Compare Criteria – Quick Reference

Specialist BTL/Commercial - Criteria Comparison

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 Aldermore CommercialAxis BankCambridge & Counties BankFoundation Home LoansHampshire Trust InterBay CommercialKensingtonKent RelianceLandbayParagon PremierPrecise MortgagesSaffron Building SocietyShawbrook BankTogetherVida Homeloans
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Property Value (min)£60,000 (single residential units)
£75,000 (HMO's, Multi Unit Freeholds and other properties)
£133,333Commercial - Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation.
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Residential - Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.
£75,000£133,000£75,000£75,000 for HMO

Minimum valuation is £200,000 for a multi unit
See minimum advance£80,000 Standard

£150,000 HMOs & Multi Units
£75,000 (Including HMO)
Multi-Units -
Min Val for;
2 -10 units is £100,000
11 - 20 units is £150,000
Ltd Company: - £50,000
£150,000 in London.
HMO: - £250,000 in London.
£100,000 for all other allowable locations
£100,000£75,000
Exception is residential portfolios where min value is £50,000 for at least 2 properties.
£75,000Single Residential Units -£50,000. HMO - £100,000 MUB £175,000 in London & South East. £125,000 in all other locations. Ex Local authority flats/maisonettes min £125k outside London, £200k in Greater London up to 80% LTV
Advance (min) £50,000£75,000£150,000 per property £50,000£100,000
Exclusive Products - £250,000
£100,000 (less will have a 2% load on the margin)
£100,000 for Refurb products
£25,001£75,000 for Standard BTL
£75,000 for Specialist BTL
£125,000 for Ex-Patriates
£50,000£30,000£25,001
BTL personal - £50,000
£30,000 £50,000£26,000£25,000
Advance (max)Maximum £10,000,000 to 75% LTV, Maximum aggregate exposure to a single customer £15,000,000£500,000 to 75% LTV
£1,000,000 to 65% LTV

Loans up to £2m may be considered on a referral to lender basis
£2,500,000 per property £500,000 (including fees) to 75% LTV on Prime Range
£500,000 (including fees) to 70% LTV on Light Adverse Range
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For Foundation Homeloans to consider the applicant an experienced landlord and to be able to access Prime/Light Adverse products they must have operated a BTL at any time within the last 6 months for no specified length of time.
£2,500,000 per Custome£1,000,000 to 85%
£5,000,000 to 75% LTV. Exceptions and portfolios considered.
£1,000,000 to 75% LTV£3,000,000 to 75%
£1,000,000 to 85% LTV
Standard & Specialist BTL products
Includes HMO, Student Let, LLP's and LTD SPV Company apps
First Time Landlords - Max 80% LTV
85% Max LTV on up to 8 bed HMO's
If the lease has less than 85 years remaining, then the maximum LTV is capped at 75%
£750,000 to Max LTV£2,000,000 to 65% LTV
£1,000,000 to 70% LTV
£500,000 to 75% LTV
£500,000 to 80% LTV
£2,000,000 to 60% LTV (This is only on Tier one lifetime trackers FOR BOTH LIMITED COMPANIES AND INDIVIDUAL)
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£500,000 to 80% LTV

HMO: -
£1,000,000 available at 70% LTV
£500k at 80% LTV (Not available direct with lender, only via a Premier Packager [3mc])

In summary: -

£2,000,000 to 60% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£500,000 to 80% LTV
£1,000,000 to 80% LTV (Anything above, referred) or product specific£15,000,000 per client to 75% LTV. Higher is considered by exception.
Loans over £750,000 have specialist rates
Exceptions and portfolios considered.
First charge £2,000,000
Second charge £100,000 (>£100k considered by referral)
Up to 65% LTV on Purchases, 55% on remortgages, 60% on second charges and 50% on land
By referral - Up to 75% LTV on Purchases, 60% on remortgages, 65% on second charges and 55% on land
100% funding available with additional security
£1 million to 75% LTV, £750,000 to 80% LTV. Maximum aggregate loan to 1 customer £1.5 million.
Term (Min)6 years5 years3 years5 years2 years2 year term for all applicants5 years (10 interest only) 5 years5 years5 years5 years5 years3 years7 years5 years
Term (Max)20 years – capital repayment, 2 and 3 year interest only concessions.
10 years – 10 year interest only advance
25 yearsCommercial Owner Occupier/Commercial Investor is 25 years, Residential Investor is 30 years. 25 years30 years30 years40 years35 years25 years25 years35 years40 years30 years30 years35 years
Type / CommercialHMO’s, student BTL. Multi-unit on 1 title, semi commercial, commercial investments units plus owner occupied commercial units. Available to trading Ltd Co. SPV’s and individuals.
Allow single name into a limited company name using a directors loan and must be at market value.
Residential Investment properties only, HMO's (Maximum of 6 bed), Multi Unit Freeholds (up to 6 flats 1 title), Expatriates, Holiday Lets and Ltd Companies (Limited Companies must be NON-Trading SPV's);
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Maximum of 5 loans to £5 million and another 5 considered after six months seasoning on the first five, capped at no more than a third of the portfolio, after 5, and maximum lending across all 10 of £5 million.

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For Flats in a block of over 5 floors, this can be considered
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The Bank will consider lending on the following property types
- Standard Houses and Flats
Detached, Semi-Detached, link-Detached, terraced, cottage, bungalow, apartment, maisonette, duplex, penthouse, studio
- Houses of Multiple Occupation ( HMO’s)

Can consider Licensed and unlicensed HMO's

Maximum 6 tenants with individual AST’s.
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Multi Let Properties
Non licensed HMO – (House Shares acceptable)
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Maximum 6 tenants with individual AST’s
- Multi-Unit Freehold Blocks (MUFB)

Multiple self-contained residential units held under a single freehold title – subject to a maximum of 6 units.

Bank will lend on whole blocks with up to 6 units.

The Freeholder and leaseholder should not be the same legal entity although may be connected.

Concentration
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In order to avoid risk concentrations, if a unit comprises of more than 3 parts each with separate legal title, the maximum number the Bank will lend against in any one unit is 1/3rd, as detailed below:

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Unit with 1 to 6 parts - Maximum of 3, Unit with 7 to 12 parts - Maximum of 4, with addition 1 part being added to every 3 additional parts in the unit, subject to a maximum Bank exposure of 10 units. After 5 units, no more than 1/3 of the clients portfolio.

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Property above Commercial:
Where the building could be classed as good quality and with higher end commercial premises, such as banks, estate agents, art galleries, high end retail outlets or some modern purpose built blocks that may include some wider retail outlets. Axis will not consider properties where the premises are not of high quality and are in the immediate vicinity of restaurants, public houses or takeaways.
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Acceptable SIC Codes for SPV Limited Companies: -

68100 – Buying and Selling of own real estate
68209 – Other Letting and operating of own or leased real estate
68320 – Management of real estate on a fee or contract basis
Freehold and long leasehold (min 40 years on expiry of loan) commercial only.
Freehold and long leasehold (min 70 years on expiry of loan) residential only. HMO’s will be considered for licence holding operators with appropriate experience.
Plus Lending to Trust’s, SIPP/SSAS
Allow single name into a limited company name using a directors loan and must be at market value
Must be UK registered
First charges on land and buildings, personal guarantees from business owners/directors required.
HMO's and Multi Unit's considered -
8 bed HMO's
10 units maximum on MUB's.

They offer true no minimum income BTL lending.

Also - a First time landlord product is available for non-owner occupiers, however not for first time buyers. Foundation Home Loans define a first time buyer as someone who has never owned a property – either outright, or with a mortgage – ever. First time landlord is someone who has not owned a buy to let property within 2 years prior to application for this lender.
Commercial, mixed use Semi Commercial, Buy To Let, HMO's, multi units on 1 title, commercial Investments and Owner Occupied Commercial Units.
Available to Trading limitd Companies, SPV's, SIPPs and Individuals
HMO’s, student BTL. Multi-unit on 1 title, semi commercial, commercial investments units plus owner occupied commercial units. Available to trading Ltd Co. SPV’s, SIPPs and individuals.HMO / Multi Unit property

Experience required is current residential plus 1 BTL for a minimum of 12 months OR no resi plus 4 BTL for a minimum of 12 months
HMO's up to 8 beds (Over 8 bed - The client MUST already own a HMO property. Broker must call into Kent Reliance's team to obtain a quote for a valuation (Long Form Val).

Standard properties will be considered up to 4 flats on 1 title, if its above 4, then it will be considered specialist.

Kent Reliance can also lend on student lets, Up to 6 flats on 1 title allowed. Available in SPV Ltd Co and individuals.
Residential BTL properties in a condition to be let. No commerical properties.

Property value must exceed £80,000
Must be suitable for letting at completion
Must be in an area with strong rental demand as determined by our surveyor
partners

No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties

HMOs & Multi Unit Freehold blocks (MUFBs):

Max. 75% LTV

Max. 10 bedrooms

10sqm min. bedroom size

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 2 years’ prior experience as a landlord
Standard BTL investment properties such as a house or Flat
Multi Units
HMO's
Student Lets
SPV / LLP Limited Company
Standard BTL investment properties such as a house or Flat
HMO's up to a maximum of 8 bed - can also consider HMO' with 8 beds with 2 kitchens

Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages. For properties 11 - 20 LTV is capped at 70% and maximum exposure remains at £5m.
No HMO's or Limited Companies.Single Residential investment unit, HMO’s, student BTL. Multi-unit on 1 title, semi commercial, commercial investments units plus owner occupied commercial units. Available to trading Ltd Co. SPV’s and individuals.
SIPP's and SAS accepted
Offshore LTD Companies and Trusts considered - Minimum loan size must be £750,000.
Flats in blocks exceeding five floors are considered by exception only. Consideration is given for highly experienced clients and where the valuation report provides strong commentary on sale & rental demand as well as location.
Limited companies and Trading companies accepted
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Air BnB properties can be considered on the specialist range. 65% LTV Maximum
Flats LTV's available up to scheme limits. High rise flats must have a lift if over 4 floors (Ground+ 3 floors).
High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability

Flats above commercial Flats situated above commercial premises: Max 75% LTV
premises Flats situated above restaurants/ takeaways/ public houses/launderettes: Max 60% LTV

New Build Accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty

Max LTV Up to scheme limits except where restrictions apply

Flat Roofs Accepted

Solar Panels Consent to roof space leases for the installation of photovoltaic (solar) panels, can be agreed subject to the joint CML and BSA published minimum requirements being met

Limited Companies & Partnerships
Minimum & Maximum Number Minimum 1
of Shareholders/Directors Maximum 4

Business Classification • 68100 Buying and selling of own real estate
SIC Codes) for SPV's only

• 68209 Other letting and operating of ow n or leased real estate
• 68320 Management of real estate on a free or contract basis
• 68201 Renting and operating of Housing Association real estate

Company Registration England & Wales Only
Trading Companies Acceptable. If existing Limited Company trading under a different SIC code, 1 year’s Accounts & SA302 required
Rental calculation.Private Individual (Minimum ICR including surplus personal income) 145%

(Minimum ICR excluding surplus personal income) 120%

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Limited Company (Minimum ICR including surplus personal income) 125%

(Minimum ICR excluding surplus personal income) 110%

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HMO

Private Individual (Minimum ICR including surplus personal income) 185%

(Minimum ICR excluding surplus personal income) 160%

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Limited Company (Minimum ICR including surplus personal income) 155%

(Minimum ICR excluding surplus personal income) 140%



Interest Only - 160% coverage at pay rate (higher of product or revert rate if a fixed rate product is selected).
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Capital and Interest - Variable rate - 140% coverage at pay rate
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Fixed Rate - 100% coverage at pay rate then 140% coverage of the outstanding debt at the expiry of the fixed rate at the revert rate.
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Commercial Owner Occupied - Net Operating Income (NOI) to provide coverage at 165% at the pay rate (higher of the product or revert rate if a fixed rate product if selected)
Limited Co/ HMO / MUB
<5 yr fix 125% @ pay rate + 2% (min 5.5%), 5 yr fix 125% @ pay rate, like 4 like remo's 125% @ 5% BUT property portfolio must meet 125% @5.5%

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Lower Rate Tax Payer: -
<5 yr fix 145% @ pay rate + 2% (min 5.5%), 5 yr fix 145% @ pay rate, like 4 like remo's 125% @ 5% BUT property portfolio must meet 145% @5.5% - ALTHOUGH Basic rate taxpayers may be assessed at 125% @ 5.5%

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Higher Rate Tax Payer: -

<5 yr fix 145% @ pay rate + 2% (min 5.5%), 5 yr fix 145% @ pay rate, like 4 like remo's 125% @ 5% BUT property portfolio must meet 145% @5.5%

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High Net Worth: -

If client has £3m net asset position then they will consider 100% ICR + £300k p/a income (by referral to Axis)


£ and £ remo's
125% @ 5%
For residential and commercial investment units 130% coverage at the pay rate on a 25 year capital and interest basis
They have some flexibility on their DSCR or rental stress coverage
For Individual applicants, the rental stress is 145% of pay rate for 5 year fixed products and 145% of pay rate or 5.50% notional rate for all other products.
For Limited Company products, the rental stress is 125% of pay rate for 5 year fixed products and 125% of pay rate or 5.50% notional rate for all other products.
Limited Company: -
5 yr + fix = 125% @ pay rate

Non fixed rate = 125% @ pay rate / 5.5% whichever is higher

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Lower Rate Tax Payer: -

5 yr + fix = 140% @ pay rate
Non fixed rate = 140% @ pay rate / 5.5% whichever is higher

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Higher Rate Tax Payer: -

5 yr + fix = 140% @ pay rate

Non fixed rate = 140% @ pay rate / 5.5% whichever is higher

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Complex (HMO > 6 bed + freehold flats over 4 unis)

Limited Company
5 yr + fix = 150% @ pay rate
Non fixed rate = 150% @ pay rate / 5.5% whichever is higher

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Lower Rate Tax Payer: -
5 yr + fix = 160% @ pay rate
Non fixed rate = 160% @ pay rate / 5.5% whichever is higher

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Higher Rate Tax Payer

5 yr + fix = 160% @ pay rate
Non fixed rate = 160% @ pay rate / 5.5% whichever is higher
Limited Company - 5yr fix 125% @ 5.5% Or 125% @ pay rate + 1.55% whichever is higher (if less than 4 BTLs owned including subject property)

<5yr fix 125% @ 5.5% or 125% @ pay rate + 1.55% whichever is higher (if 4 or more BTLs owned including subject property)

5 yr fix 125% @ pay rate OR 155% @ pay rate as above
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Lower Rate Tax Payer: -

< 5yr fix 140% @ 5.5% Or 140% @ pay rate + 1.55% whichever is higher (if less than 4 BTLs owned including subject property)

< 5yr fix 155% @ 5.5% or 140% @ pay rate + 1.55% whichever is higher (if 4 or more BTLs owned including subject property)

5 yr fix 140% @ pay rate OR 155% @ pay rate as above
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Higher Rate Tax Payer: -

< 5yr fix 140% @ 5.5% Or 140% @ pay rate + 1.55% whichever is higher (if less than 4 BTLs owned including subject property)

<5yr fix 155% @ 5.5% or 140% @ pay rate + 1.55% whichever is higher (if 4 or more BTLs owned including subject property)

5 yr fix 140% @ pay rate OR 155% @ pay rate as above
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£ for £ remortgages: -

Stress rate = pay rate + 1.05% @ ICR as required
125% Ltd Co
140% if less than 4 BTLS
155% if 4 or more BTLs
HMO / Multi Unit BTL Range

175% at 5.5%

BTL Range: - 145% @ 5.5%
Affordability
The minimum stress rate applicable for rental cover purposes will be 5.5%, or the initial pay rate plus 1.55%, whichever is higher.

Remortgages where no additional borrowing is being raised will not be subject to a minimum stress rate, with rental cover being assessed against the initial pay rate plus 1.05% rather than 1.55%, and no minimum stress rate will apply.

5 year fixed rate applications will continue to be stress-tested at the initial pay rate, with no additional margin or minimum rate applicable.

Standard Buy to Let definition enhancements
We have extended our definition of Standard property to include HMO/multi/student lets with up to 5 rooms, or blocks of flats with up to 6 (4 or below is classed as standard prop -
above 4 is classed as specialist) units, as well as single dwellings.
Any buildings with more rooms, or units will be considered as specialist.

Experienced landlord definitions
OSB will now define a portfolio borrower as someone owning four or more investment properties, including the subject property.
Non-portfolio borrowers will be individual applicants owning three investment properties or fewer, including the subject property.

The new definitions do not apply to those borrowing through a limited company.

Standard Property (up to 4 flats one one title)
Ltd Co – 125% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Non-portfolio borrower – 140% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Portfolio borrower -155% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Specialist property
Ltd Co – 145% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Non-portfolio borrower – 165% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Portfolios borrower – 180% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

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KRBS Now accept the rental figure for HMO properties to be based on the furnished rental figure provided by the valuer, as opposed to the unfurnished figure.

KRBS will value a HMO as a single house but would use the rental income from all tenants (not just the single family rent) when looking at the rental calculator and minimum stress test to achieve the maximum advance.
For purchase and capital raising remortgage applications, the following underlying ICR rates will apply:

Limited company applicants: 125% @ 5.50%

Individual applicants: 140% @ 5.50%

Expatriate applicants: 125% @ 5.50%

For remortgage applications without a capital increase or purchases where the initial fixed rate is 5 or more years in duration, the following underlying ICR rates will apply:

Standard properties up to 75% LTV: 125% @ pay rate

Standard properties up to 80% LTV: 130% @ pay rate

HMO/MUFB properties: 130% @ pay rate

Expatriate and FTL applicants: 135% @ pay rate

The underlying affordability of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5.50%.
Landbay may consider cases that fail the initial minimum coverage ratio (above) if it is indicated appropriate to do so by using an affordability model. The Landbay affordability model will take into
account a number of elements including other income.
Limited Company: -
<5 yr fix 125% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 125% @ 4%
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Lower Rate Tax Payer: -
<5 yr fix 125% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 125% @ 4%
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Higher Rate Tax Payer: -
<5 yr fix 140% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 140% @ 4%
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Paragon HMO: -
Ltd Co:
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%

Lower Rate Tax Payer: -
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%

Higher Rate Tax Payer: -
<5 yr fix 145% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 145% @ 4%
Limited Company and HMO: -
Tracker products - 125% @ higher of pay/revert rate + 2% (min 5.5%)

<5 yr fix 125% @ higher of pay/revert rate + 2% (min 5.5%)

5year + fix 125% @ pay rate

Simple refinancing assessment required where LTV is > 60% on a 5yr + fix
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Lower Rate Tax Payer: -
Tracker products - 125% @ higher of pay/revert rate + 2% (min 5.5%)

<5 yr fix 125% @ higher of pay/revert rate + 2% (min 5.5%)

5year + fix 125% @ pay rate.

Simple refinancing assessment required where LTV is > 60% on a 5yr + fix
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Higher Rate Tax Payer: -

Tracker products - 145% @ higher of pay/revert rate + 2% (min 5.5%)

<5 yr fix 145% @ higher of pay/revert rate + 2% (min 5.5%)

5year + fix 145% @ pay rate

Simple refinancing assessment required where LTV is > 60% on a 5yr + fix
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ADDITIONAL RATE TAX - 160%

BESPOKE ICR (125% - 160%) all assessed on a case by case basis
Rental cover minimum 125% of the pay rate. Property must be let on an AST.

5 years fixed rate the stress test is 4.97% x 140%

Rental assessment will be based on 1 single family
Limited Company: -
(5 year fix, 10 yr term)125% @ Pay rate AND Outside Portfolio check 110% @ 7%

(Variable rate & fixed upto 5 yrs) Margin + 2.40% stress min 5.5% x 125% AND

Outside Portfolio check 100% @7%

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Lower Rate Tax Payer: -

(5 yr fix, 10 yr term+) 155% @ Pay rate, AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 140% AND outside Portfolio check 100% @ 8%

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Higher Rate Tax Payer: -

(5 yr fix, 10 yr term+)155% @ Pay rate, AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 140% AND Outside Portfolio check 100% @ 8%

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Shawbrook HMO: -

(Limited Co: - 5 yr fix, 10 yr term+)150% @ Pay rate,AND Outside Portfolio check 110% @ 7%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 150% AND Outside Portfolio check 100% @ 7%

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Lower Rate Tax Payer: -

(5 yr fix, 10 yr term+)175% @ Pay rate,AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 160% AND Outside Portfolio Check 100% @ 8%

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Higher Rate Tax Payer: -

(5 yr fix, 10 yr term+)175% @ Pay rate,AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 160% AND Outside Portfolio check 100% @ 8%
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• Basic tax rate payer: 125%
• Higher tax rate payer: 145%
• Additional tax rate payer: 165%
• Limited company applicants: 125%
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Based on higher of the notional rate or product rate. When £ for £ remortgaging the notional rate is 5% otherwise 5.5% applies. 5 year fixed is based at the product rate.

Ltd Company - 125%
Lower Rate Tax Payer - 125%
Higher Rate Tax Payer - 145%
HMO/MUB - 130% for Ltd Co & Lower Rate Tax Payer, 140% for Higher Rate Tax Payer.
Minimum years remaining on Leasehold propertyFreehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term).
Properties held on a commonhold basis are not acceptable.
50 years unexpired term of at least at the end of the mortgage term.Reviewed on a case by case basis50 years remaining on the lease at the end of the mortgage term55 years remaining on the lease at the end of the mortgage term65 years remaining at the end of the proposed mortgage term35 years at the end of the mortgage term50 years remaining on the lease at the end of the mortgage term
If the lease has less than 85 years remaining, then the maximum LTV is capped at 75%
45 years at the end of term85 years minimum - although Paragon will refer if below 85 yearsMinimum remaining lease term is 70 years at completion.50 years remaining on the lease at the end of the mortgage term55 years remaining at term expiryMinimum 50 years plus the term of the loanC&I loans minimum of 40 years lease remaining. I/O or part and part, 70 years remaining
Income (min)There is no minimum level of outside income required save for First Time Landlords (FTL), where the minimum income level is £25,000. Applicants are required to demonstrate they have sufficient income to cover their existing expenditure. Personal credit commitments, including any unsecured debt, credit cards (calculated at 3% of outstanding balance annualised), HP liabilities and mortgage/domestic rent payments, will be annualised and cross referenced to the individual’s annual income to establish their Debt to Income Ratio (DTIR). The DTIR should not ideally be more than 40%. Surplus rental income over that required to meet our stressed affordability requirements can be included in personal income.No minimum income (£40k income minimum for Ex-Patriates)
Will consider personal background income that show on the SA302 as zero but tax submission shows an income from properties
No Minimum IncomeNo requirement - any income must be from a legal source, and will be assessed on the bank statements used to support the BTL application.
Where income was previously required to be evidenced by the last three months’ bank statements, it can now be evidenced through:
Last month’s payslips and last P60 for employed applicants OR
Last year’s accounts or SA302 for self-employed applicants OR
Evidence of pension income for retired applicants (pension income statement, payslip) OR
Trust funds, investment and rental income as additional income (SA302 or income statement)
Where none of the above is available, bank statements, showing activity over the last three months, will be accepted.

