The Cooperative Bank for Intermediaries has launched its new access problems and this includes some changes in criteria and a change in the decision of the lender in principle (DIP).
New product codes issued for access products, with end dates until the end of October. Products and rates can change or withdrawn in the short term, depending on demand.
The lender introduces new access products, which have their own different product codes, including ‘AC’.
The access range offers residential mortgages to applicants who meet the following criteria:
The maximum loan size is £ 1,000,000; Maximal LTV is only 85% for purchase and remortGage (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 of more than 65% LTV is on reimbursement
CCJs are acceptable if they are older than 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 dissatisfied CCJs
The default values are acceptable when they are older than 36 months. If smaller than or equal to 36 months old, the total value of standard values must be smaller than or equal to £ 1,000. There is no distinction between satisfied and dissatisfied standard values
Maximum number of standard values are five (satisfied or dissatisfied) and no missed payments in the past 6 months
Bankruptcy or seizure that was fired more than 3 years ago will be considered.
Individual Voluntary Regulation (IVA) or a Trust deed (TD) that ended more than three years ago will be considered
Applicants are deemed to have high debts, will be rejected
The lender also moves the point that a mortgage product has been selected until the end of his dip. When the dip is completed and the suitability has been assessed, the customer receives the product selection product. The products presented are based on the criteria that the customer meets.