of property value will be used)
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 6 or more)
Will we accept applications for farms or small holdings? Not acceptable
Do we consider lending against properties with Agricultural Ties or Restrictions? 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
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
Are Flats/Apartments that are above Commercial Premises considered acceptable security to us? Not acceptable
Are Grade 1 Listed Buildings considered acceptable security to us? Not acceptable
Are Grade 2 Listed Buildings considered acceptable security to us? Acceptable - along with Grade C listed (Scotland). 2* star listed not acceptable
Are properties with any evidence of Japanese Knotweed growing within the vicinity considered acceptable security to us? Can be considered - If Japanese Knotweed is present over 7 metres outside the property boundaries, and customer has been made aware of the presence
Are Tyneside Flats / Cross Leases considered to be acceptable security to us? Not acceptable
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
Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us? Acceptable - Maximum of up to 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 you? Maximum of up to 4 floors. For flats / maisonettes 85% of the property value will be used
Are Flats/Apartments that are above Food Outlets considered acceptable security to us? Not acceptable - property cannot be adjacent or above commercial premises
Are Freehold Flats/Maisonettes considered acceptable security to us? Not acceptable
Are Live/Work Units considered acceptable security? Not acceptable
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
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
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.,)
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 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? Yes - mainland England (including Isle of Wight). Excludes Isle of Man, the Channel Islands and Scilly Isles
Are Commonhold properties 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 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
Will we accept an application to purchase the property next door to a house already owned by the applicant? Not applicable
Will we consider an application for a property where Light Refurbishment is required? Acceptable - subject to valuation report
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 Period Properties as suitable security? Period (tudor style) timber frame properties pre-1900 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 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
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
Will we consider an application for a Property with an Annex, Outbuildings and/or Land? Annexes - acceptable subject to being suited to the property, and no more than 2 units in total (including main residence) Land - up to 5 acres acceptable subject to no agricultural restrictions
Are Serviced Flats/Apartments considered suitable security for us? Not acceptable
Are Properties that have been Underpinned ever considered to be acceptable security to us? Acceptable - subject to details and guarantees being provided
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
Are Properties where Building Works have not yet commenced an acceptable security? If so, what is the policy on this? Subject to review
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
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
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
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 for 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 accept applications for either the Purchase or Remortgage of Affordable Housing? Ex-local authority houses and bungalows acceptable (minimum property value £150,000)
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 for the Purchase of Equity? Not acceptable
Will we accept an application for a property being purchased through a Local Authority Grant Scheme? 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
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 an Endowment Policy an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider lending on an Interest Only repayment type? Not acceptable
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider lending on a Part Repayment and Part Interest Only repayment type? Not acceptable
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 from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must have been permanently resident in the UK for the the last 3 years
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 with Diplomatic Immunity? Not acceptable
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
Will we consider lending to applicants who are looking to let their property out at any stage using Air BnB? 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 applications from Professional Landlords? Not applicable
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? Fixed ERCs - Year 1 = 10%, Year 2 = 9%, Year 3 = 8%, Year 4 = 7%, Year 5 = 6%, Year 6 = 5%, Year 7 = 4%, Year 8 = 3%, Year 9 = 2%, Years 10 - 15 = 1%, Year 15+ = no fee payable.
