Lending Criteria

In addition to the product criteria contained within the Mortgage Product Summaries, the following also applies:

Geographical Lending Area

The Society offers mortgages on properties in Wales and England, but limits the loan to value to 75% outside of our normal geographical area. Our normal geographical area is defined as postcode areas NP, CF, SA, LD, WR, GL, HR and BS.

Income Multiples

If your client’s income means that they fall outside of our standard income multiples, (which are 3.5 x single; 2.75 x joint or 3.5 x main plus 1 x additional), the Society may be able to offer enhanced income multiples of up to 4.25 x single income or 4.25 x joint incomes [subject to status].  

In order for these multiples to be considered, the following criteria must apply:

1. The loan to value must not exceed 75%

2. Total income must be at least £31,250.

Please also note that any regular monthly financial commitments must be taken into account and deducted from the income prior to multiplying.

It is advisable to contact our Business Development Manager, or a member of our mortgage team, to discuss cases which exceed our standard multiples, prior to submission. 

Mortgage Term

Where the customer requires a mortgage beyond normal retirement age, the Society will need full details of how they intend to fund their mortgage into retirement.

Repayment Method

We are happy to accept mortgages on a repayment basis, interest-only basis or split repayment/interest-only method. For borrowers who select an interest only mortgage, full details of how they intend to repay the mortgage will be required.

For details of the charges payable in connection with a mortgage application please see our Mortgage Services Tariff.

If you have any questions please contact us.