Lending policy history

2.3

6.2

9.3

9.9

Amended to show
 Minimum income for BTL loans below £350,000 is increased to £25,000
 BTL portfolio max 3 BTL at £1,500,000
 Portfolio size including an residential with the group increased to £2,000,000
 Removal of reference to House Plus product
Additional requirements listed for loans between £350,001 and £500,000

Minimum income for BTL loans below £350,000 is increased to £25,000.
Minimum income for loans of between £350,001 and £500,000 is £60,000

Amended wording on bullet regarding flats in blocks of more than 4 storeys. Removed the word “exception” and replaced with the phrase “authorised mandate holder” to reflect the accurate process

Updated to include new build not acceptable for BTL loans over £300,000

Section updated to include the following new build warranties LABC Hallmark, Build Zone and Checkmate Castle 10.

Also updated to show new build not acceptable for loans over £300,000

2.3

9.1

Section updated to include the explanation that for joint applications, we will accept 1 customer being owner occupier providing our credit search shows that the customers are
marred/cohabiting and permanently residing at the owner occupier address.

Removed reference to DSS and replaced with Housing benefit(DWP) to better reflect the correct agency name

6.16

7.8

Updated to include CPA qualification to match the accountants certificate used in all bank brands

Content rearranged to clarify the difference between Let to Buy scenarios on residential and Buy to let cases. Clarity only.

6.9

7.8

9.1

12.8

Clarity added to show what figures we will base income calculations on for self employed directors of limited companies

Updated to mirror the change made to section 2.3 in July 2011

Updated to reflect the increased rental level now acceptable on a standard AST agreement

Reworded following the change to Conveyancer Supplier agreement

Updated Countrywide address

2.2  2.3 and 3.6

2.3

3.5.3

4.2

8

11

Comment added for clarity that home improvements must be to the mortgage security (not any other property owned by the customer)

Updated to include 2 extra items
Buy to Let is not available to First time Buyers
Buy to let is only available to customers who are currently owner occupiers and have been so for at least 6 months

First sentence removed to increase clarity of our intent on the treatment of incentives.

FTB definition wording changed from
Platform’s definition of a FTB is an applicant who has not been an owner occupier (mortgaged or unencumbered) for the last 6 months prior to application.  An applicant who owns property on a Buy to Let basis but is not an owner occupier will be classed as a FTB.
To
Platform’s definition of a FTB is an applicant, or applicants if it is a joint application, who have never acquired an interest in property anywhere in the world

Updated to refer to document on our website rather than detailing all items in list 1 and 2

Updated to correct omission. In 2010 the reduced panel member list was agreed with our panel managers but not updated in policy

Amended to permit the remortgage of the current residential property onto a BTL basis subject to Platform receiving proof

of the new residential mortgage prior to the BTL offer

2.3 & 3.6

3.6

4.4

6.4

Sentence amended to show Platform do not lend to professional property developers or where an individual (and associates) own more than 10 BTL properties including the application security

Sentence added to clarify that Platform do not offer capital raising for business or speculative purposes

Following sentence added for clarity.  We do not offer expatriate mortgages or lend to customers who are not residing permanently in the UK

Sentence amended to remove the words “confirmed by their employer as being”.  This is a more accurate reflection of the process where payslips and P60 are used to prove income

2.1 & 9.1

2.3

2.3 & 3.6

6.2

Minimum property value increased to £75,000 on BTL products.

Maximum loan size reduced to £350,000 on BTL products.

Maximum number of properties increased to 10.

Monthly repayment based on the higher of the pay rate or the reversionary rate when calculating rental coverage on BTL products.

2.3, 4.1 & 6.2

3.2

Minimum age of 25 years at application on BTL products.

Minimum income of £20,000 per annum for at least one applicant on BTL products.

Maximum LTV is 75% and maximum loan is £500,000 for interest only applications (not including BTL)

2.3

3.6

Platform do not lend to self-employed professional property developers/landlords or where an individual (and associates) own more than 5 BTL properties, including the application security.

Platform only allow BTL for the remortgage of an existing BTL property or a purchase.  The remortgage of an existing residential property onto a BTL is not permitted.