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee free option is available
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Arrangement fee free option is available at an increased rate
Does 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
Does we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Does 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? 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
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
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
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 available? If so, what is the policy on this? No cashback option available
Is cash back available as a percentage of the loan amount available? 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, cash reserve available. No minimum facility amount. The minimum amount of cash to be released from the drawdown facility is £2,000 or whatever is remaining in the facility if less than £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 maximum of 10% of all advances. Minimum amount of £50
How frequently can flexible ad-hoc payments be made? Maximum 12 payments up to a maximum of 10% of all advances. Minimum amount of £50
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 maximum of 10% of all advances. Minimum amount of £50
Can interest payments be made? If so, what is the policy on this? Yes - The Classic range allows monthly repayments to be made via direct debit for a fixed monthly amount
Is a Capital & Interest Repayment Method acceptable to us? Not acceptable
Does 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 products with Fixed Interest Rate Payments for the duration of the mortgage? Yes
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
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
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 accessing the cash reserve facility fee free? What is the policy on this? Yes - no fee is applied
Does 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
What is the minimum flexible ad-hoc payment allowed? Minimum of £50
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
Will we consider a product split on the same mortgage? Not acceptable
How often can withdrawals be made from a cash reserve facility? What is the policy on this? No restrictions on the number of withdrawals
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 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 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
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 an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is 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 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
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 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 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
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
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
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 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
Can we issue Full or Partial Retentions on a Mortgage Offer? Not acceptable
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
Will we accept an application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
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? Not acceptable - if the applicants are married or in a civil partnership, the application must be submitted in joint names
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 accept an Architect's Certificate as opposed to a Warranty on a property? Acceptable - must be registered with the Architects Registration Board (ARB)
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not 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 we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable
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
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 an application on a Property where there is a Restrictive Covenant? 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
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
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 where there is any element of a distressed sale? Not acceptable
What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions? Not acceptable
Are Properties with a Sinking Fund considered acceptable security to us? 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
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years, except for Heritage Max Plus product (joint life only) which is 60 years
What is the minimum age of the Second Applicant that is acceptable to us? 55 years, except for Heritage Max Plus product (joint life only) which is 60 years.
What is the Maximum Age acceptable by us at the point at which the application is submitted? No maximum age
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
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
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
Will we consider an application from either a Trust or Trustees? Not applicable
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 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
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 to mortgage a property that has been Inherited? Acceptable
Will we consider an application from a Limited Company? Not applicable
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
Does 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
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not acceptable
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 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
Do we offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
Is Seasonal Employment an acceptable source of income for Affordability Assessment? Not applicable - no income or affordability assessment required
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
Does we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
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 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
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 where there is an existing second charge on a property? Not acceptable
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 consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago? Yes, subject to the applicant being satisfactorily discharged from bankruptcy and not subject to any further restrictions
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago? Yes, subject to the applicant being satisfactorily discharged from bankruptcy and not subject to any further restrictions
Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago? Yes, subject to the applicant being satisfactorily discharged from bankruptcy and not subject to any further restrictions
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 - up to a maximum of 5 satisfied CCJs
Will we consider an application from someone who has a history of CCJs totalling more than £500? Acceptable - up to a maximum of £20,000 in satisfied CCJs
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 £20,000)
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 £20,000)
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 £20,000)
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 £20,000)
Will we consider an application from someone who has CCJs totalling up to £500? Acceptable - up to a maximum of £20,000 in satisfied CCJs
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? Acceptable - subject to a maximum of £20,000 under management
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
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
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 a maximum of £20,000 under management. Amount must be repaid upon completion
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? Acceptable - subject to a maximum of £20,000. Amount must be 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 a maximum of £20,000. IVA must be satisfied in full upon completion
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
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
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
