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Focus on Criteria

At Chorley Building Society we take a flexible approach to lending.  If you’d like any more information, please get in touch with out BDM team – brokerenquiries@chorleybs.co.uk

Focus on…Joint Borrower Sole Proprietor (JBSP)

Chorley Building Society will:

  • Factor in up to 4 applicants – using all 4 incomes
  • Utilise JBSP across the whole product range
  • Accept joint borrowers who are not family members – up to age 90!
  • Allow joint borrowers to live in the property and contribute toward the deposit
  • Accept Right to Buy/Right to Acquire applications
  • Underwrite each case on its own merits and with a willingness to lend mindset

Focus on…Foreign Nationals with Visas

Chorley Building Society will:

  • Lend up to 90% LTV
  • Consider applicants on Skilled Worker, Health & Care Workers, BNO, UK Ancestry & Spousal Visas
  • Accept sole applications from married acceptable Visa holders (we do not consider Dependent/Family Visa holders directly)
  • Underwrite each case on its own merits and with a willingness to lend mindset

Focus on…Debt Consolidation

Chorley Building Society will:

  • Lend up to 90% LTV for debt consolidation
  • Have no Debt-to-Income ratio
  • Exclude debts being repaid from affordability assessments
  • Credit search rather than credit score
  • Underwrite each case on its own merits and with a willingness to lend mindset

Focus on…Interest Only mortgages

Chorley Building Society will:

  • Not require a minimum income
  • Lend up to age 85
  • Lend up to 80% LTV (depending on repayment strategy)
  • Base affordability on the interest only loan amount, to enhance affordability
  • Require achievable minimum equity levels for downsizing – £300k for London and South East, £175k elsewhere
  • Underwrite each case on its own merits and with a willingness to lend mindset 

Focus on…Self Employed Applicants

Chorley Building Society will:

  • Use the most recent year accounts (up to a max of 125% of the previous year) or use the average of the 2 most recent years
  • Exercise discretion where the most recent year’s figures are required and the applicant is 6 months or more into the new financial year, subject to an accountant’s projection for the next year
  • Accept the first year’s income where the applicant is 6 months into their second year and can get a projection for the remainder of the second year
  • Underwrite each case on its own merits and with a willingness to lend mindset

  Focus on… Later Life Lending

Chorley Building Society will:

  • Use current income for affordability to age 90 (85 for interest only) based on equity, not pension income, where the applicant is more than 10 years from retirement (max 75% LTV)
  • Where the applicant is less than 10 years from retirement, and needs to take current income into account, we use max retirement ages of 70 (manual work), 75 (non-manual work) and 85 (non-active directors).
  • Accept SIPP income – 5% of the pot can be taken as annual income or 75% of the pot can be divided by the term and used for annual income
  • Not require a ‘First Death’ stress test for joint applications where there is adequate equity in the property
  • Underwrite each case on its own merits and with a willingness to lend mindset

  Focus on…Buy to Let mortgages

Chorley Building Society will:

  • Lend up to 80% LTV
  • Lend to FTB/First Time Landlords
  • Allow family members as tenants
  • Offer personal BTL, Holiday BTL & Ltd Company BTL, all on the same product range
  • Accept top slicing cases
  • Underwrite each case on its own merits and with a willingness to lend mindset