Platform do not lend to self-employed professional property developers/landlords or where an individual (and associates) own 5 or more BTL properties, including the application security.

2.2

2.3/3.5/3.6

3.2

Maximum loan sizes/LTF amended for Mainstream applications.

Platform do not lend to self-employed individuals involved in property management on BTL or where purpose of capital raising is to purchase further investment property.

Interest only not available on non-advised residential loans.

3.5.1

3.5.1

3.5.2

6.4

6.10

7.8

9.3

Deposit from gift or remortgage of existing property not acceptable for loans >£500,000.

Bank statements showing a build up of deposit funds no longer required as standard policy. Proof of total deposit still

required and evidence of build up may be requested at underwriter’s discretion.

Gift from family member no longer acceptable for loans >£500,000.

On Mainstream applications > 75% LTV first time buyers have to have been continuously employed by the same firm for at least 6 months prior to application.

Confirmation of the last 3 years income required for self-employed applicants for loans >£500,000.

Any deposit funded from a gift or capital raising against any existing property is not acceptable for loans >£500,000.

Unencumbered properties included within >25% exposure rule.

2.2, 2.3 & 2.4

3.6

Estimates required for home improvements on Mainstream loans

greater than 75% LTV and Buy to Let loans greater than 70% LTV.

3.5.7

5.6

5.10 

7.8

9.4

9.5

Audit valuation not required on family purchases although restricted to 75% LTV.

All CCJ’s used in product assessment on Non-Conforming products.

Any default registered within the last 12 months not accepted on Non-Conforming products.

Additional criteria for let to buy. Either maximum 75% LTV, 50% of existing mortgage taken as a commitment and 125% rental coverage or applicant’s income must cover the remaining

mortgage as a commitment.

Comparable data not used by Platform in initial assessment.

Audit valuations not required on undervalue purchases or where there are unacceptable comparables.

3.3

7.5

9.1 & 9.9

Maximum term increased to 40 years.

Missed payments on non mortgage commitments used in product assessment for Mainstream.

New build houses/bungalows acceptable up to 85% on Mainstream

New build flats/maisonettes acceptable up to 75% on Mainstream.

2.3

2.4

2.4

3.5.2

3.9

4.2

4.2

6.9

6.17

6.18

6.19

9.1

Fees can be added providing maximum LTV does not exceed 85%.

Reference to FTB not being acceptable on self-certified products removed.

Platform do not lend to any applicant on a self-certified basis.

Reference to FTB proof of deposit on new build deleted.

Fees can be added providing maximum LTV does not exceed 85%.

Removal of reference to self-certified.

Reference to FTB proof of deposit on new build deleted.

Removal of reference to self-certification of income where one applicant is self-employed and the other employed.

Self-employed self-certification section removed.

Removal of self-certification of additional income wording.

Removal of self-certification verification procedure wording.

Isles of Skye, Anglesey and Arran including under ‘mainland’.

8.2

8.3

12.8

14

List 1 acceptable ID amended for products with Title Insurance.

List 2 acceptable ID amended for products with Title Insurance.

Title Insurance section added.

Portable Products section added.

3.3

4.1

5.12

6.18

9.3

12.8

13

Applications not accepted where the term of the mortgage goes beyond the applicant’s projected retirement age.

Maximum projected retirement age is 70 years.

Criminal convictions wording amended.

Self employed applicants must declare the reason for self-certifying their income.

Ex Public Sector flat wording change. The whole block must not have any balcony access.

Mortgage Indemnity Insurance section removed.

Flexible features section added.

2.2

4

12.1

Merger wording change replacing Britannia Group with the Co-operative Bank PLC.

Merger wording change replacing Britannia Group with the Co-operative Bank PLC.

Merger wording change adding 'the Co-operative Bank PLC trading as Britannia' when reference made to Britannia solicitor's panel.

3.5.4

5.5

5.6

5.7

5.8

5.12  

6.4 

6.11 & 6.21

12.1  

Applicant’s must contribute minimum percentage personal stake deposit as per products maximum LTV.