First Time Landlords must also evidence six months’ rent cash in bank and £1,000 to cover costs.
No minimum income requiredNo Minimum IncomeNo minimum income
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Minimum income of £25000 is required for applicants who do not currently own a Buy to Let property.
No minimum income except for
Expatriates - £25,000, verifiable income
£25,000 for UK based applicants
For Ex Patriates who are Employed:
- £40,000
For Self Employed expatriates: £60,000 minimum.
£25,000 minimumNo Min income however must be able to cover rental voids for 3-4 months based on EDI.

No proof of income is usually required except where basic rate tax payer and then ONE piece i.e latest payslip is required (nothing if buying through a LTD Co.).

Min time in employment, 12 months continuous, 12 months trading if self-employed including professional landlords.

To qualify as a professional landlord clients need to own min 5 props.

Bank statements are not usually required however if Tiers 2 or 3 then 3 month’s salary and bank statements are required.
No minimum income - only requires that one applicant is in receipt of earned or pension income and is registered for UK taxNo Minimum IncomeNo minimum income

Net profit/income + other provable disposable income* x 50% must exceed all secured lending payments.
No minimum income
DWP TenantsRefer for considerationConsidered on a case by case basis. AcceptedNo, this also includes DSS tenants. NoNoNoNoYesYesNoNoAcceptedYesNo
Air BnBNoThe consideration of airbnb will be subject to:

Only available in London and Holiday destinations such as Devon, Brighton, Bournemouth, Cornwall as examples

1. Property and holiday let area will be subject to valuer comments
2. No lending will be considered on a property that is within or has an attachment to serviced apartments or if the valuer deems the property as a serviced apartment rather than a holiday let.
3. Clients would need to have experience of letting via airbnb and we would want this supported with airbnb credits seen via the clients bank statements.
4. Finally we will require the appropriate insurances in place that covers for this type of letting.
NoNoNoNoNoNoNoNoNoNoNoNoNo
Family cash Gift depositYesYesYes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.A gifted deposit (100%) is acceptable from immediate family members if accompanied by a declaration from the family member/s confirming no repayment required and that they hold no interest in the property which will be purchased using the gifted funds.Yes, from a direct relativeYes - from a direct relativeNoYesRefer - case by caseYesYesYes - they require a letter stating no repayment will be made and no interest in propertyYes - Gift letter should be completed. Has to include copy of donor’s identity and a bank statement showing funds in a UK bank accountYesAccepted from close relatives, ie parents, grandparent, sibling, step relatives, child etc
Family Gift of Equity depositYesYesYes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.NoYes, from a direct relativeYes - Family members credit needs to be checkedNoYesRefer - case by caseNoNo for gift of equity from family members

Ltd Co: - Equity gifts accepted from personal to Ltd Company. (DIrector's loan)
Yes - Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full priceYes - evidence of payment conduct is required for any borrowings the parents may have secured on the property to ensure they are not shifting bad debt to the applicant while still managing the asset. A Gift letter is also requiredYesConsidered when the property is being purchased from a close relative only
Landlord Experience RequirementsAs long as they have current BTL experience, whether it be residential BTL or Commercial.Applicant 1 must hold at least 3 existing BTL properties, subsequent applicants must hold at
least 1 existing BTL property, which they must never have lived in. All applicants must have
been active within Buy to Let for at least the past 2 years.
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Applicant 2 must own at least 1 BTL for at least 12 months.
2 years current experience is required. Can consider FTL (see below FTL section) - for all other product ranges, current BTL experience is required. Must have current experience - unless there is exceptional income in the background. For HMO and Multi units - Min. 2 years’ prior experience as a landlord. Otherwise, must have a current property. cannot be a first time buyer.For HMO and MUB properties, at least one applicant must have a minimum of 1 years experience as a landlord.
First Time LandlordYes, First Time Landlords (FTL), minimum income level is £25,000. Applicants are required to demonstrate they have sufficient income to cover their existing expenditure. Personal credit commitments, including any unsecured debt, credit cards (calculated at 3% of outstanding balance annualised), HP liabilities and mortgage/domestic rent payments, will be annualised and cross referenced to the individual’s annual income to establish their Debt to Income Ratio (DTIR). The DTIR should not ideally be more than 40%. Surplus rental income over that required to meet our stressed affordability requirements can be included in personal income.NoNoYesRefer - exceptional applicants only.Refer - exceptional applicants onlyYes

If not a residential homeowner, clients need to have current BTL properties owned for at least 12 months.
YesNo, applicant's must already own a property within the UKYes, only Single unitsYes, for Ltd company, but HMO requires current experience for a minimum of 12 months. YesNoConsideredYes - will also consider FTB/FTL however will be assessed for affordability on both a residential and BTL basis.
RestrictionsNo restrictions on numbers with other lenders - maximum. Interest only considered on Residential property types on a 10 Yr. Term
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Aldermore Commercial's minimum experience required for HMO products is 3 years as a landlord. Each case is considered on it's own merits.
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Property with Planning Use Classes Order other than:
– C3(a)(b)(c)
– C4 (including – HMO with an ‘Article 4 direction’ in place) – HMO with Sui

Generis planning use

Property subject to a shared ownership deed

Property with pre-emption clauses in existence

Mobile homes

Houseboats

Property held on a Commonhold basis

Freehold flat or freehold maisonette

Property where a flying freehold exists and affects more than 25% of the total floor space

Property with restrictive covenants or saleability; e.g. retirement homes/houses or apartments found within a holiday park and sheltered housing schemes

Farms, smallholdings or properties with agricultural restrictions in place

Newly built or newly converted flat

Serviced flats/apartments

Studio flat and/or flat with a total floor area of less than 30sq meters

Flat in a block with more than three floors above ground floor and which does not have a lift Notes: top floor and attic can be considered as one floor, if they are part of the same flat

Where Aldermore have over 33% exposure in a block of five flats or more

Bespoke student accommodation

Prefabricated building and un-repaired PRC construction

Property listed as defective under the 1984 and 1985 housing acts unless rebuilt to NHBC standards and with appropriate guarantees. The adjoining properties must also have been repaired to the same standard.

Wimpey No-Fines (if constructed prior to 1946 or bungalow or flat)

Laing Easiform construction (if constructed prior to 1966 or bungalow or flat)

Property where high alumina or Mundic block cement has been used in the construction.

Timber framed property that does not have a brick or “block and rendered” outer skin

Steel framed constructions except post-1987 construction within BBA or WIMLAS certification

Property constructed using concrete Large Panel Systems (LPS)

Property on which there is a local authority grant outstanding

Live/work units (unless part of Tailored BTL transaction)

Property with an anticipated lifespan of less than twenty-five years beyond the end of the mortgage term and/or where the condition significantly affects marketability

Property with no kitchen

Single residential investment property with more than two kitchens.

Property with no bath/shower room

Property which has shared access where a relative of the applicant resides in the other property

Property which has any shared services with any adjoining or adjacent property which does not form part of our security

Property which is being bought from the applicant’s own limited company (unless Tailored BTL transaction)

Grade 1 listed or Scottish equivalent Grade A listed security

Where satisfactory tenant demand does not exist or the proposed security is considered unsuitable for private renting
No restrictions on numbers with other lenders. Maximum of 6 loans with Axis up to £5mill in total.
Restricted to 1/3 of block size and subject to a max of 10.
All applicants MUST have at least 3 existing BTL properties.
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Unacceptable Properties: The following properties are deemed to be unacceptable for the purposes of these guidelines:
- Commonhold properties
- 100% timber construction.
- Steel frame construction.
- Properties with restrictions as regards to occupancy e.g. agricultural, retirement flats etc.
- Properties having actual or potential structural movement
- Determined as unacceptable security by an appointed valuer.
- Less than 10 years old without NHBC guarantees or equivalent certificate.
- Not wholly owned by the borrower (shared ownership).
- Mobile homes / house boats.
- Properties for commercial usage.
- Freehold flats or maisonettes.
- Properties containing Mundic Block materials.
- Studio flats less than 30 SQM is size.
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STUDENT LETS: Considered on a case by case basis.
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Acceptable SIC Codes for SPV Limited Companies: -

68100 – Buying and Selling of own real estate
68209 – Other Letting and operating of own or leased real estate
68320 – Management of real estate on a fee or contract basis.
No restrictions on numbers with other lenders.
Consider Public Houses, Healthcare and hospitality
Interest only considered on all property types on a 10 Yr. Term
Maximum of 10 loans with Foundation Home Loans
per borrower, unlimited with other lenders.
Prime Rates - Exposure limits - Maximum of three properties holding a Foundation Home
Loans mortgage in any one full postcode per borrower.

Foundation Home Loans’ maximum portfolio size is £2million across ten properties.

For portfolios of £1million or below, the maximum loan size is £500,000.
For portfolios between £1million and £2million, the maximum loan size is
£500,000 but the average loan size across the portfolio must not exceed £400,000.

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Flats are restricted to 25% within a block; however consideration can be given up to 50% subject to valuer’s comments and full underwriting review.
*
Example; Max 1 in block of 4 flats
Max 2 in block of 4 flats (with underwriter discretion)
Max 3 in block of 12 flats (under 25% (4) however maximum we can consider in 1 post code area is 3 no underwriter discretion)
Existing portfolio/ post code checks will be carried out as a standard requirement by the New Business department on submission of the decision in principle and full Mortgage application.
*
Where multiple applications in the same location are received, underwriters should consider:
Property location, i.e. are the properties in a location where multiple lets could easily be obtained
*
Whether there is any relationship between the applicant and the vendor/developer of new properties, i.e. is the applicant genuinely trying to create a personal portfolio, or does he have an interest in the properties and is this an attempt to obtain a cheap source of commercial finance, in which case the application should be declined
*
The Company will review concentration risk across the whole of the lender portfolio (Foundation Home Loans) where over exposure may necessitate a decline of the application.
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Acceptable SIC Codes for SPV Ltd companies are:
68100
68209
68320
No restrictions on number of loans with other lenders. Maximum funding £10,000,000 to a single customer.

Interest Only considered on all property types up to a 10
year period. Maximum LTV 75% DSCR calculated on pay rate or 5% which ever is the higher.

Max LTV per title 75% (plus fees) to £2.5m
70% (plus fees) to £3m
65% (plus fees) to more than £3m for BTL, HMO's, Commercial & Semi Commercial.

BTL DSCR 125%, HMO DSCR 140%, Commercial & Semi Commercial DSCR 125%
No restrictions on numbers with other lenders- maximum £15,000,000 to a single customer. (InterBay/OneSavings Bank/ Kent Reliance Building Society)
Interest only considered on all property types up to a 10 years. There is a 0.50% loading for Interest Only terms for 11-30 years.
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36 month tenancies can now be considered:
• The AST provides for a rent review every 12 months or less
• A minimum Debt Service Coverage ratio of 125%
• A maximum LTV of 75%
Gross rental income must be 125% at 5.50% or the pay rate, whichever is greater (including fees added) for BTL

Gross rental income must be 150% at 5.50% or the pay rate, whichever is greater (including fees added).
Maximum LTV acceptable is 70%.

The applicant(s) must be an existing residential home owner for the past 12 months, unless they can
satisfy one of the following:
1. They have owned 4 or more BTL properties longer than 12 months.
2. Their employer provides tied accommodation such as vicar, caretaker, forces, pub landlord or similar.

Note for application submission processes: This product is available through Specialist Distributors only and not widely available. As such upon submission of the DIP first time buyer buy to let cases may fail.

*******

There is no overall portfolio limit with other lenders. Maximum portfolio size with Kensington is £2 million or 6 properties, whichever is the lowest.

Where a landlord has 4 or more properties with Kensington, the portfolio will be subject to a weighted average LTV of 75%. Buy to Let properties cannot be rented to family members.
Houses of Multiple Occupation (HMOs)

Maximum loan is £1 million. Minimum valuation is £75,000. Up to 6
bedrooms and 1 kitchen.

The valuer will provide a rental figure which must not include letting of all living rooms in the property.

There must be a communal room for tenants. The property must be capable of being let on a multiple occupancy basis at completion, including but not limited to any applicable licenses or alterations.

Not available for New Build properties. Shared accommodation on bed-sits basis should not be acceptable.

If a property has locks on bedroom doors and basins in the bedrooms, this could be considered as long as the property is standard buy to let, eg. student let, and readily saleable as a family home.

No first time landlords.

Multi Unit Freehold Blocks

Gross rental income must be 150% at 5.50% or the pay rate, whichever is greater (including fees added).

Individual units must have a minimum value of £75,000 and minimum floor space of 45sqm.

Each individual unit must be fully self-contained e.g. where a freehold house is converted into 3 flats, each must be fully self-contained with its own entrance and utility services. Where the flats share utility services, the application will be declined. The valuation must include no negative comments and there must be no negative effect on resale.

Kensington will also consider lending on the freehold property, subject to a lease on an individual flat, i.e.
House with basement flat which has been sold as separate leasehold flat. Our security is the upper two floors which are classed as a freehold house.

The flat and house are subject to separate titles and the solicitor
must confirm no onerous clauses and the insurance of the flat is the responsibility of the freeholder with a contribution towards the cost from the leaseholder.

Not available for New Build properties.

Flats - Lending on the freehold of a block - Kensington will lend against a freehold block up to 4 units.

No first time landlords.
No restrictions on numbers with other lenders. No minimum requirements to have current BTL's.

Tenancy: -
For all Buy-to-Let lending, the property must be let on an Assured Shorthold Tenancy or a contractual tenancy.
36 month tenancies can now be considered:
• The AST provides for a rent review every 12 months or less
• A minimum Debt Service Coverage ratio of 125%
• A maximum LTV of 75%

A fixed term of 12 months can be considered up to 85% LTV.
Property value must exceed £80,000
Must be suitable for letting at completion
Must be in an area with strong rental demand as determined by our surveyor
partners

No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties

HMOs & Multi Unit Freehold blocks (MUFBs):

Max. 75% LTV

Max. 10 bedrooms

10sqm min. bedroom size

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 2 years’ prior experience as a landlord
No restriction on other mortgages with other lenders.
Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier).
Clients/Directors must have at least 1 years experience as a landlord and own a current BTL
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Maximum of 10
buy to let loans per individual
5 @ 80% LTV and 5 @ 75% LTV
(including buy to let loans which the individual has
guaranteed), with
Precise Mortgages up
to a combined value of
£5,000,000.
Unlimited with other
lenders.
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HMO Licensing: -
Any application for a HMO license required by the Local Authority, must have been made prior to completion.
****
HMO. Can consider student lets up to 8 bedrooms with locks on doors (no bedsits and must have communal area), single or multiple ASTs. On traditional BTL criteria student lets can be considered, where max 4 students on ONE AST, NO locks on doors, No communal areas used as bedrooms i.e. 4 friends renting a 4 bed house together otherwise put on HMO.
No restrictions on number of BTL's with other lenders. No minimum requirements to have current BTL's. Must be a Home-owner.
AST term 6 – 24 months
No restrictions on numbers with other lenders- maximum £10,000,000 to a single customer.
Interest only considered on all property types on a 10 Yr. Term.
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For light refurbishment deals we now only need clients to be able to demonstrate either relevant property sector experience (this could be on an employed basis) or 1 similar completed project within the last 5 years.
Previously bankrupt customers must be discharged for more than 1 year. IVA's must be satisfied for more than 1 year.

Interest only term up to 10 years.
Maximum 15 properties up to a maximum portfolio of £1.5 million exposure with Vida per borrower. No restrictions on portfolio size outside of Vida, but overall portfolio average of 80% LTV, regardless of lender.

Flats situated above commercial premises: Max 75% LTV
Flats situated above restaurants/takeaways/public houses/launderettes: Max 60% LTV

Ltd Co (including trading companies), SPVs and LLP acceptable across standard range with no extra rate loadings or fees. Ltd Company trading under a different SIC code, 2 years trading, 1 years accounts & SA302 required.
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Directors Loans accepted for deposit purposes – Vida will require a Priority floating charge. Vida can also consider using retained profit for deposit purposes

HMO: - At leaset one of the applicants must have a minimum of 12 months landlord experience. Up to 8 bedrooms considered.
Minimum value £100,000.
No additional fees or rate loadings and available on all schemes. From 130% rental cover.

Multi Units: - Up to 5 self-contained units on a single freehold. Minimum value £175,000 for the freehold block in London & South East, £125,000 in all other regions.
At least one applicant must have at least 12 months landlord experience. From 130% rental cover.

Corporate lets: acceptable providing they are let directly to a registered provider of social housing or Public Limited Companies (PLC). No limit on duration
Minimum Ownership PeriodRemortgages within the first six months of the original purchase date are not normally acceptable unless: -

Remortgaging out of bridging finance provided by other lenders will be on a pound-for-pound basis only and capital raising will not be available.

Remortgage of an Aldermore bridging loan onto an Aldermore term product where an Aldermore Bridging loan exits onto a term product:

It will be free from the normal 6 month ownership rule (if held for at least 1 month)

Capital raising in excess of the original bridging loan will be considered on any uplift in value confirmed by the original surveyor, subject to scheme limits Capital raising.

For property related purposes can be considered up to a maximum LTV of 80%

For non-property related can be considered, up to a maximum LTV of 75%

Capital raising for payment of taxes and consolidation of debts that have not been maintained satisfactorily is not permitted
remortgage considered.

Will lend against OMV within 6 months subject to criteria, whilst we will consider re-mortgaging within 6 months at enhanced value this would be at a maximum of 90% of cost/75% LTV on new valuation
Will consider applications from borrowers looking to refinance or raise capital on properties owned for less than 6 months, subject to standard LTV maximum of the property valuation. A maximum LTV of 75% will be available subject to this not exceeding 90% of the initial purchase price.No minimum ownership period before remortgage considered. Will lend against OMV within 6 months subject to criteria. Happy to consider a remortgage to 100% of funds spent and cost price on refurbished properties. 1 Buy To Let - If looking to purchase an additional BTL, then need to have had existing BTL for a minimum of 12 months.

If looking to re-mortgage sole BTL, then need to have had existing BTL for 12 months (6 months if property purchased via bridging loan).

Remortgages that take place within 12 months of the original purchase of the property can be considered on exceptional circumstances.

Can consider lending on a property where it has been their residential home previously - proof is required that it has been rented out for the last 12 calendar months (AST) and with consent from the current mortgage lender.

If the property
has been converted as a result of a bridging loan we are unable to consider a remortgage until 2 years after conversion.
No minimum period applies. All cases considered on its own meritsNo minimum ownership period
before remortgage considered. All cases considered on own merits
6 months minimum ownership required
No First Time Buyers
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Remortgages prior to 6 months are considered if clearing bridging finance like for like
No minimumNo minimum ownership period before remortgage6 months minimum ownership required before remortgage.
If property was converted from a Residential into a let property, it must have been owned for a minimum of 12 months prior to remortgage.
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No min ownership Where prop inherited or exiting a Precise bridge. If inherited probate granted letter required.
Minimum time previously owned by vendor AND minimum time owned before remortgage is: -
6 months.
No First Time Buyers
No minimum ownership period
before remortgage considered. Will lend against OMV within 6 months subject to criteria.
No minimum ownership period6 months minimum ownership required
Ex-PatriatesNoMinimum £40k income
All standard criteria must be met.
Must be British citizens who have been resident and liable to pay income tax in the UK within the last 5 years and who are now working abroad.
The applicant(s) must have a UK bank account and existing UK property.
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The applicant must provide evidence of the expatriate nature of their employment, for example a copy of their contract of employment or in case of self-employed persons their last 3 years return or a declaration from an independent accountant or financial consultant acceptable to the Bank.
It is expected that Ex-Pat applications will be from typically professional applicants, with a stable employment record with a verifiable firm.
Yes - The Ex-Pat product from CCB retains the standard criteria that applies to all existing residential lending but have added additional benefits to enhance the service. Namely, clients can elect to use a “legal 500” firm in the country where they reside to undertake both the legal paperwork and the KYC requirements, plus a client can use the Bank solicitor on a dual representation basis for both purchase and refinance requests. Ex Pat applications will be considered on Limited Company applications where the applicant:

Has a credit footprint in the UK

Pays UK tax or has declared income for UK tax purposes

Has at least one Buy to Let property in the UK

Is employed by a multi-national employer or Sovereign entity

Has written confirmation from their employer of their residential address in the foreign country and period of residency

Has a UK bank account

Provides the last two years’ SA100 and tax calculations

Ex Pat

Acceptable regions for Ex Pats are:
Europe
The Americas
Asia
Middle East

- All EEA countries (except Bulgaria) and Switzerland
- USA and Canada
- Hong Kong, Singapore, Thailand, Malaysia, Indonesia, South Korea and Japan
- United Arab Emirates

Saudi Arabia, Bahrain and Oman will be considered on a case-by- case basis
Yes. 0.25% loading to margin - including 5 year fixed productsConsidered
Applicants must be professionals or employed in a senior position by a UK, EU or US agency or by a recognisable or traceable company
Applicants must have an existing residential or BTL property in the UK
Property must be located in London or the South East
Minimum loan size is £125,000
Evidence of deposit must be provided
Loan must be serviced from a UK-based bank account
A UK-based solicitor must be used for conveyancing purposes.
Pricing and fees will be on a case by case basis
Pricing likely to be 0.5% on margin and potential loading on fee also

Exceptions to this criteria are less likely to be sanctioned in comparison to non expat cases.
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Foreign Nationals -

Possible cap on LTV to 65%

Must own property here already so that we can credit search

Subject property must be good (marketability/saleability etc)

Deal as a whole must be strong

Ideally working for a multinational

Bank account in the UK

2 years relevant/similar sector experience

50% LTV cap if living abroad
NoMax Loan 75%
Proof of income required (Minimum verifiable income of £25,000)
Applicants must be British passport holders and ID required
Have to be professionals living & working abroad not
retirees who have moved abroad permanently. They cannot accept Self employed applicants.
Applicants must have a completely clean credit history
Applicants must own at least one UK property (either residential or Buy to let)
Applicants must not be working or residing in a country on any banned or watch list (check with the KRBS directly). Australia based ex pats are not permitted to lend with KRBS.
The applicants must have a UK bank account and the mortgage
payment must be Direct Debit from a UK Bank
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Ex-pat standard mortgage – this is geared towards two types of borrower who want
to purchase a property in London or the South East:
• a professional applicant who is employed in a senior position by a UK, EU or US agency or by a recognised and traceable company abroad; or
• a self-employed applicant such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant.
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Ex-pat non-standard mortgage – also offer an ex-pat
non-standard mortgage. This is for customers who may not fit our standard
mortgage or may not be purchasing in London or the South East but who present
compelling reasons to lend. Applications for this product will be looked at on a case-by-case basis and bespoke underwriting will be applied.
*************
Cannot accept HMO Ex - Pat enquiries
Yes - FATF countries only & no First Time Landlords.
Max. 70% LTV

Resident of a FATF member jurisdiction country

A UK credit history

An active UK bank account

Has an existing buy-to-let property in the UK

Employed and earning £40,000 pa min. income

Self Employed and earning £60,000 pa min. income
NoNoMax LTV 65% - must have credit within last 3 years and appear on a credit search with satisfactory history. Applicants must be UK Nationals. Must have a UK Bank Account from which the mortgage payments will be paid from. 75% LTV, applicants must own 2 properties within the UK with 1 of them have a UK mortgage on. Income MUST equal £50,000. Any proof of address and ID must be countersigned as true originals by a notary within their country of residence or from the UK embassy. Proof of income will also be required.
*****
EU Nationals can be considered on the basis that: -
When they reside in the UK

They meet standard experience criteria, i.e. experience within the last two year in the UK and property investments.
***
Ex-pat applications when the security is the client's previous residential property.
We are happy to proceed with applications where a UK Passport
holder is resident in the following countries: Any EU country, Switzerland, Channel Islands, Switzerland, USA, Australia, Canada and New Zealand. These applications must be witnessed by a Notary Public . Any applications for a UK Passport holder residing in a country
outside the list above are subject to underwriter referral.
Accepted Customers must be British Citizens who have been resident and liable to pay UK income tax for at least 24 months within the last 5 years, who are now living in an FATF member country or confederation, excluding high risk countries (www.fatf-gafi.org/countries/#FATF).

