New Underwriting Guidance - Covid-19
In light of the extension of the Furlough and Payment Holiday schemes, and the introduction of the Bounce Back Loan Scheme (BBLS) the Bank has issued guidance for intermediaries to assist them at an early stage with assessing if a client will meet the Bank’s criteria.
Our new guidance document covers the following areas:
- Defines how new and existing applicants who have utilised the Payment Holiday option will be assessed by the Bank.
- Outlines the key requirements for the acceptability of furloughed employees and self-employed applicants who have utilised the Self-Employment Income Support Scheme (SEISS).
- Highlights the requirements for the applicants who have taken government supported Bounce Back Loan Scheme
Our Underwriting Guidance - Covid-19 document can be found on our website.
Intermediaries are reminded of the need to advise the Bank should changes occur to their client’s situation during the application or post offer/pre completion stages. This includes being furloughed, un-furloughed, made redundant, using the SEISS scheme or any other change in income/circumstances, including use of Payment Holidays.
Where appropriate please can you ensure that your fellow team members are made aware of these changes.
Thank you for your continued support and patience during these exceptional times. Our teams remain available to deal with your queries via phone and email, details of which can be found here.