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Lending criteria

 

For Intermediary use only

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To give you a helping hand take a look at the below common queries around our lending criteria. If you can't find what you need, simply....

 

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Lending criteria hotspots

 

Proof of deposit 

Evidence of savings must be in the form of bank or building society passbook held in the applicant’s name, i.e. copy of the current value of ISA held in the applicant’s name, or a copy of the mortgage offer if the applicant is remortgaging an existing property to raise the deposit. The source of any lump sum credit may be queried or proof of the build up of funds requested.

 

Retirement age

Platform will require details of the projected retirement age. Platform will not accept a projected retirement age of greater than 75 years. Maximum Age at expiry of mortgage term is 75. For customers retiring during the mortgage term, the application will be referred an underwriter to assess affordability on projected or actual retirement income.

 

Let to Buy criteria

We will allow the remortgage of a residential property to a Buy to Let, providing we receive evidence of a mortgage offer on the new residential property prior to the offer of the BTL loan and the customer already holds buy-to-let properties.

 

Where the property is currently owner occupied and is now to be rented out (i.e. Let & Buy scenario), mortgages are only available where the customer is not a first time landlord and owns other Let properties. Also a rental certificate or written confirmation as to the anticipated rental figure must be obtained from an ARLA/NAEA registered independent third party, addressed to Platform, to confirm the rental income is sufficient to cover the 125% of the retained mortgage payment on an interest only basis. Or the applicant’s income must also be sufficient to service 50% of the remaining mortgage as a commitment (added into the affordability calculation). The maximum LTV in this scenario is 75%. Surplus rental income over and above the relevant mortgage payment cannot be taken into account as additional income.

 

Or the Applicant’s income must be sufficient to service the remaining mortgage as a commitment (added into the affordability calculation). If this amount is increasing as a result of a remortgage transaction i.e. to raise funds for the deposit, the higher monthly mortgage payment must be provided and used in this calculation.

 

Existing debt consolidation

Existing non-mortgage/unsecured commitments are included within our affordability assessment to determine the maximum loan available.

 

Employed customer changing to self-employed or vice versa - do we accept this employment history if it is in the same line of business?

No. We may consider these cases by exception, but they are reviewed on their own merit.

 


 

The information contained within this section is for use by mortgage intermediaries authorised by the FCA.

Information is not to be disclosed or given to the public or is intended as a consumer advertisement as it does not provide APRCs or APRC Representative Examples.

 

The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No. 121885). The Co-operative Bank, Platform, smile and Britannia are trading names of The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP. Registered in England and Wales No.990937. Credit facilities are provided by The Co-operative Bank p.l.c. and are subject to status and our lending policy. The Bank reserves the right to decline any application for an account or credit facility. The Co-operative Bank p.l.c. subscribes to the Standards of Lending Practice which are monitored by the Lending Standards Board.

 

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