Will we consider an application where there is Adverse Credit? Can be considered - subject to: • CCJs - a maximum of 5 satisfied up to a maximum of £20,000 • Bankruptcy - the applicants have been satisfactorily discharged and no further restrictions imposed • IVAs - the applicants have satisfactorily completed the term, or will be completed on mortgage completion, to a maximum of £20,000 • DMPs - can be considered as long as not registered against property to a maximum of £20,000, and must be repaid upon completion
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 an Applicant has a history of Rent Arrears? 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 income or affordability assessment required
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 from an Applicant who is currently in an Arrangement to Pay with a Creditor? Acceptable - subject to a maximum of £20,000 under management
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Do we Credit Score as opposed to Credit Check when underwriting? No
Which Credit Referencing Agency do we use? Creditsafe
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
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 new purchase applications? Acceptable
Are properties that are being purchased Below Market Value acceptable to us? Not acceptable
Will an application for a Concessionary Purchase, Deed of Gift or an Inter-family Transaction be considered by us? Not acceptable
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
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
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 to Capital Raise for the purpose of Purchasing a Buy To Let? Acceptable - if purchasing a single Buy to Let
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
Can ad-hoc payments be made on additional borrowing? If so, what is the policy on this? Heritage Core Range (Not Freedom 40) = 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 Heritage Freedom 40 Range = 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
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest servicing not available, however optional partial repayments are acceptable
What is the Minimum property value acceptable to you? £70,000 (£100,000 if ex-council / ex-MOD property)
Will we consider an application without placing any limit on the maximum value of the property? 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 (applies to England, Scotland and Wales)
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
Do we accept applications for Large Loans over £500,000? Yes - maximum loan amount of £600,000 (England only)
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Dependent upon age, property value and product. The maximum LTV within the range at age 85 and over is 54.6%
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
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
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? Yes - mainland England (including Isle of Wight). Excludes Isle of Man, the Channel Islands and Scilly Isles
Do we lend on properties in Scotland? Yes - mainland Scotland. Excludes Scottish islands e.g. Orkneys, Shetland Islands etc.,
Do we lend on properties in Wales? Yes
Do we lend on properties in Northern Ireland? No
Are Steel Framed Properties considered to be acceptable security to us? Not acceptable
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
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? Not 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 post-1945 (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 pre-1945 (Easiform I) unacceptable
Are properties identified as being of a Non-Standard Construction considered suitable security to us? Can be considered dependent upon type of construction
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 - maximum of 30%. Properties with over 30% flat roof can be referred
Do we consider Properties that have Solar Panels as suitable security? Acceptable - if owned outright or with a suitable lease
Are Flats/Apartments that are above Commercial Premises considered acceptable security to us? Can be considered - subject to there being no affect on saleability
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
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 a maximum 2/3rds LTV cap, minimum property value of £200,000, resale value below 3% and more than 3 years since construction
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 - along with Grade C listed (Scotland). 2* star listed not acceptable
What are the Minimum of Bedrooms per property that we will consider as security? Minimum of one (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 or more)
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 you? Maximum of up to 6 floors (over 4 floors must be serviced by a working lift). Flats in blocks of 7 or more can be referred
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 £100,000
Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us? Acceptable - Maximum of up to 6 floors (over 4 floors must be serviced by a working lift). Flats in blocks of 7 or more can be referred
Are Flats/Apartments that are in Converted Buildings considered acceptable security to us? Acceptable
Are properties with any evidence of Japanese Knotweed growing within the vicinity considered acceptable security to us? Not acceptable
What are the maximum number of kitchens that are acceptable us? Maximum of 1 kitchen
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
Are crofted properties / houses considered acceptable security to us? Not acceptable
Are Flats/Apartments that are above Food Outlets considered acceptable security to us? Can be considered - subject to there being no affect on saleability
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 accept an application to purchase the property next door to a house already owned by the applicant? Not applicable
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
Is a property with Non Standard Utilities considered acceptable security to us? Not acceptable
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
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
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 ex-local authority or MOD), and be in a good state of repair
Will we consider an application for a Property with an Annex, Outbuildings and/or Land? Annexes - can be considered subject to annex or self-contained accommodation being occupied by relatives or carers Land - up to 5 acres acceptable subject to no agricultural restrictions
Are Basement Flats/Apartments acceptable security to us? Acceptable - subject to valuation report
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
Will we consider Period Properties as suitable security? Acceptable - subject to surveyor comments
Are Properties where Building Works have not yet commenced an acceptable security? If so, what is the policy on this? Subject to review
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
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 for us? Acceptable - must be support by one of the approved Buildings Standards Indemnity Schemes
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.
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
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)
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 application for a property being purchased through a Local Authority Grant Scheme? Not acceptable
Will we consider an application for the Purchase of Equity? Not acceptable
Will we accept an Endowment Policy an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider lending on an Interest Only repayment type? Not acceptable
Will we consider lending on a Part Repayment and Part Interest Only repayment type? Not acceptable
Will we accept Sale of a Foreign Property or Assets as an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
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 from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must have been permanently resident in the UK for the the last 3 years
Will we accept an application from a person with Diplomatic Immunity? Not 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.
