Mortgage criteria myths
Mortgage criteria can be easy to misremember.
So, before you rule out a case, here are a few Perenna criteria points worth checking.
Can a client use a loan for their deposit?
Yes.
Perenna accepts loans for deposits, subject to affordability and our lending criteria.
Has a missed payment automatically ruled out the case?
Not necessarily. In some circumstances, a single missed payment or historic credit issue may still be acceptable.
Check the current adverse credit criteria for the details.
Can the product fee be added to the mortgage?
Yes, in some circumstances. The product fee can be added to the loan where the total LTV does not exceed 95% and the total loan remains affordable.
Other fees cannot be added to the loan.
Does existing debt still count if the client plans to repay it?
No. But, all commitments, regardless of whether they are to be repaid or remain post completion, should be entered into the mortgage application. Debts marked as to be repaid will be excluded from the affordability calculation.
Can a customer move home with a Perenna mortgage?
Yes, subject to assessment and valuation.
Perenna mortgages are portable, so customers can move home and take their mortgage with them, subject to the relevant checks.
Can’t find the answer in our criteria?
Ask us. If you have got a complex case or can’t find what you need, contact our Intermediary Support Team.
It’s better to check than rule out a case based on an assumption.
Keep checking
Criteria can change, so check the latest position before submitting.
View Perenna’s Lending Criteria
Perenna lending criteria applies to new applications only. All applications are subject to affordability checks, credit searches, underwriter assessment and a valuation of the property to be mortgaged. Perenna reserves the right to update and amend its criteria at any time. Meeting the stated criteria does not guarantee that Perenna will lend.
Correct at time of publishing.