No First Time Buyers. First Time Landlords acceptable but must currently own UK residential property.

Must have 3 active UK credit records. Payments must be made from a UK bank account in Sterling.

Max loan £1 million up to 75% LTV.
Regulated BTLsNoNoNoNoNoNoNoNoNoNoNoNoLet to a family member can only be considered for Limited company applications, this is on a case by case basis.NoNo
Permanent rights to reside and remainYes (unless Ex-Pat)Yes (unless Ex-Pat).
Non-British citizens must have been continually resident in the U.K. and paying income tax in the U.K. for at least 2 years immediately prior to application, unless they previously resided in one of the countries for which visa’s are not required to work in the UK (broadly EEA countries).
*****
Proof of payment of U.K. tax is required.
*****
Other non-British applicants must be able to provide a certified copy of their valid passport. This must include the United Kingdom Visa page evidencing:
permission to work in the UK (if relevant) and permission to remain indefinitely or an expiry date which must be after the repayment date of the loan.
*****
The Bank will consider applications from Indian residents or NRIs having an existing relationship with Axis Bank Group for a minimum period of 2 years, irrespective of their domicile or tax status.
*****
Other than as noted above, the Bank will not lend to other Overseas Applicants who are defined as those who have either:
- never been resident and liable to pay income tax in the UK; or
- British Citizens who have not paid UK income tax within the last 5 years and who are now working abroad.
Yes (unless Ex-Pat)No, Foreign Nationals with 3 years or more in the UK and permanent rights to reside - Yes. YesYes (unless Ex-Pat)YesYesYes, please also see expatriate section.YesYesYes (unless Ex-Pat)Yes (unless Ex-Pat)We are happy to proceed with applicants who have passports from
the following countries: Any EU country, Switzerland, Channel Islands, Switzerland, USA, Australia, Canada and New Zealand. These applications must be witnessed and advised by a solicitor. Any applicants who do not have a UK Passport or a Passport from
the list above are subject to underwriter referral.
Yes (unless Ex-Pat)
New Builds / RenovationsNew Build/newly converted flats not accepted.
-
Accepted up to 75% LTV.All new builds considered.Houses - Yes. Max LTV 75%Yes to new build flats and housesAll new builds considered.
HMO and New Build Flats up to max 75%
NoNew Build houses max 85% LTV
New Build Flats max 75% LTV
Renovation/conversion max 70% LTV
We would look at new builds up to max 75% LTV. Valuation based on lower of purchase price or valuation. All properties must be in a condition to be let on completion.YesNew build flats and houses accepted to product max LTV

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Flats in blocks up to 20 storeys, with a commercial ground floor accepted

80% LTV available for buy to let new build houses and flats

S106 obligations considered

Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months

New Build flats with a commercial ground floor are considered
No New Build Flats.
New Build Houses acceptable. Renovation or conversion considered
All new builds considered.Accepted up to 65% LTV (75% by referral)All new builds considered. Mortgage offers valid for 4 months from data of issue and if required we may extend for a further 4 months on the same product
Ex-Local Authority propertiesHouses - Up to 70% LTV
Ex-local flats are considered if £200,000 minimum in London postcodes.

• Private access (not via balcony)
• Good location (i.e. close to local amenities and close to transport locations).
• Evidence of good demand ( i.e. what percentage of the block is privately owned, at the very least 25% )
• No large panel/concrete constructions.
Houses - Yes
Flats - Yes. the bank requires that 50% of the block is in private ownership. Blocks over 5 floors can be considered.
Houses and flats considered - Up to 70%Flats and maisonettes - No
Houses - Yes, subject to valuers comments and good marketability.
Considered if majority owned in private ownershipConsider both houses and flats. Flats are considered providing more than 80% of the block is privately owned/owner occupied.
50-79% private/owner occupied would need to be assessed as an exception to criteria. Cannot consider if less than 50% of the flats owner occupied.
Yes - ReferHouses accepted to 85% LTV.
75% LTV flats, block must be 80% privately owned
Houses (Yes) Flats (Case by case basis). The majority of the block/immediate surrounding area should be privately owned.Yes - ReferHouses Max 80%, with adverse max 75%.
No Flats/Maisonettes. Exceptions can be considered where the following apply; Block in 100% private ownership, no balcony access in block, good curb appeal, standard construction.
Houses - Refer
No to flats.
Ex-local houses considered
Ex-local flats considered
Accepted up to 55% (65% by referral)Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, subject to conditions
Let to Buy/ Remortgage residential into a BTLRemortgage of residential into a BTL acceptedYes, must already own 3 BTL properties. ConsideredNoConsideredConsideredYesRemortgage of Residential into BTL acceptedNoYesNoYes, after 6 months ownership for Residential to Buy to Let conversionRemortgage of residential into a BTL acceptedNoAccepted, providing customer confirms that the property is being let out for
investment purposes. Vida can lend on both the BTL and/or residential loan
If BTL is with another lender, we require a copy of the offer
Credit ScoresNoCredit check onlyNoNoNo, credit search done with ExperianNoNoNoNo - currently the credit insight data is reviewed as oppose to scoreYes - EquifaxYes - Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.NoNoNoCredit check only
Missed mortgage paymentsMortgage secured/loan arrears: -
None in last 3 months
No more than 1 month’s arrears in last 12 months
Allowed 1 in 24 months - any more than 1 missed in last 24 months is subject to underwriting approval. Considered on a case by case basisLight adverse rates - Maximum of one missed mortgage payment in the last 24 months, with none in the last six months.

Prime Rates - No missed mortgage payments in the last 24 months.
None in last 24 monthsNo Adverse in the last 2 yearsNone in last 24 monthsMissed mortgage payments over 3 years consideredNone allowedNone with last 24 months.Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.None in last 12 - 2/3 years considered by exceptionAdverse considered on a case by case basis.
Missed mortgage payments over 12 months ago considered.
Arrears accepted. Satisfactory explanation required for all arrears. Vida 1 - 0 missed payments in last 36 months

Vida 2 - 1 in last 24 months (0 missed payments in last 6 months)

Vida 3 and 4 - 2 in last 24 months (0 missed payments in last 6 months)
Historic CCJ’s & DefaultsNone in last 3 years for residential property.
For commercial enquiries, up to 2 unsatisfied CCJs in the last 24 months up to a maximum value of £5,000. Allowed up to 5 CCJ's with the last 5 years will be considered subject to underwriting. Defaults considered on case by case basis.
CCJ's not considered in last 24 months, bankruptcy not considered with previous 5 years, late payments are considered. Previous repossessions are not.
******
CCJ’s registered in excess of 24 months prior to application may be considered where:
they are for less than £500 in aggregate and are limited to a maximum of 2.
- For any CCJ’s to be ignored, a certificate of satisfaction must be obtained if not evidenced on the credit search or where unsatisfied the bank must be happy with the explanation provided.
*****
Defaults and missed payments: -
Are to be assessed by the underwriter but may be allowable following review of a written explanation from the borrower.
- If arrears were more than 24 months ago and worst status 1 and now in order then no explanation is required.
Defaults and CCJ's are considered on a case by case basis.
********
No bankruptcy or IVA
A maximum of one satisfied CCJ/Default up to the value of £2000 within the last 24 months, with none in the last 12 months. Any CCJ's prior to the 24 month period must be satisfied.

Unsecured arrears - for Mail order, Utility accounts, communication contracts & credit cards.

Underwriter can consider up to 4 missed/late payments on 1 individual account or 4 missed/late payments
(4 individual accounts) across a combination of accounts where combine value is less than £500

***********
For Prime Rates - No CCJ/Default within the last 24 months regardless as to whether they have been satisfied.
Light adverse rates - Maximum of one missed mortgage payment in the last 24 months, with none in the last six months
********
Prime Rates - No missed mortgage payments in the last 24 months.

No IVA or Administration Order registered within the last six years regardless of whether it has been satisfied or completed.

No Bankruptcy Order within the last six years regardless of whether it has been discharged.

No Debt Management Plans, whether current or over 12 months old.
******

Explanations for all CCJs, defaults, secured/unsecured arrears bankruptcy discharges,IVAs, debt management agreements, pay day loan agreements will be required at decision in principle or full mortgage application.
Considered on cases individual merits2 years with no adverse credit – no CCJ’s over £500 in last 3 year. All others can be consideredIgnored if registered over 24 months (communications Defaults ignored)Ignored IF - registered more than 3 years ago and satisfied prior to application.
Ignored if registered and satisfied prior to 12 months prior to application.
Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application
No defaults OR CCJ's for 6 yearsA comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants.

Paragon Premier will undertake a credit score in order to ascertain the acceptability of the application and will not normally consider any application where there is evidence of poor credit history, such as defaults or arrears on any loan.

Paragon Premier will not consider applications with historic or current county court judgments.

The lender reserves the right to obtain a new credit search at any time and any change in the applicants credit history could lead to the application being reviewed.
Adverse BTL
Dependent upon product plan - Tier 1 highest range and Tier 3 lowest.
****
Defaults 0 in last 12 months,2 in 24 months (max £5k)
CCJ’s 0 in 12 months, 1 in 24 months (max £2.5k).
Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Unsecured arrears - Not counted but can affect customers credit score.
Tier 1 - only adverse accepted is 1 unsecured in 12 months, 2 in 36
months (worst status). Must pass credit score.
****
Payday loans can be considered 0 in last 3 months. Unsecured arrears can have been in last 3 months all other adverse 0 in 3 months.
Small amounts of adverse all satisfied will be consideredUnsatisfied CCJ’s/Defaults in last 24 months unacceptable.
A1 credit profile on secured and unsecured lending. Will also look at the credit profile of any businesses that clients are associated with. Will take a pragmatic view of any small blemishes in their credit conduct, but any missed mortgage
payments are likely to lead to rejection
CCJs/Defaults older than 24 months ignored. Up to 6 in last 24 months accepted. Satisfactory explanation required for all CCJs/DefaultsHistoric CCJs and defaults generally ignored.
Vida 1, No registered CCJ or Default worth £250 or more in last 36 Months.
Vida 2, No registered CCJs or Default worth £250 or more in the last 24 Months. Vida 3, 1 Registered CCj or Default in last 24 months (includng unsecured defaults) (0 in last 12 months of £250 or more)
Vida 4, 2 Registered CCJ's or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more)
Valuation FeesPaid direct to lender at the lender fee scalesPaid direct to lender at the lender fee scalesPaid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scale.Paid in accordance with Lender Fee Scale. Instucted via Panel operatorPaid direct to lender at the lender fee scalesPaid direct to lender at the lender fee scalesPaid direct to lender at the lender fee scales£150 admin fee payable with valuation fee. Further £100 admin fee applies to expat cases.
Please see product guide for further details on valuation fees.
Paid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scalesPaid direct to lender at the lender fee scalesPaid in accordance with Lender Fee Scale. Instructed via Panel OperatorValuations to be conducted using commercial valuation panel. Must be dated in last 2 months. Drive by valuation bypass available on residential securities on loan cases up to £75,000Valuation fees paid direct to lender at the lender fee scales. Can be added to the loan above max LTV limit.
Maximum Age85 years at end of the mortgage term.80 years at the end of the mortgage term.
*****
Older
applicants, on the same application, can exceed the 80 year maximum subject to underwriter
approval.
No maximum ageMaximum age is 85 years at the end of the mortgage term.

No
maximum age for Limited Company applications
75 for owner occupied. No limit for investor, each case on merits85 at the end of the mortgage term80 at the end of the mortgage term85 years at end of the mortgage term85 at the end of the mortgage term85 years80 years at time of application, 115 maximum age limit75 (ability to fund past 65 needs to be evidenced)80 years at end of the mortgage term.Term must end on or before the customer's 80th birthday85 at the end of the term as standard (not a company structure). 95 at the end of the term for company BTL
Minimum Age21 years (for existing landlords)25 years for first applicant & 21 for any subsequent applicants at application stage.18 years21 years old20 years20 years25 years old25 years21 years21 years 25 years25 years21 years18 years21 (Primary applicant), 18 for all other applicants if a direct family member
LocationWill lend in England, Scotland and WalesWill lend in England and Southern Wales only (Glamorgan counties & Gwent)Will lend in England, Scotland and WalesWill lend in England and Wales onlyWill lend in England and Wales onlyWill lend in England and WalesWill lend in England and WalesWill lend in England and Wales.Will lend in England and WalesWill lend in England and WalesWill lend in England, Wales and restricted postcodes in ScotlandWill lend in England and Wales.Will lend in England, Wales and ScotlandWill lend in England, Wales and ScotlandWill lend in England and Wales
Number of Applicants64No maximum2 applicants for individual cases
4 applicants within Ltd Company
No maximumNo maximum2 applicantsMaximum 4 Applicants. Including SPV Limited Company4 applicants44Maximum 4No maximumNo maximum4 applicants
AccessAccess to Aldermore commercial is available via selected packagers onlyAccess to Axis Bank is available via selected packagers onlyAccess to Cambridge Counties is available via selected packagers only.Access to Foundation Home Loans is available via selected packagers only.Access to Hampshire Trust Bank (Commercial Mortgages) is available via selected packagersAccess to InterBay commercial is available via selected Key Partners onlyAccess to Kensington is available via selected packagers onlyAccess to Kent Reliance is direct to lender with 3mc as your payment routeAccess to Landbay is available via selected packagers only, of which 3mc are oneAccess to Paragon Premier is available via selected packagers onlyAccess to Precise Mortgages is direct to lender with 3mc as your payment route, unless specialist products are to be used which is via 3mc as your mortgage packagerAccess to Saffron is available via selected packagers ONLY, select 3mc as your route.Access to Shawbrook Bank is available via selected packagers only. Access to Lancashire Mortgage Corporation is available via selected packagers onlyAccess to Vida is available via selected packagers only
Type of Credit Search conducted at AIP stageHard foot printSoft foot print, hard foot print upon full applicationHard foot print upon full applicationHard foot printSoft foot printSoft foot print onlyEquifax - soft print at AIPSoft foot print, hard foot print upon full applicationSoft at DIP - Hard at application stage.Hard foot print at DIP/AIP stageSoft foot print at AIPSoft foot printHard foot printHard foot printSoft foot print

Buy to Let - Criteria Comparison

Drag and drop columns to reorder

 Aldermore MortgagesAxis BankBluestone MortgagesBM SolutionsBucks Building SocietyDudley Building SocietyFoundation Home LoansKensingtonKent RelianceLandbayNew StreetParagon PremierPepper HomeloansPrecise MortgagesSaffron Building SocietyTogetherVida Homeloans


Lender PageViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewView
Property Value (min)£60,000 (single residential units)
£75,000 (HMO's, Multi Unit Freeholds and other properties)
Minimum Property value £133,333
Minimum property value £75,000Minimum property value £40,000Minimum property value £100,000Minimum property value £75,000Minimum property value £75,000Minimum property value £75,000. (£120,000 for new build flats)See minimum advance. £80,000 Standard
£150,000 HMOs & Multi Units
£75,000£75,000
HMO - £100,000
Multi-Units -
Min Val for;
2 -10 units is £100,000
11 - 20 units is £150,000
Minimum property value £70,000Min prop Val £50k (£150 London) - Watch min loan currently £80k unless purchasing through LTD Co.
HMOs Min £100k (£250 London) - min loan £25,001
Minimum property value £100,000
No minimumSingle Residential Units -£50,000. HMO - £100,000 MUB £175,000 in London & South East. £125,000 in all other locations. Ex Local authority flats/maisonettes min £125k outside London, £200k in Greater London up to 80% LTV
Advance (min)£25,001£75,000£50,000£25,001£50,000 up to 70% LTV£25,001£50,000£25,001.£75,000 for Standard BTL
£75,000 for Specialist BTL
£125,000 for Ex-Patriates
£50,000£25,000£30,000£25,001£50,000
(£25,001 for Limited Company and HMO products)
£30,000£5,000£25,000
Advance (max)£1,000,000 to 70% LTV
£600,000 at 75%
£400,000 to 80% LTV.
£500,000 to 75% LTV
£1,000,000 to 65% LTV

Loans up to £2m may be considered on a referral to lender basis
£1,000,000 to 80%£1,000,000 to 75% LTV£500,000 to 70% LTV£1,000,000 to 70%

Applicants will be required to own their residential property.
£1,000,000 on loan for individual units up to 65%

£500,000 (including fees) to 75% LTV on Prime Range
£500,000 (including fees) to 70% LTV on Light Adverse Range
*****
For Foundation Homeloans to consider the applicant an experienced landlord and to be able to access Prime/Light Adverse products they must have operated a BTL at any time within the last 6 months for no specified length of time.
£1,000,000 to 75%. £500,000 to 80% LTV.
£1.5million maximum loan to any one customer in one transaction
£3,000,000 to 75%
£1,000,000 to 85% LTV
Standard & Specialist BTL products
Includes HMO, Student Let, LLP's and SPV LTD Company apps
First Time Landlords - Max 80% LTV
If the lease has less than 85 years remaining, then the maximum LTV is capped at 75%
****
Loan sizes of less than £100,000 will be subject to a maximum LTV of 75%
£750,000 to max LTV£1,000,000
Maximum total lending with New Street is £2m per individual (or joint applicants)
£500,000 to 80%(includes 75%) LTV
£1,000,000 to 70% LTV
£2,000,000 to 65% LTV
£750,000 up to 80% LTV
£1 million up to 75% LTV
£2,000,000 to 60% LTV (This is only on Tier one lifetime trackers FOR BOTH LIMITED COMPANIES AND INDIVIDUAL)
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£500,000 to 80% LTV

HMO: -
£1,000,000 available at 70% LTV
£500k at 80% LTV (Not available direct with lender, only via a Premier Packager [3mc])

Loans over £1,000,000 are not available in Scotland
Max LTV for a loan over £1,000,000 is 60%

Proof of income is required for loans over £1,000,000 and a minimum income of

£100,000 is required on at least one of the applicants
Loans above £1,000,000 have a restricted conveyancer panel:
Loans up to £2,000,000 can use the following:
Blacks
Goldsmith Williams
Gordons
JMW
Shoosmiths

Portfolio restrictions do apply:

Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages.

For properties 11 - 20 LTV is capped at 70% and maximum exposure remains at £5m.

A single customer can have one large Precise Mortgages BTL loan of £1,000,001 to £2,000,000 OR

Builders deposit accepted
£1,000,000 up to 80% LTV (Anything above, referred) or product specific
Only available to those who have at least 1 BTL property
First charge £500,000
Second charge £250,000
Up to 75% LTV on first and second charges
£500,000 on Ltd Edition products

£750,000 to 75% LTV

£750,000 to 80% LTV.

Maximum aggregate exposure to single customer £2 million
Term (Min)6 years5 years15 years5 years5 years5 years5 years5 years5 years3 years5 years
10 years for Interest only
5 years5 years5 years5 years4 years5 years
Term (Max)35 years25 years30 years35 years35 years40 years25 years40 years35 years25 years40 years25 years35 years35 years (Including HMO's and Ltd Co's)
40 years30 years for capital and repayment,
15 years for interest only
35 years
Minimum age21 years (FTB 25 years)25 years for first applicant & 21 for any subsequent applicants at application stage20 years25 years21 years old18 years old21 years old25 years (unless there is 2 applicants then one app can be 21 years old)25 years21 years25 years21 years old25 years25 years25 years (or product specific)18 years21 (Primary applicant), 18 for all other applicants if a direct family member
Rental calculationLimited Company:

Variable rate - <5 yr fixed is higher of pay rate + 2% or 5.5% @ 125% including surplus personal income, or 110% excluding surplus personal income.

5 yr fixed is higher of pay rate or reversion rate + 0.75% @ 125% including surplus personal income, or 110% excluding surplus personal income.

Lower Rate Tax Payer:

Variable rate - <5 yr fix is higher of pay rate + 2% or 5.5% @ 145% including surplus personal income, or 120% excluding surplus personal income.

5 yr fix is higher of pay rate or 5.5% @ 145% including surplus personal income, or 120% excluding surplus personal income.

***********

Higher Rate Tax Payer:

Variable rate - <5 yr fix is higher of pay rate + 2% or 5.5% @ 145% including surplus personal income, or 120% excluding surplus personal income.

5 year fixed rates is the higher of i) the pay rate or ii) the reversion rate 3.23% + 0.75%
Limited Co/ HMO / MUB
<5 yr fix 125% @ pay rate + 2% (min 5.5%), 5 yr fix 125% @ pay rate, like 4 like remo's 125% @ 5% BUT property portfolio must meet 125% @5.5%

******

Lower Rate Tax Payer: -
<5 yr fix 145% @ pay rate + 2% (min 5.5%), 5 yr fix 145% @ pay rate, like 4 like remo's 125% @ 5% BUT property portfolio must meet 145% @5.5% - ALTHOUGH Basic rate taxpayers may be assessed at 125% @ 5.5%

******

Higher Rate Tax Payer: -

<5 yr fix 145% @ pay rate + 2% (min 5.5%), 5 yr fix 145% @ pay rate, like 4 like remo's 125% @ 5% BUT property portfolio must meet 145% @5.5%

*******

High Net Worth: -

If client has £3m net asset position then they will consider 100% ICR + £300k p/a income (by referral to Axis)


£ and £ remo's
125% @ 5%
Affordability based including 50% of gross rentalBasic rate tax payers will require 125% rental cover. For higher and additional rate tax payers, based on current products, the majority of cases will require a rental cover below 140%

On 5 year products
125 @ 5.25% for basic rate tax payers
******
A minimum of £30k earned income is needed on the application. A maximum aggregate LTV 75%, and minimum rental cover 145% at 5.5% is required across the portfolio (unencumbered BTLs will be taken into account for this).
Rental calculation: 145% of pay rate140% @

• For fixed rate products of 5 or more years duration – the higher of pay-rate or 5.5%

• For all other products - the higher of pay-rate plus 2% or 5.5%

Budget Planner to be provided with every case

For products that are not fixed for 5 years or more, a floor of 5.5% will be applied.

