MCOB Regulated Post Completion Lending Criteria

Post completion lending criteria

The following is a summary of the principal lending criteria for MCOB regulated post completion contract variations, applicable to all applicant types unless otherwise stated.

These application types are typically (but not exclusively) assessed in line with the Nationwide Group underwriting criteria, which can be viewed at

The main exception being that any applications where additional borrowing is required aren't accepted.

Contract Variation Acceptable Application Types Unacceptable Application Types
Porting (substitution of property)
  • Porting of a mortgage where the loan balance and LTV is the same/reducing.
  • Porting of a mortgage where the loan balance and/or LTV is increasing.
Transfer of Equity (substitution of borrower)
  • Adding or removing a borrower where at least one existing borrower will be party to the mortgage after the change.
  • Removing a borrower who has previously been released from the title deeds e.g. where a court order required a borrower to be removed from the title.
  • Removing a borrower who can't be traced provided a District Judge has signed a court order to allow the transfer of the title into the remaining borrower’s name.
  • Adding or removing a borrower on a regulated buy to let account.
  • Transfer of equity where the loan is increasing.
  • Residential properties which are let.
  • Where the borrower being removed from the mortgage will remain in the property.
  • Interest only to capital and interest.
  • Part and part to capital and interest.
  • Reducing the amount on interest only.
  • Capital and interest to interest only.
  • Capital and interest to part and part.
  • Part and part to interest only.
  • Part and part where the interest only element is increasing.
Term Amendments
  • Term reduction only in conjunction with a transfer of equity or porting application.
  • Term extensions.
Consent to let
(Doesn't apply to BTL mortgages)
  • We'll allow a borrower to let their property after they've provided us with an Assured Shorthold Tenancy agreement or either a Short Assured Tenancy, Occupation Contract in Wales or Private Residential Tenancy in Scotland. Our lettings administration fee of £150 (charged annually).
  • Consent to let with additional borrowing.