Lending policy

• Applicant age between >=55 years and <=84 years and 364 days on completion of the loan
• Joint life application - one of the applicants can be >=85 years but never younger than 55

• Applicant age <55 years 
• Applicants age >=85 years on single life application or both applicant ages >=85 years on joint life application

• Maximum number of applicants is 2 and the property must be registered to both borrowers

• Joint life application where both applicants are on the property title but one is in long term care can be considered, provided there is an appointed Power of Attorney (PoA) for the applicant that is in long term care (the applicant and the POA cannot be the same individual) 

• Joint life application where only one person is on the property title and the other is in long term care

• Applicants that are married/in a civil partnership, the application is in joint names and the property deeds reflective of this
• Applicants that have previously been married/in a civil partnership, but they now live in the property by themselves, are the only name on the title deeds and there is a formal document (Final Order/Decree Absolute/Deed of Separation) legally confirming the divorce/separation from their ex-partner

• Applicants that are married but separated can be considered, provided there is a formal deed of separation confirming the ex-partner has no further financial or legal claim over the property
• Applicants that are married but the funds are being used to pay a divorce settlement can be considered, subject to there being a formal legal document in place at completion confirming that the ex-partner has no further financial or legal claim over the property and the ex-partner is or will no longer be on the title deeds at completion of the loan

• Single life application where the applicant is still married and/or not formally separated

• British citizens
• Non-British citizens provided they have permanent right to reside or indefinite leave to remain

• British citizen who holds a British passport but has been living outside of the UK until recently can be considered, provided they have been back in the UK for at least 3 years (3-year UK address history)

• Applicants who do not have permanent right to reside or settled status because they have been in the UK for less than 5yrs (i.e., pre-settled status)

• Applicants with no prior bankruptcy/sequestration or applicants that have been discharged from bankruptcy/sequestration >6 years prior to application
• Applicants with no prior IVA/Protected Trust Deed or applicants that have been discharged from IVA/Protected Trust Deed >6 years prior to application
• Applicants with satisfied CCJs
• Applicants with <=3 unsatisfied CCJs with combined total <=£3,000

• Applicants with <=3 defaults with a combined total of <= £10,000 may be considered, provided there is a satisfactory reason for the defaults

• Applicants with multiple bankruptcies/sequestrations or applicants that have been discharged <=6 years prior to application or applicants that have any un-discharged bankruptcy/sequestration
• Applicants with multiple IVAs/Protected Trust Deeds or applicants that have been discharged <=6 years prior to application or applicants that have any un-discharged IVA/Protected Trust Deed
• Applicants with any element of outstanding DMP or DRO
• Applicants with >3 unsatisfied CCJs or a combined total of unsatisfied CCJs >£3,000
• Applicants with >3 defaults or a combined total >£10,000

• Applicants who have a conviction for a minor traffic offence or the conviction is spent under the Rehabilitation of Offenders Act 1974

• Applicants who have (or live with someone with) a criminal record

• Applications can be considered on behalf of applicants by attorneys subject to approval. Please contact Riverton for more details of what is required

• Applications where the purpose of the loan cannot be adequately established as being in the interests of the applicants or where the POA is the beneficiary of the advance 

• A maximum of 2 lodgers are allowed so long as they complete a Deed of Consent. Formal lodger agreements are OK provided there are shared facilities (i.e., the lodger does not have self-contained accommodation within the property) and the notice to end the lodger agreement is ≤ 1 month

• Properties that are let with an assured shorthold tenancy agreement

Acceptable

Considered

Not Acceptable

• England (mainland only)

• Isle of Wight

• Wales

• Scotland (mainland only)

• Northern Ireland

• Channel Islands, Isle of Man, The Scilly Isles, Scottish Islands

• Property value >= £125,000

• Property value >= £150,000 for ex-local authority houses and bungalows

• Property value <= £2,000,000 in England

• Property value <= £1,000,000 in Scotland & Wales

•  Property value >£2,000,000 in England (by referral)

• Property value <£125,000

• Property value <£150,000 for 
  ex-local authority houses and 
  bungalows

• Property value >£1,000,000 in Scotland & Wales

• Houses

• Bungalows

• Flats, Maisonettes and Coach Houses are generally acceptable, subject to criteria in “Flats, Maisonettes and Coach Houses” section

• Conversions subject to all relevant permissions i.e. barn/church conversions etc.

