Residential Criteria Guide
80 at the end of term
Maximum number of applicants
We will not use score to determine the product rate with the exception of our RL0 product where this must meet TML’s Equifax application score. TML reserves the right to amend the credit score for the RL0 product rate without notice.
Payday loans for RL1 to RL3 products must be satisfied 12 months prior to application including defaulted payday loans, unless otherwise stated at a product level.
Payday loans for Lumi 1, Lumi 2 and Lumi 3 must must be settled on or prior to completion.
Maximum one applicant can have a Payday loan in last 12 months, unless specified at a product level.
Bankruptcy/IVA (or Trust Deed in Scotland)
Maximum LTV 80%. Clean profile since discharge date – refer to period in product table.
Evidence of discharge from Bankruptcy or IVA (or Trust Deed in Scotland) will be required if we are unable to identify from the applicant’s credit file.
Debt Management Plan
If a credit commitment is subject to a Debt Management Plan (DMP) or equivalent, we will accept the payment amount agreed within the DMP or equivalent within our affordability calculation.
On any case with a formal DMP we will require a reference that confirms the DMP has been conducted satisfactorily for the past 12 months.
TML will not consider an applicant who has an active Debt Arrangement Scheme in Scotland. DMP not available for RL0 and RL1 products.