Valuer must confirm the gross monthly rent achievable (based upon unfurnished figure).
For Individual applicants, the rental stress is 145% of pay rate for 5 year fixed products and 145% of pay rate or 5.50% notional rate for all other products.

For Limited Company products, the rental stress is 125% of pay rate for 5 year fixed products and 125% of pay rate or 5.50% notional rate for all other products.
**********************
Letting: -
Let on a 6 or 12 month Assured Shorthold Tenancy (AST) or on a Company Let not exceeding 36 months
**********************
Up to 4 individuals are acceptable on a single AST Agreement
145% rental coverage at 5.5%

HMO: 175% @ 5,5%
Affordability
The minimum stress rate applicable for rental cover purposes will be 5.5%, or the initial pay rate plus 1.55%, whichever is higher.

Remortgages where no additional borrowing is being raised will not be subject to a minimum stress rate, with rental cover being assessed against the initial pay rate plus 1.05% rather than 1.55%, and no minimum stress rate will apply.

5 year fixed rate applications will continue to be stress-tested at the initial pay rate, with no additional margin or minimum rate applicable.

Standard Buy to Let definition enhancements
We have extended our definition of Standard property to include HMO/multi/student lets with up to 5 rooms, or blocks of flats with up to 6 (4 or below is classed as standard prop -
above 4 is classed as specialist) units, as well as single dwellings.
Any buildings with more rooms, or units will be considered as specialist.

Experienced landlord definitions
OSB will now define a portfolio borrower as someone owning four or more investment properties, including the subject property.
Non-portfolio borrowers will be individual applicants owning three investment properties or fewer, including the subject property.

The new definitions do not apply to those borrowing through a limited company.

Standard Property (up to 4 flats one one title)
Ltd Co – 125% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Non-portfolio borrower – 140% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Portfolio borrower -155% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Specialist property
Ltd Co – 145% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Non-portfolio borrower – 165% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

Portfolios borrower – 180% (at 5.5% OR initial pay rate PLUS 1.55% - product dependent)

*********
KRBS Now accept the rental figure for HMO properties to be based on the furnished rental figure provided by the valuer, as opposed to the unfurnished figure.

KRBS will value a HMO as a single house but would use the rental income from all tenants (not just the single family rent) when looking at the rental calculator and minimum stress test to achieve the maximum advance.
For purchase and capital raising remortgage applications, the following underlying ICR rates will apply:

Limited company applicants: 125% @ 5.50%

Individual applicants: 140% @ 5.50%

Expatriate applicants: 125% @ 5.50%

For remortgage applications without a capital increase or purchases where the initial fixed rate is 5 or more years in duration, the following underlying ICR rates will apply:

Standard properties up to 75% LTV: 125% @ pay rate

Standard properties up to 80% LTV: 130% @ pay rate

HMO/MUFB properties: 130% @ pay rate

Expatriate and FTL applicants: 135% @ pay rate

The underlying affordability of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5.50%.
Landbay may consider cases that fail the initial minimum coverage ratio (above) if it is indicated appropriate to do so by using an affordability model. The Landbay affordability model will take into
account a number of elements including other income.
Low rate Taxpayer - 125% @ 5.5%

High Rate Taxpayer - 140% of 5.5%

High Rate Taxpayer AND ground rent / Service charge then calculator raises to -
145% @ 5.5.%
Limited Company: -
<5 yr fix 125% @ 5.5%/pay rate + 2% if higher.

5 yr fix or more 125% @ 4%
*******
Lower Rate Tax Payer: -
<5 yr fix 125% @ 5.5%/pay rate + 2% if higher.

5 yr fix or more 125% @ 4%
***********
Higher Rate Tax Payer: -
<5 yr fix 140% @ 5.5%/pay rate + 2% if higher.

5 yr fix or more 140% @ 4%

***********
Paragon HMO: -
Ltd Co:
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%

***********
Lower Rate Tax Payer: -
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%
**************

Higher Rate Tax Payer: -
<5 yr fix 145% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 145% @ 4%
Monthly rental must be 140% of new mortgage payment, calculated on the pay rate
******
5yr fixed deals available, 140% of pay rate
Tracker rates Higher of pay rate +2%, or reversion rate +2%, minimum 5.5%

Short term Fixed rates Higher of pay rate, or reversion rate +2%, minimum 5.5%

5 year+ Fixed rates Pay rate

125% of monthly interest payment calculated at the higher of pay rate or reversion rate at the point of offer being issued.

Lifetime tracker products are calculated off 125% at the payrate

Based upon Interest only BTL mortgage payment
140% of pay rate stressed at + 2%
Rental Cover on debt for debt re-mortgage cases 140% at 5.5%

5 years fixed rate the stress test is 4.97% x 140

*****
Based upon Interest only BTL mortgage payment.
Rental assessment will be based on 1 single family
• Basic tax rate payer: 125%
• Higher tax rate payer: 145%
• Additional tax rate payer: 165%
• Limited company applicants: 125%
********
Based on higher of the notional rate or product rate. When £ for £ remortgaging the notional rate is 5% otherwise 5.5% applies. 5 year fixed is based at the product rate.

Ltd Company - 125%
Lower Rate Tax Payer - 125%
Higher Rate Tax Payer - 145%
HMO/MUB - 130% for Ltd Co & Lower Rate Tax Payer, 140% for Higher Rate Tax Payer.
Age (max)Maximum age is 85 years at end of the mortgage term.Maximum age is 80 years at the end of the mortgage term65 at the start of the mortgage termMaximum age is 80 years at the end of the mortgage term.No maximum age, all based on lending propositionThe upper age limit has been removed and will be available on all products. Dudley will look at each case individually.Maximum age is 85 years at the end of the mortgage term.

No
maximum age for Limited Company applications
Maximum age is 80 years at the end of the mortgage termMaximum age is 85 years at the end of the mortgage term85 at the end of mortgage termMaximum age is 85 years at the end of the mortgage term85 years oldMaximum age is 85 years old at the end of the mortgage term80 years at time of application, 115 maximum age limitNo maximum age. For any loan that extends into an applicant’s retirement, or beyond the age of 75, (whichever occurs first) retirement income must be evidenced and affordability proven. No max age on a self funding BTL85 at the end of the term as standard (not a company structure). 95 at the end of the term for company BTL
Family cash Gift depositYesYesYesYes - Must be evidencedYes - case specificYes, Deed of Gift. Direct family onlyA gifted deposit (100%) is acceptable from immediate family members if accompanied by a declaration from the family member/s confirming no repayment required and that they hold no interest in the property which will be purchased using the gifted fundsNoYesRefer Allowed for FTB or First Time Landlord only from either Granparents/Parents or SpouseYesNoYes - they require a letter stating no repayment will be made Yes - they require a letter stating no repayment will be made and no interest in propertyYesAccepted from close relatives, ie parents, grandparent, sibling, step relatives, child etc
Family Gift of Equity depositNoYesYesNoYes - case specificYes - direct family member only. NoNoYesReferNoNoNoNo. However can do a Directors Loan Account(DLA) for LTD. Company where selling BTL to their own LTD Co.Yes - Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full priceYesConsidered - Must be from close relative. The max mortgage will be based on purchase value and will be limited to 75% of the market value and no more than 95% of the purchase price with the customer to provide at least 5% deposit of their own
Income (min)No minimum income
except for time first landlords (£25,000)
Self employed - minimum 2 years accounts
No minimum income
Will consider personal background income that show on the SA302 as zero but tax submission shows an income from properties
BTL's with Bluestone are affordability based and not rental basedNo minimum income for non portfolio landlords
£30k income required for portfolio based landlords.
*********
Will consider affordability using personal income for applicants
Evidence must be retained of income and source of deposit for all applications
You must ensure that you ask for and retain evidence of personal income and deposits for applicants.
**********
For IT contractors on any income and other contractors whose income is more than £500 per day or £75,000 per year, BM accept the gross value of the contract as evidence of income.
*
This applies to all Buy to Let and Let to Buy applications whether client is employed, self-employed, or operating as an umbrella company. All apps must have:
*
12 months or more continuous employment in their current contract with 6 months of the contract remaining, or 2 years continuous service in the same type of employment (within the last 2 years). Please key the following details on the Point of Sale (POS) system:
*
Employment status as ‘Employed’
*
Type of employment as ‘Fixed, short term or rolling contract’
*
Occupation type as ‘Professional’
*
Job title as either ‘IT Contractor’ or ‘High Value Contractor’
*
Income as the gross value of the contract. If the contract isn’t available, please follow the existing process for verifying income, including keying employment status as ‘Self-employed’ and using SA302s where appropriate.
*
Evidence of the contract value and duration for all cases and only submit if income verification is requested. When submitting documentation, the following information should be provided:
*
Full value of contract or rate of pay and contracted hours / days
Customer name and / or their company names, and evidence of ownership
*
Name of the company the applicant is contracted to, if applicable
*
Start and end date of the contract
Customer signature / electronic signature.
*
For non-IT contractors earning less than £500 per day or £75,000 per year, the existing policy applies as follows:
*
If the customer pays their own tax contributions they should be treated as self-employed.
*
If tax is paid by the company they work for, the customer can be treated as employed as long as they can confirm:

12 months or more continuous employment with their current employer, with six months of the contract remaining, or
*
Two years continuous service (for the last two years as at the date of application) in the same type of employment.
£25,000 - will consider non-earned income (UK based), maintenance, investment and Trust income. Case dependent£20,000 minimum income required for Dudley BS. No minimum income required. Last payslip for employed and last years accounts or SA302 for self-employed – where no such proof is available bank statements showing activity over the last three months.No minimum income for existing landlords, minimum income £25,000 for First Time Landlords. No minimum income except for
Expatriates - £25,000, verifiable income
£25,000 for UK based applicants
For Ex Patriates who are Employed:
- £40,000
For Self Employed expatriates: £60,000 minimum.
Minimum combined income £25,000£25,000£18,000 - Rental income can be taken into account, as long as it is not more than 50% of their income. No Min income however must be able to cover rent voids for 3-4 months based on EDI. No proof of income is usually required except where basic rate tax payer and then ONE piece ie latest payslip is required (nothing if buying through a LTD Co.). Min time in employment, 12 months continuous, 12 months trading if self employed including professional landlords. To qualify as a prof landlord clients need to own min 5 props (ring for exceptions). Bank statements are no usually required however if Tiers 2 or 3 then 3 months salary fed bank statements are required.No minimum income - only requires that one applicant is in receipt of earned or pension income and is registered for UK taxNo minimum incomeNo minimum income
RestrictionsNo minimum requirements to have current BTL’s. Maximum of £2,000,000 with Aldermore. Max 10 BTL properties per client.
No limit on the size of their portfolio elsewhere.
Can consider Coach houses, usually built above garages and/or an access way.
Residential Investment properties only, HMO's (Maximum of 6 bed), Multi Unit Freeholds (up to 6 flats 1 title), Expatriates, Holiday Lets and Ltd Companies (Limited Companies must be NON-Trading SPV's);
***********

Maximum of 5 loans to £5 million and another 5 considered after six months seasoning on the first five, capped at no more than a third of the portfolio, after 5, and maximum lending across all 10 of £5 million.
**********

For Flats in a block of over 5 floors, this can be considered
---
The Bank will consider lending on the following property types
- Standard Houses and Flats
Detached, Semi-Detached, link-Detached, terraced, cottage, bungalow, apartment, maisonette, duplex, penthouse, studio
- Houses of Multiple Occupation ( HMO’s)

Can consider Licensed and unlicensed HMO's

Maximum 6 tenants with individual AST’s.
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Multi Let Properties
Non licensed HMO – (House Shares acceptable)
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Maximum 6 tenants with individual AST’s
- Multi-Unit Freehold Blocks (MUFB)

Multiple self-contained residential units held under a single freehold title – subject to a maximum of 6 units.

Bank will lend on whole blocks with up to 6 units.

The Freeholder and leaseholder should not be the same legal entity although may be connected.

Concentration
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In order to avoid risk concentrations, if a unit comprises of more than 3 parts each with separate legal title, the maximum number the Bank will lend against in any one unit is 1/3rd, as detailed below:

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Unit with 1 to 6 parts - Maximum of 3, Unit with 7 to 12 parts - Maximum of 4, with addition 1 part being added to every 3 additional parts in the unit, subject to a maximum Bank exposure of 10 units. After 5 units, no more than 1/3 of the clients portfolio.

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Property above Commercial:
Where the building could be classed as good quality and with higher end commercial premises, such as banks, estate agents, art galleries, high end retail outlets or some modern purpose built blocks that may include some wider retail outlets. Axis will not consider properties where the premises are not of high quality and are in the immediate vicinity of restaurants, public houses or takeaways.
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Acceptable SIC Codes for SPV Limited Companies: -

68100 – Buying and Selling of own real estate
68209 – Other Letting and operating of own or leased real estate
68320 – Management of real estate on a fee or contract basis
No limited companies, HMOs, company lets or holiday lets3 allowed to £2,000,000 across ALL HBOS lenders
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Freehold flats are unacceptable mortgage security in most circumstances.

Where the flat is within a building of no more than 4 units it may be acceptable subject to the following requirements:

Freehold – acceptable subject to:

*The applicant must be the sole freeholder/landlord of the other flats which must be held on a long lease (70 years or more)
*Our mortgage must be registered on the freehold title

*Leasehold and the applicant owns the freehold of the building – acceptable subject to:

*The applicant must be the sole freeholder/landlord of the other flats which must be held on a long lease (70 years or more)

BM mortgage must be registered on both the freehold and leasehold title and these must be in the same name

Leasehold and the applicant owns a share of the freehold (whether within a management company or not) – acceptable subject to:

*The other freehold owners must be unrelated to the
*BM mortgage must be registered on the leasehold title

Where the tenure is leasehold and the freehold is owned by a landlord or management company this is acceptable whether the applicant has a share in the management company or not.

The conveyancer/solicitor will ensure arrangements in connection with the Management Company are acceptable. BM mortgage must be registered on the leasehold title.

Please note - the three properties does NOT include a residential property.

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HMO
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Properties subject to Local Authority HMO licensing may be acceptable, subject to the valuer’s assessment of suitability based on the following requirements:

● Letting arrangements must be via a single tenancy agreement. Multiple-tenancy arrangements, i.e. where individual tenants agree separate tenancies with the landlord, are not acceptable

● Maximum of five unrelated tenants

● The property must be suitable for standard residential occupation

● Institutional type properties, for example hostel accommodation / bedsits / shared accommodation comparable to halls of residence, remain unacceptable

● Large properties, i.e. where there are more than five lettable rooms, in an area where letting arrangements are predominantly multiple-tenancy, remain unacceptable.
Max of 3 BTLs (including the property enquiry) in or out of a Limited company
If consumer BTL with family member residing – we will assume the rent will not be paid /clear affordability required.
From 30th September, Dudley will not consider BTL applications from "Portfolio Landlords".
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***Definition- A portfolio landlord is a landlord with four or more mortgaged buy-to-let properties across all lenders. This figure would also include the proposed mortgage being applied for with the Society.
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No more than 25% exposure in blocks of 4 flats or more. For blocks of 3 flats or less, will only lend on one property.

Storeys in a flat: If a flat is built in or after year 2000 we can now go above 4 storeys.

Applicant(s) should ordinarily be existing owner occupiers. Consideration will be given where an applicant does not own their own home, subject to the underwriter being satisfied with the underlying rationale.
Maximum of 10 loans with Foundation Home Loans
per borrower, unlimited with other lenders.
Prime Rates - Exposure limits - Maximum of three properties holding a Foundation Home
Loans mortgage in any one full postcode per borrower.

Foundation Home Loans’ maximum portfolio size is £2million across ten properties.

For portfolios of £1million or below, the maximum loan size is £500,000.
For portfolios between £1million and £2million, the maximum loan size is
£500,000 but the average loan size across the portfolio must not exceed £400,000.

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Flats are restricted to 25% within a block; however consideration can be given up to 50% subject to valuer’s comments and full underwriting review.
*
Example; Max 1 in block of 4 flats
Max 2 in block of 4 flats (with underwriter discretion)
Max 3 in block of 12 flats (under 25% (4) however maximum we can consider in 1 post code area is 3 no underwriter discretion)
Existing portfolio/ post code checks will be carried out as a standard requirement by the New Business department on submission of the decision in principle and full Mortgage application.
*
Where multiple applications in the same location are received, underwriters should consider:
Property location, i.e. are the properties in a location where multiple lets could easily be obtained
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Whether there is any relationship between the applicant and the vendor/developer of new properties, i.e. is the applicant genuinely trying to create a personal portfolio, or does he have an interest in the properties and is this an attempt to obtain a cheap source of commercial finance, in which case the application should be declined
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The Company will review concentration risk across the whole of the lender portfolio (Foundation Home Loans) where over exposure may necessitate a decline of the application.
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Acceptable SIC Codes for SPV Ltd companies are:
68100
68209
68320
6 allowed or £1,000,000 minimum portfolio with Kensington, whichever is lowest. If 4 or more with Kensington then 75% LTV on properties 4 and above.
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High rise apartments – above 4 stories there needs to be a lift and above 10 stories the loan is limited to 75% LTV and must be in a city location. We can also consider were there is a commercial set up on the ground floor
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No maximum portfolio size.
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HMOs up to 6 bedrooms
No minimum requirements to have current BTL's. No maximum, however must be all self funding and anything over 2m in portfolio will refer for an underwriter to assess.
Tenancy: -
For all Buy-to-Let lending, the property must be let on an Assured Shorthold Tenancy or a contractual tenancy.
36 month tenancies can now be considered:
• The AST provides for a rent review every 12 months or less
• A minimum Debt Service Coverage ratio of 125%
• A maximum LTV of 75%

A fixed term of 12 months can be considered up to 85% LTV.
Property value must exceed £80,000
Must be suitable for letting at completion
Must be in an area with strong rental demand as determined by our surveyor
partners

No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties

HMOs & Multi Unit Freehold blocks (MUFBs):

Max. 75% LTV

Max. 10 bedrooms

10sqm min. bedroom size

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 2 years’ prior experience as a landlord
Must be owner occupier, can be First Time Landlord, but not FTB and Landlord

Max £2m lending with New Street, unlimited no. of properties - unimited portfolio outside of group, no debt to income ratio
No restriction on other mortgages with other lenders.
Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier)
The maximum portfolio of Buy to Let or residential loans per applicant(s) held at any one time with Pepper Home Loans, is limited to a maximum of 3.
This is per individual and will include any joint or limited company loans held that the applicants are party to.
It will therefore not be possible to exceed the maximum stated above if applications are made jointly.
Where a client holds a portfolio of loans with other lenders these will be disregarded for portfolio maximum purposes.
However the conduct of those loans will be taken into consideration and they must be conducted satisfactorily over the last 12 months.
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Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper.
Traditional BTLs must have owned a property (can be unencumbered in the last 18 months, otherwise classed as a FTB, this cannot include bridging or LTD Co. held BTLs).
HMOs: Must have owned a BTL (no necessarily HMO) for min 12 months (can be property they are remortgaging)
£1.5m max portfolio with Saffron Building Society
Must be let on an AST with a term of 6 – 24 months
Only allow 3 people not family related to share on a property on one single AST.
Rental assessment will be based on 1 single family .
Previously bankrupt customers must be discharged for more than 1 year. IVA's must be satisfied for more than 1 year.
Interest only term up to 15 years.
Maximum 15 properties up to a maximum portfolio of £1.5 million exposure with Vida per borrower. No restrictions on portfolio size outside of Vida, but overall portfolio average of 80% LTV, regardless of lender.

Flats situated above commercial premises: Max 75% LTV
Flats situated above restaurants/takeaways/public houses/launderettes: Max 60% LTV

Ltd Co (including trading companies), SPVs and LLP acceptable across standard range with no extra rate loadings or fees. Ltd Company trading under a different SIC code, 2 years trading, 1 years accounts & SA302 required.
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Directors Loans accepted for deposit purposes – Vida will require a Priority floating charge. Vida can also consider using retained profit for deposit purposes

HMO: - At leaset one of the applicants must have a minimum of 12 months landlord experience. Up to 8 bedrooms considered.
Minimum value £100,000.
No additional fees or rate loadings and available on all schemes. From 130% rental cover.

Multi Units: - Up to 5 self-contained units on a single freehold. Minimum value £175,000 for the freehold block in London & South East, £125,000 in all other regions.
At least one applicant must have at least 12 months landlord experience. From 130% rental cover.

Corporate lets: acceptable providing they are let directly to a registered provider of social housing or Public Limited Companies (PLC). No limit on duration
First Time LandlordYes (minimum £25,000 income)
FT Landlords max 75% LTV
Will consider a First Time Landlord subject to:-
The Bank’s definition of a First Time Landlord (FTL) is an applicant who has not owned an investment property, with or without a mortgage on that property, in the last 12 months.
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The Bank will accept applications from single or joint FTL, with the applicant(s) having a minimum age of 25 years old. In a joint application where one of the applicants is not a FTL, a minimum age of 21 will apply to that applicant.
The following criteria apply to FTL:
• FTL applications must have a minimum income of £25,000; one applicant HAS to be a homeowner, can considered where one isn't.
• FTL applications will be capped at a maximum loan size of £500,000; and
• FTL applications will be capped at a maximum loan to value of 75%.
No, must own 3 BTL properties. YesYes (Must have current property)Yes (can consider FTB and FTLL).
Please note, consumer and regulated BTL's considered [subject to affordability]
Yes (must have current residential)First time landlords are acceptable. A first time landlord can be defined as someone who has not operated a buy to let property within the last 24 months. If the applicants are currently non owner occupiers, evidence they have previously owned a property will be required at full mortgage application. If they are unable to provide evidence of this, the applicant will be classed as a first time buyer which is not acceptable.
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First Time Landlords are acceptable where:
o The borrower is currently an owner occupier
o The deposit coming from own resources and not gifted
o The property is not either:
- Above commercial premises
- Ex-local Authority, MoD or Housing Association
- A property where the borrower owns adjacent land or access road
- A House in Multiple Occupation (HMO) or a Multi-Unit Block / property (MUB)
Yes (must have current residential)
£25,000 income required.

