Lending Policy

The following is a summary of our lending policy and other terms and conditions apply. We are keen to discuss cases that do not meet all our criteria but which you consider are good lending propositions. For further information or if you would like to discuss an application in more detail please contact the Mortgage Lending team.

Key Contact Details

Email: maps.process@barnsley-bs.co.uk
Telephone: 01226 214957
Fax: 01226 214925

Residential Mortgages

Applicant

Minimum of 18 years old.
Verification of identity and 3 years proof of residential address – we will complete these checks electronically on receipt of the application form.
Permanent employment and has been for a minimum of 6 months
Self employed for a minimum of 3 years.

Property Types and Location

Applications are accepted for properties in England and Wales.
Properties of traditional and non-traditional construction will be considered, subject to satisfactory valuation.
The minimum purchase price or valuation is £75,000
Leasehold properties are acceptable provided at least 50 years of the lease remains after deducting the proposed mortgage term. Leasehold flats must include satisfactory provisions for maintenance of the common areas and external structure within the lease.
We are unable to lend on freehold flats and flats greater than 4 storeys.

Loan Types and Features

The maximum loan is £500,000, higher value loans should be referred to the Lending team prior to submission. Different restrictions apply to loans greater than 75% LTV and if the loan amount exceeds £150,000 please contact the Lending team for further details.
Loans are available up to 90% of purchase price/valuation on properties to be used for owner-occupation. Individual product terms confirm the maximum LTV available and whether a higher lending charge is due
In “right to buy” cases, advances up to 100% of the purchase price will be considered.
Remortgage applications where the loan includes capital raising are restricted to 75% loan to valuation and cannot include refinancing of problem debt.

Standard Income Multiples

Up to 75% LTV 3.5 times income of all applicants
Over 75% LTV 3 times single income or 2.5 joint income.

For applications less than 75% LTV income can include 100% of bonus, commission and regular overtime payments.
For applications over 75% LTV only 50% of bonus, commission and regular overtime payments is included.

The annualised cost of outstanding final commitments is deducted from the applicant's income before the income multiple is applied.

Buy To Let Mortgages

Please contact the Lending team to discuss your requirements.