Compare Criteria – Quick Reference

Specialist BTL/Commercial - Criteria Comparison

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 Aldermore CommercialAxis BankCambridge & Counties BankFoundation Home LoansHinckley & RugbyInterBay CommercialKensingtonKent RelianceLandbayLendInvestParagonPrecise MortgagesSaffron Building SocietyShawbrook BankThe Mortgage LenderTogetherVida HomeloansZephyr Homeloans
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Property Value (min)£60,000 (single residential units)

£75,000 (includes HMO, MUF, Commercial, Semi-Commercial and Commercial Owner Occupier assets)
£100,000Commercial - 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.
£75,000No minimum£75,000£75,000 for HMO
£75,000 per unit for MUFB
Min property value £75,000 for Standard BTL

If the LTV is above 75% the min loan is £100,000

£100,000 for Specialist BTL (if above 75% then minimum loan is £100,000)
£80,000 Standard

£120,000 HMOs & Multi Units
£75,000 for single units
£150,000 for HMO
£75,000 (Including HMO)
Multi-Units -
Min Val for;
2 -10 units is £100,000
11 - 20 units is £150,000
Individual: - £100,000

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.

For properties under £100,000 - see specific product range
£50,000 (£120,000 London & South East)
£120,000 for HMO
£60,000 for Specialist Buy To Let and Semi-Commercial

£70,000 for a commercial unit. Less than £60,000 can be considered by exception and LTV will decrease by 5%
Single Residential Units -£50,000 up to 70% LTV
£70,000 minimum value above 70% LTV.
HMO - £100,000 MUB £175,000 in London & South East. £125,000 in all other locations.

Ex Local authority flats/maisonettes min £80,000 outside London, £200,000 in Greater London up to 80% LTV
£75.000 for single units.

£100,000 for HMO, MUFB's & Flats above commercial (70% LTV)
Advance (min)£25,000
£50,000 for commercial
£75,000£150,000 per property £50,000

£500,000 for large loan range excluding fees
£75,000£100,000
£200,000 for Commercial and Semi Commercial loans
£70,000Minimum loan on HMO & LTD is now £50,000

Personal BTL minimum £50,000

Multi units minimum loan is £75,000

If over 75% then minimum loan is £100,000.

£125,000 for Ex patriates

£750,000 minimum "Large" loan.
£50,000
£150,000 for 3mc exclusive
£50,000 including HMO£30,000£40,000 for Individuals & Limited Company

This includes single units, HMO's & Multi units
£30,000
£60,000 for HMO
£50,000£25,001

Ltd Co and LLP cashback products - £75,000
£26,000£25,000£50,000
Advance (max)Maximum £35,000,000 to 75% LTV, Maximum aggregate exposure to a single customer £35,000,000. LTV restrictions will apply.

Commercial Owner occupiers to borrow up to £1m on an interest only basis, for up to 10 years.
£750,000 to 75% LTV

£751,000 - £1,000,000 upto. 65%3

Loans over £1,000,000 will be up to 65% LTV and will be referred.
£2,500,000 per property £1,500,000 on Large loan range up to 65%
£1,000,000 on loan for both individual units and HMO / MUB up to 65%

£750,000 up to 75% LTV

£500,000 to 80% LTV on Standard range

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For Foundation Homeloans to consider the applicant an experienced landlord and to be able to access Standard and HMO products they must have operated a BTL at any time within the last 6 months for no specified length of time.
£500.000 at 60% LTV
£350,000 at 70% LTV

Current Max LTV on pilot scheme is 70%

Up to 3 Buy to Let mortgages may be held with the Society by any borrower, subject to
an aggregate loan limit of £1,000,000
£1,000,000 to 85%
£5,000,000 to 75% LTV. Exceptions and portfolios considered.
£2,000,000 to 75% LTV

£1,000,000 up to 80%

£500,000 up to 85% LTV

£500,000 up to 75% LTV on Property Plus Range

£1.5million maximum loan to any one customer in one transaction
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Up to 6 bed HMO / Up to 4 Multi Units on 1 title both available 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%
£1,500,000 to Max LTVSingle units : - £750,000 up to 70% and 75% LTV

£500,000 up to 80% LTV
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Multi unit

Up to 70% LTV - £750,000.
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HMO - £500,000 up to 75% LTV

£750,000 up to 70% LTV

Up to £5mill with a maximum of 20 properties aggregated.
£2,000,000 to 65% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£500,000 to 80% LTV
£3,000,000 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 (Individual names only, not Ltd co)

HMO and Multi unit: -
£1,000,000 available at 70% LTV
£750,000 at 75% LTV
£500k at 80% LTV (Not available direct with lender, only via a Premier Packager [3mc])

In summary: -

£3,000,000 to 60% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£500,000 to 80% LTV

£10mill maximum exposure on any portfolio.
£1,000,000 to 75% 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.
£2,000,000 up to 70% for a single unit BTL (Ind / Ltd co)

£1,000,000 up to 80% for a single unit BTL (Ind / Ltd co)

£600,000 up to 80% for HMO / Multi Unit

£600,000 up to 75% if New Build Flat / Above Commercial
For Specialist BTL's -

£2,000,000 Up to 65% LTV on Purchases

55% on remortgages

50% on land - By referral - Up to 75% LTV on Purchases, 60% LTV on remortgages. Anything above, by referral only.

100% funding available with additional security

Commercial property - First Charge
First charge £500,000

Up to 65% LTV on Purchases, 55% on remortgages and 50% on land

By referral - Up to 75% LTV on Purchases, 60% on remortgages, 55% on land

100% funding available with additional security
£250,000* up to 85% LTV * Ltd Edition,
Excludes FTB/ FTL and properties within the M25.

£750,000 to 80% LTV

£1,000,000 to 75% LTV

£1,500,00 to 65% LTV
STANDARD (single properties)
Max Loan Amount – £2,000,000 @ 75% LTV.
Max Loan Amount – £1,500,000 @ 80% LTV.

SPECIALIST
HMOs & MUFBs:
Max Loan Amount – £600,000 @ 80% LTV.
Max Loan Amount – £1,000,000 @ 75% LTV.

New build and flats above commercial premises:
Max Loan Amount – £1,500,000 @ 70% LTV.

NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 75%. We will require proof of the source of deposits.
Term (Min)6 years5 years3 years5 years5 years2 year term for all applicants5 years (10 interest only) 5 years5 years7 years5 years5 years5 years3 years5 years4 years on specialist BTL, 7 years for commercial mortgages5 years5 years
Term (Max)35 years
20 years for commercial
25 yearsCommercial Owner Occupier/Commercial Investor is 25 years, Residential Investor is 30 years. 30 years40 years30 years40 years35 years30 years30 years25 years35 years40 years30 years35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 40 years).30 years40 years35 years
Type / CommercialHMO’s, student BTL. Multi-unit on 1 title - which could be considered under Aldermore Mortgages.

Aldermore Commercial: -Semi commercial, commercial investments units plus owner occupied commercial units.

Available to trading Ltd Co. SPV’s and individuals for both Aldermore Mortgages and Aldermore Commercial.

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 10 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 10 units.

Bank will lend on whole blocks with up to 10 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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Exposure Limit Property - 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.

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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.
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Can consider AirBnB.
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 product available where maximum number of permitted occupants is less than or equal to 6

Large HMO products available where maximum number of permitted occupants is more than 6; up to a max of 8 bedrooms

All Multi Unit blocks are classed as Large HMOs up to 10 units

First time buyer is defined as someone who has never owned a property. First time buyers are not acceptable as sole borrowers. First time landlord is defined as someone who has not operated a buy to let within the last 6 months.
First time landlords are acceptable where the borrower is currently an owner occupier, the deposit is from own sources and not gifted and the property is not above commercial premises, Ex-Local Auth, MoD or Housing Association, an HMO or Multi-Unit, a property where the borrower owns adjacent land or access road.
Single units - including freehold and leasehold.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, SASS's, Family/Discrectionary Trusts and individuals.
HMO / Multi Unit property

Experience required is to have a current BTL.


Can consider HMO's let to Students.
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. 15 bedrooms.

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 1 years’ prior experience as a landlord
Houses
New builds (with full certificates in place)
Flats
Maisonettes
Apartments including new builds
HMOs (up to 15 rooms) and Multi Unit Freehold
Flats in blocks up to 5 storeys
Flats up to 10 storeys In Greater London
accepted subject to valuer’s commentary.
Ex-local authority flats considered - If in a privately
owned block (Greater London only)

For HMO / Multi Unit - minimum 2 years experience as a property portfolio landlord.

HMOs with kitchenettes will be limited to 70% LTV.
Standard BTL investment properties such as a house or Flat
Multi Units
HMO's
Student Lets
SPV 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 more than 1 kitchen.

Multi units up to 6 beds - up to 75% LTV

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 is £10m.
SPV Limited company and HMO accepted.

Small HMO
• Maximum number of tenants: 4
• Experience: Existing BTL property
• First HMO mortgage: accepted

Large HMO
• Maximum number of tenants: 6
• Experience: Existing large HMO
• First HMO mortgage: not accepted.

HMO's up to 6 bed rooms - defined as large HMO's, 4 bed HMO's are considered to be on "Small" range
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.

Minimum personal guarantee is 25% of the loan amount.

Complex commercial investments considered: - Including: Serviced offices, vacant commercial property, multi-unit lets on licenses and medium term planning gain projects. 2 years experience required
Single Residential units, HMO's (up to 6 beds), Student lets, and Multi units on 1 title (up to 6 on 1 title).
Flats above commercial and ex local authority properties.
HMO's including multi-units + student accommodation included, holiday lets inc Air BnBs and semi-commercial property considered

Limited companies and Trading companies accepted
Flats LTV's available up to scheme limits. High rise flats must have a lift if over 4 floors (Ground+ 3 floors).

No lift required if the flat is on one of the first 3 floors above ground, irrespective of the number of floors in the block.

- Will not lend on properties above a public house
- Flat roofs considered on flats.

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/
launderettes: Max 60% LTV.

Flat roofs on houses are based on valuers comments if greater than 25% of the roof area , and assessed on an individual basis on mortgageability & saleability.

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 photo-voltaic (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
Single units
HMO's up to 6 bedrooms
MUFB's (Multi units) up to 6 flats on 1 title
Flats above commercial - up to 70%

HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.
Rental calculation.Commercial Investment / Semi Commercial – 140% cover required on C&I basis and 160% cover on Interest Only basis
If 3 year fixed rate – then calculation is decided on the higher of product or revert rate

For Limited Companies – use 125%
Commercial Owner Occupier – 165% on both C&I and Interest Only.
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)

Portfolio rental stress is at 5% - can consider a rental boost if falling short on rental income for portfolios.

BTL rental calculation has a 10% rent increase on a 5 year fixed and can consider top slicing

If the individual stress rate for the application is below the portfolio stress of 5%, the lower stress rate will be factored into the overall assessment of the portfolio.

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Single unit properties
Individuals: - 145% for a higher or additional rate tax payer (120% including use of surplus income).

Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate – otherwise, pay rate.

125% for a basic rate tax payer (110% including use of surplus income).

Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate – otherwise, pay rate.

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HMO’s
Individuals (higher or additional rate tax payer) - 185% or 160% including use of surplus income

Companies or Individuals (basic rate tax payer) - 155% or 140% including use of surplus income

Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate.
Higher of pay rate, or reversion rate +0.75% if 5 year fixed

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Multi-Unit Freehold
Individuals (higher or additional rate tax payer) - 145% or 120% including use of surplus income

Companies or Individuals (basic rate tax payer) - 125% or 110% including use of surplus income

Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate.
Higher of pay rate, or reversion rate +0.75% if 5 year fixed.
None 5 year fixed rate: -
Basic rate - 125% @ payrate + 2% (min 5.5%)
Higher rate - 145% @ payrate + 2% (min 5.5%)
Ltd Co - 125% payrate + 2% (min 5.5%)


5 year fixed rate: -
Basic rate - 125% @ payrate
Higher rate - 145% @ payrate
Ltd Co - 125% payrate

Background income may be considered to support any ICR shortfall down to a floor of 100% rental coverage. This is subject to prior approval with access bank and will only apply where the loan size is a minimum of £350,000
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High Net Worth: -

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

£ and £ remo's
125% @ 5%

Background rental stress for portfolios for L 4 L remortgages must meet 125% @ 5.5% for Ltd Co and individuals.
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.
125% @ 5.5% on single unit – unless 5 year fixed, then calculated at product pay rate.BTL/HMO: The required Interest Coverage Ratio (ICR) will depend on the property type and whether or not we are lending to a limited company.

ICR will be calculated using a stressed rate of 5.5%, or the initial pay rate + 1.55%, whichever is higher.

However, the following exceptions apply:
if the case is a remortgage with no additional borrowing, ICR will be calculated using the initial pay rate + 1.05%, with no minimum stress rate.
if the 5 year fixed rate is being used, ICR will be calculated using the initial pay rate, with no additional margin or minimum stress rate.

Standard Property
Single dwellings 
HMO/multi/student lets with up to 5 rooms.
Freehold blocks/titles of land with up to 4 residential units. 
Personal Applicants
140% rental cover applies
Limited Company
125% rental cover applies

Specialist Property
HMO/multi/student lets with 6 or more rooms
Freehold blocks/titles of land with 5 or more residential units.
Personal Applicants 
160% rental cover applies
Limited Company
145% rental cover applies

Semi-Commercial/Commercial: The Debt Service Cover Ratio (DSCR) is 125% of pay rate
HMO / Multi Unit BTL Range

175% at 5.5%

BTL Range: - 145% @ 5.5%
Standard Property (KRBS consider a single dwelling, HMO/ Multi Unit/ Student Lets with up to 5 rooms and Freehold block/ titles of land up to 4 units as standard properties): -

Personal/ Individual required ICR is 140%
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LTD Company required ICR is 125%

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Specialist Property: - (KRBS consider a HMO / Multi / Student Lets with 6 or more rooms HMO/ Multi Unit/ Student Lets / Freehold block / titles of land with 5 or more residential units as Specialist properties)

Personal/ Individual required ICR is 160%
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LTD Company required ICR is 145%
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• Minimum stress rate applicable for rental cover purposes is 5.5%, or the initial pay rate plus 1.55%, whichever is higher.
• Remortgages where no additional borrowing is being raised are not subject to a minimum stress rate, with rental cover assessed against the initial pay rate plus 1.05%.
• 5 year fixed rate applications are stress-tested at the initial pay rate, with no additional margin or minimum rate applicable.

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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% @ 5.5% to 125% @ 5.0% - where an application fails this test. We may consider and application using up to 10% of the declared income (subject to minimum income of £100,000). The Landbay affordability model will take into
account a number of elements including other income.
Single Unit Properties: -
Basic rate taypayers (20%) 125%

Limited company or LLP 125%

Higher rate taxpayer (40%) 140%

Additional rate taxpayer (45%) 140%

Refinance (no capital raised) 125%

HMO / Multi units
Basic rate taypayers (20%) 130%

Limited company or LLP 130%

Higher rate taxpayer (40%) 145%

Additional rate taxpayer (45%) 145%

Refinance (no capital raised) 135%

@ 5%

If 5 year fixed then use 4.19%
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 - @ higher of pay/revert rate + 2% (min 5.5%)

Please visit BTL calculator at Precise BTL Calculator

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

Please visit BTL calculator at Precise BTL Calculator

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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Top slicing 110% of payrate even on 2 year rates
Pound for pound remortgages – 125% of pay rate­

Limited Company – Rental cover 125% of pay rate + 2% or 5.5%, whichever is higher

Limited Company – Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan

HMO – 160% of either pay rate + 2% or 5.5%, whichever is higher. Rental Cover on debt for debt re-mortgage cases 160% of pay rate.

5 year fixed rate – New purchase or capital raising – 140% at Pay rate

Any other scenario, either pay rate plus 2% x 140% or 5.5% by 140%, whatever is the higher.

Based upon Interest only BTL mortgage payment.
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 up to 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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Individuals: BRT - 125% / HRTP 140%

Ltd Co/LLP: 125% ICR

HMO/MUFH: 140%

New Build Flat / Above Commercial: 125% BRTP / HRTP 140%

5 year fixed products @ pay rate

All other products; nominal rate (5.5%) or the initial rate +2%, whichever is higher.
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Minimum rental calculator for background portfolio is 125% @ 5.5%.

No maximum LTV
• Basic tax rate payer: 125%
• Higher tax rate payer: 145%
• Additional tax rate payer: 165%
• Limited company applicants: 125%
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2 year fixed: Product rate + 2%, 5.5% minimum.

2 year fixed £ for £ re mortgage: Product rate, 5% minimum.

5 year fixed Product rate.

140% Higher Rate Taxpayer

125% UK Basic Rate

125% UK Ltd Co’s/SPV

HMO/MUB - 130%, including Ltd Company HMO, 140% for higher rate tax payers.
Less than 60 month product term: Individuals: 140% at pay rate + 2 or 5.5%, which ever is the higher.

