Here are the latest updates from the Suffolk Building Society. These products are available via our direct to lender mortgage club which offers you payment on completion as well as specialist mortgage support and more. Click here for a full list of Ipswich products.
Great news – updated criteria guidance
LENDING GUIDANCE
- Overall Indebtedness of 10 x income
We have now removed the need for a limit of 10 x indebtedness on BTL applications. This is on the basis that we have other protections that reduce the risk of an applicant being overly indebted and unable to meet any potential rental voids. These include a max of 3 BTL property portfolio, a minimum BTL income and our credit search/manual underwriting. Underwriters will still underwrite cases manually so if there are concerns with the total mortgage debt on an application, further clarity on how any rental voids would be covered may be requested (i.e. proof of savings).
- ASTA’s for professionals
Previously we have insisted that our BTL security must be let to a single family unit. However, we have updated this to now accept up to a maximum of 3 professionals instead. The property must still be let via a standard ASTA agreement and not be classed as a HMO.
- Family applications
Historically we have been fairly comfortable with parents and children buying together but less comfortable where it’s siblings etc. This has now been updated and we are now happy to consider applications for related parties. The relation must be a close family relative, for guidance this would be the same as our gifted deposit definition of what we class as close family (parents, children, grandparents, siblings and step & adopted of these).