LENDING CRITERIA

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All PAYE applicants must have been in their current employment for a minimum of 3 months, same occupation with 12 months’ continuous employment. Applicants who are currently under Notice of Termination of Employment or Redundancy will not be accepted.

Last 3 months’ payslips & P60. Sufficient evidence must be provided for regular bonuses. Hand-written document and online payslips will be accepted with the corresponding bank statement to show the salary credit being made to the customer. If the customer provides online bank statements, these will need to be verified by the broker.

Houses are considered up to scheme and LTV limits, and flats/maisonettes up to

80% LTV, if:

  • There is no outstanding pre-emption requirement to repay a proportion of the discount
  • The property is of suitable security and standard construction, and additionally a Wimpey No Fines house (provided it was constructed post 1945 and is not a bungalow) or Laing Easiform house (provided it was constructed post 1965 and is not a bungalow)
  • Flats/Maisonettes: minimum property value of £125,000 (£200,000 in Greater London) and for Right to Buy this is at the full market value not the discounted value. Where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units, considered on an individual basis. Balcony access can be accepted

Details of any previous mortgage(s) held or redeemed in the last 12 months will be required. Evidence of the payment performance of the mortgages will be checked, where any current mortgages which do not appear on the credit search, evidence of payment performance will be required in the form of a lender’s statement or reference

Not accepted for Owner Occupied loans

Recent updates to Vida Criteria

100% Debt Consolidation now available on residential products up to 70% LTV
Up to three unsecured missed payments allowed in the last 6 months
Maximum BTL loan increased to £1m