In light of the latest lockdown restrictions in England, we’ve updated our lending policy to ensure that we continue to lend responsibly during this period. These changes are effective as of 6 November for all new applications received from this date.
Employed applicants who are currently furloughed
- For employed applicants who are currently furloughed, the furlough
income cannot be taken into consideration for affordability. When
submitting a DIP please input the furlough income as £1
- For applicants impacted, we can still consider additional non-furlough
income to support affordability
- We will also still consider joint applications where the non-furloughed
applicant’s income can support affordability of the loan in full
- For self-employed applicants whose business aren’t currently trading, we are unable to use income for affordability
- When submitting a DIP please input net profit for last 2 years a £1. For
Limited companies please input remuneration and dividends as £1
- For applicants impacted, we can still consider additional non
self-employed income to support affordability
- We will also still consider joint applications where the other applicant’s
income can support affordability of the loan in full
- For businesses who remain open and trading, our existing approach which requires the latest 3 months business bank statements are required to
support the assessment of current trading levels
For all current pipeline
Given the new lockdown measures we may ask for an update from you around any impacts to customer circumstances that may affect their ability to afford the loan. If any of your clients have been affected since you submitted the application we would encourage you to let us know as soon as possible
Our criteria will continue to be reviewed throughout this period and any amendments will be communicated.
Ready to make an application? You can find our latest criteria details on our website.
Important information – January Mortgage Maturities and New Existing Customer range
I am pleased to confirm the launch of the following existing customer products for the purposes of product transfers.
The products are available with immediate effect and are direct replacements for currently available existing customer range
A procuration fee of 0.20% is payable for recommending your client to transfer to another Newcastle Building Society product upon maturity of their existing deal, what’s more you can arrange your clients product transfer to take place up to three months before the product maturity date.
We have now made this process fast and easy with the introduction of our online product transfer tool. Further details can be found via the link below.
We have now written to all customers with a product maturing in January, these letters will be landing with your clients this week and include the details you need to manage a product transfer online.
Full product details can be found on http://www.newcastleis.co.uk/products.aspx however if you need any specific details in the meantime please let me know.