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Criteria

23/08/2017

The Society will consider residential applications where there is historic adverse Credit/CCJ/IVA/Bankruptcy/Debt Management Plan/Debt Relief Order where these were settled more than four years ago*. Applications will not be considered where repossession has previously occurred. In addition, the following criteria regarding an applicant’s credit history will be considered:

Existing Homeowners Excluding Self Build applications – no missed mortgage payments in the last 2 years Existing Homeowners Excluding Self Build applications – have missed a mortgage payment in the last 2 years First Time Buyers/Self Build
Unsatisfied CCJs Not acceptable Not acceptable Not acceptable
Satisfied CCJs Total must not exceed £1,000 and they must have been satisfied for more than 3 years Total must not exceed £500 and they must have been satisfied for more than 3 years Total must not exceed £500 and they must have been satisfied for more than 3 years
Unsatisfied Defaults Not acceptable Not acceptable Not acceptable
Satisfied Defaults Total must not exceed £1,000 and they must have been satisfied for more than 3 years Not acceptable except defaults with communications suppliers which have been satisfied may be disregarded at the discretion of the mandator Not acceptable except defaults with communications suppliers which have been satisfied may be disregarded at the discretion of the mandator
Missed payments on unsecured commitments, credit card, mail order, communications supplier or similar Max worst status of 1 on current active CAIS in the last 6 months and a max status 2 in the last 2 years Max worst status of 1 on current active CAIS in the last 6 months and a max status 2 in the last 2 years Max worst status of 1 on current active CAIS in the last 6 months and a max status 2 in the last 2 years
Secured Arrears (mortgage and loans) No other credit issues, must be status 0 on current active CAIS for the most recent 6 months, max of 3 status 1 in last 2 years, max worst status 2 in last 2 years No other credit issues, must be status 0 on current active CAIS for the most recent 6 months, max of 3 status 1 in last 2 years, max worst status 2 in last 2 years No other credit issues, must be status 0 on current active CAIS for the most recent 6 months, max of 3 status 1 in last 2 years, max worst status 2 in last 2 years

Where there has been a deliquency, as defined by Experian at any point in the last 3 years, this will not be considered by the Society

* Buy to let applications will not be considered if there is any form of impaired credit as per the regulatory definition as detailed below

Impaired Credit History – Regulatory Definition

Under regulatory rules borrowers with an impaired credit history are those who meet any one of the following conditions:

  • Arrears on a previous (or current) mortgage or other secured loan within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;
  • Arrears on a previous (or current) unsecured loan within the last two years, where the cumulative amount overdue at any point reached three or more monthly payments;
  • One or more county court judgement (CCJs), with a total value greater than £500, within the last three years;
  • Being subject to an Individual Voluntary Arrangement (IVA) within the last three years;
  • Being subject to a bankruptcy order at any time within the last three years.