If not a residential homeowner, clients need to have current BTL properties owned for at least 12 months.
Yes - 80% Max LTVMust already have at LEAST one UK based property, No First time buyers are accepted.
Please note, at least one years experience is required for a Multi unit property or HMO.
Yes, must have current residential.Yes - must be a home owner and a standard property, cannot lend to a FTL who wants a HMO/Multi Unit propertyYes - as long as they have held a mortgage on their main residence for the previous 12 months.Acceptable unless HMO where 12 months BTL ownership is requiredYes, must have current residential mortgage. No minimum income requiredYesYes. Borrowers who do not currently own a residential or rental property are acceptable, but or First Time Landlords will be assessed for affordability on both the residential and BTL affordability basis
Let to Buy (Turning Residential into Buy to Let)Considered -
Max 75% LTV
Considered - as long as 3 BTL's owned for at least 2 years.
Applicant 2 must own at least 1 BTL for at least 12 months.
YesLTB will only be available when the applicant is buying a Residential property
They will require evidence of the Residential property purchase for LTB mortgages.
Yes – subject to affordability / consumer BTL if no other BTLs ownedYesNoYesConsidered (they require sight of a mortgage offer on new property)Not consideredAcceptable to convert existing residential properties to Buy to Let. Do not currently offer residential mortgagesYesLet to Buy - considered.

Where the borrower is using the equity in their current residential property to purchase another property and the new property will be their primary residence with the old property being let out.
It is a requirement that the purchase of the new property must complete before, or at the same time as, completion of the remortgage of their current residence.
Considered up to maximum 80% for Remo to BTL.

Precise will insist on a simultaneous completion unless the client has been moved into rental accommodation for over 3 months. (still max 80% LTV for any transactions).
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Can consider the scenario of girlfriend/boyfriend moving in with partner and renting out one of their properties. In this scenario we will insist on:

*A minimum 3 months rent and AST on the property we are doing the LTB on:

*Proof of residency with their partner at their new residential address

*Consent to let from existing lender

In all other circumstances for Let-To-Buy's we will require a simultaneous completion or the client will need to have been moved out for a minimum of 6 months.
Yes (Not available on 80% products or higher)Yes, considered, product dependantYes
DWP TenantsNoConsidered and will be referred. NoYes (any kind of benefits)NoConsidered on a case by case basisNo, this includes DSS tenants. NoNoYes, considered. Full scenario required, i.e. how is the rental income derived, who from etc. NoYesNoNoNoAcceptedDo not accept DSS assisted tenants, where they receive any form of housing benefit
Student LetsConsidered for up to 4 individuals as long as they are on a single AST and are jointly liable for the rent. Considered on a case by case basis.Single AST onlyYes (Maximum number of students on 1 AST is 5)NoNoYes, as long as its a single AST and it's a max of 4 students on the ASTNoYes (Max 8 Bed)YesNoYesNoHMO. Can consider student lets up to 8 bedrooms with locks on doors (no bedsits and must have communal area), single or multiple ASTs. On traditional BTL criteria student lets can be considered, where max 4 students on ONE AST, NO locks on doors, No communal areas used as bedrooms ie 4 friends renting a 4 bed house together otherwise put on HMONoAcceptedYes, as long as all occupants are on a single AST agreement, and are jointly and severally liable for the rent.
Ex-Local AuthorityHouses - Yes, up to 75% LTV
Flats - Yes, up to 75% LTV - Minimum value £150k outside London.
Inside Greater London minimum value is £200k.
Houses - Yes
Flats - Yes. the bank requires that 50% of the block is in private ownership. Blocks over 5 floors can be considered.
Houses only, no to flatsHouses and flats considered - Subject to valuers commentsConsidered - no more than 4 stories high. We cannot accept a local authority or av ex-local authority flat and maisonette unless located within the M25, a maximum LTV of 65%, minimum £200k valuation and satisfactory valuer comments regarding demand and re-saleability.

Houses – Yes
Ex Local flats - Case by case basis.
75% of block must be privately owned
No deck access.
Houses - Yes
Flats to a maximum of 70% (up to 4 floor, no deck access, must value at or above £250k and be in a City location)
Houses - Yes
Houses accepted to 85% LTV.
75% LTV for flats, block must be 80% privately owned
Refer case by case - majority privately owned in the block, low percentage private ownership is not acceptable. Yes, however no deck access, no flats under £250,000 valueReferHouses - 80% LTV Max
Flats - 80% LTV Max
Leasehold Flats with a lease term < 85 years unexpired (such cases will each
be considered on their own merits).
4 storeys or less accepted
Must not have deck access
Houses Max 80%, with adverse max 75%.

No to flats/maisonettes

The property must have good curb appeal and must have no balcony access and be overall strong case. Standard Construction
Houses - Refer
No to flats.
Flats and houses up to 65%Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, subject to conditions
Air BnBNoThe consideration of airbnb will be subject to:

Only available in London and Holiday destinations such as Devon, Brighton, Bournemouth, Cornwall as examples

1. Property and holiday let area will be subject to valuer comments
2. No lending will be considered on a property that is within or has an attachment to serviced apartments or if the valuer deems the property as a serviced apartment rather than a holiday let.
3. Clients would need to have experience of letting via airbnb and we would want this supported with airbnb credits seen via the clients bank statements.
4. Finally we will require the appropriate insurances in place that covers for this type of letting.
NoNoNoNoNoNoNoNoNoNoNoNoNoNoNo
Minimum years remaining on Leasehold propertyFreehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term).
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However, if the solicitor confirms a lease is shorter than 85 years at the start of the mortgage the valuation will be referred back to the valuer, as this may impact the property value.
50 years unexpired term at the end of the mortgage; 85 years at application30 years remaining at the end of the termAt least 70 years unexpired term at the time of application.85 years remaining at the beginning of the mortgage required. For Capital and Interest 85 years from the start of the mortgage term

Interest only below 50% LTV 85 years from the start

Interest only above 50% is 85 years the end of the term
Tenure may be Freehold or Leasehold with unexpired lease (already in existence) term no less than 50 years at the end of the mortgage termWill not accept leasehold properties with less than 35 years outstanding on the lease at mortgage maturity.Unexpired term of the lease must be at least 50 years at the end of the mortgage term.ReferLeases with less than 35 years remaining on the lease after the term of the mortgage are not acceptableFreehold or leasehold (subject to a minimum of 70 years unexpired term at the commencement of the mortgage and 50 years unexpired term at the end of the mortgage).Must have a minimum unexpired term of 85 years at the time of application.Minimum remaining lease term is 70 years at completion. Can extend lease on completion.
Must have 50 years remaining at the end of the mortgage termMinimum 50 years plus the term of the loanCapital & Interest loans minimum of 40 years lease remaining at the end of the term.

Interest Only or part and part, 70 years remaining at the end of the term
Minimum OwnershipProperty owned for less than 6 months
Remortgage available to repay existing facility, plus 100% of the improvement costs i.e. a bridge or short term loan only. Otherwise, property must be owned for over 6 months.

The customer will have the ability to capital raise monies over and above the sum required to redeem the bridging loan based on any enhanced value of the subject property.
Will consider applications from borrowers looking to refinance or raise capital on properties owned for less than 6 months, subject to standard LTV maximum of the property valuation. A maximum LTV of 75% will be available subject to this not exceeding 90% of the initial purchase price.6 months minimum before remortgage6 months minimum ownership before remortgage can be considered. Will lend against OMV no restrictions on maximum advance.No minimum ownership - but reasonable explanation is required6 months minimum ownership before remortgage can be considered. 6 months minimum ownership required before remortgage.

Can consider lending on a property where it has been their residential home previously - proof is required that it has been rented out for the last 12 calendar months (AST) and with consent from the current mortgage lender.

If the property has been converted as a result of a bridging loan we are unable to consider a remortgage until 2 years after conversion.
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Foundation Home Loans stance on Experienced landlords and first time landlords: -
Experienced Landlords are defined as someone who has been the registered owner of a self-financing buy to let property in the last 6 months.
A First Time Landlord is someone who has not operated a buy to let property within the last six months
12 months minimum ownership before remortgage considered. Will lend against OMV no restrictions on maximum advance6 months minimum ownership.

No First Time Buyers

HMO's up to 8 beds (9 or more is a refer - The client MUST already own a HMO property), Kent Reliance can also lend on student lets, Up to 4 flats on 1 title allowed. Available in SPV Ltd Co and individuals.
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Remortgages prior to 6 months are considered if clearing bridging finance like for like
No minimum ownership required - can consider under 6 months ownership.6 months minimum ownership.No restriction - refer6 months minimum ownership required before remortgage
Applicants without an existing residential mortgage are now acceptable subject to underwriting criteria which will include a plausibility assessment.
6 months minimum ownership before remortgage considered. Will lend against OMV no restrictions on maximum advance.
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Where the property has recently been inherited - probate must have been granted prior to mortgage application and verification of this must be supplied with the application. (If inherited probate granted letter required) In these circumstances, no minimum period of property ownership applies or exiting a Precise bridge.
Minimum time previously owned by vendor - 6 months
Minimum time owned before mortgage - 6 months
No minimum6 months minimum ownership required
Permanent rights to reside and remainYesYesYesYesYesYes (unless Ex-Pat)YesYesYesYes, please also see ex patriate sectionYes - for 3 years minimum time in the UK. YesApplicants who are non‐UK citizens must have been permanently resident in the UK for the past 3 years and must have indefinite leave to remain in the UK. UK citizens who are returning to the UK permanently are acceptable.
Applications from Foreign Nationals are acceptable, however all applicants must:
*Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer).
*Be UK taxpayers (where income is being used in support of the application).
*Have resided in the UK for the last 3 years.
*Applicants residing in the Isle of Man and Channel Islands are not acceptable.

**Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK (where income is used in support of the application).

**Non‐European Union citizens must provide evidence confirming indefinite rights to remain in the UK and have a statutory right to work in the UK.
YesYes (unless Ex-Pat)Applicants who have passports from
the following countries: Any EU country, Switzerland, Channel Islands, Switzerland, USA, Australia, Canada and New Zealand. These applications must be witnessed and advised by a solicitor. Any applicants who do not have a UK Passport or a Passport from the list above are subject to underwriter referral.
Yes (see also Ex-Pat)
Ex-PatriatesNoMinimum £40k income
All standard criteria must be met.
Must be British citizens who have been resident and liable to pay income tax in the UK within the last 5 years and who are now working abroad.
The applicant(s) must have a UK bank account and existing UK property.
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The applicant must provide evidence of the expatriate nature of their employment, for example a copy of their contract of employment or in case of self-employed persons their last 3 years return or a declaration from an independent accountant or financial consultant acceptable to the Bank.
It is expected that Ex-Pat applications will be from typically professional applicants, with a stable employment record with a verifiable firm.

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USA based applicants will not be considered.
Qatar based applicant also, will not be considered.
Employed by multi national company and would consider self employed contract workers as long as contract is with identifiable multi national company.
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Each case considered on its own merits subject to underwriting.
NoNoNo
N.B. No time restrictions if returning permanently to the UK and sterling paid – refer
The maximum loan to value is 65%

The minimum loan is £25,000

The ‘worst case’ (high) exchange rate for the last 5 years will be obtained by reference to an internet-based tool and the sterling equivalent of income will be calculated.

Foreign Currency – Income (where some or all of the borrower’s income is denominated in a foreign currency, regardless of where their day to day work activities occur).

Foreign Currency – Repayment Strategy (where the borrower will repay part or all of a mortgage which is partially or wholly conducted on an Interest Only basis, utilising monies or other assets which are denominated in a foreign currency e.g. the sale of a foreign holiday home).

Applicants must be UK citizens who are temporarily resident abroad.

For Residential Properties; it must be the customer’s intention to return back to the UK with this property being their main residence.

Lending can only be secured upon property in England and Wales only. The applicant must own one existing property in the UK at which we can trace them (this can be either their residential property or a BTL property).

Mortgage payments must be paid via direct debit from a UK bank account.

Applicants who are requesting that we use self employed income to support the mortgage, must meet the following guidelines:
I. The applicant’s must be self employed for the last 2 years and be able to provide 2 years worth of evidence where required.
II. The applicant must have self employed income that derives from UK properties, business in the UK or a UK based multinational company or business.
III. The applicant must have a UK accountant and the Accounts or Accountants’ Letters must be prepared and signed by a professionally qualified Associate or Fellow of one of the following bodies:
(ACA / FCA)
(ACCA / FCCA)
(CIMA)
(CIPFA)
(CIOT)
Ex Pat applications will be considered on Limited Company applications where the applicant:

Director must have a UK Correspondence address

Has a credit footprint in the UK

Pays UK tax or has declared income for UK tax purposes

Has at least one Buy to Let property in the UK

Is employed by a multi-national employer or Sovereign entity

Has written confirmation from their employer of their residential address in the foreign country and period of residency

Has a UK bank account

Provides the last two years’ SA100 and tax calculations

Ex Pat

Acceptable regions for Ex Pats are:
Europe
The Americas
Asia
Middle East

- All EEA countries (except Bulgaria) and Switzerland
- USA and Canada
- Hong Kong, Singapore, Thailand, Malaysia, Indonesia, South Korea and Japan
- United Arab Emirates

Saudi Arabia, Bahrain and Oman will be considered on a case-by- case basis
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Foreign Nationals where indefinite leave to remain is evidenced then this can be considered – also where they do not have indefinite right to remain but have been legally resident for 3 years and can provide 25% deposit from their own funds (not gifted or builders) then they can be considered case by case where they are holding a tier 1 or 2 visa. The applicants must have their salary paid into a UK bank account.
NoMax Loan 75%
Proof of income required (Minimum verifiable income of £50,000)
Applicants must be British passport holders and ID required
Have to be professionals living & working abroad not
retirees who have moved abroad permanently. They cannot accept Self employed applicants.
Applicants must have a completely clean credit history
Applicants must own at least one UK property (either residential or Buy to let)
Applicants must not be working or residing in a country on any banned or watch list (check with the KRBS directly).

Australian and Monaco expat applications now accepted where the property is held within a UK Ltd Co

The applicants must have a UK bank account and the mortgage
payment must be Direct Debit from a UK Bank

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Ex-pat standard mortgage – this is geared towards two types of borrower who want
to purchase a property in London or the South East:
• a professional applicant who is employed in a senior position by a UK, EU or US agency or by a recognised and traceable company abroad; or
• a self-employed applicant such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant.
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Ex-pat non-standard mortgage – also offer an ex-pat
non-standard mortgage. This is for customers who may not fit our standard
mortgage or may not be purchasing in London or the South East but who present
compelling reasons to lend. Applications for this product will be looked at on a case-by-case basis and bespoke underwriting will be applied.
Yes - FATF countries only & no First Time Landlords.
Max. 70% LTV

Resident of a FATF member jurisdiction country

A UK credit history

An active UK bank account

Has an existing buy-to-let property in the UK

Employed and earning £40,000 pa min. income

Self Employed and earning £60,000 pa min. income
NoNoNoNoMax LTV 65% - must have credit within last 3 years and appear on a credit search with satisfactory history. Applicants must be UK Nationals. Must have a UK Bank Account from which the mortgage payments will be paid from. UK Passport
holder is resident in the following countries: Any EU country, Switzerland, Channel Islands, Switzerland, USA, Australia, Canada and New Zealand. These applications must be witnessed by a Notary Public . Any applications for a UK Passport holder residing in a country outside the list above are subject to underwriter referral.
Accepted Customers must be British Citizens who have been resident and liable to pay UK income tax for at least 24 months within the last 5 years, who are now living in an FATF member country or confederation, excluding high risk countries (www.fatf-gafi.org/countries/#FATF).

No First Time Buyers. First Time Landlords acceptable but must currently own UK residential property.

Must have 3 active UK credit records. Payments must be made from a UK bank account in Sterling.

Max loan £1 million up to 75% LTV.
New BuildsNew Build houses accepted
Flats - No
New build is defined as built in the last 12 months, or has not previously been occupied.
YesYesNew Build flats and Houses accepted to 75% LTVHouse - Yes
Flats - Yes
Houses - Yes up to product maximum
Flats - Yes, up to max LTV
Houses - Yes, to 75% LTV
Flats - More than two years after first sale
New Build Houses accepted. New build flats 85% LTVNew Build Houses to 85% and flats accepted to 75% LTVYes - max 75% LTVYes - 80% houses and flats - builder incentive allowed above 80% - will take 25% of block or postcodeYesHouses - Yes
Flats/Maisonettes - No
New build flats and houses accepted to product max LTV

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Flats in blocks up to 20 storeys, with a commercial ground floor accepted

80% LTV available for buy to let new build houses and flats

S106 obligations considered

Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months
Houses - Yes
Flats - up to 65%
AcceptedAll new builds considered. Mortgage offers valid for 4 months from data of issue and if required we may extend for a further 4 months on the same product’
Credit ScoreAldermore Mortgages do not credit score.Credit checked not ScoredNoBM Solutions Credit scoreBucks BS do not credit score - but in clients/brokers interests if they credit check/score themselvesDudley BS - Credit check, do not credit score.Foundation HL do not credit scoreKensington do not credit scoreKent Reliance do not credit scoreNo - currently the credit insight data is reviewed as oppose to scored.New Street do not credit score - use Equifax to searchYes - EquifaxPepper Homeloans credit check, not credit scorePrecise Mortgages do credit score. Each case also receives a manual assessment by an underwriter.Saffron BS do not credit scoreTogether do not credit scoreCustomer should achieve a low cutoff score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.
Historic CCJ’s & DefaultsCCJs: - None registered in last 3 years
CCJ’s over £500 must now be settled for 3 years
CCJs registered more than 3 years ago but only satisfied in last 3 years acceptable if total balance does not exceed £500
(CCJs satisfied over 3 years ago considered)

Defaults: For 80% LTV or Less
Allow 1 default up to £500 in the last 3 years but not in the last 12 months.

One settled default that occurred 13-36 months ago up to a maximum of £300.

(Defaults registered over 3 years ago considered)
******************
80% or more LTV: -

None registered in last 3 years
(Defaults registered over 3 years ago considered)

Bankruptcy/IVA - must have been satisfied for at least 6 years.
****
Consider an applicant on a Debt Management plan as long as there is no default attached to the plan in the last 3 years.
****
Missed Mortgage Payments: -
None in last 3 months, No more than 1 month’s arrears in last 12 months and no more than 2 months’ arrears in last 24 months (arrears over 24 months ago considered)
CCJ's not considered in last 24 months, bankruptcy not considered with previous 5 years, late payments are considered. Previous repossessions are not.
******
CCJ’s registered in excess of 24 months prior to application may be considered where:
they are for less than £500 in aggregate and are limited to a maximum of 2.
- For any CCJ’s to be ignored, a certificate of satisfaction must be obtained if not evidenced on the credit search or where unsatisfied the bank must be happy with the explanation provided.
*****
Defaults and missed payments: -
Are to be assessed by the underwriter but may be allowable following review of a written explanation from the borrower.
- If arrears were more than 24 months ago and worst status 1 and now in order then no explanation is required.
*****
Mortgage payments
Allowed 1 in 24 months - any more than 1 missed in last 24 months is subject to underwriting approval.
Defaults and CCJ's ignored for
product selection purposes if
registered over 3 years ago or less
than £250.

None allowed in last 6
months.

No pay day loans in last 12 months

Secured arrears - Based on worst status shown on
credit search. Status for last 12
months must be 0. Can consider
arrears in months 13-24
No more than 1 satisfied CCJ or default up to £250 in the last 2 years
No more than 2 satisfied CCJs or defaults up to £500 in the last 2 to 6 years
No unsatisfied CCJs or defaults (with the exception of 1 Mail Order default <£100)
Bankruptcies - Discharged more than 6 years ago
IVA's have to be completely satisfied.
Secured Lending Arrears -
No more than 1 month in the last year
No more than 2 months in the last 3 years
Unsecured Lending Arrears -
No more than 3 months arrears in the last year
No but can look at light adverse on a case by case basisApplicant(s) must satisfy the following criteria:

Mortgage applications up to 80% LTV:
• No missed payments in last 12 months on any (previous or current) mortgage, other secured loan or rent, and no arrears in months 13-24 (counting backwards from the present date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears.
• No more than 1 missed payment in last 12 months on any (previous or current) unsecured loan or credit card, and no arrears in months 13-24 (counting backwards from the current date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears.
• A maximum value of CCJs registered more than three years prior to application (satisfied) of £5,000 and a maximum number of two instances.
• A maximum value of defaults registered within three years of application (satisfied) of £1,000 and a maximum number of three instances.
• A maximum value of defaults registered more than three years prior to application (satisfied) of £5,000 and a maximum number of three instances.

Other than that:
a) Three or fewer Communication supplier defaults of up to £150 each may be ignored for the purpose of calculation value under points 3 and 4 above (where an applicant has four or more, all of them will be taken into account).
A satisfactory explanation for any adverse credit (including any disregarded under point (a) must always be obtained.

For Mortgage applications above 80% LTV, applicant(s) must satisfy the following criteria:
• No missed payments in last 12 months on any mortgage, other secured loan or rent and no more than 1 missed payments in the last 2 years. No current arrears.
• No more than 1 missed payment in last 12 months on any unsecured loan or credit card and no more than 2 missed payments in last 2 years. No current arrears.
• CCJ(s) with a total not exceeding £2,500 registered more than 3 years ago are acceptable if satisfied more than 12 months ago.
• Defaults – one or more with a total value not exceeding £500 issued more than 12 months ago are acceptable, as long as satisfied by time of application.
No CCJ/default registered or satisfied within the last 24 months. Unlimited CCJ's registered over 24 months - must be satisfied at application.

A maximum of one satisfied CCJ/Default up to the value of £2000 within the last 24 months, with none in the last 12 months. Any CCJS/defaults must be satisifed or brought up to date at time of application. Unlimted CCJ's over 24 months - satisfied at application.

No missed payments in the last 12 months. A maximum of two missed payments on up to one account within the last 24 months.

Underwriters can consider up to four missed/late payment/s on one individual account or four missed/late payment/s (four individual instances) across a combination of accounts where the combined value is less than £500

Pay day loans not acceptable - includes applicants still paying off a payday loan entered into more than 12 months ago

Explanations for all CCJ’s, Defaults, secured/ unsecured arrears, Bankruptcy discharges, IVA’s, debt management agreements, pay day loan agreements will be required at decision in principle or full mortgage application.

For Prime Rates - No CCJ/Default within the last 24 months regardless as to whether they have been satisfied.

Light adverse rates - Maximum of one missed mortgage payment in the last 24 months, with none in the last six months

Prime Rates - No missed mortgage payments in the last 24 months.

No IVA or Administration Order registered within the last six years regardless of whether it has been satisfied or completed.

