The purpose of this search facility is to provide guidance on Northern Rock's Lending Criteria. You can either browse alphabetically or enter a keyword you would like to search from the panel on the left hand side.
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If a customer is anticipating a temporary reduction in their income, the customer's return to work salary will be used for affordability purposes providing:
The reduction of income should not be anticipated for any more than 12 months.
If the above criteria cannot be met then affordability must be assessed against the anticipated, and lower, level of income.
When a customer is on or due to go on maternity leave the cost of any associated dependant must be included within the affordability calculation
The mortgage application will be declined in the following circumstances:
In addition to the above you must declare on the application if the customer has had any of the following:
Our lending decisions are based upon a full affordability assessment whereby we will assess if the loan is affordable based on the applicant's income, loan/credit card commitments and regular and essential household expenditure.
Please ensure you use our online affordability calculator before submitting a Decision in Principle. The calculator can be found at www.northernrockforintermediaries.co.uk/tools/affordability-calculator/
We require a Monthly Essential and Regular Expenditure Form for some customers who have low levels of outgoings in relation to their circumstances. An automated prompt on the Online Affordability Calculator will tell you when to fill this in for your client.
Providing the income and expenditure information input is accurate the calculator will provide you and your clients with an accurate illustrative borrowing figure.
To help you complete this process more easily, forms can now be e-mailed to docs@northernrock.co.uk. If you are unable to email the form you can fax or post as usual.
Please note that although products will be booked at the time of application, the valuation will not be instructed and the application will not be progressed until we receive all relevant supporting documentation, including the expenditure form where applicable.
If supporting documentation is not received in a timely manner, we reserve the right to cancel the original application including the product requested.
The maximum number of customers per application is 4. In these circumstances income and affordability is assessed on the income of the two highest earners.
Applications will be considered where they meet the following criteria:
Your customers can borrow back any previously paid overpayments that total at least £500. Where the borrow back takes the LTV above 90% customers will be made aware of the risk of negative equity prior to the release of any funds.
Borrow Back is not permitted on our Everyday products
Northern Rock must be able to assess a track record to consider the application.
Evidence of contingency funding may be required. There is no minimum loan amount and the maximum loan amount per property is £1million.
The following conditions must be met:
Restrictions:
We now offer a range of products with a cashback incentive to help your clients with the costs related to buying a new property or taking a new mortgage. Your clients can use the money in any way they choose, for example to cover legal or valuation fees or to help decorate their new home.
The cashback will be paid upon completion of your client''s mortgage and there will be no claw back associated with the incentive.
Can be classed as employed for income and affordability purposes providing they can meet the following criteria:
Currently on a 12 month contract:
Currently on a 6 month contract:
12 & 6 month contracts:
If the above criteria cannot be satisfied then contract workers will be treated as self-employed therefore 2 years accounts or 2 years SA302s will have to be provided to evidence income. In this instance you should input your clients as self-employed.
A credit score will be performed for all customers. One of five initial decisions will be provided when a Northern Rock Credit Score is completed:
Customers can be one of four types:
This website is for use by Northern Rock Plc Intermediaries ONLY. Do not access this area or rely on any information/ representations contained therein if you are a personal customer of Northern Rock plc or you are a private individual wishing to enquire regarding products & services offered by Northern Rock plc.