Cambridge & Counties Bank

Mortgage Type

Specialist BTL/Commercial

Property Value (min)

Loan to value maximum 70% based on acceptable valuation

Advance (min)

Bank preference - £150,000 for new borrowers

Advance (max)

Maximum loan up to £10m

Term (Max)

25 years (Commercial Owner Occupier and Commercial Investor) 30 years (Residential Investor)

Minimum Age

18 years

Maximum Age

No maximum age

Family Cash Gift Deposit

Yes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.

Family Gift of Equity Deposit

Yes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.

Income (min)

Occupier - Minimum capital and interest cover to be 130%.
Investor – Minimum 130% of net rental income. The Bank would normally look to allow a 10% deduction from Gross rents for administration and operating costs.

Restrictions

No restrictions on numbers with other lenders.
Will consider Public Houses, Healthcare and hospitality

Interest only up to 2 years capped at 70% LTV for Commercial Owner Occupier and Commercial Investor in certain circumstances. Interest only up to 10 years capped at 70% LTV for Residential Investor.
Occupier borrower to be trading entity occupying premises offered as security or wholly owned subsidiary covered by parental guarantee.
Investor borrower to be an experienced landlord or property company. Not first time landlords i.e. minimum 2 properties for a minimum of 2 years.

Let to Buy (Turning Residential into Buy to Let)

No

DWP Tenants

Accepted

Ex-Local Authority Properties

Houses and flats considered - Up to 70%

Minimum years remaining on leasehold property

Reviewed on a case by case basis

Minimum Ownership

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

Permanent rights to reside and remain

Yes (unless Ex-Pat)

Ex-Patriates

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

New Builds

All new builds considered.

Credit Score

No

Rental Calculation

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

Historic CCJ’s & Defaults

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

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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
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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.
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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.

Valuation Fees

Valuation fees paid direct to lender at the lender fee scale.

Maximum number of applicants

No maximum

Countries

Will lend in England, Scotland and Wales

Access

Access to Cambridge Counties is available via selected packagers only.

Missed mortgage payments

Considered on a case by case basis

Property Type / Commercial

Commercial Property Valuation includes offices, modern industrial/warehouse units, modern factory units, and retail units with or without living accommodation, investment properties (commercial/residential)

Business Valuation – Commercial includes purpose built hotels, guest houses, bed & breakfast, with more than 6 letting rooms, purpose built restaurants, take-aways or restaurant units with letting rooms, purpose built healthcare premises. All must hold current and appropriate licences and planning permissions.

Business Valuation – Residential includes apartment blocks or single title HMO’s and Buy-to-Let properties. Freehold and long leaseholds.

HMO’s include Purpose built properties that hold Sui Generis planning for multiple occupation or C4 planning. The Bank will also accept converted properties from C3 under Permitted Development Rights (PDR) where a subsequent Certificate of Lawful Development is held.

Available to trading Ltd Co. SPV’s and individuals. Plus Lending to Trust’s, SIPP/SAS

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.

Acceptable property includes:
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

Holiday Lets: up to 70% LTV
Minimum income is not required, however, must be able to prove resilience to loan payments.
Personal guarantees are required from Directors for Ltd company deals, but on a case by case basis, may consider exceptions.

Affordability of application will be assessed in one of 2 ways: -

1. Where more than 1-year holiday rental income can be evidenced by accounts, the gross annual rental income should be equal to or exceed the Debt Service Cover Ratio (DSCR) at 130% after deducting the operating costs of the holiday let. There will be a secondary calculation to ascertain that market rental income can also cover a minimum of 100% of the DSCR to provide a satisfactory exit route

2. Where there are no accounts available, using the DSCR that can be achieved on a monthly Assured Shorthold Tenancy (AST) for the property, calculated at 130% DSCR (less 10%
operating costs)

Location

Will lend in England, Scotland and Wales

Type of Credit Search conducted at AIP stage

Hard foot print upon full application