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Lending Criteria for new mortgages above 85% Loan to Value

If you want to borrow more than 85% LTV the following additional lending criteria will apply:

  • Loans over 85% LTV (to a maximum of 90%) will be available for first time buyers and customers looking to purchase a property. These products are also available for existing customers who are looking to move home. They are not available to new customers who are looking to move your existing mortgage to the Co-operative Bank or existing Co-operative Bank mortgage customers looking to take additional borrowing.
  • The following lending criteria will apply:
    • Minimum of 6 months in current job for main applicant, or have 2 years accounts for self employed applicants
    • Minimum household income of £20k per annum
    • Within standard income multipliers ie no income stretches
    • Minimum property value £75k and maximum property value £350k
    • Property should be standard construction and:
      • Habitable
      • Structurally sound
      • Valuer does not see any resale issues
    • Not available on new build houses (above 85% LTV)
    • Not available for Shared Ownership
    • Not available to customers who have mortgage arrears
    • Not available to customers who have any CCJs, Defaults or Bankruptcy
  • All applications will still be subject to our credit score and affordability checks
  • Fees can only be added to the loan up to the maximum of 90% LTV
The Co-operative Bank reserves the right to change or withdraw any of its mortgage deals at any time. All loans are subject to status and valuation.
Your home may be repossessed if you do not keep up repayments on your mortgage