125% for Like for Like remortgages & low rate taxpayers.

SPV’s: 125% at pay rate + 2 or 5.5%, which ever is the higher.

HMO’s, MUFB’s & Flats above commercial: 155% at pay rate + 2 or 5.5%, which ever is the higher.

Greater than 60 month product term: Individuals: 140% at pay rate, 125% at pay rate for Like for Like remortgages & low rate taxpayers.

SPV’s: 125% at pay rate.

HMO’s, MUFB’s & Flats above commercial: 155% at pay rate.
Minimum years remaining on Leasehold property• Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term). 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 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 term85 years remaining on the lease when the mortgage starts, and a minimum of 50 clear years remaining on the lease at the end of the mortgage term. The Society’s basic legal requirements for leasehold properties are described in the Society’s entries in section 5 of parts 1 & 2 of the CML Lenders Handbook CML Handbook.50 years remaining for BTL, 65 years remaining for Commercial at the end of the proposed mortgage term. 85 years left on the lease at the time of application. 50 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%
60 years at completion of mortgage with 55 years remaining at end of term 65 years at the end of the mortgage term. 85 years minimum - although Paragon will refer if below 85 years.

Paragon can consider a lower lease if this is being extended upon completion.
Minimum 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 expiry
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If less than 85 years remaining, then Shawbrook will require further commentary from the valuer in addition to the standard reports
50 years remaining at the end of the term.Minimum 50 years plus the term of the loanC&I loans minimum of 40 years lease remaining. I/O or part and part, 70 years remainingLeasehold properties must have a minimum lease of 70 years remaining at the end of the mortgage term.

Ground rent and Service Charges must be included in cash flow projections (portfolio landlords only)
for leasehold properties

Applicants for leasehold properties should not hold a controlling interest in the Freehold.
Portfolio Landlords RequirementsPortfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 145% at 5%

Portfolio Landlord Criteria

– No limit on the amount of lending with Aldermore Bank
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Cashflow Statement – All cases with 11 or more mortgaged BTL’s with Aldermore
– Asset & Liability Statement – All cases with 11 or more mortgaged BTL’s with Aldermore
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio

– A minimum rental stress of 125% at 5.5%

Portfolio Landlord Criteria

– Up to 5 (10 for existing Axis customers) mortgaged properties with Axis Bank to an aggregate borrowing of £5m

– No limit on the size of portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases

– Asset & Liability Statement – All cases (within the lender application form)

– Business Plan – All cases (within lender application form)

– Cashflow Statement – Not required

*Lender will accept client versions so long as covers the lenders minimum requirements
Accepted.Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5% across the portfolio with at least 100% coverage for each mortgaged property

Portfolio Landlord Criteria

– FHL to an aggregate borrowing of £3m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Not required
– Cashflow Statement – Not required
– Asset & Liability Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 145% at 5.5%

Portfolio Landlord Criteria

– No limit on the amount of lending with Hinckley & Rugby
– Maximum of 10 in the portfolio

Additional Document Requirements

– Portfolio Schedule – Not required
– Business Plan – Not required
– Cashflow Statement – Not required
– Asset & Liability Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No limit on the amount of lending with One Savings Bank
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases

* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5% – see lender calculator

Portfolio Landlord Criteria

– Aggregate borrowing with Kensington of up to £2mill
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – Not required
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No limit on the amount of lending with One Savings Bank
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No maximum on number of properties with Landbay to an aggregate borrowing of up to £2.5m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5%

Portfolio Landlord Criteria

– Maximum of 20 loans to £5 million total BTL borrowing with Lendinvest
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Not required
– Asset & Liability Statement – Not required
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– No minimum rental stress requirements

Portfolio Landlord Criteria

– Aggregate borrowing of £10m (Paragon Premier) & £5m (Paragon Core)
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Case by case
– Asset & Liability Statement – Case by case
– Cashflow Statement – Case by case
* Lender will accept client versions for all documents
NB – Portfolio assessment will be valid for 6 months when using the Forward Funding Facility
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– Click here to complete the online viability check

Portfolio Landlord Criteria

– Up to 20 mortgages with Precise Mortgages to an aggregate borrowing of £10m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – Not required
* Lender will accept client versions for all documents.

NB - Portfolio assessment will be valid for 12 months to reduce requirements on subsequent applications providing there are no material changes.
Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio both individually & collectively
– A minimum rental stress of 125% at pay rate both individually & collectively
– If shortfall - Income must be earned income, paid in GBP and liable for UK tax, must be an experienced landlord


Portfolio Landlord Criteria

– Up to 10 properties with Saffron to an aggregate borrowing of up to £1.5m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – All cases
* Lender will not accept client versions of the documents
Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio

– A minimum rental stress of 100% at 8% (for individuals) & 7% (for Limited Companies)

Portfolio Landlord Criteria

– No limit on the amount of lending with Shawbrook Bank

– No limit on the size of portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases

– Asset & Liability Statement – All cases

– Business Plan – Not required

– Cashflow Statement – Not required

*Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio required rental calculation is 125% @ 5.5%

No current maximum LTV - It is calculated on a case by case basis.
Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio
– No minimum rental stress requirements if no secured arrears in the last 12 months. If secured arrears in the last 12 months then 125% (Basic rate taxpayer/Ltd Co) at the current mortgage payments, 145% (Higher rate taxpayer) at the current mortgage payments, 165% (Additional rate taxpayer) at the current mortgage payments

Portfolio Landlord Criteria

– No limit on the amount of lending with Together
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Not required
– Asset & Liability Statement – Not required
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Defined by Vida as having 4 or more mortgaged BTL properties at application
• Requires at least 1 year’s experience of owning a BTL property
• Up to 20 properties with a maximum of £4,000,000 in a Vida portfolio
• Overall portfolio, including current application and any Vida borrowing, no maximum number of properties including unencumbered properties.

Average LTV up to 80%
• Rental stressing as stated in ‘Rental Calculation’ above will only be applied to
mortgages held with Vida. Other properties will be assessed by comparing their
rental income to the mortgage payment.
• Top Up from surplus income is not available for portfolios
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A sample check of a portfolio will be concluded at a minimum of 25%. Rental coverage on the overall portfolio will need to meet 100% of any contractual monthly payment.

Portfolio Landlord Criteria

– No limit on the amount of lending with Zephyr Homeloans
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule (overview) – All cases
– Business Plan – All cases
– Cashflow Statement – All cases
– Asset & Liability Statement – All cases
* Lender will accept client versions so long as covers the lenders minimum requirements
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.
£25,000No Minimum IncomeNo minimum income.
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Minimum income of £25,000 is required for applicants who do not currently own a Buy to Let property.
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Minimum income of £40,000 is required for applicants who do not currently own a Residential property. Unless they have 4 or more Buy To Lets.
No minimum income except for
Expatriates - £50,000, verifiable income.

2 years income is required for all self-employed applicants for income-backed products.

Require no proof of income for portfolio landlords, whether they're employed or self-employed (please note, this is still a
requirement for non-portfolio landlords).
£25,000 combined for UK based applicants.

For time buyer and first time landlords the applicant must be employed and earning £85,000.
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For Ex Patriates who are Employed:
- £40,000
For Self Employed expatriates: £60,000 minimum.
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Proof of rental and income is required on all cases.
£30,000 across all applicants.
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Incomes considered:
Rental/Portfolio
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Consider re-invested funds that have gone back into the portfolio OR investment projects.
£25,000 minimum - however, non-portfolio landlord income requirements differ to portfolio landlord.
Paragon can consider retained profit as long as the business does not required it for continued business. Such as an antique dealer.

Non-portfolio: -
Applicants should have a minimum combined gross annual income of £25,000 per annum.
Applicant’s income can include:
- gross employment income
- taxable self employed income
- Occupational or private pension income
Income from renting property, state benefits, state pensions and investment income will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.

There is no minimum income requirement for expatriate applications, but details of all income must be provided.

Portfolio landlord income: -
Applicant(s) should have a minimum combined gross annual income of £25,000 per annum. All income must be evidenced and can include:
-Gross employment income
-Taxable self-employed income
Income from state benefits, state pensions and investments will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.
No 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.
£25,000No Minimum IncomeNo minimum incomeNo minimum income

Net profit/income + other provable disposable income* x 50% must exceed all secured lending payments.
No minimum incomeNo minimum income requirement with two exceptions:
At least one applicant to be earning £50,000 if using earned income to make up a rental shortfall;
£25,000 gross income required if the applicant’s employment is “professional landlord”. Gross income is the amount of verified income that a limited company director or individual receives
DWP TenantsRefer for considerationDWP tenants accepted so long as they are named as the tenant on the ASTAcceptedAcceptableDSS - Yes. Consider DSS/DWP - but case will refer, subject to location and surrounding area. NoNoYesYes, can considerYesConsidered. Sub letting agreements direct with the council will not be accepted. YesAcceptedYesYesDSS Tenants are considered if in receipt of a top up on the rent payable.No
Air BnB / Holiday Let / Short Term LetRefer for consideration - Aldermore Commercial only. Air BnB is allowable for most UK cities (non Scotland or Northern Ireland) where the property is close to a tourist attraction or holiday let location.
For example Manchester City centre for Air BnB would be acceptable.

Experience with air BnB is needed.

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.
Yes, 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

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

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)
Yes, Single unit only.

No AST required

Ltd company considered - 1 director must meet criteria.

Air BnB considered

Based on AST rental - however, not required to have AST in place

No to serviced apartments

Up to 75% LTV
NoConsidered - If restriction placed on property, then its unlikely to be considered. NoNoNoNoYes, can consider

Up to 70% LTV – maximum loan up to £500,000
Any fees that may be added to the loan are excluded from the LTV calculation.

All calculations will be based on either the current reference rate published on our website, or the product charging rate plus 2%, whichever is the greater.

The affordability will be assessed in one of two ways:
• Using the rental income that can be achieved on a monthly Assured Shorthold Tenancy for the property (AST), calculated at the standard Interest Coverage Ratio (ICR) percentages shown in the table below.
• Where two years holiday rental income can be evidenced by accounts, the gross annual rental income, averaged over 12 months, should be equal to or exceed the ICR of 150%.

There will be a secondary calculation to ascertain that holiday rental (150%) income can also cover a minimum of 100% of the achievable monthly AST rent.
NoNoNoNoYes up to 65% LTV. NoNo
Family cash Gift depositYes - also, intercompany loans are accepted as deposit. YesYes - '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, considered.Yes - from a direct relativeNoYesRefer - case by caseAcceptedYesYes - including aunties and uncles. Yes - they require a letter stating no repayment will be made and no interest in property - Grandparents, parents, siblings, children and grandchildrenYes, must go through at full market value - Gift letter should be completed. Has to include copy of donor’s identity and a bank statement showing funds in a UK bank account.

Deposit coming from family member abroad: - Must be held in a UK bank account for 30 days untouched with an audit trail of where the monies have come from.
Gifted deposits are allowed from family members i.e. parents, grandparents, spouse, gifts from wider family members and non - family members will be considered on a case by case basis by the underwriter. All gifted deposits will be subject to a gift letter from deposit provider including an explanation for the gift. Identification and evidence of funds will be required in these instances.
Gift letter required from deposit provider.
ID will be required and evidence of funds.
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Cash in the Bank/Available
· Savings – provided from applicants own resources
· Limited Company/LLP – Reserves, working capital
· Other – case by case basis
Cash Not Yet in the Bank/Available
· Sale of property or Pending sale – evidenced for example by a letter from solicitor
· Sale of Shares/investment – evidenced for example by a contract note
· Inheritance – evidenced for example letter from solicitor
· Equity from another Property - evidenced for example by a Mortgage offer
YesAccepted from close relatives, ie parents, grandparent, sibling, step relatives, child etcYes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Family Gift of Equity depositYes - also, intercompany loans are accepted as deposit. YesYes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.NoAccepted, but 20% is required to allow no other deposit is required. Builders deposit: - The Society will reduce the purchase price by the amount of builders gifted deposit and require a minimum of 10% deposit from the applicants on the reduced purchase price.Yes - Family members credit needs to be checkedNoYesRefer - case by caseAcceptedNoNo for gift of equity from family members Ltd Co: - Equity gifts accepted from personal to Ltd Company. (Director's loan) - unless the minimum deposit has been met.
Example: - will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000 then Precise will allow that but they would lend at 80% of the £100,000 and the 20% deposit would need to come from the clients own sources.

Will also consider 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 price. Grandparents, parents, siblings, children and grandchildren. Yes, must go through at full market duty with regards to stamp duty - 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 requiredConsidered, up to 75% LTV.
Must NOT be a consumer BTL.
YesConsidered when the property is being purchased from a close relative only.
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Where the purchase price is a discount of 2.5% or more from the Vida valuation and the borrower is buying a property from a close relative, or a long standing tenant is buying from the landlord. The mortgage can be up to 75% of the OMV report and up to 95% o the
purchase price with the applicant providing at least a 5% deposit
Where the property is being purchased from a family member at a discounted price they may not continue to reside in the property and must relinquish all rights to the property
Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Landlord Experience RequirementsAs long as they have current BTL experience, whether it be residential BTL or Commercial.Applicants required to hold 2 BTL properties for 2 years unless applicant 2 is spouse. Where not a spouse, subsequent applicants to hold at least 1 existing BTL property for two years.

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. No minimum experience required.Generally 2 years experience required, first time landlords considered on case by case basis by exception. Current HMO / MUB experience is required for Multi unit and HMO. For HMO and Multi units - Min. 1 years’ prior experience as a landlord. Otherwise, must have a current property.Must demonstrate experience with managing a buy-to-let property portfolio over a period of at least 2 years. For Large HMO cases, a minimum of 12 months of this experience must have included managing HMO'sFor HMO’s require min of one years BTL experience - does not need to be a HMO and can be the subject property.For a single BTL, no experience required.

For HMO, current experience required.
At least one applicant or director must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months.
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HMO: At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.
First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable
On a case by case basis. For HMO and MUB properties, at least one applicant must have a minimum of 1 years experience as a landlord.Landlord Experience: Standard
• At least one applicant or director must have owned and still own at least one property, residential or buy to let, for a minimum
of 12 months.

Landlord Experience: HMOs & MUFBs
• At least one applicant or director must have owned, let and still own one or more BTL properties for a minimum of 12 months.

If this is not evident on a credit search, then verification from the applicant or director will be needed.
First Time LandlordYes, one applicant needs to be a homeowner, Minimum age 25 at start of application, £500k maximum loan. If have not been a landlord in the last 6 months then considered to be a FTL.

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.

Max loan is £600k
No. Applicant 2,3 or 4 where non spouse must have held 1 BTL property for 2 yearsNoFirst 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 6 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)
YesRefer - by exception only.Yes - at least one applicant must be an existing Residential homeowner, unless they have owned 4 OR more Buy to Let properties or their employer provides tied accommodation OR at least one applicant earns a minimum of £40,000.

HMO and MUBs are not available to first time landlords
Yes - Unless HMO, then they need another HMO in their portfolio.

Must already their own a residential property.
Can be considered if a single unit is being purchased.

Must be earning £25,000 and be able to evidence it.

First time buy and first time landlord is considered but must be employed and earning £85,000 and be buying a single unit property.
FTLL capped at 70% LTV,

HMO - must have held a BTL portfolio for min 2 years.
Yes, only Single unitsYes, for Ltd company, but HMO requires current experience for a minimum of 12 months. YesNoYes, but must not be a first time buyer.
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At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.
YesYes - will also consider FTB/FTL however will be assessed for affordability on both a residential and BTL basis.

See Type/ Commercial tab above for property restrictions.
First Time Landlord (FTL) describes any applicant or Limited Company (SPV) that have never previously purchased a buy-to-let property.

We will lend to FTL’s where the applicant or at least one Director (if a Limited Company) currently owns a residential property with no
arrears history for at least 1 year.
RestrictionsUp to 70% LTV on all commercial products (up to 75% LTV is exception only) - the following criteria is applied: -

1. City Centre Location
2. High location demand
3. Strong tenant potential
4. Top quality property (most properties build 1960s will be kept at 70% LTV).

Restrictions on numbers with other lenders - maximum. Interest only considered on Residential property types.
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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 preemption clauses in existence

Mobile homes

Houseboats

Property held on a Common hold basis

Freehold flat or freehold maisonette

Property where a flying freehold exists and affects more than 15% of the total floor space

Property with restrictive covenants or sale ability; 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

No exposure limit on percentage within the block

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 5 loans with Axis up to £5mill in total.

Restricted to 1/3 of block size and subject to a max of 10.

HMO licence - For a purchase will need the licence to be in place and we must have sight within 90 days.

Freehold - The applicant can own 49% share do the freehold. The remaining 51% must be owned by a separate legal entity.

Holiday Let’s must be in a holiday let location and have no restrictions
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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
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 £3 million with no limit on number of properties.

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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 and 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
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All properties with Foundation Home Loans must achieve a minimum EPC rating of E. Properties that do not meet this standard will be subject to further underwriting with all offers made on condition of full remediation so it meets min E rating prior to receipt of Certificate of Title.