No Bankruptcy Order within the last six years regardless of whether it has been discharged.

No Debt Management Plans, whether current or over 12 months old - this includes applicants still paying off a payday loan entered into more than 12 months ago.

For the First Time Landlord products: -

No CCJ/ Default registered within the last 6 years

Secured Loan Arrears: - None missed within the last 6 years

Unsecured Loan Arrears: - None missed within the last 6 years.
All non-defaulted agreements must be up to date at the time of application. Will allow status of 2 on any individual agreements in the last 12 months. Now up to date. All mobile phone defaults ignored.
Missed mortgage payments - MUST have paid the last 24 payments.
Historic CCJ's and Defaults - registered over 2 years ago can be ignored. CCJ's must be satisfied.
****
Any applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable.
Historic CCJ or Default - Ignored if registered more than 3 years ago satisfied prior to application.
Ignored if registered and satisfied prior to 12 month prior to application.
Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application.
Missed mortgage payments over 3 years considered.
No defaults for last 6 years.Zero in 36 months - however all communication defaults ignoredA comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants.

Paragon Premier will undertake a credit score in order to ascertain the acceptability of the application and will not normally consider any application where there is evidence of poor credit history, such as defaults or arrears on any loan.

Paragon Premier will not consider applications with historic or current county court judgments.

The lender reserves the right to obtain a new credit search at any time and any change in the applicants credit history could lead to the application being reviewed.
Credit Event (CCJs or Defaults are treated the same)
No CCJs or defaults are allowed in the first 6 months
If the total amount of CCJs and defaults are equal to or exceed £2000 the case will be referred
****
CCJs and defaults registered more than 2 or 3 years ago, dependent on product, are ignored.
****
Unsecured Arrears – Must be up to date at the point of application
1 item of unsecured with a balance of less than £200 can have a missed payment in the last 6 months

Unsecured adverse - <£500 ignored, maximum 1 months arrears in months 0-6, maximum 2 months arrears in months 7-12 will be automatically referred to an underwriter for consideration.
****
All other unsecured must be up to date in the last 6 months
Unsecured can be no more than 2 months in arrears in months 7 to 12
Unsecured arrears are ignored after 12 months i.e, month 13 onwards
****
Bankruptcy Discharged > 6 years ago Max Loan Size
IVA Discharged > 6 years ago
****
Debt Management Plan - None current and None in last 12 months.
We will consider applicants whose debt management plans completed or finished more than 12 months ago.
****
Repossession None in the last 6 years
****
Doorstep Loans/Payday Loans - None current and None in last 12 months
Any applicant who currently has a payday or doorstep loan will be declined. We will consider applicants whose payday or doorstep loan finished more than 12 months ago.
Adverse BTL
Dependent upon product plan
Adverse levels on Near Prime:- Defaults 0 in last 12 months,2 in 24 months (max £5k)
CCJ’s 0 in 12 months, 1 in 24 months (max £2.5k).
Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Unsecured arrears - Not counted but can affect customers credit score.
Prime BTL range - only adverse accepted is 1 unsecured in 12 months, 2 in 36
months (worst status). Must pass credit score
Payday loans, will be considered at dip stage
No advserse accepted in the last 3 months.
No outstanding defaults or CCJ’s. Historic and cleared defaults and CCJ’s – Refer.
No CCJ’s, Defaults non in the last 3 years.
Defaults and CCJ's need to be satisfied at least 36 months ago to be considered.
Payday loans can be considered 0 in last 3 months. Unsecured arrears can have been in last 3 months all other adverse 0 in 3 months.
CCJs/Defaults older than 12 months ignored. Up to 6 in last 12 months accepted. Satisfactory explanation required for all CCJs/DefaultsHistoric CCJs and defaults generally ignored.
Vida 1, No registered CCJ or Default worth £250 or more in last 36 Months.
Vida 2, No registered CCJs or Default worth £250 or more in the last 24 Months. Vida 3, 1 Registered CCj or Default in last 24 months (includng unsecured defaults) (0 in last 12 months of £250 or more)
Vida 4, 2 Registered CCJ's or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more)
FeesValuation fees paid direct to lender at the lender fee scales.Valuation fees paid direct to the lender at the lender fee scalesValuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scales and a processing fee of £95 at application to 3mc. Valuation fees paid direct to lender at the lender fee scale.Valuation fees paid direct to lender at the lender fee scale.
Fixed fee on loans up to £250,000.
Valuation fees paid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scales£150 admin fee payable with valuation fee. Further £100 admin fee applies to expat cases.
Please see product guide for further details on valuation fees.
Valuation fees paid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scales.Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender at the lender fee scalesValuation fees paid direct to lender and a processing fee of £95 at application to 3mcTiered acceptance fee (2% - 2.5%). Title Insurance and Solicitor fees apply. Valuation fees paid direct to lender at the lender fee scales. Product fee varies as per product guide.
Maximum number of applicants2 applicants4 applicants / Directors2-4 applicants4 applicants4 applicants4 applicants2 applicants
4 applicants within Ltd Company
2 applicants4 applicants. Including SPV Limited Co.4 applicants2 applicants, both have to be owner occupiers for at least 12 months or own at least 4 BTL's.4 applicants2 applicantsTraditional BTL 2
Ltd Co BTLs 4
4 applicants No maximum4 applicants
CountriesWill lend in England, Scotland and WalesWill lend in England and Southern Wales only (Glamorgan counties & Gwent)England and WalesWill lend in England, Scotland, Northern Ireland and Wales. Will lend in England and Wales onlyWill lend in England and Wales only

(N.B. We can consider lending in the Isle of Wight)
Will lend in England and Wales onlyWill lend in England and WalesWill lend in England and Wales. Isle of Wight considered, no to Isle of Man. Will lend in England and WalesWill lend in England and WalesWill lend in England and WalesWill lend in England and Wales only. Will lend in England, Scotland (restricted Postcodes) and Wales.Will lend in England and Wales only. Isle of Wight consideredWill lend in England, Scotland and WalesWill lend in England and Wales
AccessAccess to Aldermore Mortgages is direct to lender with 3mc selected as your payment routeAccess to Axis Bank is available via selected packagers only. Access to Bluestone Mortgages is to a selective panel of mortgage packagers, of which 3mc are one.Access to BM Solutions is direct to the lender with 3mc as your payment routeAccess to Buckinghamshire Building Society is available via selected packagers onlyAccess to Dudley BS is available via selected packagers only. Access to Foundation Home Loans is available via selected packagers only. Access to Kensington is direct to lender with 3mc selected as your Mortgage ClubAccess to Kent Reliance is direct to lender with 3mc selected as your payment routeAccess to Landbay is available via selected packagers only, of which 3mc are oneAccess to New Street is available via selected packagers only. Access to Paragon Premier is available via selected packagers onlyAccess to Pepper Homeloans is available via selected packagers onlyAccess to Precise Mortgages is direct to lender with 3mc selected as your payment routeAccess to Saffron is available via selected packagers onlyAccess is available via selected packagers only of which 3mc are one. Access to Vida is available via selected packagers only

Residential - Criteria Comparison

Drag and drop columns to reorder

 Aldermore MortgagesBluestone MortgagesBucks Building SocietyDudley Building SocietyFoundation HomeloansKensingtonKent RelianceMagellan HomeloansPepper MoneyPrecise MortgagesSaffron Building SocietySecure Trust BankThe Mortgage LenderTogetherVida Homeloans
Lender PageViewViewViewViewViewViewViewViewViewViewViewViewViewViewView
Property Value (min)£60,000£75,000£50,000£75,000£75,000£75,000. (£120,000 new build flats.Refer to minimum loan size£50,000 (65% LTV or below)
£75,000 >65% LTV
£70,000£50,000, except London £150,000£100,000£75,000£70k
£150k in London and South East
£50,000£70,000 for all property types. Ex Local authority flats/maisonettes min £125k outside London, £200k in Greater London up to 80% LTV
Advance (min) £25,000£50,000No minimum£25,001£50,000£25,001
Loans from £500k to £2m are considered on the large loan products
£75,000
(£70,000 for Shared Ownership)
£1,000,000 for Large Loan Range
£25,001£25,001£25,001£30,000£25,001£25,000£3,000£25,000
Advance (max)£400,000 to 95% LTV
£400,000 to 85% LTV
£1,000,000 to 75% LTV
Maximum 75% LTV for Interest Only (refer to product guide for full details)
Capital raising up to product maximum LTV accepted
New Build flats accepted
£1,000,000 to 85%£1,400,000 to 70%
£500,000 to 80%
£1,000,000 to 90%
£1,000,000 to 75% for Interest Only
£350,000 to 75% for Self Employed with 1 years accounts
£500,000 up to 80% LTV on Listed Buildings (Grade 2 and 3)
£500,000 to 70% on Grade 1 listed buildings
Second Homes: LTV to 80%.
£750.000 Prime £500,000 Specialist £2,000,000 to 75% (FTB Max £1,000,000, £500,000 above 75% LTV)
£500,000 up to 85% LTV
*********
High rise apartments – above 4 stories there needs to be a lift and above 10 stories the loan is limited to 75% LTV and must be in a city location. We can also consider were there is a commercial set up on the ground floor.
£1,000,000 to 90% LTV.
£3,000,000 to 85% LTV
£500,000 (can consider up to £750,000 on Complex Prime Range.£1,000,000 up to 75%
£750,000 up to 85%
£1,000,000 to 70% LTV
£500,000 to 80% LTV
£300,000 to 85% LTV
Max LTV 85% + Lender fees for all allowable property types
£1,000,000 including FTB anything above is referred.

£500,000 up to 95% LTV

95% LTV New Build houses accepted.

Max Loan above £500k and up to £1m is 90%
The property must be within the M25
£2,000,000 (Refer above £1m)£1,000,000
£1,000,000£1,000,000 on Ltd Edition residential products

£1,000,000 to 75% LTV.

£500,000 75.01% LTV or above
Income (min)£10,000 pa for residential.
100% of basic salary, shift allowance, car allowance and London weighting. 50% of guaranteed/regular overtime/ bonus/ commission and profit related pay. FTB accepted. 2 Years self- employed.
No minimum income requiredNo minimum earned income but the mortgage must be affordable. Will consider non-earned income (UK based) including benefitsNo minimum income but will be affordability based on "ONS" statistics
-
Unacceptable Income:
We will not take into account any income arising from Incapacity benefits, housing benefit, income support and job seeker’s allowance.
***
75% of Working Tax Credit & Child Tax Credit allowed if LTV is less than or equal to 80%
100% of Disability Living Allowance allowed if LTV is less than or equal to 80%
****
If the applicants wish to borrow more than 4x their income we will require two years accounts.
No minimum incomeNo minimum income - but will be affordability based from the submitted AIP.

50% of regular/guaranteed overtime/ bonus/ commission, 100% if last 2 P60's and last 2 months payslips show regular amounts - considered.

WCTC/CTC/Child Benefit not accepted.
Do not accept Disability Living Allowance (DLA) as a source of income.
Maintenance considered if by court order and potentially considered if provable via solicitors letter and 3 months bank statements. Pension income considered, Investment portfolio income considered, salary/basic alone has to reach minimum income before additional income can be considered.

1 Year self-employed accepted.

Maintenance - Acceptable as a second stream of income only. Maintenance must be supported by Court Order/ CSA documentation/solicitor’s letter which must be submitted to Kensington. In addition 3 months bank statements are required to verify receipt of maintenance payments.

Can accept applicants who have been contracting for a minimum of 12 months, with either a renewal of their contract or have entered into a second contract.

May be able to consider an applicant on a first contract, even if it is for less than 12 months, if the applicant has previous PAYE employment in a similar role.

Income will be calculated based on the weekly rate confirmed in the contract x46.

3 months’ bank statements evidencing salary credits. Applicants holding multiple contracts will be considered on a self-employed basis. A CV can help to establish a track record for the applicant.
No minimum income. Affordability calculator used for income. 100% of basic salary 50% of regular overtime, bonus or commission. 100% of maintenance by court order(child under 13). 3 years self-employed using dividends, drawings OR share of net profit if no salary and dividends are taken, not both.

Contractors: -
Minimum income £275 per day (equating to £66,000 per
annum).

Current contract must have at least three months remaining
at application.

Applications must be able to evidence at least one renewal
with a minimum 12 months sector experience (either as
contractor or PAYE employment).

Copy of latest and previous contract

Minimum income £275 per day (equating to £66,000 per annum)
Current contract must have at least 3 months remaining at application

Applications must be able to evidence at least one renewal with a minimum 12 months sector experience (either as contractor or PAYE employment)

3 months personal and business bank statement must be provided
Copy of latest and previous contract
£20,000 per household.

Up to 100% of shift allowance can now be considered.

100% of basic and guaranteed allowances / overtime / commission. 50% of regular overtime / commission. Long term state benefits (child benefit / tax credits etc) acceptable where they are expected to remain for at least 5 years (subject to be no more than 40% of overall income).

Can consider retained profits for the self employed (they don't have to actually withdraw the cash in order for is to use for affordability).

Can also consider adding back into affordability any discretionary deductions back into affordability (share save schemes, increased pension contributions, private healthcare)
*******
Applicants who have an household income of >£35,000, then Magellan can go up to 40% Debt to income ratio.
****
For applicants who's income is the same amount each month we now only need 1 payslip
Min income £18,000 for main applicant's primary income.

Employed Primary income can be made from basic salary +

50% Commission/bonus/OT (key 100% into DIP). Monthly take average of last 3 months payslips. Quarterly or Annual - avg of last 2 years P.60
Shift allowance - refer or key into the bonus section.
100% Car Allowance
100% Large town allowance,

Additional income (ie once £15k achieved) can also accept 100% Working/Child tax credits to max age 14yrs 11months. If joint application but show both applicants on award letter
100% CSA or Court order Maintenance
Child benefit must be keyed
Income multiples are worked off last year figures
100% Pension income including state
50% Secondary jobs (max 60 hrs between all jobs)


Contractors. Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed. If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 mths to run then letter of intent to extend is required.

Zero contracts are NOT acceptable.

Only take SA302 if sole trader
If Ltd co then it is accounts
Employed Primary income can be made from basic salary + 50% Commission/bonus/OT (key 100% into DIP).

Monthly take average of last 3 months payslips.

Quarterly or Annual - avg of last 2 years P.60 shift allowance - refer or key into the bonus section.
100% Car Allowance
100% Large town allowance,
Additional income (ie once £15k achieved) can also accept:
100% Working/Child tax credits to max age 14yrs 11months. If joint application but show both applicants on award letter
50% CSA or Court order Maintenance
(Do NOT key child benefit)
100% Pension income including state
50% Secondary jobs (max 60 hrs between all jobs)
*******
Contractors. Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed.

If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 months to run then letter of intent to extend is required.

Zero contracts are NOT acceptable.

Self Employed
Can consider up to ONE years figures regardless of how long trading up to 85% + lenders fee.

Over 75% is subject to score so key one year, it will refer (check back in 2 hrs) if decline, then reduce to 75% LTV or copy DIP and add 2 years figures (then can consider up to 5 x income).

Precise will work off the average or last year whichever is the HIGHER.
Proof of Self employment:
HMRC Tax Calc + Overview OR SA302 + Overview
OR Accounts
For Directors add together for total income 100% of: Salary + Dividends + Co. Car allowance + pension Contribution = Total that you key into the DIP Changes in trading style ie Sole to LTD Co treated as continuous self employment

NOTE: underwriters reserve the right to ask for further information where necessary
No minimum income for Residential.
**For the Professional Mortgage Range Saffron have an extended affordability. Applicants must be one of the acceptable professions.

100% of basic + guaranteed allowances
100% of guaranteed overtime / 50% of non-guaranteed overtime income considered. 50% Stipend income useable for affordability purposes.
No minimum income
Only require proof of pension provision if the client is 75 or retiring in the first 15 years of the mortgage term
£15,000 for applicant 1. No min income for applicant 2

Income must be earned income, no benefits accepted.

100% basic / pension / Car allowance / 50% - O/T / bonus / commission /

Maintenance (maintenance needs to be via a court order and needs to be evidenced that they will be receiving it for the next 5 years).

Ltd Company Director / Shareholder - Salary & dividend & retained share of profit
No minimum income
******
For self employed applicants, Together will deduct "total tax" and "National Insurance Contributions" from the SA302's.
£15,000 for applicant 1, not joint.
Age (min)21 year old20 years old18 years old18 years old
21 for self employed
18 years old21 years18 years21 (25 on credit repair products)25 years old21 years21 (or product specific)18 years21 years18 years21 years
Family cash Gift depositYes
Aunt/uncle, foster parent or legal guardian now also accepted.
Yes - includes Step Parents/ Aunties/ UnclesYes - dependent upon the overall lending propositionYesYes, immediate family membersYesYesYesGifted deposits are acceptable from the following close relatives of the applicant(s):
Parent/Step‐Parent/Parent‐in‐Law.
Sibling.
Child/Step‐Child/Son‐in‐Law/Daughter‐in‐Law.
Aunt/Uncle.
Grandparent/ Grandchild.
Deposit template now available. (Rest to stay as is but add on end). Where a proportion (max 50% originates from outside the area and is from a non conflict area, Precise may consider on a case by case basis Yes - they require a letter stating no repayment will be made and no interest in propertyYesYes with letter confirming the amount and it is a gift not a loanAcceptedFamily - Accepted from close relatives i.e. parent, grandparent, sibling, step relatives, child etc. A letter must be provided by the conveyancing solicitor confirming that the gift is non-repayable and that no charge will be registered on the security property as a result of the gift. Gifted deposit can be for the full deposit amount.
Family Gift of Equity depositYes, but 5% has to come from the applicant(s)Yes - includes Step Parents/ Aunties/ UnclesYes - dependent upon the overall lending propositionYesNoNo (No to Inter-family sales)YesYes - Acceptable Transactions
A close family member selling a property for a reduced price.
Where an undervalue transaction is acceptable, the loan will be limited to 90% of the purchase price with the open market value of the property to be used when calculating the maximum LTV, e.g. if a property worth £100,000 is being transferred from a parent to their child for a price of £50,000, the applicant can borrow up to £45,000 (90%) of the discounted purchase price as the overall LTV based upon the Open Market Value is 45%.

Where a transaction below market price is identified, and the application has been allowed to proceed, a Deed of Postponement must be arranged and the Mortgage Offer must include a Special Condition for the solicitor to arrange an appropriate Insolvency or Defective Title Indemnity Insurance Policy, prior to completion of the loan.

Underwriters should be satisfied that no undue influence exists when considering these transactions, and insist upon Independent Legal Advice if there are any concerns.
Yes, but client must have 15% of their own funds and this cannot be gifted from another family member. No - Where the client is purchasing at a sale of undervalue, can consider as long as they are contributing a minimum of 15% in addition to the discounted purchase price. This additional deposit cannot come from the vendor. They will require a gifted deposit letter to show this in all instances. Yes - Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full priceConsidered• Gifted equity from parents, grandparents, siblings, aunts and uncles accepted (including step and adopted relationships)*
• Maximum LTV 75%
• Available on product tiers 1-6.
• LTV assessed on property valuation**
AcceptedConsidered - Must be from close relative. The max mortgage will be based on purchase value and will be limited to 75% of the market value and no more than 95% of the purchase price.

A letter must be provided by the conveyancing solicitor confirming that the gift is non-repayable and that no charge will be registered on the security property as a result of the gift. Gifted deposit can be for the full deposit amount.
Age (max. end of term)70 years65 years old at application70 yearsNo upper age limit - available on all products. Dudley will look at each case individually.75 years75 years

If the client is over the age of 55 at application, max age is 70 at the end of the term.

Where appropriate, Kensington will generally be able to lend for terms up to a customer's State Retirement Age.

However, where a customer is under 55 years and wishes to extend the mortgage beyond their retirement age, Kensington is also able to consider lending to a maximum age of 75.

Evidence of existing pension provision may be requested where the term of the mortgage takes the applicant close to, or beyond, their State Retirement Age/selected retirement age.

Where there is an element of interest only, the maximum age is 70 years.
85 years75 years75 years70 years or 75 upon referral at DIP stage. The retirement age must be keyed as 75 and a note uploaded at DIP stage into the case confirming that the employers will confirm the clients ability to work to age 75. To qualify the second applicant must be keyed as 'not working' Trial of no maximum age currently on-going 75 years (ability to fund past 65 needs to be evidenced)86th birthday at redemption80 years (at the end of the term) as long as the applicant’s retirement income supports the lending requested.
Once the applicant reaches 70 - they consider this as lending into retirement, proof of pension income will be required to evidence affordability.
80 years at the end of the mortgage term85 years old at the end of the mortgage term
Term (min)10 years5 years2 years5 years5 years5 years5 years5 years5 years5 years5 years5 years5 years3 years on SVR 5 years on fixed rate products5 years
Term (max)35 years35 years35 years40 years35 years40 years35 years30 years35 years35 years40 years35 years35 years30 years35 years
CreditThe occasional missed payments on credit cards/ mobile phones & general unsecured credit.CCJ's/Defaults under £300 ignored Arrears on a current or previous mortgage or unsecured loan within the last 2 years, where the cumulative amount overdue at any point reached three or more monthly payments. No more than 1 missed payment in last 12 months on any unsecured loan or credit card and no more than 2 missed payments in last 2 years. No current arrears. A flexible view is taken on telecom bills <£100No mortgage arrears in last 24 months, Specialist product maximum of two months arrears in the last 24 months, with none in the last six months
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Defaults and CCJ's
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None in last 24 months , Specialist product A maximum of two CCJs/Defaults registered in the last 24 months up to the value of£2000 (£500 in the case of debt consolidation)
All non-defaulted agreements must be up to date at the time of application. Status 2 on any individual agreements in the last 12 months, must now be up to date.
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All communications issues ignored.
All defaults have to be satisfied prior to application.
Ignored if registered more than 3 years ago
Max status 1 on unsecured borrowing in the last 12 months.

Communication defaults totalling up to £200 not included within product limits.