Will we consider lending to applicants who are looking to let their property out at any stage using Air BnB? 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 applications from Professional Landlords? Not applicable
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? Heritage Core Range (Not Freedom 40) = Choice of Fixed or GILT based ERCs will apply Heritage Freedom 40 Range = Fixed ERCs will apply FIXED ERCs - Year 1 = 10%, Year 2 = 9%, Year 3 = 8%, Year 4 = 7%, Year 5 = 6%, Year 6 = 5%, Year 7 = 4%, Year 8 = 3%, Year 9 = 2%, Years 10 - 15 = 1%, Year 15+ = no fee payable. GILT ERCs - 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
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee of £895 payable
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Acceptable
Do we offer products with Fixed Interest Rate Payments for the duration of the mortgage? Yes
Is cashback available as a set £ amount available? If so, what is the policy on this? Not available
Is cash back available as a percentage of the loan amount available? Cashback of 2% available as part of 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, cash reserve available. Maximum total cash facility of £200,000. Minimum drawdown amount of £5,000 from remaining agreed facility
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
Does 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? No
Can partial repayments be made? If so, what is the policy on this? Heritage Core Range (Not Freedom 40) = 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 Heritage Freedom 40 Range = 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
Does 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 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
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 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 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
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? Core Heritage range (not Freedom 40) - Maximum 6 payments up to a maximum of 10% of all advances. Minimum amount of £500 Heritage Freedom 40 range - Maximum 12 payments up to a maximum of 40% of all advances. Minimum amount of £500
How frequently can flexible ad-hoc payments be made? Core Heritage range (not Freedom 40) - Maximum 6 payments up to a maximum of 10% of all advances. Minimum amount of £500 Heritage Freedom 40 range - Maximum 12 payments up to a maximum of 40% of all advances. Minimum amount of £500
Can flexible ad-hoc payments be made? If so, what is the policy on this? Are there set percentages? Core Heritage range (not Freedom 40) - Maximum 6 payments up to a maximum of 10% of all advances. Minimum amount of £500 Heritage Freedom 40 range - Maximum 12 payments up to a maximum of 40% of all advances. Minimum amount of £500
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 contribution of £600 to customer legal fees as standard
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
Does 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
What is the minimum flexible ad-hoc payment allowed? Minimum of £500 (both core Heritage and Heritage Freedom 40)
Does we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
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
Can interest payments be made? If so, what is the policy on this? Interest servicing not available, however optional partial repayments are acceptable
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
Will we consider a product split on the same mortgage? Not acceptable
Will we accept that the applicant has been Electronically Identified by the Broker removing the need for Certified ID? 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
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
What are our specific requirements for the Certification of Documents? Documents must be certified as being a true copy by the applicant's adviser
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 an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is 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. A 5% reduction on standard LTVs will apply
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
Which Valuation Company is the preferred Valuer for us? E-surv
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 (larger Scottish islands such as Orkneys and Shetland Isles can be considered. Lending in Northern Ireland is not currently available.
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
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
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
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
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 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
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
Can we issue Full or Partial Retentions on a Mortgage Offer? 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
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
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
Will we accept an Architect's Certificate as opposed to a Warranty on a property? 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 application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
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 we consider an application from joint borrowers where only one will be the legal proprietor / owner? 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
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
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not acceptable
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
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 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 where there is any element of a distressed sale? Not acceptable
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
What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions? 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 allow the Splitting of a Title Deed to be done on Completion? Not acceptable - a title split can however be considered prior to application
What is the Minimum Age acceptable by us at the point at which the application is submitted? 55 years, except for Sovereign D, E, F products which is 60 years
What is the Maximum Age acceptable by us at the point at which the application is submitted? 85 years, except for Sovereign D, E, F products which is 90 years
What is the Maximum Number of Applicants that we will consider per application? Maximum of 2 applicants
Will we consider an application from either a Trust or Trustees? Not applicable
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
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
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.