• Grade 2 listed properties (England)

• Grade C listed properties (Scotland)

• Ex-council/MOD houses and bungalows of traditional construction and in areas with >=50% private ownership (subject to minimum value requirements) 

•  Back-to-back (cluster homes)

•  Ex-council/MOD flats and 
  maisonettes

• Properties where a local 
  authority/housing association 
  are the freeholders

• Retirement/age restricted/
  sheltered properties

• Any form of shared ownership

• Grade 1 and 2* listed properties 
  (England)

• Grade A and B listed properties 
  (Scotland)

• Properties without suitable 
  services (i.e. not benefiting from 
  mains electricity)

• Caravans, park homes, log cabins 
  and house boats

• Holiday homes

• Flats and maisonettes in blocks <=4 storeys

• Coach houses subject to flying freehold restrictions

• If an EWS1 form is required it must confirm the building is low risk (A1, A2 or B1) and no remedial works are required

• Flats and maisonettes in blocks >4 storeys provided they are in 
  prestigious and affluent areas

• Basement/lower ground flats

• Studio flats within M25 only

•  Tyneside flats

• Ex-council/MOD flats and 
  maisonettes

• Live/work units

• Flats with only external staircase/
  balcony access

• Properties with <6 bedrooms

•  Properties with >=6 bed

• Properties with floor area <30 
  square meters

• Freehold houses, bungalows and coach houses

• Absolute Ownership (Scotland)

• Leasehold

• Leasehold flats and maisonettes where the applicant also own the freehold on a separate title and there are long leases granted on the other flats in the building (will consider up to 4 flats in the block)

• Leasehold flats and maisonettes where the flats in the block are all held on separate leases and the freehold is held jointly and equally by each flat (i.e., each owner is named on the freehold title). Will consider up to 4 properties in the block and it must be confirmed that maintenance of the building is shared equally between the flats (no formal management company is required)

• Leasehold flats and maisonettes where the applicants also own a share of the freehold which is held under a separate formal management company

• Flying freehold <=15% of the total floor area. Where the property is a modern coach house above garages or a vehicular accessway, flying freehold criteria does not apply

• Possessory title can be considered where it is over a small strip of land, and it does not impact the access to the 
  property

• Commonhold

• Freehold flats and maisonettes 
  (unless also leasehold)

• Leasehold (Scotland)

• Leasehold properties where the 
  local authority is the freeholder

• Any leasehold properties that 
  do not meet the additional lease 
  term requirements

• Flying freehold >15% of the total 
  floor area

• Possessory title where it covers 
  the property or the majority of 
  the plot or the main access to the 
  property

Youngest applicant age – minimum lease term remaining at application

• 55-60: 125 years

• 61-65: 119 years

• 66-70: 114 years

• 71-75: 109 years

• 76-80: 104 years

• 81+: 100 years

• Ground rent is <=0.25% of the property value, unless the valuer comments otherwise

• Ground rent doubles every 25 years or more, provided the current ground rent meets the % vs the value as per above

• Properties with leases granted or extended on or after 30 June 2022 must comply with the Leasehold Reform (ground rent) Act and the ground rent should be a peppercorn rent

• Service charges <=£1,500 outside of London (outside M25) or <=£2,500 inside of London (inside M25), unless the valuer comments otherwise.

