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queries around our lending criteria. If you can't find what you
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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.
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
Existing debt consolidation
Existing non-mortgage/unsecured commitments are included within
our affordability assessment to determine the maximum loan
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.