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Hints and Tips from Catherine Kennedy 

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Hints & Tips

This edition of my Hints and Tips will be slightly different to previous editions, I am going to focus on a number of criteria issues as well as publishing the usual hints and tips surrounding lender updates. As always, if you have had a particularly interesting case that a lender has accepted, please let me know as it is extremely useful for sharing with other members. 
 
First time Buyers 


NatWest have now removed the 20% maximum deposit limit that a customer can contribute from their own funds for a Help to Buy shared equity deal – for both London and the standard schemes

Affordability 


 
When looking at affordability, Santander will accept lodger Income on both residential and BTL purchases and remortgages, see the conditions below:
  • Maximum of two lodgers allowable
  • Lodger has to have been lodging for a minimum of 6 months
  • Income will be classed as secondary income
  • Santander will require three months bank statements for proof of this income

Lending into Retirement 

     

National counties will allow a younger client to be added to a mortgage. If affordability is based on the younger client only, National Counties will extend the mortgage term into the elder clients retirement. 

Harpenden don't have a maximum age, mortgage can last til death of the last borrower or sale of the property. 

Employment 


Santander will accept clients with no minimum time in their employment and will ignore probationary periods.
     
Kensington and Saffron Building Society will both accept contract workers with minimum contract history of 12 months and a contract renewal or entrance of second contract. Kensington can accept first time contractors if client was paid on a PAYE basis in previous similar role. 
 
Foreign Currency
Following the Mortgage Credit Directive in March this year, a few lenders pulled out of doing foreign currency mortgages. There are two mainstream lenders on our panel that accept this type of mortgage:
Santander will deal in foreign currency mortgage, given that the currency is either Euro (EUR), us Dollar (USD),  Swiss Franc (CHF) or UAE Dirham (AED). Additionally 
NatWest will also accept foreigh currency loans from all EEA countries plus Australia, Canada, Channel Islands, Gibraltar, Isle of Man, Japan, Monaco, New Zealand, Singapore, Switzerland and the USA



Construction Types
 

Often, we find brokers don’t know where to gain an insight into what construction types are acceptable. As this is subject to valuers comments, it’s very difficult for lenders to write black and white ru'es surrounding this. A good tool to use is Colley’s ‘find a surveyor’ page http://www.colleys.co.uk/help-support/contact-us/ this enables brokers to liaise with a local surveyor in their area who will be better able to provide a comment on the property in question.
 
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