• Estate charges where the management company is owned by the residents, provided the charge is <=0.1% of the value of the property

• Ground rent is >0.25% of the 
  property value, subject to valuer  comments

• Service charges >£1,500 outside 
  of London and >£2,500 inside 
  of London, subject to valuer 
  comments

• Estate charges where the 
  management company is owned 
  by the residents and the charge 
  amount is >0.1% of the value of 
  the property, subject to valuer 
  comments

• Estate charges where the 
  management company will be 
  transferred to the residents on 
  completion of the development, 
  subject to receiving written 
  confirmation from the developer/
  existing management company 
  that this will happen

•  Ground rent doubles less than 
  every 25 years

• Any provisions which allow for 
  the ground rent to be increased 
  over and above the Retail Price 
  Index (RPI) e.g., 10-year doubling 
  or where the increase is linked 
  to another method including 
  increase in the capital value of 
  the block

• Estate charges calculated by 
  a third-party management 
  company/agent

•  Where we are made aware a 
  clause exists that allows the 
  ‘Charger’ to establish a lease 
  on non-payment of the estate 
  charge, and this not being 
  removed or where the advanced 
  notice given to the lender 
  is <2 months

Traditional walls – see list below (note this is not an exhaustive list). If unsure, please contact Riverton

• 225mm+ solid brick or stone walls

• 265mm+ cavity with outer walls of brick/block/stone (can be rendered)

• Timber framed property with outer walls of brick/stone/rendered blockwork, built in 1970 or later

• Period timber framed properties (generally pre-1900)

• Steel/metal framed built blocks of flats, built in 2000 or later

• Single skin walls (where single storey, <=15% of the whole property, and in non-habitable rooms) are generally acceptable

• A1 mundic properties subject to a recent test in line with RICS guidance

•  Poured in situ no fines 
  construction (post 1940)

• Wattle and Daub

• Cob construction

• Clay Lump construction (e.g. 
  Norfolk Clay Lump)

• Cross wall construction (post 
  1960) where party walls are 
  masonry construction

• Laing Easiform cast in situ cavity 
  wall construction (post 1940) 
  – Type II

Non-traditional walls – see list below (note this is not an exhaustive list). If unsure, please contact Riverton

• PRC of any kind – repaired or unrepaired

• Pre-1970 timber frame (unless pre 1900 period timber frame)

• Timber framed, majority timber clad (>50%) properties

• Steel frame houses and bungalows

• Steel frame flats built pre-2000

• Laing Easiform solid concrete wall construction (pre-1940) – Type I

• LPS houses/bungalows/flats

• Prefabricated properties

• Modern methods of construction (MMC)

• Airey construction

• Alumina cement

• Asbestos walls

• Bryant wall frame concrete panels

• Camus construction

• Canadian Cedar wood frame with cedar wood panels and PVC

• Colt construction

• Concrete block with cement render

• Concrete panels

• Concrete slabs/blocks with timber frame

• Cornish slabs pre-case concrete

• Cumber homes

• Norwegian log

• Shiplap built on brick piers

• SSHA (Scottish Specialist Housing Association) no fine concrete

• Steel frame with other cladding

• Steel/metal framed unconventionally clad

• Unity build

• Two storey single skin walls or where there is >15% of the main dwelling made up of such construction

• Any mundic property type except A1

• Traditional pitched roofs i.e. tile or slate

• Thatched roofs (reed or straw only) in good condition

• Flat roofs with traditional covering (i.e. felt, asphalt, single-ply membrane, plastic, modern seamed metal etc.) subject to a maximum of 50% of the property’s area and satisfactory comments from the valuer

• Flat roofs up to 100%, where the customer’s LTV is less than or equal to the LTV given in the table in the appendix

• Pitched roof with modern 
  seamed metal

• Up to 100% flat roofs with 
  traditional covering, subject to 
  LTV (equivalent LTV1-3)

• Roofs where spray foam 
  has been applied during the 
  construction of the property as 
  part of the design, not applied to 
  the tiles or felting/batons, and 
  provided it is BBA approved, 
  fully guaranteed and has all the 
  relevant building regulation 
  certificates