Debt consolidation is considered up to 80% LTV for BTL's.
Do not consider multi units or HMO properties.

Must have 2 years SA302's available if full time landlord.

Can consider a non-owner occupier for Ltd company BTL applications

Must own a residential property for at least 12 months.
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. 

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 75%.

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 6 units.

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

Unless HMO, then they require the applicant to already own a HMO property.

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.

Director Loans:

A non-interest bearing director loan is acceptable subject to:

• The individual is transferring a current/purchasing a new property into a company structure;
• Purchase price is at full market value to ensure tax liabilities are paid in full;
• The individual providing the director loan is a shareholder within the business;
• They are investing in the company by way of a directors loan and it will be included in the subsequent company accounts;
• The difference between the mortgage and the purchase price is covered by the director loan.
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. 15 bedrooms

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 1 years’ prior experience as a landlord
Residential Investment properties only, HMO's up to 15 rooms, Multi Unit Freeholds up to 10 units (15 units in Greater London).
Ltd Companies (Limited Companies must be NON-Trading SPV's);
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Maximum of 20 loans to £5 million total BTL borrowing with Lendinvest. Above £3m of borrowing the aggregated LTV on the portfolio will be restricted with a maximum exposure on any Buy-to-Let portfolio of loans with LendInvest of £5,000,000 at a maximum LTV of 60%.
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The Bank will consider lending on the following property types:
Houses, Flats, Maisonettes, Apartments. Including New Build (with full certificates in place)
For Flats in a block up to 5 storeys (must have a lift if over 3 storeys). Flats up to 10 storeys accepted in Greater London.
Ex Local Authority flats if in a privately owned block (Greater London only)
Leasehold properties must have at least 65 years remaining at the end of the mortgage term. Commonhold and Shared Ownership are not accepted.
Existing HMO's must have all appropriate licences in place. New HMO's must meet all local authority licensing requirements prior to completion and an HMO licence must be obtained within 90 days post completion.
******
Concentration
No more than 4 units or 25 % of total units allowable in one block (blocks of flats is 25% or 4 units whichever is the lower).
Maximum of 2 properties in one post code location (eg BH15 1)
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Property above Commercial:
Flats above public houses or food premises are not accepted.
No restriction on other mortgages with other lenders.
Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier).

Paragon no longer require a floating charge on all portfolio applications for limited companies, (required if purchasing / remo in Scotland) incorporated solely for the activity of holding and letting residential properties
Directors do not need 12 months experience unless HMO.
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Maximum of 20
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
£10,000,000.
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.
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Do not accept consider where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands (BVI).

Can consider: -

Individuals (UK and EU nationals residing in the UK)
LTD Company (UK Incorporated)
PLC (UK Incorporated)
LLP (UK Incorporated)
Trusts (Minimum Loan size £1m new loans, Refinances case by case)
SIPPS (Minimum Loan size £1m)
Ex-pats

Minimum personal guarantee is 25% of the loan amount: -

• Non-refurbishment STL
• Specialist BTL (including large loans)
• Commercial investment product ranges.
Maximum of a single unit in developments of up to 7 properties, or 25% of units in developments of between 8 and 50 properties and 15% where the development comprises of 50 properties or more.

A maximum of 20% of properties within any individual full postcode area. Exceptions to this may be considered on a case by case basis.
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 30 years.
Maximum 20 properties up to a maximum portfolio of £4 million exposure with Vida per borrower. No maximum number of properties over the whole portfolio, 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), and SPVs 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 fixed and floating charge for Trading Limited Companies. Vida can also consider using retained profit for deposit purposes.

HMO: - At least one of the applicants must have a minimum of 12 months landlord experience. Up to 8 bedrooms considered.
Minimum value £100,000.

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: It is acceptable for a customer to create a corporate let providing they are in the name of our customer and include the ability to terminate the lease within the lease period.
• To a maximum of one single unit in developments of up to 7 properties
• 25% of units in developments of between 8 and 50 properties
• 15% where the development comprises 50 properties or more
• To a maximum of 20% of properties within any individual full postcode

The exception would not relate to MUFBs where we may lend on the whole unit which may comprise up to 6 individual units.

For LTD Co's - Directors must own 80% of shares of the company.

1 year experience required as a landlord for HMO properties

Can consider above a food outlet, but is down to valuers comments.

Do not consider inherited properties as security if they have been previously lived in by relatives of the borrower

Director experience for Limited Company: - accept any applicant or director that has never previously purchased a buy-to-let property where that applicant or director currently owns a residential property with no arrears history for at least 1 year. Where the application is to purchase or remortgage - Houses in Multiple Occupation (HMOs), Multi-Unit Freehold Blocks (MUFBs), New Builds or Flats above Commercial premises, at least 1 applicant or Director must have at least 1 years’ experience of letting residential properties.
Minimum Ownership PeriodRemortgages within the first six months of the original purchase date are not normally acceptable.
Remortgage from short term finance
Remortgaging out of short term finance provided by other lenders 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 short term finance, based on any enhanced value of the property.

Remortgage from a cash purchase
Remortgage when the property was purchased as a cash transaction can be considered subject to ownership period of at least 1 month and is restricted to 100% of documented improvements costs. This does not include the initial cash amount to
purchase the property.

Greater than 6 months, capital raising allowed based on the enhanced value of the property

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
If owned under 6 months then maximum of 75% subject to 90% of purchase price and 90% of works carried out.

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. Properties must be owned for a minimum of 6 months before being considered for re-mortgage. Where bridging was involved this will be reduced to 3 months. 6 months minimum ownership required before remortgageNo minimum ownership period
before remortgage considered. All cases considered on own merits
12 months ownership required before remortgaging. 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.
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Day 1 remortgage accepted on the following basis: -

• Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price
• Maximum 75% LTV
• Standard pricing to apply
• Customer(s) to be on the voters roll for residential applications
• Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.
No minimumA valid explanation is required if the property has been owned for less than 6 months,No minimum ownership period before remortgage.

Applicants need to own the property if it is a mortgage.
6 months minimum ownership required before remortgage. No minimum ownership where property inherited or exiting a Precise bridge.
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.
Minimum time previously owned by vendor AND minimum time owned before remortgage is: -
6 months.

Views can be taken on certain circumstances such as inheritence.
No minimum ownership period
before remortgage considered. Will lend against OMV within 6 months subject to criteria.
6 months minimum ownership required before remortgage, unless bought cash or on a bridge, then can consider under 6 months ownershipNo minimum ownership period6 months minimum ownership required6 months minimum ownership.
Ex-Patriates (Acceptable regions)• Non-commercial only - available to British Citizens residing in a FATF member country or confederation. Exclusions apply
• No minimum personal income requirements except for first time landlords
• Available for up to 6 Bed HMO's
• Available for up to 4 units on 1 title

• First Time Landlords considered for single residential investment units only. Applicants must be at least 25 years of age, able to evidence that they have owned their own home for a minimum of 12 months, and earn
in excess of £25,000 per annum. Consumer Buy-to-let not currently accepted

• Expat applicants are required to hold a UK Passport and have been resident in the UK within
the last 5 years, but there is no requirement for them to have been born in the UK.

Aldermore Can consider remortgages of previous residential properties, they will consider this as a consumer BTL.
Minimum £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 3 existings UK property. Must own properties for 2 years or more, any subsequent applicants must have at least 1 property for a minimum of 2 years
*****
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 Areas for Expats

Foundation Homeloans will consider lending where the applicant is based in the EEA, including Iceland, Lichtenstein and Norway.
Foundation Home Loans will not consider lending where the expatriate is resident in, or funds originate from, the following countries:

Afghanistan
Algeria
Bosnia and Herzegovina
Democratic People's Republic of Korea (DPRK)
Ecuador
Ethiopia
Guyana
Iran
Iraq
Loa PDR
Myanmar
Sri Lanka
Syria
Trinidad and Tobago
Tunisia
Uganda
Vanuatu
Yemen

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Where the applicant is resident in a country which is both outside the EEA and not on the above exclusion list (eg Switzerland, USA, Canada, United Arab Emirates) then Foundation Homeloans will consider lending on a case by case basis.
NoUK nationals only.

Limited company/LLP applicants acceptable.

Minimum loan £125,000.

Minimum UK equivalent income of £50,000.

Employed applicants must work for a UK, EU, UK agency, or for a recognised and traceable company abroad.

Self-employed applicants must be professional, such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant.

Self-employed applicants who only have a PO Box Address are not acceptable.
Applicants must have at least two years of UK commercial property ownership experience.

Applicants, including Directors and Shareholders of limited companies, must have a UK credit footprint, with a clean credit history for a minimum of three years.

If an applicant resides in Australia or Monaco, the property must be held in a limited company.

Applicants who live in Saudi Arabia, or who work/reside in any country on a banned or watch list, are not acceptable.

Additional requirements may apply depending on the country of residence, and these will be made clear in any offer document.

Mortgage payment must be by Direct Debit, in sterling from a UK bank.
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
******
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.
*********
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
NoNoYes
Up to 70% LTV - max loan of £750,000
Up to 65% LTV - max loan of £1,000,000
Any fees that may be added to the loan are excluded from the LTV calculation

Affordability
All calculations will be based on either the current reference rate published on our website, or the product
charging rate plus 2%, whichever is the greater.
The affordability will be assessed as follows:
• For individual and joint applicants and for limited liability partnerships (LLPs) with expatriate members, the
gross rental income should be equal to, or exceed, the Interest Coverage Ratio (ICR) of 140%.
• For limited company applications, the gross rental income should be equal to, or exceed, the ICR of 130%

Applicant type: Expatriate applicants and LLP’s with expatriate members 140%
Limited company with expatriate directors 130%
Single self-contained units only with no restrictive covenants in place.
The services of a managing agent must be engaged to oversee the property, and details of the agent must be provided prior to completion of the loan.
For purchase applications, proof of the source of deposit will be required in all instances.

Applications will be considered from limited companies / LLPs registered and trading in England, Wales or Scotland and whose directors /members are expatriates.
• All applicants must have held a UK bank account for a minimum of three years.
• All applicants must provide a certified copy of their current UK passport, together with three separate proof of residency documents.
• A UK credit search will be undertaken wherever possible. Applications will not be considered where there is evidence of poor credit history.
• There is no minimum income requirement, but applicants must provide details of all income.
• All employment statuses are accepted and full details must be provided as part of the application.
• We cannot accept applications that qualify as Consumer buy-to-let from expatriate applicants.

Applications will be considered for Expatriates, who must hold a current UK passport and are residing outside of the UK in one of the following countries:
Austria
Belgium
Bulgaria
Canada
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Italy
Japan
Kingdom of the Netherlands
Luxembourg
Malta
New Zealand
Norway
Poland
Portugal
Singapore
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
United States
NoMax LTV 75%.

No adverse in the last 3 years.

Applicants must be UK national (British passport holders)
Must hold a UK bank account and the mortgage direct debits must be paid form this account.

Saffron will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the Society can serve notice in the event of default.

First time buyers and first time landlords accepted.
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.
**********
Do not accept consider where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands (BVI)
NoWe 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.
Yes – British Citizens living or working in FATF member countries or confederations

Up to 75% LTV applies with the exception of Australia (70% LTV)

- Applications considered for SPV’s registered in England, Wales or Scotland where one or more directors or shareholders is resident overseas as an expat.
- Non EEA landlords require a min property value of £150k

Must currently own a UK property and have at least 3 active credit records.

First time landlords acceptable but must own a UK property
Mortgage payments to be made by direct debit from a UK bank account.
No
Regulated BTLsNoNoNoNoNoNoNoNoNoNoNoNoYes. Affordability based

Everyday BTL; Either now or in the future, you or an immediate family member will occupy the premises or be a tenant. (The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.)

Ex Pat BTL; As above but regulated BTL accepted from non-EEA countries.
Let to a family member can only be considered for Limited company applications, this is on a case by case basis.NoYes, Will consider these applications but the rental income from family cannot be used for affordability.

A mortgage is a consumer buy to let (CBTL) on the basis of the following statements.

The statements are in priority order, so if someone owns a BTL property already (4) and inherits a further property (7) the application will not be a CBTL.

1. If the borrower or a ‘related person’ does not occupy any part of the property

2. The borrower is an Individual, Partnership of 3 or less persons, or an unicorporated body.

3. The loan purpose is not to purchase the security

4. The borrower does not own any other properties which are rented out

5. The transaction is a ‘Let to Buy’ transaction

6. The borrower or a ‘related person’ has lived in the property since it was last purchased

7. The property was inherited
NoNo
Consumer Buy To LetNoNoYes, can considerNoYes, can consider, must be on AST. Yes, but only on non-portfolio rangeCan consider consumer BTLs on everyday BTL product range however the applicants must not be reliant on the rental income to support their lifestyle. NoNoNo
Permanent rights to reside and remainYes, unless ex expatriate. Residential investment only.

Applicants must normally be UK or EU nationals and continuously resident in the UK for the past 2 years. Applications can be accepted from non-UK/EU nationals providing they have been a UK resident for the past 2 years and they have non-conditional and permanent rights to reside (i.e indefinite leave to enter/remain or right to abode)
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.
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Can consider Tier 2 Visa's on a case by case basis.
Yes, unless For non-EEA Foreign Nationals applications to be considered, indefinite leave must be
evidenced by a stamp in a currently valid passport or written confirmation from the Home Office. The Society does not lend to non-EEA nationals without indefinite leave to
remain in the UK or permanent residency status.
Yes - (unless Ex-Pat).
****
Tier 2 Visa - on a case by case basis,

Tier 2 Visa’s can be considered on case merit.

Subject to product loading.
YesYes - (unless Ex-Pat).
****
Tier 2 Visa - on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.
Yes.

Can also consider spousal visas
All parties must have 3 year UK residential history and permanent right to reside (tier 2 Product pricing)YesYesYes (unless Ex-Pat)Yes (unless Ex-Pat)
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Can consider Tier 2 Visa's on a case by case basis.
YesWe 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.
****
Can consider Tier 2 Visa's on a case by case basis.
Yes. Permanent rights to reside is required, no to ex pats.

Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
New Builds / RenovationsNew Build Houses considered.

Flats - New Build/newly converted flats accepted.
****
Builder gifted accepted deposits up to a maximum of 5% of the purchase price of the property.

No to new build commercial premises.
Accepted up to 75% LTV.

Accepted up to 75% LTV to £750,000

Up to £1,000,000 @ 70% LTV

For 65% LTV - £750,000 - £1,000,000.
All new builds considered.New Build House accepted, New Build Flats or newly converted flats less than 2 years after first sale are not accepted75% for both houses and flatsAll new builds considered.
HMO and New Build Flats up to max 75%
New Build Houses & Flats up to 85% LTV - £75,000 minimum valueNew 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.Accepted - Flats are capped to 70% LTV.

New builds are defined as a property that has never been occupied or has been constructed or converted within the last 12 months.

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
Saffron's definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties - since the conversion has been undertaken), being sold/ marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society.

Saffron recognise two forms of new build properties for security purposes: max LTV:
• New Build Houses, max LTV is product specific.
• New Build Flats, only in East Anglia, South East and London. Max LTV is 75% on C&I repayment and 60% LTV on Interest only.
No Shared Ownership new build properties are acceptable.
All new builds considered.New Builds flats and houses - considered up to 75%.
Conversions also up to 75% LTV.
Accepted up to 65% LTV (75% by referral)Houses and Flats both considered.

Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion.

Builder’s or Vendor’s deposit: -
Acceptable on new build purchases only providing incentive does not exceed 5% of the purchase price.

Mortgage offers valid for 6 months from data of issue and if required we may extend for a further 6 months on the same product
Yes, houses and flats up to 70% LTV
Studio Flats (including conversions)30sqm or more will be considered.30sqm or more.Studio flats with a separate bathroom, natural light and minimum size of 30 Sq M considered. No30sqm minimumMinimum of 30 square metres, must have separate bathroom. Studio Flats - (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary.30sqm minimum30 sqm minimumStudio flats with a minimum size of 35 Sq M and subject to valuation considered.

Converted flats are accepted.
Minimum sizes as follows: -

40 sqm if outside of London.
30 sqm if inside of London - can consider smaller but it is by exception, property address will be needed.

Same rule applies if it is a converted studio flat.

Please note, the minimum value to be considered will be £120,000 and will need to be in a city centre location and the valuer will have to confirm demand for this type of property.
30sqm or more considered. 30 sqm or more.
Ex-Local Authority propertiesCan be considered up to 75% LTV (for BTL range only, not commercial), subject to the following conditions:

• Minimum property value of £100,000 (£200,000 in Greater London)

• No outstanding pre-emption requirement to repay a proportion of the discount

• Maximum of 3 floors above the ground floor

• Secure communal access with no balcony access arrangements

• Valuer indicating that there is evidence of a meaningful level of private ownership within the estate

• The property being of standard construction

• 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.
****
Deck access can be considered on a case by case basis
Houses and flats considered - Up to 70%Ex-local authority built houses (where the borrower is not a First time Landlord) and the valuation indicates good marketability are fine.
*****
Ex Local Authority Flats/ Maisonettes /MOD will be considered on a case-by-case basis (where the borrower is not a First time Landlord) and will also be subject to construction type, location with no balcony access (an exception may be considered for high value properties in London) and confirmation of a minimum of 75% private ownership from the local authority.
Flats must be in maximum of 4 storey block.

