Lending criteria highlights

Cynergy Bank has a range of mortgages that are tailored towards the needs of our customers, and our Lending criteria provides you with similar flexibility to help you meet your customers’ needs.

Some of our Lending criteria highlights are:

The underwriting process
Our experienced Account Managers are available on the telephone to provide you with support and guidance when assessing applicant information, and are willing to discuss each case based on its individual merits.

Joint mortgage sole title
For mortgage applicants that cannot afford the mortgage alone, applicants can seek support from family members to jointly apply for a mortgage. Please note that, the legal owner of the property will be registered solely in the applicants’ name.

Lending into retirement
For mortgage applicants who plan to carry mortgage debts into retirement, we may agree to lend with no maximum age limit on applications.

Gifted deposit and donor
We may allow applicants deposits to be gifted by a close family member, who we may allow to reside in the property subject to receiving Independent Legal Advice.

Contractors
We consider applicants on non-permanent employment contracts. Income is calculated as a daily rate and we can lend on contract ‘day one’ for specialist contractors.

Minimum criteria applies.

Self-employed
Affordability may be assessed using the latest year figures, subject to an assessment of the last 2 years business performance.

Income multiples

  • Up to 70% LTV 4.75 x income
  • 70-80% LTV 4.5 x income

Bonuses
50% accepted. The Bank may consider up to 100% of regular bonuses where payments do not represent more than 100% of the customer’s basic annual salary, and there is no downward variance of 20% or more over the 2 year period.

Background mortgage commitments
Mortgage commitments will be stressed on monthly payments and entered into the affordability calculator, not aggregate debt.

Please see our Lending criteria for full details or contact a member of our mortgage team for further information.

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