Intermediaries

We take a flexible approach to assessing a potential borrower’s affordability, and are prepared to take a range of income types into consideration.

We will allow single and joint applicants to borrow up to four times their annual income.

When looking at monthly affordability we take into account essential living costs and commitments, including loans and credit card repayments; essential bills like electricity, gas, council tax and water; childcare payments; child maintenance, as well as factoring in an element for non-essential items such as phones, broadband, home to work travel and entertainment. We assess applicant’s income and outgoings on an actual basis, based on three months’ bank statements.

We also stress test affordability at two per cent above our standard variable rate. We calculate this predominantly on a repayment basis but will consider doing so on an interest-only basis depending on the applicant’s full circumstances and the type of loan they are applying for.

An Offset facility is available with all Capital and Interest Repayment mortgages at the Society. When taking out a mortgage you will be given the option to open an Offset Savings Account. For example, if you have £15,000 in an Offset Savings Account and a mortgage of £150,000 you would only pay interest on £135,000 of your mortgage balance.

For full details of all the Society’s charges, click here.

We carry out a credit search in collaboration with the Callcredit (TransUnion) reference agency and will take a commonsense view on any minor defaults, such as cleared CCJs over two years old and with a value of under £500.

We allow overpayments of up to 10 per cent of the mortgage amount each year during the mortgage discount deal period. Any overpayment of more than this amount will attract an early repayment charge of two per cent.

We offer loans of up to 95 per cent of a property’s value for first-time buyers, and can organise this as part of a family-assisted arrangement where parents are willing to act as guarantors. This includes considering joint mortgage arrangements with sole ownership where appropriate.

We lend throughout England and Wales only.

We understand that families are increasingly collaborating when it comes to purchasing property, whether it’s parents helping the next generation onto the housing ladder or children expanding their home to allow for the care of elderly parents.

We calculate interest daily on all our mortgages.

Our minimum mortgage term is five years, and our maximum term is 40 years. However, RIO mortgages are also available.

We understand that some historic properties – particularly in agricultural areas – may incorporate unusual construction materials and styles, and that architectural approaches are constantly changing, which is why we will take a pragmatic view of every mortgage application.

We will take into account modern methods of construction, barn conversions, steel-framed buildings, buildings and properties with agricultural restrictions.

Whatever your case, discuss your options with us and if we can lend, we will, tailoring our maximum loan-to value ratio accordingly and taking into account factors such as architect’s certificates and indemnity insurances where appropriate.

We offer offset mortgages up to 75 per cent of the loan balance and a maximum LTV of 80 per cent.

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When someone takes out a capital and interest mortgage with the Society, they have the option to open an offset savings account, which will allow them to benefit from an interest saving equivalent to their mortgage rate, over their mortgage term, on any savings funds they deposit with us. For example, if they borrow £150,000 but have £15,000 in savings, they will only pay interest on the difference, £135,000.

Given that current prevailing savings rates are lower than mortgage interest rates, this means they have potential to reap more benefit from their savings, nor will they pay tax as they would on savings interest. It reduces the amount of interest they pay over the term of your mortgage and means they are effectively making monthly overpayments equivalent to the offset interest, and so reducing their mortgage term.

Our offset savings account is flexible and allows borrowers to top up their savings whenever they wish to take advantage of the facility, up to a maximum of 75 per cent of their loan value. They can also make unlimited withdrawals without penalty or notice. However, it is a savings account not a current account and cannot be used for direct debit purposes.

We offer some fee-free remortgage packages up to 80 per cent LTV, with no completion fee, and we cover the cost of the standard valuation and legal fees for the switch to us. We also offer a fee-based option with lower rate for borrowers best suited to this type of deal.

We will lend both into and in retirement, taking a commonsense, flexible approach based on income from pensions and other non-salaried sources such as BTL rental income.

We have no maximum lending age.

We generally lend in arrears, releasing the cash in usually four stages (first floor joist, plastering, roof on and complete), but with a willingness to flex according to your client’s specific circumstances, by offering release at different or more stages. [We don’t lend on land].

We charge a one per cent fee on the total loan amount, lending is up to 75 per cent LTV. Our self-build lending can be interest-only throughout the build and offer the option to continue on that basis for a year post-completion, or transfer to one of our other, discounted repayment-based schemes.

We recognise that the proportion of people working for themselves in the UK today is growing, so we take a range of factors into account for our self-employed mortgages.

Factors we consider are net profit for their most recent year, in the context of previous years’ trends where applicable, salary and dividends. We look at each case on merit as we don’t believe in one size fits all.

We pay a competitive 0.40% procuration fee for new business, and reward your loyalty by also paying 0.35% for your retained business.

Our standard variable rate (SVR) is currently 4.99 per cent.