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We’re delighted to announce two important changes to our lending criteria, designed to support your customers and help you offer even greater value.
Helping more customers purchase their dream New Build home
We understand that many aspiring homeowners, particularly first time buyers, can find it challenging to save for a large deposit. That’s why we’re increasing our maximum loan to values (LTV) for New Build properties:
- Houses: Max LTV increased from 90% to 95%.
- Flats: Max LTV increased from 85% to 90%.
These changes make homeownership more accessible by lowering the initial deposit requirement. New build properties are also typically more energy efficient, bringing lower running costs and access to green mortgage deals: a real win for your environmentally conscious customers.
Please visit our New Build hub for full details on our New Build policy.
Enhanced options for Interest Only customers
We’re making it easier for customers seeking Interest Only mortgages, with increased LTVs across a range of repayment strategies and customer scenarios:
- Interest Only (Sale of Main Residence as Repayment Strategy): Max LTV increased from 50% to 75%.
- Interest Only (Other Investments as Repayment Strategy): Max LTV increased from 75% to 80%.
- Part and Part* (all repayment strategies): Max LTV increased from 75% to 85% (75% Interest Only/10% Capital and Interest).
* a combination of both a repayment and an interest-only mortgage.
These enhancements could offer more flexibility for a wider variety of customer needs and circumstances.
Our existing Interest Only criteria will apply, visit our hub for more information.
If you'd like further guidance on our other policies, please visit our lending criteria page.