The definition of a family member is someone who is related to at least one of the applicants:
If any of the deposit is gifted, this should be chosen as the source of deposit when keying the application. Additional statements may be requested where required. Alternatively, the family member or applicant may provide a letter from their UK bank confirming that the funds are available.
You should also provide a UK bank statement or UK passbook from the family member or applicants showing the deposit funds in their account. Signed by the person(s) gifting the depositĪ Gifted Deposit template letter (PDF, 39kB) is available for you to use in the Literature page.The gift is ‘not repayable' and the person(s) gifting the deposit 'will hold no interest in the property following completion of the mortgage'.The relationship between the person(s) making the gift and the applicant(s).Name and address of the person(s) gifting the deposit.You should obtain a letter written by the family member that includes all of the following: Where evidence of deposit is requested, the following documents are acceptable: Gift from family No element of this deposit should be represented by a personal loan. Where the adult dependant resides at the property for some of the time, you would key this in the adult dependant field.Īlternatively, where the customer financially supports an adult dependant who doesn't reside at the property, they would not be keyed as a dependant, but the related costs instead must be keyed as a total figure in “Other Commitments”.Īll customers must make a minimum personal deposit for the property relevant to their individual credit score, product or scheme.
#Calculating formal charge co full#
This could be a spouse/partner, elderly relative or grown up children who are unemployed or in full time education. If a child is not living with the customer(s) and maintenance is being paid, a dependant does not need to be keyed, but the maintenance amount must be keyed as a commitment.Īn adult dependant is someone who is not party to the mortgage but is financially reliant on the customer. Where any children have income and can fully support themselves they do not need to be keyed as a dependant. Foster children do not need to be keyed as dependants. A child dependant would include a future dependant where the customer is expecting a baby or is in the process of adopting a child. You need to capture separately both Child and Adult Dependants.Ī child dependant would include any children for which the customer(s) is the primary carer and who is under 18. A dependant may be a child, spouse not party to the mortgage, adult or elderly relative or a future dependant. Applications where previous mortgages have been in arrears will be considered on an individual basis.Ī dependant is anyone who is financially reliant on your customer, who is not a party to the mortgage and does not contribute to the mortgage payments. The Credit History question should be answered as ‘Yes' if any customer has been in arrears in the last 6 years with any borrowing or ever had a property repossessed. CCJs are generally taken into account in credit scoring however background details are required. The Credit History question should be answered as ‘Yes' if any customer has had a County Court Judgement (CCJ) or default registered against them, or if self employed against their business, within the last 6 years. a payment holiday) this does not need to be declared.
Where a customer has agreed an arrangement within the terms of their contract (e.g. If a Bankruptcy / IVA / Debt Management Arrangement / Debt Relief Order or formal or informal Arrangement/Order with a debt management provider/creditor to agree a revised payment less than the contractual monthly payment was registered over 6yrs ago and is no long outstanding, the question can be answered as ‘No’. Is still outstanding (whenever this was registered) Registered within the last 6yrs (whether now completed or not) The Credit History question should be answered as ‘Yes' if any customer has had a Bankruptcy / IVA / Debt Management Arrangement / Debt Relief Order or made a formal or informal Arrangement/Order with a debt management provider/creditor to agree a revised payment less than the contractual monthly payment, which was:
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