• Thatch roof not constructed of 
  reed or straw

• >50% flat roof in high LTVs 
  (equivalent to LTV4 and above)

• Asbestos roof tiles (main 
  property)

• Roofs which have been treated 
  internally or externally with 
  coatings or foam. Where the 
  underside of the roof has been 
  sprayed between the rafters this 
  is still not acceptable even if the 
  timbers are still exposed

• Solar panels that are owned outright and where they have been installed with necessary consents and approvals

• Properties that return a Floodscore <=20% (for more information on this bespoke flood risk assessment please contact Riverton)

• Properties with Japanese Knotweed in Management Category C (Manage) or D (Report) and subject to valuer’s comments

• Properties affected by Radon are acceptable, subject to valuer’s comments

• Asbestos cement, for example in garage/outbuilding roof, gutters, rainwater pipes, water tanks etc. provided in good condition and subject to valuer’s comments

• Artex and Vinyl provided in good condition and subject to valuer’s comments

• Leased solar panels, subject 
  to comments from solicitors 
  and confirmation that the lease 
  contains a clause that allows the 
  mortgagee to terminate the lease 
  in a reasonable timeframe and at no cost

•  Properties with Japanese 
  Knotweed in Category B (Action), 
  subject to receipt of specialist 
  report outlining an appropriate 
  remediation and/or management 
  programme with an insurance 
  backed warranty by a PCA 
  registered contractor, and 
  subject to valuer’s comments

• External wall insulation subject 
  to evidence that building control 
  sign off has been granted and 
  there are guarantees in place for 
  the works

• Properties that return a 
  Floodscore >20% (for more 
  information on this bespoke flood 
  risk assessment please 
  contact Riverton)

• Properties with Japanese 
  Knotweed in Category A (Action)

• Sprayed asbestos, vermiculite 
  loose insulation, lagging, 
  asbestos insulating boards etc.

• Properties where there are smaller overhead lines, such as telephone lines, that are typical to residential streets, unless the valuer specifically comments that they will negatively impact value and/or saleability

• Smaller enclosed sub-stations, often located on residential streets and typically no larger than a garage, subject to valuer’s comments

• Properties not directly above or directly attached to commercial premises, but they are visible from the property and/or within influencing distance, subject to valuer’s comments

• Properties with <= 5 acres of land, providing there is no agricultural use or restrictions

• Private drainage e.g. septic tank, cesspit etc. provided it is confirmed it meets all required regulations

• Shared septic tanks/cesspits provided it is shared between no more than four properties and there is a formal agreement in place with regards to access and maintenance and it is confirmed that it meets all the required and current regulations

• Private water supply subject to a water certificate evidencing it is fit for human consumption and there is a continuous supply

• Shared private water supply provided it is shared between no more than four properties, there is a formal agreement in place, and the water supply is located within the curtilage of the property

•  Where infrastructure is in the 
  general vicinity of the property, 
  subject to valuer’s comments

• Properties where there are 
  wooden electric/telephone/
  utility poles within the property 
  boundary, subject 
  to valuer’s comments

• Properties above commercial 
  premises provided they are 
  in high value areas, and the 
  commercial activity is unlikely 
  to affect the desirability of the 
  property i.e. noise, smell etc.

• Properties that are partly used 
  for small business activity which 
  do not require structural changes 
  to the property or a change of 
  planning use

• Properties with >5 acres of 
  land, subject to minimum value 
  >£2,000,000 and located in 
  England only

•  Properties directly adjacent 
  to infrastructure i.e. main dual 
  carriageway, motorway, busy 
  railway, airport etc.

• Properties negatively influenced 
  by current or future projects/
  developments i.e. HS2, fracking, 
  new airport runways etc.