No explanation for missed payments required on Complex Prime range. For Credit Repair applications only, applicants are required to disclose and evidence where requested the nature of event that caused their adverse credit.
Unsecured Arrears – Must be up to date at the point of application
1 item of unsecured with a balance of less than £200 can have a missed payment in the last 6 months
All other unsecured must be up to date in the last 6 months
Unsecured can be no more than 2 months in arrears in months 7 to 12
Unsecured arrears are ignored after 12 months i.e., month 13 onwards
All criteria 0 in 3 months excludes unsecured commitmentsAdverse has to be satisfied
No to debt management plans
Consider small amounts of adverse with good explanation.
Credit check, not score
0 missed unsecured payments in 6 months.
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Arrangement to pay – worst status of 3 at original point of entry
Please see product guideOutside of 12 months most adverse accepted - within 12 months please refer to product guide for exact product bandingDebt Consolidation: -
Available up to 70% LTV excluding fees. Above 70% LTV, debt consolidation is limited to 50% of the capital raising amount
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Wide breadth of acceptable impaired credit. For mortgage arrears, no missed payments in the last 6 months.
Minimum OwnershipRemortgages within the first six months of the original purchase date are not normally acceptable. Remortgage from bridging - Remortgaging out of bridging finance will be subject to the length of ownership. Less than 6 months: restricted to the amount required to repay existing facility plus 100% of documented improvement cost, subject to ownership period of at least 1 month. Greater than 6 months: capital raising allowed over and above the sum required to redeem the bridging loan, based on any enhanced value of the property 6 months minimum ownershipNo minimum ownership period before remortgage6 months, exceptions by referral. Exit from Bridge loan considered.6 months minimum ownership before remortgage considered12 months minimum ownership before remortgage considered. Will lend against OMV - 6 months may be considered but Refer. Considered. Will lend against Open Market Value.6 months minimum ownership before remortgage considered6 months minimum before a remortgage can be considered6 months minimum ownership before remortgage12 months minimum ownership before remortgage.
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No Min ownership applies to properties that have been inherited and probate has been granted (Probate letter will be required on application) and also when exiting a Precise Bridge. In these instance key the DIP as per precise's min ownership and upload a word document with full notes into the case.

Where the property has recently been inherited - probate must have been granted prior to mortgage application and verification of this must be supplied with the application. In these circumstances, no minimum period of property ownership applies.
6 months minimum ownership before remortgage No minimum ownership, each case is considered on merit.6 monthsNo minimum ownership6 months
Ex-Pat ResidentialNoNoNoYes - minimum loan is £25,000

Max LTV is 75%
NoNoNoNoNoNoNoNo. NoNoNo
New BuildHouses and flats acceptedNo LTV restrictions for new build
houses.
Max LTV of 75% for new build flats
Houses and flats accepted 90% for houses, 80% for flatsHouses only up to max LTVNew Build houses accepted. New Build flats max 85% LTVNew Build houses up to 85% LTV and flats accepted to 75% LTV. Yes. Houses to 85%, new build flats max 80% LTVHouses - Yes
Flats - No
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Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper.
90% - New build houses and flats (including 5% builder incentive) + lender fees
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Flats in blocks up to 20 storeys, with a commercial ground floor accepted

85% LTV available plus up to a 5% builders incentive on residential lending

S106 obligations considered

Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months.
*****
Payments on the Equity loan, must be keyed into the unsecured loan section of the DIP. The loan amount should be x by 1.75%, divided by 12 and that is the monthly payment that should be entered and is the figure Precise use for their affordability calculation. The Equity loan from the government is interest free for the first 5 year after which payments become due.

Forces HTB can also apply in conjunction with a HTB, in these instances no deposit is required by the client however both loans MUST be keyed into the unsecured loan section of the DIP.
New Build houses - Accepted
Flats - No
No restrictions on new builds. Renovations subject to works.Yes - up to 80% LTVAccepted on both houses and flatsAccepted upto scheme levels. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty
Ex-Local AuthorityHouses: - Accepted up to product maximum LTV, subject to the following conditions:
No outstanding pre-emption requirement to repay a proportion of the discount
Valuer indicating that there is evidence of a meaningful level of private ownership within the estate
The property being of standard construction
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Flats: -
(£200,000 in Greater London) This is after the £150k minimum property value sentence.
Maximum of 3 floors above the ground floor. Secure communal access with no balcony access arrangements
Houses - Yes
Flats - No
Houses and flats are considered - Cannot be of concrete construction or a flat in blocks of more than 4 stories. High quality blocks of above 4 stories in good residential location may be considered as an exception - refer
construction or a flat in blocks of more than 4 stories
We cannot accept a local authority or an ex-local authority flat and maisonette unless located within the M25, a maximum LTV of 65%, minimum £200k valuation and satisfactory valuer comments regarding demand and re-saleability.Case by case only -
minimum 75% in private ownership in block
Houses - Yes up to 80%
Flats - Yes, to a maximum of 70% LTV (up to 4 floor, no deck access, must value at or above £250k and be in a City location).
Houses - Accepted to 85% LTV.
Flats - Considered, but on a case by case basis - 75% max LTV
Houses yes.

Flats must be valued > £200,000
Houses and flats up to 85% LTVHouses - up to maximum product LTV (85%).
Flats and maisonettes not accepted
Houses - Refer
No to flats.
Yes - Here is what the lender does NOT consider: -

Studio flats

Commercial premises

Properties above or adjacent to commercial premises

Shared ownership

Flats over eight stories

Flats over three stories with no lift access

Pre-cast reinforced concrete construction (unless improved to building regulation standards and confirmed by a Structural Engineer)

Bedsits

Static caravans

Mobile homes

River boats

Farms

Purchase of Land

Entirely timber constructed properties i.e. log cabins

Freehold flats/apartments unless there is an agreement in place for the maintenance of the whole block

Properties excluded from full buildings insurance

Properties affected by local planning issues

Properties subject to third party interest

Properties where Japanese Knotweed is present and the Valuer has indicated that the property is unsuitable for mortgage purposes.
75% LTV maximum
Houses an Flats up to 75% LTV
Accepted including high rise flats and non traditional construction Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, subject to conditions
Shared OwnershipNoNot acceptableNoYes - 90%
of share
Min share 25%
Repayment basis only
Term 5 – 35 Yrs
Additional share or Home Imps only.
Agreement from Housing Association required
NoNoYes - Up to 100% of the value of the share you are buying.
Needs to be purchased through a registered Housing Association
that permits up to 100% staircasing
NoNoNo unless applicants purchasing the final shareNoNoNoAccepted up to 100% of the clients shareNo
Right to Buy (RTB)NoNot acceptableYes, the borrower needs to contribute a minimum personal deposit of 25% based on the discounted price. Must have clean credit95% Discounted purchase price.
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Loans may be accepted up to 95% of the discounted purchase price, provided that they do not exceed the Society’s lending limits based on valuation and subject to the loan to value not exceeding 80%. Additional borrowing allowed for home improvements only subject to being no more than 20% of the discounted sum. For funds to be released require sight of invoices. The loan must be conducted on a capital and interest basis.
All applicants that wish to be included in the mortgage; must show on the right to buy documents.
Clients will need 5% deposit themselves
NoUp to 90% of the discounted purchase price with rates from 3.94%
• Up to 100% of the discounted purchase price with rates from 4.44%
• Up to 75% LTV of open market value
• Zero completion and valuation fees option available
• Remortgage will be accepted, subject to 12 months ownership
• Applicable to employed and self-employed
NoNoNoYes but houses only - up to 100% of the discounted purchase price.
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The customer:
Must have been a tenant of the council or housing association for a minimum of 3 years (does not have to be consecutive)

Must have settled any rent arrears within 4 weeks of the landlord requesting payment

Consider where the Section 125 is in sole name and mortgage in joint names is where the applicants are married

The property:
The landlord will determine the value of the property. Any disputes about valuation must be settled before a mortgage application is made
Discount is determined by length of tenancy
Maximum discount is capped at £77,900, £103,900 for properties in London.
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Must be of standard construction, no concrete including wimpey no fines & Laing easiform.
NoNoNoAccepted up to 100% of the clients sharePurchase only, owner-occupied property, under the Right to Buy scheme up to a maximum of 95% LTV of the discounted purchase price. The loan cannot exceed the product scheme LTV limit based on open market valuation, as per a non RTB application.
Let To Buy (lending on new Residential whilst retaining existing property)Maximum 80% LTV, where existing property is to be let and considered to be self-supporting.

Applications can be considered for the purchase of owner-occupied property, up to a maximum 80% LTV, where an existing owner-occupied residential property will not be sold and instead be let.

The deposit must be from the applicants own resources, including any additional borrowing raised from the existing mortgage, and the letting must be on a formal recognised tenancy
basis.

If the existing mortgage is not with Aldermore a copy of the Consent to Let offer from the existing lender must be obtained.
Acceptable subject to meeting
affordability requirements
Considered - Earned income has to be sufficient to support all mortgage borrowing (excluding the expected rental)Not consideredNoYes, if funds raised can also do the residential purchase as well as the BTL. If no funds being raised on LTB, rent will then need to cover mortgage by 125%. If there is a shortfall, only that is used as a commitment on the affordability for the new purchase.ConsideredYes where the rental income covers the investment mortgage by 125%Considered. Plausible explanation required - further documentary evidence may be required – case by case basis.
Where the borrower is using the equity in their current residential property to purchase another property and the new property will be their primary residence with the old property being let out.
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The re‐mortgage of their current residence will follow the Buy to Let criteria and we will require a copy of the Assured Shorthold Tenancy, and confirmation of who will be residing at the property.
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It is a requirement that the purchase of the new property must complete before, or at the same time as, completion of the remortgage of their current residence.
In all circumstances for LTBs Precise will require a simultaneous completion OR the client will need to have moved out and rented the existing property for min 3 months. The client must be on the voters roll at their new residence and proof of 3 mths rent via bank statements and AST will be required. Max 80% LTV for either refinance on to a BTL or onward purchase. Precise can consider both or either transactions. Where only the onward purchase then 'consent to let' from the previous lender will be required. Max LTV considered on new purchase up to 90% subject to product limits. ConsideredRefer, new residential only. AcceptedYes. Vida can lend on both the BTL remortgage and the residential purchase.
DMPConsider an applicant on a Debt Management plan as long as there is no default attached to the plan in the last 3 yearsAcceptable subject to satisfactory
conduct for last 12 months. If
remaining after completion, will be
treated as a monthly commitment up to 85% LTV.
Considered, provided that the DMP has been settled for at least 2 years- DMP history must demonstrate no missed payments. Also dependent on overall lending propositionMust have been satisfied more than 3 Years ago and all credit conducted satisfactorily since the Debt Management completedNoNeeds to have been running for minimum 12 months & well conducted for last 24 months. Needs to be included as a commitment on the affordability calculator based on DMP current payment. They can go up to 90% LTV also, no exceptions to length of time in the DMP. Consider after 3 yearsYes. Must have been running for a minimum of 12 months and be well conducted. Does not have to be repaid on completionNone current and None in last 12 monthsDMPs satisfied over 3 years - up to 85% LTV & standard products.

DMP no longer has to be cleared on completion

Can have had adverse since the DMP

If satisfied does NOT need to have been running for 12 months

Can consider historic payday loans (even if part of DMP & defaulted)

Purchase (Incl FTBs) & remortgages

Unlimited capital raising

Only one year Self employed figures required regardless of length of trading period

Can work of 2017 Tax Calculation + Overview

100% of working Family & Child tax credits

Up to 75% LTV + lender fees.

If the DMP is still active, then proof of the last 12 months payments is required in the form of an annual statement from the DMP company OR a reference (template on Precise document library).
Plus a list of all creditors and the current balances.
NoDMP satisfied for 12 monthsNo default in the last 24 months ( except products 7-9 where it is 0 in the last 6m, 3 in the last 24, max £1500 in the last 12 months)
Subject to credit score. If accepted do not need to be repaid
Accepted by referral if satisfiedYes, providing its been satisfactorily conducted
Help To Buy
(Shared Equity)
Yes
Capital Repayment Only
Maximum loan amount of £450,000 and maximum property value of £600,000
Minimum customer deposit of 5%
Maximum equity loan of 40%
The property must be located within the 32 London Boroughs or the city of London
NoNoHelp to buy - No
Shared Equity - No
NoHelp to buy: - Applications as part of the Forces Help to Buy scheme where the application
is for a residential purchase to be occupied by the applicant or their immediate family. Forces Help
to Buy is available on all residential mortgage products.
NoNoNoOnly available on New Build Properties - A Government funded equity loan of up to 20% of the purchase price is acceptable.
Applicant will need to provide a minimum 5% deposit from their own resources.

Payments will be required on the Shared Equity loan after five years in addition to the repayments on the loan the customer takes with Precise.

For further information on the Help to Buy shared equity loan scheme, applicant(s) should go to https://www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loans for more information.
NoNoNoConsideredNo
Missed mortgage paymentsNone in last 3 months, No more than 1 month’s arrears in last 12 months and no more than 2 months’ arrears in last 24 months(arrears over 24 months ago considered)Based on worst status shown on
credit search. Status for last 12
months must be 0. Can consider
arrears in months 13-24
Up to 1 missed mortgage payment in the last 3 years, none in the last 6 months

Arrears on a current or previous mortgage or secured loan within the last 2 years, where the cumulative amount overdue at any point reached three or more monthly payments.
0 in last 12 months, 1 in last 24 months is considered. No mortgage arrears in last 24 months, Specialist product maximum of two months arrears in the last 24 months, with none in the last six monthsMust have paid the last 24 payments.Missed mortgage payments over 3 years considered. None in the last 12 months. Max 2 missed in last 36 months on Complex Prime range. No maximum number of missed payments on Credit Repair Range (0 in 12).Can consider dependent on product selection.

Applicant(s) must be up to date at the point of the application and must not have any arrears reported in the last 6 months.
Precise work on Worse status for example:
000010101011 = 1 missed payment.
0 in 3, 1 in 12, 3 in 36 = arrears considered
None in 12 months - Anything else considered by exceptionMax 2 in 36None in last 6 months. Worse status subject to product allowed.
Product 1-3 (1 in last 24 months); Product 4-6 (2 in last 24 months); Products 7-9 (2 in last 12 months, 3 in last 24 months)
Up to 3 in the past 12 months all previous arrears over months ignoredFor mortgage arrears, no missed payments in the last 6 months.
Ex-BankruptsMust have been satisfied for at least 6 yearsConsidered after 3 years discharged. Consider an ex-bankrupt if registered and settled more than three years ago. They will assess each enquiry individually and we will need a full explanation for the bankruptcyMust have been satisfied for at least 6 years and all credit conducted satisfactorily since thenSpecialist product, only - must fully settled min 3+ years agoNot acceptedConsidered if 3 years outside of a discharged bankruptcy, must have no residual debt. Yes. Minimum 12 months discharged.Discharged > 6 years ago6 years from the date of discharge and off the credit fileMust have been satisfied/cleared at least 3 years ago and clear credit record since – max 80% LTVSTB 1, 2 - No.
STB 3 on wards, 3 years since discharge.
Yes. 75% LTV max on Products 7 - 9 as long as discharged 3 years ago with clean credit history in last 3 yearsMust be 6 years since date of dischargeNone in the last 6 years
IVA'sMust have been satisfied for at least 6 yearsAcceptedConsider an IVA registered and settled more than three years ago.Must have been satisfied more than 3 Years ago and all credit conducted satisfactorily since the IVA completedSpecialist product, only - must fully settled min 3+ years agoNot accepted. Considered if it is older than 3 years from the date of satisfaction. Yes. Can be current and well conducted. Max 75% LTVDischarged > 6 years agoOver 6 years from date of registration and off the register completely Must have been satisfied/cleared at least 3 years ago and clear credit record since – max 80% LTVSTB 1, 2 - No.
STB 3 on wards, 3 years since discharge.
Yes . 75% LTV max on products 4-9 as long as satisfied 3 years ago with clean credit history in last 3 yearsAccepted by referral if satisfiedNone in the last 6 years
RepossessionsNot acceptedNot acceptableNot acceptedMust have been satisfied for at least 6 yearsNone in last 6 yearsMust have been over 3 years ago for them to consider and with no debt remaining, cannot have been with Kensington. Not acceptedPrior repossessions +12 months acceptable on Credit Repair products if no shortfall debt outstanding or repayment arrangement in place.None in the last 6 years6 years from the date of repossession and all settledNot accepted10 yearsNot acceptableAccepted by referral if over 2 yearsNo repossessions within the last 10 years
Historic CCJ’s & DefaultsCCJs: - None registered in last 3 years
CCJ’s over £500 must now be settled for 3 years
CCJs registered more than 3 years ago but only satisfied in last 3 years acceptable if total balance does not exceed £500
(CCJs satisfied over 3 years ago considered)

Defaults: For 80% LTV or Less
Allow 1 default up to £500 in the last 3 years but not in the last 12 months.

One settled default that occurred 13-36 months ago up to a maximum of £300.

(Defaults registered over 3 years ago considered)

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80% or more LTV: -

None registered in last 3 years
(Defaults registered over 3 years ago considered)
Defaults and CCJ's ignored for
product selection purposes if
registered over 3 years ago or less
than £300.

Ignore all communications defaults / CCJs

None allowed in last 6
months.
Main USPs:

• Up to 6 missed payments on communications, utilities or mail order in the last 3 years but none in the last 6 months
• Up to 2 missed payments on unsecured loan or credit card in the last 3 years but none in the last 6 months
• Satisfied defaults up to £500 in total on unsecured loan, credit card, communications, utilities or mail order over 1 year old
• Satisfied CCJs over 3 years old and under £500 in total (or any value over 6 years old)

CCJ’s with a total value greater than £500 registered more than three years ago, whether satisfied or not.
Defaults within the last two years are not acceptable. There must be no outstanding defaults for any applicant.
Buckinghamshire do not allow more than 6 missed payments for utilities, telephone bills and/or mail order in the last 2 years.
Do not allow more than 3 missed payments on a credit card in the last 2 years.
Arrears of three months or more on a previous (or current) secured or unsecured loan that occurred more than two years ago, whether satisfied or not.
Debt Management Programmes but not including secured and unsecured loans where the cumulative arrears prior to default reached three or more monthly payments within the last 2 years.
Credit Card debt arrangements.
Overdraft and other personal debt consolidation.
Payday loans (no arrears or defaulted accounts).
An IVA or Bankruptcy registered more than three years ago, whether discharged or not.
For all of the above we will need to know the date of the CCJ / IVA / Bankruptcy or the point at which the loan originally became 3 months in arrears.
Defaults within the last two years are not acceptable unless they relate to either mobile phone or mail order accounts. There must be no outstanding defaults for any applicant.
Buckinghamshire do not allow more than 6 missed payments (in total) for utilities, telephone bills and/or mail order in the last 2 years.
Do not allow more than 3 missed payments (in total) on a credit card in the last 2 years.
Arrears of three months or more on a previous (or current) secured or unsecured loan that occurred more than two years ago, (remove- whether satisfied or not).
Credit Card debt arrangements.
Overdraft and other personal debt consolidation.
Payday loans (no arrears or defaulted accounts).
To assist with our assessment of a new lending proposition, where there is an adverse credit history, a copy of the applicants credit report should be submitted with the fully completed AIP.
If there is any outstanding adverse credit at application stage this will need to be settled on or before completion of the mortgage advance and evidenced (this will be a condition of the mortgage).
Applicant(s) must satisfy the following criteria:

Mortgage applications up to 80% LTV:
• No missed payments in last 12 months on any (previous or current) mortgage, other secured loan or rent, and no arrears in months 13-24 (counting backwards from the present date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears.
• No more than 1 missed payment in last 12 months on any (previous or current) unsecured loan or credit card, and no arrears in months 13-24 (counting backwards from the current date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears.
• A maximum value of CCJs registered more than three years prior to application (satisfied) of £5,000 and a maximum number of two instances.
• A maximum value of defaults registered within three years of application (satisfied) of £1,000 and a maximum number of three instances.
• A maximum value of defaults registered more than three years prior to application (satisfied) of £5,000 and a maximum number of three instances.

Other than that:
a) Three or fewer Communication supplier defaults of up to £150 each may be ignored for the purpose of calculation value under points 3 and 4 above (where an applicant has four or more, all of them will be taken into account).
A satisfactory explanation for any adverse credit (including any disregarded under point (a) must always be obtained.

For Mortgage applications above 80% LTV, applicant(s) must satisfy the following criteria:
• No missed payments in last 12 months on any mortgage, other secured loan or rent and no more than 1 missed payments in the last 2 years. No current arrears.
• No more than 1 missed payment in last 12 months on any unsecured loan or credit card and no more than 2 missed payments in last 2 years. No current arrears.
• CCJ(s) with a total not exceeding £2,500 registered more than 3 years ago are acceptable if satisfied more than 12 months ago.
• Defaults – one or more with a total value not exceeding £500 issued more than 12 months ago are acceptable, as long as satisfied by time of application.
None in last 24 months , Specialist product A maximum of two CCJs/Defaults registered in the last 24 months up to the value of£2000 (£500 in the case of debt consolidation)CCJs and Defaults Registered over 24 months ago can be ignored
- CCJ's have to be satisfied (no minimum time) – unsatisfied CCJ’s outside scheme criteria can be generally ignored but is at underwriters discretion.
- Defaults do not have to be satisfied, all issues relating to Communications are ignored.
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Unsecured Credit arrears acceptable if accounts now up to date (max status of 2 in last 12 months)
Ignored if registered more than 3 years ago and satisfied prior to application. Ignored if registered and satisfied prior to 12 months prior to application. Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application.By exception, Magellan can consider adverse within last 12 months.
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Allow up to 2 Arrears as well as CCJs and Defaults in the last 12 months
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Satisfied CCJs/Defaults up to £500 can now be considered on M1 & M2
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2 CCJs/Defaults up to £1,500 can now be permitted on M3
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Max 5 CCJS (satisfied or unsatisfied). No limit on £ amount of CCJs.

No new CCJs in last 12 months. Max 2 defaults in last 24 months on Complex Prime range.

No maximum number of defaults on Credit repair range (0 in 12)
(CCJs or defaults are treated the same)
No CCJs or defaults are allowed in the first 6 months
If the total amount of CCJs and defaults are equal to or exceed £2000 the case will be referred.
CCJs and defaults registered more than 2 or 3 years ago, dependant on product, are ignored.
Up to 5 DF + 3 CCJs in last 24 months (0 in 3), no max value to the DF/CCJs ie £68k DF 6 months ago considered. They do not need to have been satisfied and are not usually included in the affordability calculation. Over 24 months ignored for the purpose of underwriting. No CCJ’s, Defaults non in the last 3 years.
They need to be satisfied at least 36 months ago to be considered.
Allowed 4 CCJ's in 24 months. Defaults - 0 in 24 months across all products on secured lending. Defaults on unsecured lending are 0 in 24 months on products 1-6

On Products 7-9 they are 0 in last 6 months, 3 in last 24 months and max £1.5k in last 12 months
*****
CCJs - Product 1-3 none in last 36 months. Product 4-6 <£500 in last 36 months.