SA302 notice acceptable as proof of residency.

CCJ not accepted on Mainstream or conforming products.

Bankruptcy not accepted on mainstream or conforming products.

IVA not accepted on Mainstream or conforming products.

Criminal convictions wording amended.

Minimum employment history reduced to 6 months for

Mainstream applications.

SA302 notice from HMRC acceptable as proof of income and verification document.

Solicitors must be on Britannia panel.

2.2

2.4 & 4.2

3.5.1

3.5.3

3.5.9

6.18

6.21

9.3

9.9

Maximum Buy to Let portfolio exposure reduced to 3 properties or £1,000,000.

House Plus product no-longer available.

First time buyers not accepted on Self-Certification products.

Proof of deposit required on all cases where deposit not wholly funded by equity from sale of applicant’s current property.

Gifted deposit declaration to be provided by the donor together with proof of the deposit monies in either the donor or

applicant’s account.

RTB products no longer available.

Trading period for Non-Conforming Self-Cert self-employed applicant’s increased to 1 year.

BT listing and Yell.com no-longer acceptable as verification item.

Property being purchased through RTB or RSL scheme unacceptable security.

Remortgage of property purchased through RTB or RSL scheme and still in pre-emption unacceptable security.

Greater than 25% applicant exposure (Platform or another lender) in blocks of 4 flats or more unacceptable security.

For blocks of 3 flats or less, Platform will only lend on 1 property.

FB Eng/MB Eng/MCIAT added as acceptable architect’s qualifications.

1

3.5.1 

3.5.9

4

5.1

5.10

6.1

6.10

7.1

7.4

7.4

8.2

8.3

11  

12.8

12.10

Reference to Mainstream added.

Proof of deposit required on all Mainstream cases where deposit is not from equity.

Deed of postponement required on all Right to Buy applications.

We will only lend additional funds on a Right to Buy for home improvements.

All applicants must sign a declaration that any additional funds being raised on a Right to Buy are for home improvements only.

Reference to Right to Buy Express removed.

Applications can be accepted from the introducer/employee of the introducer on Mainstream products.

All applications have to pass our credit score.

Any application where defaults have been registered in the last 3 years can not be accepted on Mainstream products.

Removal of reference to Premium Pass removing proof of income requirement.

Mainstream loans minimum period of self-employment is 3 years.

Reference to Premium Pass removing the need to obtain proof of mortgage payments removed.

No missed payments allowed on Mainstream loans in the last 12 months.

Housing Benefit not acceptable on Mainstream loans.

Removed references to ID not acceptable with RTB or Title Insurance.

Removed references to ID not acceptable with RTB or Free Standard Legals.

Ashdown Lyons removed from valuers panel.

Right to Buy Insurance removed.

Title Insurance removed.

4.1

7.7

8.2

8.3

9.3

Maximum age of 75 years at the end of the term.

Rental certificate (let to buy scenario) must be obtained from an ARLA/NAEA registered independent third party.

Benefits book/recent letter from benefits agency no longer accepted as list A identification.

Benefits book/recent letter from benefits agency no longer accepted as list B identification.

'Sale and rent back’ agreements or where the property is to be let to the current or any previous registered owner(s) are not acceptable.

1

6.3  

9.3

Score cut-off introduced for Non-Conforming applications.

Affordability calculator changed to include a tax assumption.

Properties where there is a back to back sale or an assignable contract are not acceptable.

2

2.7 & 6.9

3.5.3

3.6

5.4

7.2

7.4

8.2

11

All maximum loan sizes and maximum LTV’s applicable as per current product guide.

Employed applicants no longer accepted on self-certified basis on owner occupied or House Plus products.

Non-repayable gift allowed from family members in addition to

applicant's parents.

Business purpose removed as an acceptable remortgage purpose. Remortgage limits as per current product guide.

Applicants must meet voters roll / active CAIS criteria for case to proceed.

Proof of last 12 months payments required on all secured loans.

No missed mortgage payments in last 12 months allowed on Conforming loans.

Residence permit no longer accepted as list A identification.

Lexicon surveyors and Valuation removed from valuers panel.