• Properties located within 100m of 
  high voltage apparatus including 
  pylons, sub-stations and 
  overhead power lines

• Properties directly attached 
  to any commercial property 
  (i.e. shares a party wall, 
  or is directly above)

• Generally, no commercial or 
  business use is allowed at 
  the property (or outbuildings) 
  including B&B, holiday lets, 
  farm/small holding, caravan 
  site, kennels/cattery, equestrian 
  business etc.

• Properties with >5 acres of land 
  and value <=£2,000,000

• Shared septic tanks not meeting 
  the criteria mentioned 
  as acceptable

• Shared private water supply 
  not meeting the criteria 
  mentioned as acceptable

• Properties that have previously been underpinned >3 years ago, subject to a certificate of structural adequacy

• Conservatories that have been opened to the rest of the house, subject to valuer’s comments

• Annexes that are suited to the property (confirmed by valuer) and on the same council tax as the property

• Properties served by an un-adopted road/drive provided the road is in reasonable/good condition, there are appropriate rights of access to the property over the road, and subject to valuer’s comments

• Properties served by an unmade road provided the road is a no-through road, is in reasonable/good condition, there are appropriate rights of access to the property over the road, and the subject to valuer’s comments 

• Properties held in a trust, where it 
  is to be removed on completion

• Properties that have been 
  underpinned <=3 years ago, 
  subject to:
  a) Name of contractor
  b) Plans and specifications
  c) Name of owner at time
  d) Name and address of any 
  insurance company which 
  dealt with a claim
  e) Engineer’s report and 
  supervision certificate
  f) Any guarantees

• Properties with non-compliant 
  loft conversion, subject to 
  valuer’s comments

• Non-compliant conservatories 
  subject to valuer’s comments and 
  confirmed physical separation 
  between the conservatory and 
  house

• Properties with restrictions 
  including agricultural restrictions, 
  crofted/de-crofted properties, 
  any restrictions on sale and/or 
  local occupancy restrictions

• Properties held in trusts

• Any alterations and extensions 
  without appropriate consents 
  and approvals and still within 
  enforcement period

• Conservatories with any part of 
  the kitchen located within

• Annexes that are let

• Annexes that are on separate 
  council tax to the main property

• Unadopted/unmade roads in 
  poor condition and/or where 
  appropriate rights of access do 
  not exist

• Heavily cluttered properties

All properties built or converted within the last 10 years must have an acceptable warranty in place

• NHBC Warranty

• LABC Warranty

• Premier Guarantee

• One Guarantee

• ABC+ Warranty

• BLP formerly known as Building Life Plan (excluding self builds under construction). These policies are underwritten by Allianz Global but written by BLP.

• Build Assure Warranty (New Home Structural Defects Insurance)

• Build-zone warranty

• CADIS Warranty

• Checkmate's Castle 10 Warranty (where outbuildings such as a detached garage are also being constructed an endorsement to include these in cover is required).

• Global Home Warranties (Structural Defects Insurance)

• The Q Policy for Residential Properties

• The Q Policy for Bespoke Properties (detached only)

• Protek Warranty

• Advantage Warranty

• International Construction Warranties (ICW). (If the property has a flat roof greater than 10sqm an endorsement will be required to include it in the cover).

• Ark Residential New Build Latent Defects Insurance. Where a detached garage/outbuilding has been constructed at the same time as the main building the policy must include an endorsement confirming cover for the detached garage/outbuilding.

• Homeproof (formerly Aedis) Warranty

• TMSC Warranty

• CRL new build 10 year structural defects insurance policy for residential property. We will only accept a CRL new build 10 year structural defects insurance policy in the following circumstances:

  • The final certificate is dated 04/09/2019 or earlier, and the Underwriter is International General Insurance Company (UK) Ltd (IGI) or CGICE

  • The final certificate is dated 05/09/2019 or later, and the underwriter is International General Insurance Company (UK) Ltd (IGI) and the final certificate has been signed by Ark Insurance Group Ltd.

• PCC/Architect’s certificate

• Any properties built within 
  the last 10 years that do not 
  have an acceptable warranty