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 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 an application to mortgage a property that has been Inherited? Acceptable
Will we consider an application from a Limited Company? Not applicable
What is the minimum age of the Second Applicant that is acceptable to us? 55 years, except for Sovereign D, E, F products which is 60 years
Does 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
Do we accept applications from Intermediaries for Product Transfers for existing customers of ours? Not acceptable
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 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 offer Lifetime Mortgages? Yes - All of Pure Retirement's product range are Lifetime Mortgages
Is Seasonal Employment an acceptable source of income for Affordability Assessment? No applicable - no income or affordability assessment required
Does we use an Affordability Calculator to assess what we will consider lending to an Applicant? Not applicable - affordability assessment is not required
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
Is Income received from a Trust Fund an acceptable source of income for Affordability Assessment? Not applicable
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
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 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 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 consider an application where there is Adverse Credit? Can be considered - subject to: • CCJs - any outstanding are to be repaid upon completion • Bankruptcy - applicants who have been discharged are acceptable • IVAs - any outstanding are to be repaid upon completion, subject to confirmation that any charges or restrictions will be removed from the title • DMPs - any outstanding are to be repaid upon completion
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago? Yes, subject to the applicant being satisfactorily discharged from bankruptcy and not subject to any further restrictions
Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago? Yes, subject to the applicant being satisfactorily discharged from bankruptcy and not subject to any further restrictions
Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago? Yes, subject to the applicant being satisfactorily discharged from bankruptcy and not subject to any further restrictions
Will we consider an application where the applicant is currently in Bankruptcy / Sequestration? Not acceptable
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
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
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 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 an Applicant has a history of Rent Arrears? Acceptable - no affordability assessment required
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
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.,
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
Do we Credit Score as opposed to Credit Check when underwriting? No
Do we Credit Check as opposed to Credit Score when underwriting? Yes
Which Credit Referencing Agency do we use? Creditsafe
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 new purchase applications? 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 properties that are being purchased Below Market Value acceptable to us? Not acceptable
Will we consider an application where the deposit has come from a Limited Company? Not applicable - no deposit required
Will an application for a Concessionary Purchase, Deed of Gift or an Inter-family Transaction be considered by 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 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
Can ad-hoc payments be made on additional borrowing? If so, what is the policy on this? Partial repayments can be made, however will be subject to early repayment charges
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
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
Can interest payments be made on additional borrowing? If so, what is the policy on this? Interest servicing not available
What is the Minimum property value acceptable to you? £70,000
Will we consider an application without placing any limit on the maximum value of the property? 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 fees package) Sovereign Elite range = minimum advance of £725,001
What is the Maximum loan amount that you will consider advancing? Standard Sovereign range = £725,000. Elite Sovereign range = £1,000,000 (can refer up to £2,000,000)
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
Do we accept applications for Large Loans over £500,000? Yes - maximum loan amount of £725,000. For Elite Sovereign products maximum loan amount of £1,000,000 (can refer up to £2,000,000)
What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.? Dependent upon age, property value and product. The maximum LTV within the range at age 90 is 52.0%
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
Do we lend on properties in England? Yes - mainland England (including Isle of Wight). Excludes Isle of Man, the Channel Islands and Scilly Isles
Do we lend on properties in Scotland? Yes - mainland Scotland. Excludes Scottish islands e.g. Orkneys, Shetland Islands etc.,
Do we lend on properties in Wales? Yes
Do we lend on properties in Northern Ireland? No
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 up to 6 floors (over 4 floors must be serviced by a working lift)
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
What is the Maximum number of floors / storeys in a building that will be acceptable to you? Maximum of up to 6 floors (over 4 floors must be serviced by a working lift)
Are Grade 1 Listed Buildings considered acceptable security to us? Not acceptable
Are Grade 2 Listed Buildings considered acceptable security to us? Acceptable - along with Grade C listed (Scotland). 2* star listed 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 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 post-1945 (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 and Laing Easiform pre-1945 (Easiform I) acceptable
Are properties with any element of a Flat Roof considered acceptable security to us? Acceptable - up to 100%
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
Are Studio Flats or Studio Apartments considered to be 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
Are properties identified as Mundic Block Construction considered suitable security to us? Not acceptable
Do we consider Properties that have Solar Panels as suitable security? Acceptable - if owned outright
Are Tyneside Flats / Cross Leases considered to be acceptable security to us? Not acceptable
Are crofted properties / houses considered acceptable security to us? Not acceptable
Are Freehold houses with self contained flats considered acceptable security to us? Not acceptable
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
Are Flats/Apartments that are in Converted Buildings considered acceptable security to us? Acceptable
Will we accept an application to purchase a Holiday Home? Not acceptable
Will we accept an application to purchase the property next door to a house already owned by the applicant? Not applicable
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
What are the Maximum Number of Bedrooms per property that we will consider as security? No maximum
What are the Minimum of Bedrooms per property that we will consider as security? Minimum of one (studio flats not acceptable)
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
What are the maximum number of kitchens that are acceptable us? Maximum of 1 kitchen
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