Houses and flats up to max product LTV.

Private ownership in blocks must be majority owned, will consider majority council owned by referral only.
Consider 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.AcceptedYes - ReferHouses Max 80%, with adverse max 75%.
No Flats/Maisonettes. Exceptions can be considered where the following apply; Block in majority private ownership, no balcony access in block, good curb appeal, standard construction.
Can be considered at a max LTV of 70% and subject to underwriting and valuationEx-local houses considered
Ex-local flats considered
Yes, up to 75% on houses and flats

Ex-Local Authority Flats (England and Wales)

Will consider lending on Ex-Local Authority properties in England and Wales, subject to:

• Minimum valuation of £50,000 outside of London and the South East
• Minimum valuation of £120,000 in London and the South East
• Maximum 75% LTV
• Traditional construction only (as opposed to core criteria where non-traditional properties are allowed)
• Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10

Ex-Local Authority Flats (Scotland)

Will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria:
• Minimum valuation of £50,000
• Maximum 75% LTV
• Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed)
• Maximum 5 floors in block
Accepted up to 55% (65% by referral) on a commercial basis

Specialist BTL - Accepted up to 60%
Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, subject to conditions. Flats/Maisonettes, minimum property value of £80,000 (£200,00 in Greater London).
Yes to both, houses and flats.
At least 50 % of properties within the block are privately owned and we require valuer commentary to satisfy us on this point.
Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans
Let to Buy/ Remortgage residential into a BTLRemortgage of residential into a BTL acceptedYes, must already own 2 BTL properties. ConsideredNoYes - consider LTB applications on referral. The maximum the Society will lend depends on the interest coverage ratio (ICR) and/or an income affordability test. The mortgage will be considered to be self-supporting if the ICR is at least 145% of the monthly payment at an assumed reference rate, currently 5.5%.

The exception to this is for five-year fixed rate mortgages (where available), for which the ICR requirement is 145% at the product pay rate.

If the mortgage is not self-supporting at the stressed rate, the shortfall in the rental income received and the rental income required in order to be self-supporting must be covered by the borrower’s personal income using a net free pay calculation which takes into account net income, personal expenditure, the residential mortgage payment at an assumed stressed rate and any deficit from rental income from any other BTL properties, also at an assumed stressed rate. In all instances where personal affordability is being considered alongside the rental income, the ICR must equal or exceed 145% at the product pay rate.

Warnings
For Let to Buy applications, the Society will require sight of the mortgage offer for the proposed residential purchase prior to the release of the Let to Buy offer.
ConsideredYesRemortgage of Residential into BTL accepted. NoNoYesYes can consider must have a simultaneous completion for the onward purchase. If not onward purchase, property must be rented out for a min of 3 months (proof of 3 months rent required) and on the voters roll at their new residence.Yes, after 6 months ownership for Residential to Buy to Let conversionRemortgage of residential into a BTL acceptedYes, consider Let-To-Move/ Let-to-Buy Applications on a case by case basis subject to TML being satisfied it is not a Consumer BTL application. NoAccepted, 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. Vida requires a simultaneous completion of a new residential for a Let to Buy. If this is not the case then the applicant is required to be out of the property with consent to let from their current lender.
No, do not consider.

Do not consider Inherited properties that have previously been occupied by relatives or borrower.
Credit ScoresNoCredit check onlyNoYesNoNoNoNoNo - currently the credit insight data is reviewed as oppose to scoreNo credit scoring, check only. Yes - EquifaxYes - Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.Yes - 600+ Experian score required. NoNo, but do have a minimum credit score which is very low. NoCredit check with minimum score needed. Vida credit search with their own internal minimum score. No, but if score is low then overall case is reviewed at application stage.
Missed mortgage payments0 in last 3 months, 1 in last 12 months, No more than 2 months in last 24 months. Arrears over 24 months ago considered 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 basisConsidered, Product specific, refer to product guide. Assessed on worst status and not missed payments. Will consider on referral mortgage arrears of no more than 2 months in the last 2 years.No Adverse in the last 2 yearsNone in the last 24 months. Missed mortgage payments over 3 years consideredNone allowedTier 1 - none in 3 years. Tier 2 - None in past year. 1 in past 3 yearsNone 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.
Secured arrears – 0 in 12 months, 1 in 24 monthsArrears accepted. Satisfactory explanation required for all arrears. Vida 1 – 0 missed payments in the last 36 months

Vida 2 – 0 missed payments in the last 12 months, 1 in the last 24 months

Vida 3 – 0 missed payments in the last 12 months, 2 in the last 24 months

Vida 4 – 0 missed payments in the last 6 months, 2 in the last 24 months.
No late or missed payments in last 36 months.
Historic CCJ’s & DefaultsNone registered in last 36 months , CCJs registered over 36 months ago considered , Over 36 months, does not need to be satisfied if total combined value is up to £500. Over 36 months, needs to be satisfied for 36 months if total combined value over £500

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
Range Dependent:

Standard Range: No CCJs/defaults registered in the last 24 months, regardless of whether they have been satisfied. All CCJs/defaults must be satisfied and brought up to date at time of application.

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

********
No missed mortgage payments in the last 24 months.

Unsecured loans and credit cards - Worst status of 2 in the last 24 months with 0 in the last 12

Other Unsecured (mail order, utility, communication contracts) - Worst status of 4 in the last 24 months

No IVA or Administration Order registered against any borrower.

No Bankruptcy Order against any borrower.

Debt Management Plans: Applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable.

******
All accounts must be up to date at the time of application,
All CCJ’s and Defaults must be satisfied at the time of application

*****
Standard Plus Range - CCJs & Defaults: - No CCJs/Defaults registered in the last 72 months, regardless of whether they have been satisfied.
All defaults and CCJs must be satisfied irrespectiveof when they occurred.

Unsecured loan arrears: A worst status of 0 in the last 72 months.

Credit card arrears: A worst status of 0 in the last 72 months.

Mail Order, Communications & Utilities: A worst status of 4 in the last 24 months per account provided all accounts are up to date on application.

Mortgage arrears: A worst status of 0 in the last 72 months.
Must be satisfied, both CCJ's and Defaults.

Defaults: - Consider on referral applications with satisfied defaults on mail orders,
communication suppliers and utilities.

Outside of Policy Notes
Consider small, satisfied defaults on mail order and telecommunications
accounts - please refer the case as a whole for an individual decision.

CCJ's: - Consider on referral satisfied CCJs that were registered 5 years ago and were no more than £500. Please refer all sales enquiries to the sales team prior to application.

DMP - consider on referral a satisfied debt management plan that was
registered 5 years ago and was for no more than £500. Please refer all enquiries to the sales team prior to application.

Refer cases where the debt management plan was satisfied at least 3 years ago and no instances of late payments have occurred since.
All CCJ's & Defaults must be satisfied and registered over 24 months ago - exceptions can be made on case by case basis. Ignored 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 (Any CCJ any that are over 6 years must be satisfied/repaid), for 6 yearsTier 1. No CCJ or defaults in last 5 years. Tier 2. No CCJ in last year. 1 in past 2 years must be satisfied at completion. No defaults in past year. 2 in past 2 years.A 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.
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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.
All CCJ’s and defaults must be satisfied, small amounts of adverse can be considered. Other adverse is to be considered on a case by case basis – will be referred. Unsatisfied 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 – maximum 1 (max £250) in 36 months, 0 in 12 months. Must be satisfied at time of application.

Unsecured arrears – 0 in 6 months, 1 in 24 months

Defaults – 0 in 24 months

Pay day loans – 0 in 6 years
Commercial mortgages - CCJs/Defaults older than 24 months ignored.

Up to 6 in last 24 months accepted.

Satisfactory explanation required for all CCJs/Defaults

Specialist BTL - CCJs/Defaults older than 12 months ignored. Up to 6 in last 12 months accepted.

Satisfactory explanation required for all CCJs/Defaults
Vida 1, No registered CCJs or Default in last 48 months. No Unsatisfied CCJs

Vida 2, No registered CCJs or Default in the last 36 Months. No Unsatisfied CCJs

Vida 3, 1 Registered CCJ or Default in last 24 months (includng unsecured defaults) (0 in last 18 months of £250 or more). Max £5000 unsatisfied CCJs

Vida 4, 2 Registered CCJ's or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more) Max £5000 unsatisfied CCJs
Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 36 months.

CCJ's & Defaults: Maximum 1 up to £250 in the last 3 years and satisfied.
None in last 12 months.

Payday loans - No.
Valuation FeesPaid direct to lender at the lender fee scales, for commercial properties, it is subject to a quotation. Paid 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.Valuation fees paid direct to lender at the lender fee scale.Paid 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 scalesPaid 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 OperatorValuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuations 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.Valuation fees paid direct to lender at the lender fee scales.
Maximum Age85 years at end of the mortgage term.80 years at the end of the mortgage term for the youngest applicant., subsequent applicants may be aged over 80 subject to underwriter approval.
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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
No maximum - all "later" life lending will be reviewed by credit committee during dip/application process.85 at the end of the mortgage termNo maximum age at the end of term, but must be 70 or under at application.85 years at end of the mortgage term85 years at the end of the mortgage term85 years old80 years old - up to 85 years old by exception only.80 years at time of application, 115 maximum age limitNo maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end:

From the point of retirement, or 75th birthday, whichever is due first, only 'retirement' income will be permitted from that day for the purpose of evidencing affordability - no 'working' income will be allowed

All actual or projected retirement income must be evidenced

No projected income will be allowed where retirement (or age 75) is still more than 15 years away

A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis

Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV

A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle

The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS

The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application:

A maximum LTV of 80% will apply to borrowing on a Capital & Interest repayment basis

All applicants will be required to receive Independent Legal Advice
80 years at end of the mortgage term.80 years at application, 95 at the end of the 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 BTL89 years at application, 95 years old at completion.
Minimum Age21 years (for existing landlords)
25 years for first time landlords
25 years for first applicant & 21 for any subsequent applicants at application stage.18 years21 years old (primary applicant). 18 for other applicants.21 years old18 years25 years old25 years21 years21 years21 years 21 years (No limit on Directors dependant shareholders under the age of 25)21 years or product specific. 21 years21 years18 years21 (Primary applicant), 18 for all other applicants if a direct family member21 years
LocationWill lend in England, Scotland (mainland) and WalesMainland England and Wales. Not in Isle of Wight. Will lend in England, Scotland and WalesWill lend in England and Wales onlyWill lend in England and Wales - including Isle of Wight.Will lend in England and WalesWe will lend in England, Wales and Scotland (Main Land).Will lend in England and Wales.Will lend in England and WalesWill lend in England, Scotland and Wales. Will lend in England, Scotland 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, Scotland and WalesWill lend in England, Wales and ScotlandWill lend in England, Wales and Scotland - currently lending in postcodes AB (excluding 42-45,56). DD, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28) KY, ML and PA (excluding 20-80). Will lend in England and Wales, including Isle of Wight
Number of Applicants6 for BTL, no max for commercial. 4No maximum2 applicants for individual cases
4 applicants within Ltd Company
4 applicantsNo maximum2 applicants on a private BTL or 4 directors on a LTD BTL.Maximum 4 Applicants. Including SPV Limited Company4 applicants2 Individual. 4 Company Directors.

Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.
44Maximum 4No maximum4 applicants.
In the event that the application is from a limited company, details of up to four directors/shareholders as applicants will be captured.
4 applicants4 applicants4 applicants / Directors. Zephyr Homeloans allows up to a maximum of 4 Directors providing at least 80% of shares are held and the company has been set up for the sole purpose of buying, selling or managing residential property. The company details quoted can be verified by reference to Companies House or via an Equifax search.
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 networks and mortgage clubsAccess to Hinckley & Rugby for the Ltd Company range is being piloted solely by 3mc.Access 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 LendInvest is available via selected packagers onlyAccess 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 Key Partners only.Access to Shawbrook Bank is available via selected packagers only. Access to TML is available via selected packagers onlyAccess to Lancashire Mortgage Corporation is available via selected packagers onlyAccess to Vida is available via selected packagers onlyAccess to Zephyr 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 applicationSoft foot print at DIP, hard foot print at FMAHard foot print upon full application stage.Soft foot print onlyEquifax - soft print at AIPSoft foot print, hard foot print upon full applicationHard credit searchSoft at DIP - Hard at application stage.Soft print at DIP/AIP stage, hard foot print on application. Soft footprint with Experian at AIP stage and then full credit search conducted on Experian. Equifax search will also be carried out on any remortgage applications.Soft foot printHard foot printSoft, Equifax. On full application stage, this is a hard foot print and also on Equifax.Hard foot printSoft foot printDIP will be a soft footprint with a hard footprint left at FMA - Equifax

Buy to Let - Criteria Comparison

Drag and drop columns to reorder

 Aldermore MortgagesAxis BankBluestone MortgagesBM SolutionsBucks Building SocietyDudley Building SocietyFoundation Home LoansHinckley & RugbyKensingtonKent RelianceLandbayLendInvestParagonPepper MoneyPrecise MortgagesSaffron Building SocietyThe Mortgage LenderTogetherVida HomeloansZephyr Homeloans



Lender PageViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewViewView
Property Value (min)£60,000 (single residential units)
£75,000 (HMO's, Multi Unit Freeholds and other properties)
Minimum Property value £100,000
Minimum property value £75,000Minimum property value £50,000Minimum property value £75,000Minimum property value £75,000Minimum property value £75,000No minimum valueMinimum property value £75,000 for single units (£120,000 for new build flats)

£75,000 HMO
£75,000 per unit for MUFB
Minimum value of a single unit is £75,000.

If the LTV is above 75% the min loan is £100,000

If above 75% LTV minimum value must be £133,334

£100,000 for Specialist BTL (if above 75% then minimum loan is £100,000) and minimum value would be £133,334
£80,000 Standard
£120,000 HMOs & Multi Units
£75,000 excluding London
£150,000 London (excl. rest of UK)
£75,000
HMO - £100,000 (Up to 10 rooms)
£150,000 if 20 rooms or more
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 (£150k London) - Minimum loan is now £55,000 so be wary of this - unless purchasing through LTD Co and applies to each UNIT in a block.

Maximum of 6 units within a single block, each unit must have a separate tenancy agreement

HMOs Min £100k (£250 London) - min loan £25,001
Minimum property value £100,000
£50,000 (£120,000 London & South East)

£120,000 for HMO

£150,000 for properties above Commercial premises
No minimumSingle Residential Units -£50,000 up to 70% LTV

£70,000 minimum value above 70% LTV.

HMO - £100,000 MUB £175,000 in London & South East.

£125,000 in all other locations. Ex Local authority flats/maisonettes min £80k outside London, £200k in Greater London up to 80% LTV

Ex - Pat: - Non EEA landlords require a minimum property value of £150,000
£75.000 for single units.

£100,000 for HMO, MUFB's & Flats above commercial (70% LTV)
Advance (min)£25,000£75,000£50,000£25,001£50,000 up to 70% LTV£25,001£50,000

£500,000 for large loan range excluding fees
£75,000£70,000Minimum loan on HMO & LTD is now £50,000

Personal BTL minimum £50,000

Multi units minimum loan is £75,000

If over 75% then minimum loan is £100,000.

£125,000 for Ex patriates

£750,000 minimum "Large" loan.
£50,000
£150,000 for 3mc Exclusive
£50,000 including HMO£30,000£25,001£40,000 for Individuals & Limited Company

This includes single units, HMO's & Multi units
£30,000
£60,000 for HMO
£25,001

Ltd Co and LLP cashback products - £75,000
£20,000
£25,000 for prime rates
£25,000£50,000
Advance (max)£1,000,000 to 70% LTV
£600,000 at 75%
£400,000 to 80% LTV.
New build Houses only up to 80% LTV.

