06/04/2020
Changes to our Residential debt consolidation criteria

We've made the decision to bring forward some planned changes to our new and additional Residential lending criteria.

  • From Wednesday 8th April we're capping the amount of debt customers can consolidate when remortgaging to £50K or 10 debts.
  • We're also temporarily reducing our maximum LTV for debt consolidation cases to 80% during the Covid-19 outbreak.
  • Our existing criteria will be applied to pipeline cases where a full application has been submitted. If a material change is made to the case, it will be reassessed against this new criteria. All applications under the current criteria must be submitted by COB 7th April.
  • These criteria changes will be applied to AIP's.

These changes mean we can keep lending responsibly and give the best level of support and to our borrowers during these uncertain times.