Mortgage Club: COVID-19 update

_{Please click here and complete the online form for a call back}

_{Please click here and complete the online form for a call back}

_{Please click here or use to the online live chat facility to request}

_{Please call 01482 881510 or click here to request a call back}

_{Please click here to email to request holiday}

_{Please call 0345 601 3344 to discuss}

_{Please click here for more information}

_{Please click here to email to request a call back}

_{Please use the following link for contact details}

_{Please click here to complete the online form to request a call back}

_{Please click here to email}

_{Please ask your client to contact the Banker who is their direct contact}

_TBC

_{Please click here to email - title email 'Payment holiday' and provide all account details}

_{Please call one of the following numbers - Consumer 0808 169 6680 Brokers  0808 281 9309}

_{Halifax - Please click here to request holiday}

_{BM Solutions -  Please call 0345 300 2627 Option 5, Option 2, Option 1 (specific to payment holiday)}                                                

_{Scottish Widows - Please call 0800 001 5145}

_{Not Applicable}

_{Please call: 0800 378669 or click here to email.                 Each case reviewed individually}

_{Case reviewed individually.  Contact lender}

 _{Options include:
- Re-schedule all arrears over remaining loan term}

<sub>- Re-schedule all arrears over a shorter period
- Extend mortgage expiry term to accommodate</sub>
 

_{Options available are:}

<sub>- Extend for further 3 months
- Part & Part
- Interest Only</sub>

<sub>Options available:
- Further 3 month extension to the payment holiday
- Re start monthly payments</sub>

<sub>Options available are
- Capitalisation of the three months interest
- Term extension
- Repay over a short period
Please click here for more information</sub>
 

AVM’s
- Resi Purchase – 75% LTV
- Resi Remo – 85% LTV
- BTL – 65% LTV
Physical Valuations available on all other cases

Desktop’s
- Resi 85% LTV
- BTL 75% LTV
Physical Valuations available on all other cases

Bank Of Ireland/

Post Office

No change

TBC

Will extend offers

by up to 3 months

Extending by

3 months

Allow electronic ID&V,

Lender does not require broker to certify original documents for ID&V purposes.

  
-Zero hours contracts only available from following professions - NHS bank nurses and locums, Non-NHS bank nurses, Care home workers, Supermarket workers, including delivery drivers, Retained/on-call firefighters and Armed Forces Reservists using zero hours income criteria.
Max 90% LTV

TBC

TBC

Offer letters valid for 6 months with the option to extend for a further 3 months 

• Max LTV 85%
• No BTL
• No NewBuild
• No Flats

Digital

Mortgages

Gatehouse

Bank

AVM's

-70% LTV

Hinckley &

Rugby BS

No changes,

offers still valid for 6 months. 

Will extend up to

3 months on a

case by case basis

Hodge

Yes - contact us when

offer validity has 2 weeks remaining 

AVM & Desktop’s
- 90% LTV
- Min value £100k
- Max value £2m                                                                                                 
Physical valuations available on

all other cases

- Max loan size of £360k
- Property value between £75k and £600k
- England and Wales only
- 100% Loan to share for shared ownership                 - HMO upto 6 beds               - 100% LTS on shared ownership

L&G

Home finance

Yes - 3 month

extension

Offers remain valid for 6 months.

Any requests to extend a Mortgage offer will be reviewed on a case by case basis. 

case will be offered a maximum of 3 times on

rate the application was submitted on. 

Desktop’s
- Resi -75% LTV
- BTL -70% LTV
Physical valuations available on all other cases

- Min 2 years self employed/PAYE/Contractors
- PAYE 2 years with current employer,
- Contractors 2 years contracting with 6 months left on current contract.
- No holiday lets,
- No Self Build.

Paragon  -

2nd Charge

Scottish

Widows

Stafford

Railway

Desktop’s
- Resi purchase – 75% LTV
- Resi Remo  - 80% LTV
- Resi capital raise – 80% LTV
- BTL £ for £ remo - 75% LTV
Physical valuations available on all other cases

• Max loan size £1m
• Bonus, Overtime, Commission no longer accepted
• Resi max LTV 80%

United Trust

Bank

Vida Home

Loans

<sub>Furloughed applicants
- Application income will be based on 100% but affordability is assessed on 80% of income
-  No bonus or overtime if furloughed or in an industry at risk
- Underwriter enhanced checks on the employer in regards to Covid 19 effects</sub>

<sub>Self-employed
-  Underwriter enhanced checks on business in regards to Covid 19 effects
-  Understanding of what contingency measures are in place to support the applicant's business 
-  SESIS not accepted.
- Additional supporting documentation required, including the latest months' bank statement.</sub>

<sub>Furlough Applicants
Income of furloughed applicants assessed as follows
- 80% of basic salary up to a maximum of £2,500pm (£30k p.a.)
or
- 100% of basic salary where the employer is topping up the furloughed amount with proofs
- Variable income will not be taken into account (bonus/overtime/dividend etc).</sub>

<sub>Self-Employed Applicants
- Self-employed customers under furlough will be assessed at 80% of an average of their latest 2 years’ figures:
•    • Sole Traders will be assessed at 80% of their net profits (profits must be below £50,000pa to be eligible).
•    • Limited Business owners will be assessed at 80% of salary excluding dividends.
This will be considered up to a maximum of £2,500pcm or £30,000 per annum, whichever is lower.</sub>

<sub>Furloughed customers,
- Max LTV is 65% for residential borrowing. 
- Furloughed income accepted (80% of their salary up to £2,500 per month gross), plus the top up from the employer, if relevant.</sub>

<sub>Self Employed
- Will only accept applications from businesses that continue to actively trade
- Each case will be individually assessed by the underwriting team. 
- All AIP’s will refer and be reviewed by an underwriter
- Underwriters will call the intermediary to discuss the type of business and the impact of the current climate. 
- For re-mortgage applications with Capital Raising, the LTV is temporarily limited to 65%.</sub>

<sub>The following will be considered:
Furloughed Applicants
- Type of business/industry
- Length of furlough</sub>

<sub>Self Employed
- Nature of business
- Financial commitments and expediture</sub>

_{Furloughed Applicants
• Will accept 80% of basic income up to a maximum of £2,500 pm (£30k per annum gross)
• If employer is paying any top-up amount (up to 20% of an applicant’s salary), this will be considered with proofs
• Bonus, overtime or commission will only be considered for ‘key workers’}

<sub>Self Employed
- Standard SE criteria plus 3 months business bank statements</sub>

_{- Accept 80% of furlough income up to max £30k p/a,}

_{- Furlough top up accepted with verification details}

_{- Bonus, Commission and Overtime accepted - NHS workers only,}

^{Employed applicants}

^{• Will base on what shows on current payslip}

^{Self Employed applicants}

^{• Will require latest bank statement at offer stage}
 

 <sub>Self Employed

• 6 months business bank statements required</sub>

<sub>Furloughed Applicants

• will require evidence from the employer.

• 50% of cash bonus, commission, overtime averaged over the last 2 years will now be used in the affordability assessment</sub>

L = Live chat, E = E-mail, T = Telephone, B = Branch