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%
£750,000 to 75% LTV

£751,000 - £1,000,000 upto. 65%

Loans over £1,000,000 will be up to 65% LTV and will be referred.
£1,000,000 to 80% (C&I)

£750,000 up to 75% LTV (If Interest only)

£500,000 up to 80% LTV on Interest only.
£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.
£1,500,000 on Large loan range up to 65% LTV

£1,000,000 on loan for both individual units and HMO/MUB up to 65%

£750,000 up to 75% LTV

£500,000 to 80% LTV on Standard Range.
£500.000 at 60% LTV
£350,000 at 70% LTV

Current Max LTV on pilot scheme is 70%

Up to 3 Buy to Let mortgages may be held with the Society by any borrower, subject to
an aggregate loan limit of £1,000,000
£2,000,000 to 75% LTV
£1,000,000 up to 80%
£500,000 up to 85% LTV
£500,000 up to 75% LTV on Property Plus Range

£1.5million maximum loan to any one customer in one transaction
******
Up to 6 bed HMO / Up to 4 Multi Units on 1 title both available 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 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%
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Loan sizes of less than £100,000 will be subject to a maximum LTV of 75%
£1,500,000 to 80% LTV

See product guide for lower LTV's.
Single units : - £750,000 up to 70% and 75% LTV

£500,000 up to 80% LTV
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Multi unit

Up to 70% LTV - £750,000.
****
HMO - £500,000 up to 75% LTV

£750,000 up to 70% LTV

Up to £5mill with a maximum of 20 properties aggregated.
£500,000 to 80 LTV
£750,000 to 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
£3,000,000 to 60% LTV (This is only on tier 1 lifetime trackers FOR BOTH LIMITED COMPANIES AND INDIVIDUAL)
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£500,000 to 80% LTV (Individual name only, not Ltd co)

HMO: -
£1,000,000 available at 70% LTV
£750,000 at 75% 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 is at £10m.

A single customer can have one large Precise Mortgages BTL loan of £1,000,001 to £3,000,000 OR

Builders deposit accepted
£1,000,000 to 75% LTV and HMO (Anything above, referred) or product specific

£1,000,000 to 75% LTV for Ltd Company only.
£2,000,000 up to 70% for a single unit BTL (Ind / Ltd co)

£1,000,000 up to 80% for a single unit BTL (Ind / Ltd co)

£600,000 up to 80% for HMO / Multi Unit

£600,000 up to 75% if New Build Flat / Above Commercial
£2,000,000 up to 60% LTV.

£500,000 up to 70% LTV.

£250,000 up to 75% LTV.
£750,000 to 80% LTV

£1,000,000 to 75% LTV
£1,500,00 to 65% LTV
STANDARD (single properties)
Max Loan Amount – £2,000,000 @ 75% LTV.
Max Loan Amount – £1,500,000 @ 80% LTV.

SPECIALIST
HMOs & MUFBs:
Max Loan Amount – £600,000 @ 80% LTV.
Max Loan Amount – £1,000,000 @ 75% LTV.

New build and flats above commercial premises:
Max Loan Amount – £1,500,000 @ 70% LTV.

NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 75%. We will require proof of the source of deposits.
Term (Min)6 years5 years5 years5 years5 years1 years5 years5 years5 years5 years3 years7 years5 years5 years5 years5 years5 years2 years (Together +)
4 years on standard products
5 years5 years
Term (Max)35 years25 years35 years40 years40 years40 years30 years40 years40 years35 years30 years30 years25 years35 years35 years (Including HMO's and Ltd Co's)
40 years35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 50 years). 30 years40 years35 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 old (Primary Applicant). 18 for other applicants. 21 years25 years (unless there is 2 applicants then one app can be 21 years old)25 years21 years21 years21 years old25 years21 years (No limit on Directors dependant shareholders under the age of 25)21 years (or product specific)21 years18 years21 (Primary applicant), 18 for all other applicants if a direct family member.

If First time buyer and first time landlord, the client must be 25 years old.
21 years old
Rental calculationApplicant type - Minimum interest cover ratio

Single residential unit & Multi unit freehold

Individuals
Higher tax payers - 145% ICR or 120% using personal income.

Basic tax payers – 125% or 110% using personal income

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Companies or Individuals (basic rate tax payer)
125% or 110% including use of surplus income

5 year fixed products are stressed at the higher of (i) initial pay rate or (ii) reversion rate + 0.75%

HMO:

Individuals (higher or additional rate tax payer) 185% or 160% including use of surplus income

Companies or Individuals (basic rate tax payer) 155% or 140% including use of surplus income

Portfolio rental stress is at 5% - can consider a rental boost if falling short on rental income for portfolios.

If the individual stress rate for the application is below the portfolio stress of 5%, the lower stress rate will be factored in to the overall assessment of the portfolio.
None 5 year fixed rate: -
Basic rate - 125% @ payrate + 2% (min 5.5%)
Higher rate - 145% @ payrate + 2% (min 5.5%)
Ltd Co - 125% payrate + 2% (min 5.5%)


5 year fixed rate: -
Basic rate - 125% @ payrate
Higher rate - 145% @ payrate
Ltd Co - 125% payrate

Background income may be considered to support any ICR shortfall down to a floor of 100% rental coverage. This is subject to prior approval with access bank and will only apply where the loan size is a minimum of £350,000
*******

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%

Background rental stress for portfolios for L 4 L remortgages must meet 125% @ 5.5% for Ltd Co and individuals.
ICR Basic rate tax payers - 125%

High rate tax payers - 140%

Top slicing with income available on Interest only loans with a minimum ICR of 112%

Do not lend to Portfolio landlords, i.e. 4 or more BTL Properties
Basic 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
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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: 118% stress on Limited Company BTL AT 5.5% min Purchase:

Basic-rate tax payers: 125% x 5.5%.

Higher-rate tax payers: 140% x 5.5%.

Remortgage:

Pound for Pound remortgages (regardless of tax band): 130% x 5.5%.

If a remortgage with capital raising;

Basic-rate tax payers: 130% x 5.5%

Higher-rate tax payers: 140% x 5.5%

For Consumer BTL’s a full affordability assessment will be required.

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.
140% @ 5.5% on single unit - unless 5 year fixed, then calculated at product pay rate.


HRBS BTL Calculator
145% rental coverage at 5.5%

HMO: 175% @ 5,5%

If Ltd Co - Only the property portfolio of the limited company is assessed
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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Kent Reliance 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.

Kent Reliance 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.

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Non-portfolio landlords: - please visit the Kent Reliance for intermediaries website to use their online calculator when the minimum ICR (Interest Cover Ratio) is not met, as they have flexibility to underwrite a case against clients individual borrowing.

Kent Reliance Rental Calculator - Income Based Lending
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% @ 5.5% to 125% @ 5.0% - where an application fails this test. We may consider and application using up to 10% of the declared income (subject to minimum income of £100,000) The Landbay affordability model will take into
account a number of elements including other income.
Single Unit Properties: -
Basic rate taypayers (20%) 125%

Limited company or LLP 125%

Higher rate taxpayer (40%) 140%

Additional rate taxpayer (45%) 140%

Refinance (no capital raised) 125%

HMO / Multi units
Basic rate taypayers (20%) 130%

Limited company or LLP 130%

Higher rate taxpayer (40%) 145%

Additional rate taxpayer (45%) 145%

Refinance (no capital raised) 135%

@ 5%

Unless 5 year fixed then use 4.19%
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%

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Lower Rate Tax Payer: -
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%
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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 upon product range and LTV
Please see product guide for clarification.
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5yr fixed deals available, 140% of pay rate
Limited Company and HMO: -
Tracker products - @ higher of pay/revert rate + 2% (min 5.5%)

Please visit BTL calculator at Precise BTL Calculator

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

Please visit BTL calculator at Precise BTL Calculator

5 year + 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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110% Top slicing of payrate even on 2 year rates.
Pound for pound remortgages – 125% of pay rate­

Limited Company – Rental cover 125% of pay rate + 2% or 5.5%, whichever is higher

Limited Company – Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan

HMO – 160% of either pay rate + 2% or 5.5%, whichever is higher. Rental Cover on debt for debt re-mortgage cases 160% of pay rate.

5 year fixed rate – New purchase or capital raising – 140% at Pay rate

Any other scenario, either pay rate plus 2% x 140% or 5.5% by 140%, whatever is the higher
Based upon Interest only BTL mortgage payment.
Rental assessment will be based on 1 single family.
Individuals: BRT - 125% / HRTP 140%
Ltd Co/LLP: 125% ICR
HMO/MUFH: 140%
New Build Flat / Above Commercial: 125% BRTP / HRTP 140%

5 year fixed products @ pay rate
All other products; nominal rate (5.5%) or the initial rate +2%, whichever is higher.
*****

Minimum rental calculator for background portfolio is 125% @ 5.5%.

No maximum LTV
• Basic tax rate payer: 125%
• Higher tax rate payer: 145%
• Additional tax rate payer: 165%
• Limited company applicants: 125%
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2 year fixed: Product rate + 2%, 5.5% minimum.

2 year fixed £ for £ re mortgage: Product rate, 5% minimum.

5 year fixed Product rate.

140% Higher Rate Taxpayer

125% UK Basic Rate

125% UK Ltd Co’s/SPV

HMO/MUB - 130%, including Ltd Company HMO, 140% for higher rate tax payers
Less than 60 month product term: Individuals: 140% at pay rate + 2 or 5.5, which ever is the higher.

125% for Like for Like remortgages & low rate taxpayers.

SPV's: 125% at pay rate + 2 or 5.5, which ever is the higher.

HMO's, MUFB's & Flats above commercial: 155% at pay rate + 2 or 5.5, which ever is the higher.

Greater than 60 month product term: Individuals: 140% at pay rate, 125% at pay rate for Like for Like remortgages & low rate taxpayers.

SPV's: 125% at pay rate.

HMO's, MUFB's & Flats above commercial: 155% at pay rate.

A sample check of a portfolio will be concluded at a min of 25%. Rental coverage on the overall portfolio will need to meet 100% of any contractual monthly payment.
Age (max)Maximum age is 85 years at end of the mortgage term.Maximum age is 80 years at the end of the mortgage term for the youngest applicant, any subsequent applicants may be aged over 80 subject to underwriter approval. 65 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
No maximum - all "later" life lending will be reviewed by credit committee during dip/application process.No maximum age at the end of term, but must be 70 or under at application.Maximum age is 85 years at the end of the mortgage term85 at the end of mortgage term85 years80 years old - up to 85 years old by exception only.Maximum age is 85 years old at the end of the mortgage term80 years at time of application cannot turn 81 before completion , 115 maximum age limitNo maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end:

From the point of retirement, or 75th birthday, whichever is due first, only 'retirement' income will be permitted from that day for the purpose of evidencing affordability - no 'working' income will be allowed

All actual or projected retirement income must be evidenced

No projected income will be allowed where retirement (or age 75) is still more than 15 years away

A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis

Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV

A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle

The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS

The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application:

A maximum LTV of 80% will apply to borrowing on a Capital & Interest repayment basis

All applicants will be required to receive Independent Legal Advice
80 at application; 95 at the end of the mortgage term. 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. 89 years at application, 95 years old at completion.
Family cash Gift depositYesYesYesYes - Must be evidencedReferYes, 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 funds. Not available to FTLs.YesNo - unless security is the first BTL that they would own. Source dependent and will be referred.YesRefer AcceptedYesNoYes - 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 propertyGifted deposits are allowed from family members i.e. parents, grandparents, spouse, gifts from wider family members and non - family members will be considered on a case by case basis by the underwriter. All gifted deposits will be subject to a gift letter from deposit provider including an explanation for the gift. Identification and evidence of funds will be required in these instances.
Gift letter required from deposit provider.
ID will be required and evidence of funds.
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Cash in the Bank/Available
· Savings – provided from applicants own resources
· Limited Company/LLP – Reserves, working capital
· Other – case by case basis
Cash Not Yet in the Bank/Available
· Sale of property or Pending sale – evidenced for example by a letter from solicitor
· Sale of Shares/investment – evidenced for example by a contract note
· Inheritance – evidenced for example letter from solicitor
· Equity from another Property - evidenced for example by a Mortgage offer
YesAccepted from close relatives, ie parents, grandparent, sibling, step relatives, child, spouse etcYes, considered.

It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Family Gift of Equity depositNoYesYesNoReferYes - direct family member only. NoAccepted, but 20% is required to allow no other deposit is required.

Builders deposit: - The Society will reduce the purchase price by the amount of builders gifted deposit and
require a minimum of 10% deposit from the applicants on the reduced purchase price.
NoYesReferConsidered - Will accept but client needs to put in 10% of their own deposit funds with an explanation for the transaction required.NoNoNo for gift of equity from family members Ltd Co: - Equity gifts accepted from personal to Ltd Company. (Director's loan) - unless the minimum deposit has been met. Example: - will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 80% of the £100,000 and the 20% deposit would need to come from the clients own sources.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, up to 75% LTV.
Must NOT be a consumer BTL.
YesConsidered - 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.
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Purchase at Undervalue Where the purchase price is a discount of 2.5% or more from the Vida valuation and the borrower is buying a property from a close relative, or a long standing tenant is buying from the landlord. The mortgage can be up to 75% of the OMV report and up to 95% o the
purchase price with the applicant providing at least a 5% deposit.
Where the property is being purchased from a family member at a discounted price they may not continue to reside in the property and must relinquish all rights to the property
Yes, considered.

It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Income (min)No minimum income
except for time first landlords (£25,000)
Self employed - minimum 1 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
£18,000 for the primary applicant.

Interest only available for FTB / FTLL investing in a BTL - however, full income and expenditure calculation will be completed on C&I basis.

Bluestone allow use of non-property income to top up the shortfall in rental income (min rental coverage is 112.5% Basic Rate Taxpayer & 112% coverage for Higher Rate Taxpayer).

Background income may be considered to support any ICR shortfall down to a floor of 100% rental coverage. This is subject to prior approval with access bank and will only apply where the loan size is a minimum of £350,000
No minimum income for non portfolio landlords
£30k income required for portfolio based landlords.
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5 year stress rate of 4.5% is available for customers with a qualifying credit score only and subject to a minimum income of £30,000 per application. Customers who have their application accepted but do not meet one or both of the qualifying criteria will revert to the original stress rate of 5.25%.

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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.
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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 (non-rental) required. 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.

Debt consolidation is considered up to 80% LTV for BTL's.

All income must be evidenced.
£25,000No minimum income.
*****
Minimum income of £25,000 is required for applicants who do not currently own a Buy to Let property.
*****
Minimum income of £40,000 is required for applicants who do not currently own a Residential property. Unless they have 4 or more Buy To Lets.
******
Accept 100% of child benefit* when assessing affordability.

*Included if individual applicants earn less than £50,000 and the child is up to 13 years old.
No minimum income except for
Expatriates - £50,000, verifiable income.

2 years income is required for all self-employed applicants for income-backed products.

Require no proof of income for portfolio landlords, whether they're employed or self-employed (please note, this is still a
requirement for non-portfolio landlords).
A minimum combined annual income of £25,000 for UK based applicants. Must be evidenced on either accounts or SA302's - verified, not gross rental received. £30,000 across all applicants.
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Incomes considered:
Rental/Portfolio
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Consider re-invested funds that have gone back into the portfolio OR investment projects.
£25,000 minimum - however, non-portfolio landlord income requirements differ to portfolio landlord.
Paragon can consider retained profit as long as the business does not required it for continued business. Such as an antique dealer.

Non-portfolio: -
Applicants should have a minimum combined gross annual income of £25,000 per annum.
Applicant’s income can include:
- gross employment income
- taxable self employed income
- Occupational or private pension income
Income from renting property, state benefits, state pensions and investment income will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.

There is no minimum income requirement for expatriate applications, but details of all income must be provided.

Portfolio landlord income: -
Applicant(s) should have a minimum combined gross annual income of £25,000 per annum. All income must be evidenced and can include:
-Gross employment income
-Taxable self-employed income
Income from state benefits, state pensions and investments will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.
£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.£25,000No minimum income required.
No minimum incomeNo minimum incomeNo minimum income.

£25,000 for professional landlords required.
RestrictionsNo minimum requirements to have current BTL’s.

Maximum of £35,000,000 with Aldermore.

No limit on the size of their portfolio elsewhere.

Flats in a block without a lift are acceptable, as long as our security is not more than 3 floors above ground level (this doesn’t apply for ex-public sector flats).

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

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

Flats in a block without a lift are acceptable, as long as our security is not more than 3 floors above ground level (this doesn’t apply for ex-public sector flats)

Can consider Coach houses, usually built above garages and/or an access way.
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LTV restrictions could apply if lending above 40% - when it comes to exposure limits within a block.

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 (freehold coach houses are acceptable subject to survey)

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

Property with the following restrictive covenants: Property restricted to agriculture or equestrian use

Purchaser(s) must be living and/or working in a small geographical area (e.g. specific parish), which is not in the list of acceptable areas

Purchaser(s) must be in housing need

Purchaser(s) cannot afford to purchase on the open market

Purchaser(s) having income less than a certain amount

Property ownership restricted to specified age group e.g. retirement homes

Limit on mortgage payment as a proportion of income

Fixed capital values
No restrictions on numbers with other lenders.

Maximum of 10 loans with Axis up to £5mill in total.

Restricted to 1/3 of block size and subject to a max of 10.

HMO licence - For a purchase will need the licence to be in place and we must have sight within 90 days.

Freehold - The applicant can own 49% share do the freehold. The remaining 51% must be owned by a separate legal entity.

Holiday Let’s must be in a holiday let location and have no restrictions
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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.
Do not lend to Portfolio landlords.