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 that have been Underpinned ever considered to be acceptable security to us? Acceptable - providing that the property was underpinned over 3 years ago
Are Basement Flats/Apartments acceptable security to us? Acceptable - subject to valuation report
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
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
Are Properties where Building Works have not yet commenced an acceptable security? If so, what is the policy on this? Subject to review
Will we consider an application for a Property with an Annex, Outbuildings and/or Land? Annexes - acceptable subject to being suited to the property, and no more than 2 units in total (including main residence) Land - up to 20 acres acceptable subject to no agricultural restrictions
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
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
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
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
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 for 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
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
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 an application for the Purchase of Equity? 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 for Right To Acquire? Not acceptable
Will we consider an Application for Right To Buy? Not acceptable
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 lending on an Interest Only repayment type? Not acceptable
Will we accept an ISA an acceptable Repayment Strategy on an Interest Only Mortgage? Not applicable
Will we consider lending on a Part Repayment and Part Interest Only repayment type? Not acceptable
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 from an applicant who is a British National who is working either abroad or offshore? Not acceptable - the applicant must have been permanently resident in the UK for the the last 3 years
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 with Diplomatic Immunity? Not acceptable
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
Will we consider lending to applicants who are looking to let their property out at any stage using Air BnB? 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 applications from Professional Landlords? Not applicable
Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge? Standard (non-fees package): FIXED ERCs - Years 1-5 = 8%, Years 6-8 = 6%, Year 9+ = no fee payable Fees package: FIXED ERCs - Year 1 = 10%, Year 2 = 9%, Year 3 = 8%, Year 4 = 7%, Year 5 = 6%, Year 6 = 5%, Year 7 = 4%, Year 8 = 3%, Year 9 = 2%, Year 10 = 1%, Year 11+ = no fee payable
Will we accept an application without charging any Booking, Application or Processing Fees? Arrangement fee of £895 payable
Will we accept an application where the applicant wishes to add the Adviser's Fees to the Loan? Not acceptable
Is it possible to add Fees associated with the mortgage to the loan? If so what is acceptable? Acceptable
Can partial repayments be made? If so, what is the policy on this? Any partial repayments will be subject to early repayment charges
Does 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.
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
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? A contribution of £600 to customer legal fees as standard
Does 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 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
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 available? Cashback of 3% available as part of 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, cash reserve available at an increased rate of 0.05% MER. No minimum facility amount. The minimum amount of cash to be released from the drawdown facility is £2,000 or whatever is remaining in the facility if less than £2,000.
Is cashback available as a set £ amount available? If so, what is the policy on this? Not available
Is accessing the cash reserve facility fee free? What is the policy on this? Yes - no fee is applied
Do we offer products with Fixed Interest Rate Payments for the duration of the mortgage? Yes
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? Any optional repayments will be subject to early repayment charges
How frequently can flexible ad-hoc payments be made? Any optional repayments will be subject to early repayment charges
Can flexible ad-hoc payments be made? If so, what is the policy on this? Are there set percentages? Any optional repayments will be subject to early repayment charges
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 servicing not available
Does 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
What is the minimum flexible ad-hoc payment allowed? Any optional repayments will be subject to early repayment charges
Does we offer a No Negative Equity Guarantee? If so, what is the policy on this? Yes
Do we allow mortgages to be Ported? Acceptable - subject to new property meeting lending requirements
Will we consider a product split on the same mortgage? Not acceptable
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 that the applicant has been Electronically Identified by the Broker removing the need for Certified ID? 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
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
What are our specific requirements for the Certification of Documents? Documents must be certified as being a true copy by the applicant's adviser
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 an application be accepted without proof of personal or photographic ID? Not acceptable - proof of ID and address is required
Which Valuation Company is the preferred Valuer for us? E-surv
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
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 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
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
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
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
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
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
Can we issue Full or Partial Retentions on a Mortgage Offer? Not acceptable
Will we accept an application for a Home Reversion Plan without stipulating any Ongoing Vendor Obligations? Not applicable - do not offer Home Reversion plans
Will we accept an Architect's Certificate as opposed to a Warranty on a property? Acceptable - must be registered with the Architects Registration Board (ARB)
Will we consider an application where the applicant is purchasing via an Assignable Contract? Not 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 we consider an application from joint borrowers where only one will be the legal proprietor / owner? Not acceptable
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 sole applicant who is either married, in a civil partnership or common law partners? Acceptable - in the scenario that the applicant is married but estranged, however the spouse / ex-spouse will be required to obtain independent legal advice
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.
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.
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 an application on a Property where there is a Restrictive Covenant? 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 we allow the Splitting of a Title Deed to be done on Completion? 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
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
Will we consider an application where there is any element of a distressed sale? Not acceptable
What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions? 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

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