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Hints & Tips from Christine Newell

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Useful tips I have learnt this week

NatWest will accept Bursary income. You will need to send in a copy of the awards letter and it is subject to underwriter approval. Halifax also consider bursary income if the client has a basic salary as well.
 

 

Nationwide will consider age restricted properties such as later living etc. Nationwide will need to see the S106 conditions and sometimes these are unacceptable. If in doubt check with your BDM or the helpdesk (0800 545 31 31) or the client can ask his solicitor to check the CML handbook. Other Lenders who consider 55yrs and over properties are Bath Building Society.

Woolwich – Single title multi-unit properties will be considered by Woolwich up to 6 on one title.  Other Lenders who consider these are Fleet Mortgages, Kent Reliance, Clydesdale Bank and more commercial lenders such as Shawbrook Bank.

Skipton will look to take Foster Care income for affordability. They treat foster carers as self-employed and will require a minimum of 2 years history. Income is evidenced by seeing a copy of the local authority remittance notice and personal bank statements. Other lenders who consider using foster care income are Nationwide and NatWest using 100% at underwriter discretion and Santander who use 50%.


Best regards,
Christine Newell
Mortgages Technical Director 
Paradigm Mortgage Services LLP

Please remember to discuss each individual case that you have with the Lender in question even if it does fit with some of these hints and tips as Lender criteria is subject to change sometimes at very short notice.

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