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