The Co-operative Bank for Intermediaries has launched its new Access product range and this will include some changes to criteria as well as a change to the lender’s decision in principle (DIP) process.
New product codes issued for Access products, with end dates to the end of October. Products and rates may change or be withdrawn at short notice subject to demand.
The lender is introducing new Access products, that will have their own distinct product codes, which will include ‘AC’.
The Access range provides residential mortgages to applicants who meet the following criteria:
Maximum loan size is £1,000,000; maximum LTV is 85% for purchase and remortgage only (replacing the existing mortgage £ for £). For all other loan purposes the maximum LTV is 80%
Interest only maximum LTV is 65%. This can be increased to 75% LTV where the extra borrowing over 65% LTV is on a repayment basis
CCJs are acceptable when over 36 months old. If less than or equal to 36 months old, the total value of CCJs must be less or equal to £300. There is no distinction between satisfied and unsatisfied CCJs
Defaults are acceptable when over 36 months old. If less than or equal to 36 months old the total value of defaults must be less than or equal to £1,000. There is no distinction between satisfied and unsatisfied defaults
Maximum number of defaults is five (satisfied or unsatisfied) and no missed payments in the last 6 months
Bankruptcy or sequestration discharged more than 3 years ago will be considered.
Individual voluntary arrangement (IVA) or a trust deed (TD) which ended more than three years ago will be considered
Applicants deemed to have high indebtedness will be declined
The lender is also moving the point a mortgage product is selected to the end of its DIP. When the DIP has been completed, and eligibility has been assessed, the client will be presented with the product selection screen. The products that are presented will be based on the criteria the client meets.