No limited companies, HMOs, company lets or holiday lets
5 allowed to £3,000,000 across ALL LBG lenders (Lloyds Banking Group)
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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.
Dudley will not consider BTL applications from "Portfolio Landlords".

***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 5 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.
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 £3 million with no limit on number of properties.

Acceptable SIC Codes for SPV Ltd companies are: 68100; 68209; 68320

All properties with Foundation Home Loans must achieve a minimum EPC rating of E. Properties that do not meet this standard will be subject to further underwriting with all offers made on condition of full remediation so it meets min E rating prior to receipt of Certificate of Title.
Hinckley and Rugby Building Society can potentially accept Buy to Let applications from
individuals they deem property developers provided they can meet minimum income
requirements and provide satisfactory proof of income.

The Society does not consider lending on contract reassignment properties.

Between 4 and 10 property portfolio landlords considered.

The maximum LTV of the portfolio must not exceed 70%.

H&R Offer joint borrower sole proprietor mortgages to 75% on BTL.

BTL rental calculation for non-portfolio landlords can be supported by personal income.
Property Plus Range: - allows for lending on the following (subject to an acceptable valuation with no comments negatively effecting
resale):

Pre-fabricated Reinforced Concrete, Poured Concrete, Steel Framed / Steel Clad (pre 2000), 100% Timber Framed (post 1980), Cob Construction, Colt Construction, Concrete Block, Stone and Part Rendered Breeze block with Pebble Dashed Outer Walls

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Limited Company BTL Lending up to 80% LTV: -

Specific SIC codes only: 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; 68201 - Renting and operating of Housing Association real estate.

Maximum 4 directors (at lease one director must hold a minimum shareholding of 20%). Applicant Directors must have a combined shareholding of at least 75% of the company.

All Guarantors will be underwritten. Standard BTL criteria that applies to individual landlords, will also apply to Guarantors on Limited Company BTL.

All individual directors must provide a personal guarantee on a joint and several basis.

They will also be required to receive independent legal advice on the nature and effect of the guarantee being provided.
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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 70% 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 with Kensington, but max with Kensington is £2mill
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The applicant(s) must be an existing landlord when purchasing a HMO or MUB.

Up to 6 bed HMO / Up to 6 Multi Units on 1 title both available to 75% LTV.
No minimum requirements to have current BTL's.

Unless HMO, then they must already own a HMO property.

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.

Director Loans:

A non-interest bearing director loan is acceptable subject to:

• The individual is transferring a current/purchasing a new property into a company structure;
• Purchase price is at full market value to ensure tax liabilities are paid in full;
• The individual providing the director loan is a shareholder within the business;
• They are investing in the company by way of a directors loan and it will be included in the subsequent company accounts;
• The difference between the mortgage and the purchase price is covered by the director loan.
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. 15 bedrooms

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 1 years’ prior experience as a landlord
Residential Investment properties only, HMO's up to 15 rooms, Multi Unit Freeholds up to 10 units (15 units in Greater London).
Ltd Companies (Limited Companies must be NON-Trading SPV's);
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Maximum of 20 loans to £5 million total BTL borrowing with Lendinvest. Above £3m of borrowing the aggregated LTV on the portfolio will be restricted with a maximum exposure on any Buy-to-Let portfolio of loans with LendInvest of £5,000,000 at a maximum LTV of 60%.
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The Bank will consider lending on the following property types:
Houses, Flats, Maisonettes, Apartments. Including New Build (with full certificates in place)
For Flats in a block up to 5 storeys (must have a lift if over 3 storeys). Flats up to 10 storeys accepted in Greater London.
Ex Local Authority flats if in a privately owned block (Greater London only)
Leasehold properties must have at least 65 years remaining at the end of the mortgage term. Commonhold and Shared Ownership are not accepted.
Existing HMO's must have all appropriate licences in place. New HMO's must meet all local authority licensing requirements prior to completion and an HMO licence must be obtained within 90 days post completion.
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Concentration
No more than 4 units or 25 % of total units allowable in one block (blocks of flats is 25% or 4 units whichever is the lower).
Maximum of 2 properties in one post code location (eg BH15 1)
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Property above Commercial:
Flats above public houses or food premises are not accepted.

Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.


HMOs with kitchenettes will be limited to 70% LTV.
No restriction on other mortgages with other lenders.
Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier).

Paragon no longer require a floating charge on all portfolio applications for limited companies, (required if purchasing / remo in Scotland) incorporated solely for the activity of holding and letting residential properties.
The maximum portfolio of Buy to Let or residential loans per applicant(s) held at any one time with Pepper Money, is limited to a maximum of 3.

Pepper Money only accept applicant(s) with a combined maximum of 9 Buy to Let properties, including the application property(s).

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.
Clients/Directors must have at least 1 years experience as a landlord and own a current BTL
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Multi Units:
• Available on all HMO products: Personal Ownership HMO and Limited Company HMO
• Maximum of 6 self-contained flats/ units within a single block
• Available for Tier 1 adverse only
• Available to max LTV of 75% LTV (75% to £750k; 70% to £1m)
• Max Loan size £1,000,000
• Available in England and Wales only
• Minimum floor space of 30 meters squared for each Unit
• Not available for first time landlords
• Other criteria applies as per standard personal ownership HMO/ limited company BTL
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Maximum of 20 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 £10,000,000.
Unlimited with other lenders
£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 .


Small HMO
• Maximum number of tenants: 4
• Experience: Existing BTL property
• First HMO mortgage: accepted

Large HMO
• Maximum number of tenants: 6
• Experience: Existing large HMO
• First HMO mortgage: not accepted.

HMO's up to 6 bed rooms - defined as large HMO's, 4 bed HMO's are considered to be on "Small" range.

Exposure - 1 Flat in 1 block in 1 building.

No limit on number of properties in portfolio, however; All other BTL assets in the portfolio (not financed by the society) must meet rental cover of at least 125% of pay rate both individually and collectively.

Max allowed with Saffron - 10 or max borrowing of £1.5m
TML will normally restrict the coverage on individual developments and buildings to:

• Maximum of a single unit in developments of up to 7 properties, or 25% of units in developments of between 8 and 50 properties and 15% where the development comprises of 50 properties or more.

• A maximum of 20% of properties within any individual full postcode area. Exceptions to this may be considered on a case by case basis
*****

At least one applicant or director must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months.
*****

HMO: At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.

First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable.
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 30 years.
Maximum 20 properties up to a maximum portfolio of £4 million exposure with Vida per borrower. No Maximum on number of properties over the whole portfolio, 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), and SPVs 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.

Directors Loans accepted for deposit purposes – Vida will require a fixed and floating charge for Trading Limited Companies. Vida can also consider using retained profit for deposit purposes.

HMO: - At least one of the applicants must have a minimum of 12 months landlord experience. Up to 8 bedrooms considered.
Minimum value £100,000.

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: It is acceptable for a customer to create a corporate let providing they are in the name of our customer and include the ability to terminate the lease within the lease period.
*** For LTD Co's - Directors must own 80% of shares of the company. ****

Must be a home owner for at least 1 year.

£25,000 minimum income for professional landlords.

HMOs to 6 bedrooms

MUFBs – up to 6 units
Layered Limited Company Ownership
(Ltd Co owned by another LTD company)
Yes, provided the directors of the originator LTD company are the same as entity to which they are lending. Yes, provided the directors of the originator LTD company are the same as entity to which they are lending. NoNoNoNoYes, provided they can understand the ownership structureNoYes, provided there are no more than 2 layers and the directors / shareholders are the same. Yes, provided that the director / shareholders of the holding company are all on the application. Yes, as long as they understand the ownership. NoNoNoNoNoYes subject to company shareholder checks on all companies involved.NoNo - unless exceptional circumstances.
First Time LandlordYes (minimum £25,000 income)
FT Landlords max 75% LTV £600,000 loan

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.
*
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 £600,000; and
• FTL applications will be capped at a maximum loan to value of 75%.
Also, will only consider single unit properties and not multi units.
No. Applicant 1 must have held 2 Buy to Let properties for 2 years which they have never lived in. Where not a spouse, subsequent applicants to hold at least 1 existing BTL property for two years.YesYes (Must have current property)NoYes (must have current residential)First time landlords are acceptable on BTL-F1 Product Range only (Excluding Large Loan Products). A first time landlord can be defined as someone who has not operated a buy to let property within the last 6 months. Gifted deposits not considered for FTLs.
First Time Buyers: A first time buyer is defined as someone who has never owned a property. First time buyers are not acceptable as sole borrower
YesAt least one applicant must be an existing Residential homeowner, unless they have owned 4 or more Buy to Let properties or their employer provides tied accommodation or at least one applicant earns a minimum of £40,000.

HMO and MUBs are not available to first time landlords
Yes - 80% Max LTV. Must own a residential property. First time buyer and first time landlord can be considered, applicant must be on £85,000 income (employed) in order to be considered.

Please note, at least one years experience is required for a Multi unit property or HMO.
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FTLL capped at 70% LTV,

HMO - Must demonstrate experience with managing a buy-to-let property portfolio over a period of at least 2 years. For Large HMO cases, a minimum of 12 months of this experience must have included managing HMO's.
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 requiredConsidered for single BTL.

HMO - require current experience.

Can consider a regulated BTL but it is assessed on affordability not rental income.
Yes, but must not be a first time buyer.
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At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.
YesYes. 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 basisMust have a residential property and have owned it for 1 year.
Let to Buy (Turning Residential into Buy to Let)Considered -
Max 75% LTV anx max loan of £600,000
Considered - as long as 2 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.
NoYes - considered on a referral basisNoYes - consider LTB applications on referral. The maximum the
Society will lend depends on the interest coverage ratio (ICR) and/or an income
affordability test. The mortgage will be considered to be self-supporting if the ICR is at
least 145% of the monthly payment at an assumed reference rate, currently 5.5%. The
exception to this is for five-year fixed rate mortgages (where available), for which the
ICR requirement is 145% at the product pay rate. If the mortgage is not self-supporting
at the stressed rate, the shortfall in the rental income received and the rental income
required in order to be self-supporting must be covered by the borrower’s personal
income using a net free pay calculation which takes into account net income, personal
expenditure, the residential mortgage payment at an assumed stressed rate and any
deficit from rental income from any other BTL properties, also at an assumed stressed
rate. In all instances where personal affordability is being considered alongside the
rental income, the ICR must equal or exceed 145% at the product pay rate.
Warnings
For Let to Buy applications, the Society will require sight of the mortgage offer for the
proposed residential purchase prior to the release of the Let to Buy offer.
YesConsidered (they require sight of a mortgage offer on new property)Not consideredNoYesLet 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.
Yes can consider must have a simultaneous completion for the onward purchase. If not onward purchase, property must be rented out for a min of 3 months (proof of 3 months rent required) and on the voters roll at their new residence.

Considered up to maximum 80% for Remo to BTL.
Remortgage of a residential into a BTL accepted as long as there is an onward residential purchase. Max LTV 80% (unless ltd co then 75% LTV)Yes, consider Let-To-Move/ Let-to-Buy Applications on a case by case basis subject to TML being satisfied it is not a Consumer BTL applicationYes, considered, product dependantYes

Accepted, 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. Vida requires a simultaneous completion of a new residential for a Let to Buy. If this is not the case then the applicant is required to be out of the property with consent to let from their current lender.
No, Zephyr consider this as a consumer BTL.
DWP TenantsYes to DWP and DSS tenants. DWP tenants accepted so long as they are named as the tenant on the ASTNoYes (any kind of benefits)NoConsidered on a case by case basisNo, this includes DSS tenants. YesNoNoYes, considered. Full scenario required, i.e. how is the rental income derived, who from etc. Yes, can consider. YesConsidered.Considered. YesYesAcceptedDSS Tenants are considered if in receipt of a top up on the rent payable.Not considered.
Student LetsConsidered for up to 4 individuals as long as they are on a single AST and are jointly liable for the rent. Yes, consideredSingle 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 ASTCan consider HMO's let to Students. Yes (Max 8 Bed)YesStudent HMO's consideredYesNoHMO. 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, considered. Yes, consider.
Ex-Local AuthorityFlats - Yes, up to 75% LTV

Houses - Accepted up to 75% 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.

Minimum value £100k 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.
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Deck access can be considered on a case by case basis.
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 authority built houses (where the borrower is not a First time Landlord) and the valuation indicates good marketability are fine.
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Ex Local Authority Flats/ Maisonettes /MOD will be considered on a case-by-case basis (where the borrower is not a First time Landlord) and will also be subject to construction type, location with no balcony access (an exception may be considered for high value properties in London) and confirmation of a minimum of 75% private ownership from the local authority.
Houses - Yes, up to product max

Flats - Yes, up to 4 storeys and no deck access.
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. Accepted, houses and flatsReferHouses - 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 Flats/Maisonettes. Exceptions can be considered where the following apply; Block in majority private ownership, no balcony access in block, good curb appeal, standard construction.
Can be considered at a max LTV of 70% and subject to underwriting and valuation.Yes, up to 75% on houses and flats.

Ex-Local Authority Flats (England and Wales)

Will consider lending on Ex-Local Authority properties in England and Wales, subject to:

• Minimum valuation of £50,000 outside of London and the South East

• Minimum valuation of £120,000 in London and the South East

• Maximum 75% LTV

• Traditional construction only (as opposed to core criteria where non-traditional properties are allowed)

• Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10

Ex-Local Authority Flats (Scotland)

Will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria:

• Minimum valuation of £50,000

• Maximum 75% LTV

• Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed)

• Maximum 5 floors in block
Flats and houses up to 65%Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, with minimum property value of £80,000 (£200,00 in Greater London).Yes, to both houses and flats.
Consumer Buy To LetStandard Criteria applies unless the applicant is a FTL or the transaction is a Let to Buy – see relevant sections. Please refer to your Business Development Manager for more information. NoYes, on C&ICan consider. Can consider full on full affordability, otherwise no. Yes, but on residential affordability. NoYes, can be considered under the standard BTL range.Yes, can consider. Must be on AST. Do not considerNoYes, but only on non-portfolio rangeCan consider consumer BTLs on everyday BTL product range however the applicants must not be reliant on the rental income to support their lifestyle. NoYes, can consider specific product rangeNoNo
Holiday Let / Short Term LetNot considered with Aldermore Mortgages, but are considered via referral for Aldermore Commercial. Holiday Let’s must be in a holiday let location and have no restrictions Yes, Single unit only.

No AST required

Ltd company considered - 1 director must meet criteria.

Air BnB considered

Based on AST rental - however, not required to have AST in place

No to serviced apartments

Up to 75% LTV

NoNoYes, can consider

Up to 70% LTV – maximum loan up to £500,000
Any fees that may be added to the loan are excluded from the LTV calculation.

All calculations will be based on either the current reference rate published on our website, or the product charging rate plus 2%, whichever is the greater.

The affordability will be assessed in one of two ways:
• Using the rental income that can be achieved on a monthly Assured Shorthold Tenancy for the property (AST), calculated at the standard Interest Coverage Ratio (ICR) percentages shown in the table below.
• Where two years holiday rental income can be evidenced by accounts, the gross annual rental income, averaged over 12 months, should be equal to or exceed the ICR of 150%.

There will be a secondary calculation to ascertain that holiday rental (150%) income can also cover a minimum of 100% of the achievable monthly AST rent.
Holiday Lets:
• Available on Personal Ownership and Limited Company (not HMO or Limited Company HMO)
• Available for Tier 1 adverse only
• Available to max LTV of 70% LTV
• Max Loan size £500,000
• Minimum sole personal income £40,000
• Not available for first time landlords
• Not available for Air BnB
• Other criteria applies as per standard personal ownership/ limited company BTL.
NoAccepted, see specialist BTL range. NoNo
Air BnBNoAir BnB is allowable for most UK cities (non Scotland or Northern Ireland) where the property is close to a tourist attraction or holiday let location.
For example Manchester City centre for Air BnB would be acceptable.

Experience with air BnB is needed.

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.
NoNoNoNoYes, Single unit only. No AST required however Short-term letting is only acceptable where the property is suitable for occupation under an assured shorthold tenancy and the standard rental coverage can be met. Serviced apartments not considered.NoNoNoNoNoNoNoNoNoNoYes, will consider. NoNo
Minimum years remaining on Leasehold property• Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term). 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 term85 years remaining on the lease when the mortgage starts, and a
minimum of 50 clear years remaining on the lease at the end of the mortgage term. The Society’s basic legal requirements for leasehold properties are described in the Society’s entries in section 5 of parts 1 & 2 of the CML Lenders Handbook
CML Handbook.
85 years at the beginning of the mortgage applicationUnexpired term of the lease must be at least 50 years at the end of the mortgage term.60 years at completion of mortgage with 55 years remaining at end of term 65 years at end of termFreehold or leasehold (subject to a minimum of 85 years unexpired term at the commencement of the mortgage and 65 years unexpired term at the end of the mortgage).