Product 7-9 none in last 3 months, 2 in 24 months (£1.5k in last 12 months max £3k in last 36 months)

Ignore all defaults registered with telecommunications or utility companies, regardless of size or when they were registered.
Up to 6 accepted in the last 12 months all previous CCJ's and defaults ignored over 12 monthsVida 1, No registered CCJS OR Defaults worth £250 or more in the last 24 months.
Vida 2, 1 Registered CCJ or 1 Defaults in the last 24 months ( 0 in last 12 months of £250 or more)
Vida 3, 2 registered CCJs or Defasults in last 24 Months ( including max 1 unsecured default ) (0 in the last 12 months of £250 or more) Vida 4, 3 Registered CCJs or Defaults in the last 24 months (including max 2 unsecured defaults)
(0 in the last 9 months of £500 or more) Vida 5, 3 Registered CCJs or Defaults in last 24 months (including max 3 unsecured defaults) (0 in last 6 months of £500 or more) Vida 6, 4 Registered CCJs or Defaults in last 24 months (including manx 3 unsecured defaults) (0 in last 6 months of £500 or more)
Payday LoansApplicants can be considered where the loan was in place over 6 months ago.None active in last 12 monthsReferLending to applicants where Payday lending has been a source of credit historically, the following terms apply:
• No more than 2 agreements with a total of no more than 5% net income being raised;
• No new loans taken in the last 6 months;
• Loan should have been satisfied through repayment rather than rolled over into a new Payday loan.
No active accounst or repaid loans within last 12 months No payday loans in last 12 months, must be settled prior to applicationNone in last 12, consideredNone in last 12 months consideredNone current and None in last 12 monthsCan consider, even in last 12 months. Must not show in the last 3 months bank statements and if in last 6 months and a purchase, would want to see healthy bank statements ie no living in overdraft and saving new mortgage paymentNone allowed0 in 12. Accepted after 12 months with acceptable reasoning / explanation. None in 12 monthsApplicants accepted with 1 active payday loan. Those clients with more than 1 active pay day must be a home mover and clearing all from mortgage advanceRefer - cannot show a reliance on them
Applicants (max.)244422422242244 applicants (all 4 incomes considered)
CountriesEngland, Scotland and Wales.England and WalesEngland and Wales, Isle of Wight also considered.England and Wales only. England and Wales onlyEngland and Wales onlyEngland and Wales only. Isle of Wight consideredEngland and Wales onlyEngland and Wales onlyEngland, Scotland and Wales onlyEngland and Wales only. Isle of Wight considered.Mainland England and Wales only. Will lend in Mainland England, Scotland and WalesWill lend in England, Scotland and WalesEngland and Wales only
Permanent rights to reside and remainYesYes - Can add an applicant to the loan and they don’t need to have permanent rights to reside -

Additional applicants without permanent rights to reside now accepted if income not needed
YesYesYes - Min 3 years in the UK with permanent rights to remain or enterYesYesYesApplicants who are non‐UK citizens must have been permanently resident in the UK for the past three years and must have indefinite leave to remain in the UK.
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UK citizens who are returning to the UK permanently are acceptable.
Applications from Foreign Nationals are acceptable, however all applicants must:
Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer).
Be UK taxpayers (where income is being used in support of the application).
Have resided in the UK for the last 3 years.
Applicants residing in the Isle of Man and Channel Islands are not acceptable.
Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK(where income is used in support of the application).
Non‐European Union citizens must provide evidence confirming indefinite rights to remain in
the UK and have a statutory right to work in the UK.
YesTier 1 visa up to 80% LTV, otherwise, must have permanent rights to reside and remain. YesYesYesAll applicants must provide 3 years address history. All UK and EEA applicants must provide at least 2 years residential address history in UK. All Non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK.
Repayment typesCapital and repayment.
Help to Buy scheme is only Capital and repayment.
Interest only - Maximum 75% LTV.
Note: Proof of repayment plan required.

Where sale of property on interest only a minimum equity amount is required for London and the South East of England and £175K for the rest of the UK is required at the start of the mortgage
Capital and Interest onlyCapital and repayment - will only consider Interest only if there is a suitable repayment strategy, Max LTV 50% minimum property equity £200k. Please note, sale of the mortgage property is no longer a suitable repayment vehicle for interest only for BucksNo minimum for equity requirements - Underwriters will require 2 comparables within a 3 mile radius of the postcode of the security address.

Capital and repayment, Interest only and Part and Part - where any part of the loan is interest only, the maximum LTV will be 75%.
Interest only, Capital and repayment AND part and partRepayment, Interest only or Part and part
- For Interest only and Part and Part a repayment vehicle is required and Minimum 10 year term
- Where at least one applicant earns in excess of £75K, Kensington can consider full interest only (when the product permits), to a maximum LTV of 75%
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Where all or part of the loan is on an Interest Only basis, the maximum LTV for the Interest only element is limited to 50%.
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Where at least one applicant earns in excess of £75K, Kensington can consider full interest only (when the product permits), to a maximum LTV of 75%.
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The method and full details of repaying the capital must be declared on a Supplementary Form for Interest Only and be acceptable to Kensington.
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Evidence of the repayment strategy will be required. Any payments made towards a repayment strategy must be taken into account for affordability purposes and strategies must mature prior to end of mortgage term.
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Repayment strategies must have been established for a minimum of 12 months prior to application. We will accept up to 80% of current value of share portfolio, 100% of providers most recent midpoint maturity valuation for endowments, 25% of providers most recent midpoint maturity valuation for pensions and 75% of current equity of other owned properties.
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With cash ISAs no growth rate is assumed and current balances must be sufficient to cover the Interest Only element of the loan.
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Where there is an element of Interest Only, the maximum age at end of the mortgage term is 70.
Repayment or interest only or Part and part.
Residential Interest Only products are designed for your clients who have sufficient background assets, such as equity in other property or investments that can be used to repay the capital in the future.
This product is available for property values over £500,000
Capital and Interest, no to interest onlyCapital and Interest (Repayment)
OR
Interest Only – Available to 60% LTV.

Amount of equity is at underwriters discretion.
Capital and interest onlyCapital and Repayment and Interest Only - Only acceptable in (non-bridging) owner-occupier purchase/refinance applications if there is an
excess of £250,000 unsecured equity in the property at the point Saffron make an Offer to lend max LTV 70% including fees after £250k equity - Saffron require written details of how the customer expects to downsize. Saffron assess the feasibility based
on location, size and type of property and the expected household composition at that time.
Capital and interest onlyCapital and InterestCapital Interest and Interest Only availableCapital & Interest loans up to 85% LTV.
Interest Only max 75%. Part and Part Maximum 75% interest only, the remainder on a C&I basis up to 85% LTV.
Lenders completion feeCan be added.£1495 (referred to as arrangement fee)Can be added up to the agreed Max LTVCan be added up to max LTV. Can be added can be added but on 90% product must be within the 90%.Can be added.Can be added. Can be added providing loan does not exceed 85% LTVCan be added.Can be added to the loan - loans must not exceed a maximum of 95% LTVCan added to the loan. £995 on products 1-6. £1495 on products 7-9. Can be added to loan above max LTV2.99% min £499 (£3,000-£120,000 loan amount)

2.5% (£120,000+ loan amount )
£995 to £1,495 depending on scheme selected. Can be added to the loan above max LTV
Credit ScoresNoNoNoNoNoNoNoNoNoYesNoNo - Equifax - Pass or Fail, product not score dependentYesNoCustomer should achieve a low cutoff score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.
AffordabilityAffordability basedIncome multiples not used, Bluestone have their have own
affordability calculator and must be used prior to DIP submission
Affordability based to a maximum of income multiples of 4 x first income plus 2.5 x second income or 3.75 x the joint income or 4 x sole incomeAffordability basedAffordability based - has system calculatorAffordability basedAffordability basedAffordability based. 35% debt to income including the mortgage and credit commitmentsAffordability basedAffordability basedNo minimum income for Residential
Affordability Calculator on Saffron website

100% of basic + guaranteed allowances
100% of guaranteed overtime / 50% of non-guaranteed overtime income considered
Affordability based via ONS (Office of National Statistics)Yes. Electronically obtained data. Data is regionalisedBased off an income and expenditure review
Affordability based
EmploymentMinimum 3 months
employed in the same line of work with 12 months continuous.
Minimum 3 months in current
position, continuous employment for
last 12 months and no more than 2
jobs in last 2 years
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Contractors with 3 months remaining on contract accepted
Minimum 3 months or outside probation period, whichever is longer.Permanently employed for the preceding 6 months and have been with their present employer for at least three months unless starting a new job with no probationary requirement; or
• Employed on a contract of a minimum 6 months’ duration, or 3 months’ duration if the applicant can prove that they have had regular contracts over the last 2 years in the same line of work; or
• Casual Employment – We do not accept applications from people employed on a casual basis. We do however accept zero-hours contracts.
Minimum 6 months with current employerUp to 100% regular overtime/bonus considered
Up to 100% second job income considered where the applicant has held both jobs for minimum 6 months.
Pension and investment income allowable.
Must have had 3 months in current job and not inside of a probationary period - 12 months employment history is required.
Minimum 6 months
employed in current job with 12 months continuous.
Minimum 3 months in current job with 12 months historyMinimum 6 months in current employment with 12 months continuous.
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Employment gaps of up to 3 months in the last 24 months will now be accepted if not in a probation period. 3 months in the last 12 will be considered by referral
Where the applicant has previous self‐employment within the last 12 months, evidence must be provided.
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Contract/Temporary Employees
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Applications will be accepted for contract or temporary workers, provided they have been in employment with the same employer for the last 12 months. Confirmation must also be provided that the contract will be on‐going and renewed.
Income from seasonal work is unacceptable.
Can consider less than 3 months if same line of work and no probationary period. Max 4 weeks between jobs in last 12 months.

Second jobs can be used (50% income taken but key 100% into DIP). Max hours between all jobs 60 hours and must have 12 months continuous employment in second job as well.

Contractors.
Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed.

If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 mths to run then letter of intent to extend is required.

Zero contracts are NOT acceptable
Have to be outside probationary periodCan be considered from their first day dependent on circumstances.6 months in current role. Need 12 months employment history

Contract Worker Income
Contractor highlights:
• Current contract must be for at least 6 months
• Available in Tiers 1-6
• Income calculated as £weekly rate x 48 weeks (maximum)
• Existing contractors considered
o Must have been contracting for a minimum of 12 months
o Maximum 85% LTV
• New contractors considered
o Must have been contracting for a minimum of 3 months
o Previous experience in a similar role for a minimum period of 12 months
o Maximum 75% LTV
A copy of the current contract will be required
Must be employed and earning and incomeEmployed for at least 3 months with 12 months continuous employment required.

100% of the following; Income from trust funds, Rental Profit, Investment incomer supported by SA302, Occupational pension income, Second and other jobs providing 12 months record, Car allowance, shift allowance, London/Large Town Allowance, Housing allowance. 75% of the following; Regular annual/monthly bonus. 50% of the following; Non regular bonus & commission, Overtime or Profit related pay, Universal credit/child/working tax benefit, Income related employment and support allowance, Disability/Carers allowance.
Self Employed1 years figures/ SA302's/ Accounts is accepted - however, they must meet the below: -
2 years is normally required, although an applicant with 1 year’s accounting information can be considered if the applicant:

- Has no history of payment arrears, defaults, CCJs or other adverse information in the last 3 years on personal and business
credit search; and

- Has a track record in the trade; or is
- Able to demonstrate guaranteed income within the next accounting period; or
- The business is an ongoing concern and sustainable; or is
- Able to provide management accounts for at least the first 6 months of the current financial year
- If appropriate, VAT returns for the two previous quarters are to be supplied
- Personal and business bank statements for at least the previous 3 months
- Income will be based on the profit or salary/dividends for the first year of trading

Over 85% LTV:
- For applications over 85% LTV at least 2 years’ accounting information is required
Minimum 12 months trading required.
If trading longer than 1 year, average is taken over the last 2 - 3 years.
Exceptions can only be if figures are similar in the latest years and can apply for using latest years figures if higher on a case by case basis.

Bluestone allow an accounts certificate for self-employed as long as from a registered accountant
Yes - minimum of 3 years trading required.1 years accounts accepted at 75% LTV.
2 & 3 years accounts required for all other products, exceptions by referral
2 years trading required.1 years finalised accounts
Most recent years figures generally used
Inland Revenue SA302 acceptable
Also can now make affordability assessments taking into consideration a company director's share of profits in addition to their salary
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For individuals and couples that own 100% of shares in a company we can lend against net profit after tax and add back in salaries – this can also be based on 1 year accounts
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Kensington can used retained profit, they must be 100% shareholders altogether.
Self employed applicants with 1 years accepted

Income to be based on the finalised accounts prepared by the accountant acting for the business who must be suitably qualified;

Projection for second year income must be provided by the accountant;

Applicant must have a minimum 12 months previous track record in the same sector as their current business. This must be evidenced by proof of previous PAYE income;

Maximum LTV of 85%;

3 months personal and business bank statements must be provided;

Self-assessment returns or SA302 are NOT accepted as proof of income;

Income will be verified by means of an accountant’s reference.

Examples of professional applicants are; Doctors, Lawyers, Accountants or those who hold other professional qualifications.

Only accept Salary and dividends not net profit
Product range M1 allows 1 years trading, otherwise 2 years trading required. Most recent years figures generally used (excect where profits are not sustainable). For LTD CO. directors basic salary plus their share of net profit used. Discretionary spending (such as pension / health insurance contributions) can be added back in and used for affordability.Self Employed (Sole Trader/Partnerships)
• 1 Years final accounts plus 3 months personal and business
bank accounts statements showing applicants share of net
profit
• SA302s can be provided as long as they are supported by 3
months personal and business bank statements
Can consider up to ONE years figures regardless of how long trading up to 85% + lenders fee.

Over 75% is subject to score so key one year, it will refer (check back in 2 hrs) if decline, then reduce to 75% LTV or copy DIP and add 2 years figures (then can consider up to 5 x income).

Precise will work off the average or last year whichever is the HIGHER.
Proof of Self employment:

HMRC Tax Calc + Overview
OR SA302 + Overview
OR Accounts
For Directors add together for total income 100% of:

Salary + Dividends + Co. Car allowance + pension Contribution = Total that you key into the DIP

Changes in trading style ie Sole to LTD Co treated as continuous self employment

NOTE: underwriters reserve the right to ask for further information where necessary
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Precise can also use the following in order to help affordability if they are declared on the accounts: -
Rooms used as an office
Use of spouse's income
Share of dividends
Director's car allowance and pension
Last 3 years audited accounts and they work off net profit, whether LTD Co or Sole Trader. Self Employed product specifically can have 1 year accepted.24 months as standard but newly self-employed can be considered so less than 12 months on a case by case basis12 months trading up to 80% LTV. 24 months+ trading up to 85% LTV. Will work on last years accounts (not average).

Require last years Accounts OR Latest SA302 OR Accountants Reference

Sole Trader - Profit

Partnership - Share of Profit (distributed and retained)

Limited Company - Share of Profit (distributed and retained)

3 months personal bank statements and last months business bank statement will be required on all self-employed cased

We will consider any salary paid in addition to any profit

Contract workers considered if 6 months of continuous service completed and 6 months of contract to run (not necessarily with same employer).
Must be self employed and be trading. Applicants can be: -
Limited companies, LLPs, sole traders, partnerships
Minimum 12 months trading period with 1 years accounts or SA302 and tax year overview
Valuation feesPaid direct to lender at the lender fee scales.Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender and a processing fee of £95 at application to 3mcPaid direct to lender at the lender fee scales.Paid direct to lender at the lender fee scales.Paid direct to lender at the lender fee scales.Paid direct to lender at the lender fee scalesPaid direct to lender at lender fee scalesValuation fees paid direct to lender and a processing fee of £95 at application to 3mc.
A completion fee and Chaps fee is payable in all cases. The customer will have the option to pay their completion and/or Chaps fees up front or they can be added to the loan.
However, any fees to be added to the loan must not exceed the hard cap rule of 85% as a maximum LTV for all Residential cases. Soft credit search at DIP and hard at f
paid direct to lender at the lender fee scalesValuation fees paid direct to lender and a processing fee of £95 at application to 3mcPaid direct to lender at the lender fee scales.Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcNo valuation costsPaid direct to lender and related to lender fee scales
AccessAccess to Aldermore Mortgages is direct to lender with 3mc selected as your payment routeAccess to Bluestone Mortgages is to a selective panel of mortgage packagers, of which 3mc are one.Access to Buckinghamshire Building Society is to a selective panel of mortgage packagers, of which 3mc are one.Access to Dudley BS is available via selected packagers only. Access to Foundation Homeloans is available via 3mc as your packager. Access to Kensington is direct to lender with 3mc selected as your Mortgage Club. Access to Kent Reliance is direct to lender with 3mc selected as your payment routeAccess to Magellan Homeloans is available via 3mc as your packager and can also be direct to lender with 3mc selected as your payment routeAccess to Pepper Homeloans is to a selective panel of mortgage packagers, of which 3mc are one. Access to Precise Mortgages is direct to lender with 3mc selected as your payment routeAccess to Saffron is available via selected packagers onlyAccess to Secure Trust Bank is to a selective panel of mortgage packagers, of which 3mc are one.Access to TML is available via selected packagers onlyAccess to Together is available via packagers, of which 3mc are one.Access to Vida Homeloans is via small selection of mortgage packagers, including 3mc

Bridging Lenders - Criteria Comparison

Drag and drop columns to reorder

 Bridgebank CapitalCambridge & Counties BankPrecise MortgagesMasthaven BankShawbrook BankTogether
Lender PageViewViewViewViewViewView
Property Value (min)£192,000Commercial - Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation.
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Residential - Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.
£50,000
£150,000 London postcodes
Refer£75,000£70,000 lower by referral
Advance (min)£125,000£150,000 per property£50,000 - 1st Charge
£25,001 - 2nd Charge
£100,000£50,000£10,000
Advance (max)Unlimited£2,500,000 per propertyUnlimited£5,000,000 (more by referral)£15,000,000 per client. Higher is considered by exception.£5,000,000 ( more by referral)
Term (Min)1 Day1 Month1 Month1 monthNo min term, no minimum interest charge12 months
Term (Max)12 monthsUp to 18 monthsRegulated 12 months
Non regulated 18 months
12 months (15 months on development)18 months12 months
Income (min)No minimum income is required - proof of income is required to make sure the exit is realistic. ALIE evidence – Audited accounts; short form accounts; tax return (2 years); Bank statements (6 months) for all loan commitments and current accounts of the borrower; passing rental income for asset offered as security or total customer rental income if available.Client has to be registered in the UK and source of income should normally be within the UK. Employed applicants must of been inside of their current job for a minimum of 6 months with 12 months of continuous employment. Proof of income required where the exit is dependent on refinance.Clients to evidence independent material income which must support their personal and business commitments. Where the exit is refinance onto an investment mortgage we will need to ensure the rental income is sufficient to service the debt. Where the client is servicing the interest, we will need to be provided with details of income to validate affordibilityProof of income required where the exit is dependent on refinance. No minimum income restriction
RestrictionsLand requiring commercial development in order to be fit/suitable for occupation. Land without any form of planning consent. Property identified as having onerous restrictions or covenants. For full details, please see criteria guide on the lender information page.Experienced landlords and property companies. Not first time landlords or property investors i.e. minimum 2 properties for a minimum of 2 years or suitable professional property experience, 3 loans at any one time with PreciseFCA and non-FCA Regulated lending on 1st Charge basis, including Refurbishment and Development. 2nd Charge on residential property. 1st Charge on Commercial and Semi-Commercial.Applicants should have at least one of the following; be experienced investor with at least 2 investment properties detailed within their property schedule OR have completed at least 2 or more projects of similar scale in last 5 years OR have the relevant industry experience.
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For light refurbishment deals we now only need clients to be able to demonstrate either relevant property sector experience (this could be on an employed basis) or 1 similar completed project within the last 5 years.
Both FCA regulated and non regulated bridging finance available without restriction on mainland UK based property
CCJ's & DefaultsUnsatisfied CCJ’s with acceptable reasons for occurrence will be settled from advance in
the event that the borrower proceeds with the facility (i.e. post loan advance, the customer would have a clean credit profile). Genuine creditor disputes or specific short term cash
flow difficulties. Maximum 2 unsatisfied CCJ’s to the value of £15k incurred in the last 12 months
No current bankruptcy or IVAConsidered on a case by case scenario (up to date credit search is required for consideration)All types of credit history consideredWould need to be discussed with a member of 3MCAccepted up to 8 demerits in last 12 months and no demerit restriction where sale of property is exit
Completion Fees2% facility fee of the advance. 2% Arrangement fee
0.50% Application fee, subtracted from Arrangement fee on drawdown
1% Exit fee
2% Arrangement Fee. £295 Administration Fee, £35 Telegraphic Transfer Fee all payable on completion. Arrangement Fee is 2% of the Gross Advance or £2,000 whichever is the greater1.95% arrangement fee.2% Lender arrangement fee
Minimum Age18 years old18 years old25 years old21 years old21 years old18 years old
Maximum AgeNo maximum ageNo maximum age75 years old - They have flexibility up to 80 years old - case dependent. 85 years old (older on a case by case basis)80 years old80, no maximum age restriction on regulated bridging
Ltd Companies/Trading CompaniesAll loans are eligible for individuals, UK Ltd Companies.Sole traders, Partnerships, LLP, Limited companies, Charities & PLC's. Commercial loans - no Trusts or Pensions.Company has to be a Special Purpose Vehicle (SPV) OR an LLP - do not lend to trading Ltd companies. UK Ltd companies only, personal guarantee and debenture requiredAll loans are eligible for individuals, LLP's, UK Ltd Companies . Customers that have been party to previous transactions will be eligible for our existing client discount.Accepted
CountriesEngland, Scotland and WalesUK registeredEngland and Wales, limited areas of Scotland. England, Scotland and WalesEngland, Wales and ScotlandEngland Scotland and Wales
ConditionOpen market value - Bricks and mortar, non trading, vacant possession. Residential - All residential property types must be suitable to be let on AST terms only. Commercial - Commercial investments only to be let on commercial terms only. Excludes trading assets.All conditions considered subject to the property being wind and watertight.No minimum property condition as it all depends on the profile of the case i.e. what is the bridge being used for, loan size, LTV, additional security and exit strategy.Shawbrook always lends on the Bricks and Mortor value. We will consider both light and heavy refurbishment which is defined by the cost of the works and whether these works require planning permission so we understand the condition of the property will vary. If they are not planning any refurbishment we want the condition of the property to be good.All Residential property considered on OMV. All commercial property and land consider on 90 day FSV
Property Type and Commercial propertiesResidential , Commercial, Semi-Commercial & Industrial OR A mixture of all.Freehold & long leasehold (residential - min. 70 years on expiry of loan, commerical - min. 40 years on expiry of loan)
Residential – HMO’s considered.
All residential property considered including HMO's up to 8 bedrooms and flats on one title. Most security considered including Residential and CommercialAll residential property considered, including HMO and student lets. For full commercial properties a suitable long lease will need to be in place and works must be limited to the residential parts only. Mixed use properties will be dependent on valuers comments on the viability of the residential parts if a lease on the commercial element is needed. Refurbishment properties considered. Please check with 3MC with regard to your specific requirements. All residential and commercial property and land accepted