Submitting an application

Following successful intermediary registration, fully packaged applications can be submitted through Scottish Intermediaries Online:

What is a fully packaged case?

An application is considered to be fully packaged where:

  • All standard documentation requirements are met
  • All additional documentation requirements are met for self-build, additional loans, guest house and guarantor cases.

All necessary documentation can be downloaded at:

Standard Documentation Requirements

  1. Fully completed and signed Customer Declaration (note 2 signatures are required for every applicant).
  2. Most recent 3 months’ payslips and most recent P60 (latest payslip should not be more than 1 month old at application date and P60 must be the most recent). If regular overtime is being used, the previous P60 should also be obtained to confirm that the overtime has been a regular feature.
  3. If the applicant is self-employed, the most recent 3 years accounts, signed by a suitably qualified accountant, an accountants certificate or SA302s (with supporting overview documents) are required. The most recent year’s accounts should be no more than 18 months old. Draft accounts can be used if the final accounts have not been prepared.
  4. Most recent 3 months’ bank statements showing salary credits and monthly outgoings (latest statement must not be more than 1 month old at application date).
  5. Valid ID, preferably passport or driving licence.
  6. Evidence of deposit i.e. bank/savings statement. If the deposit is being gifted by a family member a signed letter from the family member must be provided, confirming that it is in fact a gift and is non-repayable. (The evidence provided must not be more than 1 month old at application date.)
  7. Cheque or payment details for valuation, if applicable.

 

Additional Product Requirements

Self Build

  1. Standard documentation requirements.
  2. Costings form completed in full.
  3. Copy of valid planning permission and building warrant if available.
  4. Details of supervising architect, a letter confirming the supervision of the build and a copy of the architect’s professional indemnity insurance which must exceed:
  • The value of the property (once completed), or
  • £250,000 if directly employed by the borrower, or
  • £500,000 in any other case
  1. Evidence of cash savings as contribution to the build and also cash flow expectations including how much the borrower expects the Society to release at each stage of construction.
  2. Estimates and quotations for all aspects of the build.
  3. Where there are various contractors then details of the person managing the project must be provided, including a note of their professional qualification.
  4. Certification from the builder or the suitably qualified project manager of the funds required at each stage of construction.
  5. Appropriate site insurance documentation should be exhibited, together with confirmation of the relevant parties’ professional indemnity insurance.
  6. A Mortgage Valuation report of the property to be constructed, covering present and projected (when finished) value.

Additional Loan Applications

  1. Standard documentation requirements.
  2. Estimates/quotations for any major home improvements being carried out.
  3. When the additional loan is required due to self-build shortfall of funds, details of why and where the shortfall has occurred with estimates/ invoices for the work still to be carried out.
  4. When the additional loan is for debt consolidation copies of the most up to date statements for the debts to be repaid are required.
  5. Any additional borrowing required for capital raising must be detailed/evidenced where appropriate to ensure that the Society is following its responsible lending policy, for example the credit card statement or loan settlement figure from the loan provider.

Guarantor Applications

  1. Standard documentation requirements for all applications for both applicant and guarantor(s).
  2. Please ensure the Guarantor application form is selected online.

Retirement Interest-Only Applications

  1. Standard documentation requirements.
  2. Evidence of the monthly income from the Benefits Agency and/or a private pension provider.
  3. Evidence of any other sustainable income to be used in the calculation from the applicant’s accountant.
  4. Passport and/or driving licence to verify age of all applicants.

Guest House Applications

  1. Standard Documentation Requirements.
  2. A full business case for the Guest House business venture, including (as a minimum):
  • Details of the applicant’s previous business experience.
  • Details of any continuing employment or other income.
  • 3 years trading accounts (for either the applicant’s previous business, or for the guest house being purchased/remortgaged).
  • A cash flow forecast for the next 12 months.
  • Projected accounts for the next 12 months.
  • Details of local competition.

A draft business plan template can be provided if required.

FOR INTERMEDIARY USE ONLY

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