Can consider a lower lease if this is to be extended on completion.
Must have a minimum unexpired term of 85 years at the time of completion.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 unexpired leasehold term remaining at the end of the mortgage of 50 years. Minimum 50 years plus the term of the loan. Capital & Interest loans minimum of 40 years lease remaining at the end of the term.

Interest Only, 70 years remaining at the end of the term
Leasehold properties must have a minimum lease of 70 years remaining at the end of the mortgage term.

Ground rent and Service Charges must be included in cash flow projections (portfolio landlords only)
for leasehold properties

Applicants for leasehold properties should not hold a controlling interest in the Freehold.
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.
If the property was purchased as a cash transaction and has been owned for a minimum of 1 month, a remortgage will be allowed free from the normal 6 month ownership restriction up to the maximum LTV based on the lower of:
i) the evidenced purchase price plus the documented improvement costs; or
ii) the market value of the property

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
6 months minimum ownership required6 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.
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Day 1 remortgage accepted on the following basis: -

• Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price
• Maximum 75% LTV
• Standard pricing to apply
• Customer(s) to be on the voters roll for residential applications
• Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.
No minimum ownership required - can consider under 6 months ownership.A valid
explanation is required if the property has been
owned for less than 6 months,
No restriction - refer.

Applicant / Company must own the property if it is a remortgage.
6 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 required before remortgage. No minimum ownership where property inherited or exiting a Precise bridge.
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.
Minimum time previously owned by vendor - 6 monthsMinimum time previously owned by vendor - 6 months, unless bought cash or on a bridge then can consider under 6 months ownership.No minimum6 months minimum ownership required6 months minimum ownership required
Permanent rights to reside and remainYesYesYesYesYesYes (unless Ex-Pat)All borrowers must be resident in the UK at the time of application and have indefinite right to remain or indefinite right of entry.

Proof of three years residential history is required

Non EEA Foreign Nationals: Where indefinite leave to remain in the UK is not granted, applications can be considered subject to meeting the following criteria: Minimum 25% deposit which must be from the borrower’s own resources;

Borrowers must have been legally resident in the UK for at least the last 3 years. Borrowers must have either Tier 1 or Tier 2 immigration status.
Yes, for non-EEA Foreign Nationals applications to be considered, indefinite leave must be
evidenced by a stamp in a currently valid passport or written confirmation from the Home Office.

Hinckley and Rugby Building Society will consider applicants that hold a 'Tier 1' working visa that has been renewed at least once

Hinckley and Rugby Building Society will consider applicants that hold a 'Tier 2' working visa. If this is the first Tier 2 working visa, they must have a minimum of 3 years remaining.
Please refer all instances where the applicant does not have indefinite leave to remain.
YesYes - required.
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Tier 2 Visa - on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.
Yes.

Can consider spousal visa's, please refer.
Yes, minimum of 3 years in the UK -

Tier 1: UK/EU/EEA only.
Tier 2: Non-UK/EU/EEA possible subject to
underwriter approval.

Residential status: -
Tier 1: Must be a UK resident and have been resident
in the UK for the past 3 years.
Tier 2: Must have 3 year UK residential history and a
permanent right to reside 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)

Foreign nationals: - Must have at least 3 years UK address history and have rights to reside.
Yes. 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.
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Can consider Tier 2 Visa's on a case by case basis.
Yes (see also Ex-Pat)Permanents right to reside is required. No to ex pat.

Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
Ex-Patriates (acceptable regions)• Available to British Citizens residing in a FATF member country or confederation. Exclusions apply
• No minimum personal income requirements except for first time landlords
• Available for up to 6 Bed HMO's
• Available for up to 4 units on 1 title

• First Time Landlords considered for single residential investment units only. Applicants must be at least 25 years of age, able to evidence that they have owned their own home for a minimum of 12 months, and earn
in excess of £25,000 per annum. Consumer Buy-to-let not currently accepted

• Expat applicants are required to hold a UK Passport and have been resident in the UK within
the last 5 years, but there is no requirement for them to have been born in the UK.

Aldermore Can consider remortgages of previous residential properties, they will consider this as a consumer BTL.
Minimum £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 70%

The minimum loan is £25,000

Dudey will calculate the sterling equivalent by applying the exchange rate on the day of assessment.

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.
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

Has a UK Bank account

Must have a UK correspondence address

Proof of applicants overseas residential address

Ex-pats must be based in either the EEA or an acceptable region
NoNoMax 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, France 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.
NoNoYes
Up to 70% LTV - max loan of £750,000
Up to 65% LTV - max loan of £1,000,000
Any fees that may be added to the loan are excluded from the LTV calculation

Affordability
All calculations will be based on either the current reference rate published on our website, or the product
charging rate plus 2%, whichever is the greater.
The affordability will be assessed as follows:
• For individual and joint applicants and for limited liability partnerships (LLPs) with expatriate members, the
gross rental income should be equal to, or exceed, the Interest Coverage Ratio (ICR) of 140%.
• For limited company applications, the gross rental income should be equal to, or exceed, the ICR of 130%

Applicant type: Expatriate applicants and LLP’s with expatriate members 140%
Limited company with expatriate directors 130%
Single self-contained units only with no restrictive covenants in place.
The services of a managing agent must be engaged to oversee the property, and details of the agent must be provided prior to completion of the loan.
For purchase applications, proof of the source of deposit will be required in all instances.

Applications will be considered from limited companies / LLPs registered and trading in England, Wales or Scotland and whose directors /members are expatriates.
• All applicants must have held a UK bank account for a minimum of three years.
• All applicants must provide a certified copy of their current UK passport, together with three separate proof of residency documents.
• A UK credit search will be undertaken wherever possible. Applications will not be considered where there is evidence of poor credit history.
• There is no minimum income requirement, but applicants must provide details of all income.
• All employment statuses are accepted and full details must be provided as part of the application.
• We cannot accept applications that qualify as Consumer buy-to-let from expatriate applicants.

Applications will be considered for Expatriates, who must hold a current UK passport and are residing outside of the UK in one of the following countries:
Austria
Belgium
Bulgaria
Canada
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Italy
Japan
Kingdom of the Netherlands
Luxembourg
Malta
New Zealand
Norway
Poland
Portugal
Singapore
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
United States
NoNoMax LTV 75%.
No adverse in the last 3 years.
Applicants must be UK national (British passport holders)
Must hold a UK bank account and the mortgage direct debits must be paid form this account.
We will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the Society can serve notice in the event of default.
First time buyers and first time landlords accepted.
Yes, will consider ex pats. Including ltd co and HMO up to 75% LTVUK 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.
Yes – British Citizens living or working in FATF member countries or confederations

• Up to 75% LTV applies with the exception of Australia (70% LTV)
• Non EEA landlords require a minimum property value of £150,000
• Spouses who are non British Citizens can be party to the mortgage
• Applications considered for SPV’s registered in England, Wales or Scotland where one or more directors or shareholders is resident overseas as an expat

Must currently own a UK property and have at least 3 active credit records

First time landlords acceptable but must own a UK property
Mortgage payments to be made by direct debit from a UK bank account
No - must have permanent rights to reside.

All applicants, including directors of SPV applications, must be UK nationals and have 3 years continuous residency in the UK with the exception of the armed forces.

This will be validated either from mortgage statements, CRA output or a Land Registry search.
New BuildsNew Build houses accepted

Flats - Accepted. - 75% LTV max.

New build is defined as built in the last 12 months, or has not previously been occupied.
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80% LTV Max
Builders deposit accepted up to 5% of purchase price.
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Consider if equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit.
Yes

65% from £751,000 to £1,000,000
YesNew Build flats and Houses accepted to 75% LTVHouse - Yes, 85%
Flats - Yes, maximum 80%
Houses - Yes up to product maximum
Flats - Yes, up to max LTV
"New Build Properties are defined as properties that have been built or significantly converted in the last two years. Significant changes are changes that are either structural or planning significant enough to change occupation or use of the property.

New build houases are acceptable subject to contruction and the presence of an adequate structural defects warranty

New build flats are acceptable subject to: Standard marketability, with no restriction on occupation and a valuation the reflects resale of the property; A maximum loan to value of 70% based on the resale value of the property; Interest rate coverage reflecting ground rent and service charges where these are deemed to be onerous by the valuer; The presence of an adequate structural defects warranty.
New build houses accepted

New build flats accepted
New Build Houses & Flats up to 85% LTV - £75,000 minimum value. New Build Houses to 85% and flats accepted to 75% LTVYes - max 75% LTVAccepted - Flats are capped to 70% LTV.

New builds are defined as a property that has never been occupied or has been constructed or converted within the last 12 months.
YesHouses - 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
Saffron's definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties - since the conversion has been undertaken), being sold/marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society.
We recognise two forms of new build properties for security purposes: max LTV:
• New Build Houses, max LTV is product specific.
• New Build Flats - Max LTV is 75% on C&I repayment and 60% LTV on Interest only.

No Shared Ownership new build properties are acceptable.
Houses and flats up to 75% - if 75% required then max loan is £600,000.
Up to 70% then max loan £1.5mill.
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Vendor/ Builder Gifted deposit
New Build – First time occupation, up to 5%, greater than 5% considered on a case by case basis.
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AcceptedHouses - Yes
Flats - Yes

Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion.

Mortgage offers valid for 6 months from data of issue and if required we may extend for a further 6 months on the same product.
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Builder’s or Vendor’s deposit: -
Acceptable on new build purchases only providing incentive does not exceed 5% of the purchase price.
Houses and Flats - up to 70% LTV - 10 years warranty required.
Studio Flats (including converted)No.30sqm or moreConsidered but subject to valuers commentsStudio Flats - (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary.30sqm minimumGross external floor area of 35 sqm minimum. 30 sqm minimumStudio flats with a minimum size of 35 Sq M and subject to valuation considered.

Converted flats are accepted.
Minimum sizes as follows: -

40 sqm if outside of London.
30 sqm if inside of London.

Same rule applies if it is a converted studio flat.

Please note, the minimum value to be considered will be £120,000 and will need to be in a city centre location and the valuer will have to confirm demand for this type of property.
Yes, considered. 30sqm or more considered. 30 sqm or more required
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 credit score on AIP stage. Do not credit score, look at credit history and voters roll information. For any instances of imperfect credit or missing voters roll please refer to the sales team.

Will only credit search on receipt of a fully packaged
application, at this point a full footprint will be left. There is not credit searching done at
DIP stage, therefore a DIP will not leave any mark on the client credit file.
Kensington do not credit scoreKent Reliance do not credit scoreNo - currently the credit insight data is reviewed as oppose to scored.Check, not scoreYes - EquifaxPepper Money credit check, not credit scorePrecise Mortgages do credit score. Each case also receives a manual assessment by an underwriter.Yes - 600+ Experian score required. No, but minimum score required in the background, which is very low. Together do not credit scoreCustomer should achieve a low cut off score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.No, but if score is low then overall case is reviewed at application stage.
Type of credit search and who withSoft, Experian search only.Soft at dip stage with Experian, but both Experian and Equifax are used at full application stage and are both hard searches.Soft, Experian seach only.Soft at DIP stage with Equifax, Call credit and Experian. Hard foot print is then done via the same 3 upon full application. No search done at DIP and full application stage is when a hard credit search is done. Hard footprint and Call CreditSoft at DIP stage, hard at full mortgage application stage. Foundation use Equifax.Equifax search, conducted on full application stage and will leave a footprint. Soft at DIP - Equifax, but hard on full mortgage application.Soft, Equifax. On full mortgage application, a hard foot print is done, also Equifax.Hard credit search conductedNo search done at DIP currently, but hard search is done at full application stage with Equifax. Soft print at DIP/AIP stage, hard foot print on application with Equifax. Soft, Equifax, but hard foot print on application.Yes - Soft footprint with Experian at AIP stage and then full credit search conducted on Experian.

Equifax search will also be carried out on any remortgage applications
Soft footprint at DIP stage and Hard at FMA Stage. Experian.Soft, Equifax. On full application stage, this is a hard foot print. Soft, EquifaxSoft, Experian. At full application stage this would be a hard foot print and also on Experian.

Customer 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
DIP will be a soft footprint with a hard footprint left at FMA - Equifax
Historic CCJ’s & DefaultsNone registered in last 36 months , CCJs registered over 36 months ago considered , Over 36 months, does not need to be satisfied if total combined value is up to £500. Over 36 months, needs to be satisfied for 36 months if total combined value over £500

Missed mortgage payments

Amend - 0 in last 3 months, 1 in last 12 months, No more than 2 months 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.
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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.
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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.
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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 £300 or a communications default.

None allowed in last 6
months (except Communications)

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
CCJs Criteria (Unsatisfied or Satisfied)
1 or more CCJs registered in the last 2 years and the total value of CCJs is more than £100 - Decline
1 or more CCJs registered in the last 2 years and total value of CCJs is less than £100 - Accept
1 CCJ totaling more than £5000 in the last 6 years - Decline
2 or more CCJs registered in the last 6 years totaling more than £1000 - Decline
2 or more CCJs registered in the last 6 years totaling less than £1000 - Accept (as long as it also meets criteria point number one)

Default Criteria (Unsatisfied or Satisfied)
1 or more defaults registered in the last 2 years and the total value of defaults is more than £100 - Decline
1 or more defaults registered in the last 2 years and total value of defaults is less than £100 - Accept
1 default totaling more than £5000 in the last 6 years - Decline
2 or more defaults registered in the last 6 years totaling more than £1000 - Decline
2 or more defaults registered in the last 6 years totaling less than £1000 - Accept (as long as it also meets criteria point number one)

Unsecured Arrears:
• No more than 2 missed payments in last 24 months
Minor adverse accepted. Missed payments on communications and utilities acceptable, recently satisfied default or CCJ up to the value of £100 acceptable, 1 missed payment on credit card, mail order or unsecured loan in the last year and up to 3 missed in 3 years, no more than 2 consecutive acceptable. 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.
Range Dependent:

Standard Range: No CCJs/defaults registered in the last 24 months, regardless of whether they have been satisfied. All CCJs/defaults must be satisfied and brought up to date at time of application.

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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No missed mortgage payments in the last 24 months.

Unsecured loans and credit cards - Worst status of 2 in the last 24 months with 0 in the last 12

Other Unsecured (mail order, utility, communication contracts) - Worst status of 4 in the last 24 months

No IVA or Administration Order registered against any borrower.

No Bankruptcy Order against any borrower.

Debt Management Plans: Applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable.

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All accounts must be up to date at the time of application,
All CCJ’s and Defaults must be satisfied at the time of application

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Standard Plus Range - CCJs & Defaults: - No CCJs/Defaults registered in the last 72 months, regardless of whether they have been satisfied.
All defaults and CCJs must be satisfied irrespectiveof when they occurred.

Unsecured loan arrears: A worst status of 0 in the last 72 months.

Credit card arrears: A worst status of 0 in the last 72 months.

Mail Order, Communications & Utilities: A worst status of 4 in the last 24 months per account provided all accounts are up to date on application.

Mortgage arrears: A worst status of 0 in the last 72 months.
Consider on referral if CCJ is satisfied, was registered 5 years ago and for no more than £500. Defaults will be considered individually and will need to be satisfied.

The Society will consider on referral mortgage arrears of no more than 2 months in the
last 2 years. Please refer all enquiries to the sales team.
Underwriters a have discretion on CCJ's over two years old.

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.
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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 adverse within the past 24 months at all. In excess of 24 months we will look at on a case by case basis – subject to a max of £500Tier 1. No CCJ or defaults in last 5 years. Tier 2. No CCJ or default in last year. 1 in past 2 years must be satisfied at completion. No defaults in past year. 2 in past 2 years.A 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
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CCJs and defaults registered more than 2 or 3 years ago, dependent on product, are ignored.
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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
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Bankruptcy Discharged > 6 years ago Max Loan Size
IVA Discharged > 6 years ago
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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.
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Repossession None in the last 6 years
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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.
CCJ's/Defaults considered. Must be settled. 1-12 months - £250 total. 13 – 24 months - £500 total.

Do not consider arrangement to pay.
CCJs – maximum 1 (max £250) in 36 months, 0 in 12 months. Must be satisfied at time of application.

Secured arrears – 0 in 12 months, 1 in 24 months

Unsecured arrears – 0 in 6 months, 1 in 24 months

Defaults – 0 in 24 months

Pay day loans – 0 in 6 years
CCJs/Defaults older than 12 months ignored. Up to 6 in last 12 months accepted. Satisfactory explanation required for all CCJs/DefaultsVida 1, No registered CCJs or Default in last 48 months. No Unsatisfied CCJs

Vida 2, No registered CCJs or Default in the last 36 Months. No Unsatisfied CCJs

Vida 3, 1 Registered CCJ or Default in last 24 months (includng unsecured defaults) (0 in last 18 months of £250 or more). Max £5000 unsatisfied CCJs

Vida 4, 2 Registered CCJ's or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more) Max £5000 unsatisfied CCJs

Missed Secured/Mortgage Payments

Vida 1 – 0 missed payments in the last 36 months

Vida 2 – 0 missed payments in the last 12 months, 1 in the last 24 months

Vida 3 – 0 missed payments in the last 12 months, 2 in the last 24 months

Vida 4 – 0 missed payments in the last 6 months, 2 in the last 24 months
Mortgage & Secured Loan Arrears, Unsecured Loan Arrears & Credit Cards: No late or mised payments in last 36 months.

CCJ's & Defaults: Maximum 1 up to £250 in the last 3 years and satisfied.
None in last 12 months.

Payday loans - No.
Debt Management Plan (DMP)ConsideredAcceptedAcceptedNoNoNone in last 3 yearsNone in last 24 monthsConsider on referral if satisfied and registered over 5 years ago. Yes, must be have been running for 12 monthsConsidered if over 3 years oldNone in 6 yearsNoNoNone in 12 monthsNone in last 6 yearsMust be satisfied for at least 3 years agoCase by case basis. Clear for 24 monthsConsideredCompany Liquidations, Administration, Winding Up Orders & Receivership's: None in last 3 years.

Bankruptcy, Sequestration, IVA's, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years.

Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
Bankruptcy/IVANone in last 6 yearsNone in 5 yearsProduct dependent: -

Clear range - None in 6 years.

All other ranges, none in 3 years.
Discharged more than 6 years agoNot acceptedBankruptcy up to 80% - Applicants should not have been subject to a Bankruptcy order within the last three years
Bankruptcy above 80% - must have been discharged more than 6 years ago and all credit conducted satisfactorily since then
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IVA up to 80% - Applicants should not have been subject to an IVAs within the last three years
IVA above 80% - must have been discharged more than 3 years ago and all credit conducted satisfactorily since then
Not considered for either. Bankruptcy - None in last 6 years.

IVA - will consider on referral satisfied IVAs that have been registered 5 years ago and an amount of no more than £500. Please refer all enquiries to the sales team prior
to application.
Not considered for either.Considered if over 3 years since completion.Considered if over 3 years since completion.
***
IVA - not within last 6 years
Not consideredNot acceptedConsidered if discharged over 6 yearsNone in last 6 yearsMust be satisfied at least 5 years agoNone in last 6 yearsClear for at least 12 months for ex bankruptcy and 13 months for completed IVA.Discharged for over 6 yearsCompany Liquidations, Administration, Winding Up Orders & Receivership's: None in last 3 years.

Bankruptcy, Sequestration, IVA's, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years.

Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
RepossessionNoneNoneNone in 6 yearsNot acceptedNot acceptedNone in 6 years.Not acceptedNot considered. None in 3 yearsNone in 6 yearsNo proceedings pending and must have been discharged within the last 6 yearsNot acceptedNot acceptedNone in 6 yearsNone in last 6 yearsMust be satisfied at least 5 years agoNone in last 6 yearsCase by caseNone in 10 yearsCompany Liquidations, Administration, Winding Up Orders & Receivership's: None in last 3 years.

Bankruptcy, Sequestration, IVA's, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years.

Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
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.Valuation fees paid direct to lender at the lender fee scales.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 scales.Valuation 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 3mcValuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuations 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. Product fee varies as per product guide.Valuations fees are paid Via DPR - £199 booking fee and a selection of arrangement fees. See product guide for details.

Products not portable.
Maximum number of applicants2 applicants4 applicants / Directors2-4 applicants4 applicants4 applicants (Directors also for Ltd Company)4 applicants2 applicants
4 applicants within Ltd Company
4 applicants / directors2 applicants on a private BTL or 4 directors on a LTD BTL.4 applicants. Including SPV Limited Co.4 applicants2 Individual. 4 Company Directors.

Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.
4 applicants2 applicantsTraditional BTL 2
Ltd Co BTLs 4
4 applicants and directors (individual credit checks will be undertaken). 4 applicants.
In the event that the application is from a limited company, details of up to four directors/shareholders as applicants will be captured.
4 applicants. 4 applicants4 applicants / Directors
CountriesWill lend in England, Scotland and WalesMainland England and Wales, not in Isle of Wight. 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, Wales and Scotland (Main Land)Will lend in England and Wales. Isle of Wight considered, no to Isle of Man. Will lend in England and WalesWill lend in England, Scotland and Wales. Will lend in England, Scotland 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 Wales. Will lend in England, Scotland and WalesWill lend in England, Wales and Scotland - currently lending in postcodes AB (excluding 42-45,56). DD, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28) KY, ML and PA (excluding 20-80).Will lend in England and Wales only.
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, networks and 3mc as a mortgage club. Access to Hinckley & Rugby BS is available via 3mc - currently piloting a Ltd Company BTL schemeAccess 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 LendInvest is available via selected packagers only. Access to Paragon Premier is available via selected packagers onlyAccess to Pepper Money 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 to TML 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 onlyAccess to Zephyr Homeloans is available via selected packagers only

Residential - Criteria Comparison

Drag and drop columns to reorder

 Aldermore MortgagesBluestone MortgagesBucks Building SocietyDudley Building SocietyFoundation HomeloansKensingtonKent RelianceParagon BankPepper MoneyPrecise MortgagesSaffron Building SocietyThe Mortgage LenderTogetherUnited Trust BankVida Homeloans


Lender PageViewViewViewViewViewViewViewViewViewViewViewViewViewViewView
Property Value (min)£60,000£75,000£75,000£75,000£75,000£75,000LTV dependent - if above 75% then minimum value is £111,112.£75,000 or £150,000 in London postcode areas within the M25£70,000£50,000, except London £150,000

Precise can now consider 30 SQM studio flats
£100,000£70,000
£150,000 in London and South East

Properties between £1.5m - £2m can be accepted – this should always be referred to an underwriter first
£50,000

If value below £75,000 - LTV drops. Please check product guide.
£90,000

£75,000 at 60% LTV for 3mc exclusive product
£70,000 for all property types
£100,000 for FTB’s on 90% LTV product
Ex Local authority flats/maisonettes (80% LTV)
£80,000 outside Greater London, £200,000 within.
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

£1,000,000 maximum loan for FTB up to 85% on Option 1 Range.

£1,000,000 up to 85% LTV on Option 2 Range.
For standard residential applications: up to 75% LTV, minimum loan amount is £50,000.

76%-85% LTV, minimum loan amount is £100,000 as long as property value is £125,000

For shared ownership applications, the minimum loan amount is £50,000 and we can go to 100% of MSV (Market share value).
£30,000£25,001£25,001£30,000£25,001£20,000
£25,000 for prime rates
£25,000£25,000
Advance (max)£500,000 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.

5.5 LTI ratio: for individuals or joint applicants with a total allowable income of at least £50,000
£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
Listed Buildings can be submitted on any product but the following restrictions apply:
Grade 1 – max 20 year term
Grade 2 & 2* - max 25 year term.

Higher than £1mill loans will only be considered by referral.
Max 90% LTV up to £500,000

Max 85% LTV up to £750,000

Max 75% LTV up to £1,000,000

Max 65% LTV up to £2,000,000
Standard Range - £2,000,000 to 75%

(£500,000 above 75% LTV)

£500,000 up to 85% LTV

£500,000 up to 90% LTV

£500,000 up to 95% LTV (Purchase only)

£2,000,000 up to 80% LTV

FTBs: - £1,000,000 up to 80% LTV

Large Loan products - £2,000,000 up to 80% LTV

£1,000,000 up to 90% LTV

Subsequent Purchase / Remortgage: £2,000,000 up to 80% LTV

High rise apartments – above 4 stories there needs to be a lift and above 10 stories the loan is limited to 80% 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 - can go higher subject to Credit Committee review.

Large loan products are no longer available to customers with £2m exposure with the Bank. These products are now only available for individual cases with a minimum loan of £750,000 as per the product guides
£1,500,000 up to 75% LTV if in London & South East (fees can be added)
£1,000,000 up to 75% LTV in all other areas
£750,000 up to 85% LTV
£1,000,000 up to 75%
£750,000 up to 85%
£2,000,000 on Large Loan Range up to Max LTV.

£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 to 80% LTV (Anything above, referred) or product specific£1,000,000 up to a maximum 75% LTV
£750,000 up to a maximum 80% LTV
£600,000 up to a maximum 90% LTV

The maximum loan on a new build property with a builder’s deposit/incentive that is not being deducted from the purchase price is £600,000.
£1,000,000 up to 60% LTV

£500,000 up to 70% LTV

£250,000 up to 75% LTV
£500,000 up to max LTV

£500,000 up to 85% LTV on purchases.

£250,000 if property is unencumbered.
£400,000 up to 90% LTV - First time buyer AND Helping Hand Range.

£500,000 up to 85% LTV

£750,000 up to 80% LTV

£1,000,000 to 75% LTV

£1,500,000 up to 70% LTV

100% debt consolidation is considered up to a maximum of 75% LTV.
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.

1 Years self- employed.

(Can only accept a maximum of two sources of income per applicant.)

Income from employment and benefit: -

Benefit income Up to 50% of benefit income:
Universal Credit
Working Tax Credits (WTC)
Child Tax Credit (CTC)
Income-related Employment & Support Allowance (ESA)

Contribution-based Employment & Support Allowance if in the ‘Support Group’

Incapacity Benefit
Severe Disability Allowance
Industrial Injuries Disablement Benefit (IIDB)
Disability Living Allowance (DLA)
Personal Independence Payment (PIP)
Carer’s Allowance
Constant Attendance Allowance

Aldermore will not accept any income derived from other forms of state benefit that are not listed above.

Other income accepted: -

Income from trust funds
Occupational pension income
Guaranteed income payments under the Armed Forces Compensation Scheme
War widows or widowers pension
War disablement pension

State pension (not acceptable where state pension is the only source of income)

Investment income

Rental income (where supported by accounts or SA302s)

Maintenance Payments (if CSA/court order enforceable and supported by 6 months bank statements)

Foster Care Income
£18,000 for primary applicant

Working family tax credit is considered but must have 2 years left and will require the latest award letter and to be evidenced on bank statements.

Accept up to 80% of rental income

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Sapphire Club: -
Accept 75% of benefit income (DLA, Carers Allowance, Child Benefit, WFTC) if 2 years remaining and not primary source of income

Max 30% of household income
No 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:
No 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 & Maintenance allowed.

100% of Child Tax Credit and Child Benefit allowed if children aged 13 or under
100% of Disability Living Allowance and Carers allowance allowed.

Net Rental income used - not gross received.

Maximum of 6x income on specific products only.
No minimum income

75% of net rental income considered
You must include any proposed buy-to-let purchases in the affordability assessment.
No minimum income - but will be affordability based from the submitted AIP.

50% of regular/ guaranteed overtime/ bonus/ commission.

Where the applicant is paid in cash, a maximum of £15,000 will be used in our affordability calculation.

100% if last 2 P60's and last 3 months payslips show regular amounts - considered.

If applicant(s) are earning £100,000 (joint or single) - Kensington can consider up to 6 x their income. Car allowance can also be added back into affordability.
This only applies to £100,000 or more income and if using a packager. Affordability can be conducted online.

WCTC/CTC not accepted.

100% of child benefit is considered on the basis that individual applicants earn less than £50,000 and the child is up to 13 years old.

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: -

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

No minimum income for contractors on either prime, or the near prime range

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

Projection for the second year income from a suitably qualified accountant can be considered where a suitable business plan is provided. The level of projected income used can be up to a level of 30% greater than the year one figure.
£15,000 (combined)Min income must be overall £18,000 per application.

Employed Primary income can be made from basic salary +

100% of commission/bonus if paid weekly/monthly – based on a 3 month average.
50% for quarterly/annually based on a 2 year average using P60


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 13yrs. Universal credit considered as long as the above benefits are received ONLY.

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: - (Who can evidence 12 months history of being day rate contractor. Only acceptable on a minimum of £200 day rate.

***Umbrella companies (Where client is being paid on a daily rate) will be classed a contractor)

Where the customer is paying their own tax and/or national insurance will be treated as self employed.

Applications from contractors may be accepted subject to the applicant being able to demonstrate a minimum of 12 months as a day rate contractor and must be currently, contracted.

Gross allowable income should be calculated on the following basis: -
Lower of 12 months average day rate amount OR current contract day rate amount x 5 (days per week) x 46 (working weeks)

Zero contracts are considered , as long as they have at LEAST 2 years history.

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)
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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.

100% of basic + guaranteed allowances
100% of guaranteed overtime / 50% of non-guaranteed overtime income considered.
£15,000 for applicant 1. No min income for applicant 2

Earned income and only 25% of income can be benefits.

100% basic / pension / Car allowance / 100% - O/T / bonus / commission / allowance - if the last 3 months payslips do not support the value given in full then further payslips or P60 will be requested.

Consider child benefit for children up the age of 13 - 100%

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).

75% of Working Tax Credit / Child Tax credit / Universal credit equivalent) for children under the age of 13. MUST BE MAX OF 25% OF EARNED INCOME

Where the benefit amount is higher than 25% of the total income, the benefit income will be capped at 25% of total income and affordability will then be calculated using 75% of this capped income total.

Accept 50% of investment income

Ltd Company Director / Shareholder - can either use net profit before corporation tax plus salary OR Salary & dividend

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.

Can consider Finance contractors – same criteria apply as the current contractors
No minimum income
******
For self employed applicants, Together will deduct "total tax" and "National Insurance Contributions" from the SA302's.

Age constraints are used when it comes to income - see criteria guide RE: income past the age of 70.
Minimum Primary Applicant Income – £15,000 pa

Max DTI – 40%
Max LTI – 4.50 up to max LTV, however, 6.00 to 60% LTV product range
£15,000 for applicant 1, not joint.
Debt ConsolidationYes, up to 75%

For property related purposes can be considered up to a maximum LTV of 90% (excluding fees)

For non-property related purposes can be considered, up to a maximum LTV of 80% (excluding fees)

Capital raising for payment of taxes and consolidation of debts that have not been maintained satisfactorily is not permitted.
Yes, up to 85%Consider debt consolidation cases where debts have not been consolidated in the last 3 years or with underwriter discretionYes up to 75%Yes up to 85% LTVYes, up to 90% LTVNo maximumYes, up to 85% LTVYes, up to 90% LTVYes, up to 90% LTV

Can consider adding broker fees for a remortgage under use of funds.
No maximum -
Capital raising for business purposes on unencumbered property
Yes, up to 85% LTVAvailable up to 75% LTV excluding fees. 100% debt consolidation is considered up to a maximum of 75% LTV

Wide breadth of acceptable impaired credit. For mortgage arrears, no missed payments in the last 6 months
Age (min)21 year old20 years old18 years old18 years old18 years old21 years18 years21 years21 years old21 years21 (or product specific)21 years18 years18 years21 years
25 years for above 85% LTV and First Time buyers.
Family cash Gift depositYes
Aunt/uncle, foster parent or legal guardian now also accepted.
Yes - includes Step Parents/ Aunties/ Uncles

Builder incentives of up to 5% of the
purchase price accepted (not inc builders
deposit).
Yes - dependent upon the overall lending propositionYesYes, immediate family membersYesYes – can only be from immediate family (parents, grandparents, siblings, spouses, children), and would require a gifted deposit letter. Letter must be addressed to Kent Reliance (cannot say “To Whom it may Concern”), confirm the name of the donor (immediate relative selling the property), relationship to the applicant, amount of deposit being gifted, address of property being purchased, confirm that the giftor has no interest in the property, (appropriate deed of gift indemnity insurance is put in place by the acting solicitors), and the letter would need to be signed by the donor. We would also require proof of ID for the donor, which would need to be certified to ensure signatures match, and in the event of surnames differing between family members, if parents were gifting to married daughter as example, would need to see evidence of family name, such as marriage certificate for audit trail purposes. Should the gift be coming from family that are overseas, we would require evidence of the funds being available in the family member's account. YesGifted 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. 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 property.

Saffron also offer a family support mortgage option - this can be up to 5% - please see product guide.

Grandparents, parents, siblings, children and grandchildren.
Yes with letter confirming the amount and it is a gift not a loan.

Can accept from aunts/ uncles, adopted/ step applicant.
AcceptedYesFamily - 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.
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Please see repayment types for further information RE: Equity
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. Also, Interfamily sales are not accceptable.Yes – can only be from immediate family (parents, grandparents, siblings, spouses, children), and would require a gifted deposit letter. Letter must be addressed to Kent Reliance (cannot say “To Whom it may Concern”), confirm the name of the donor (immediate relative selling the property), relationship to the applicant, amount of equity being gifted, confirm that the giftor has no interest in the property, and the letter would need to be signed by the donor. We would also require proof of ID for the donor, which would need to be certified to ensure signatures match, and in the event of surnames differing between family members, if parents were gifting to married daughter as example, would need to see evidence of family name, such as marriage certificate for audit trail purposes. We can also check land registry to confirm the family member owns the propertyYes - immediate familyYes, but client must have 15% of their own funds and this cannot be gifted from another family member. No for gift of equity from family members: - Equity gifts accepted from personal to Ltd Company. (Director's loan) - unless the minimum deposit has been met.

Example: - will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 85% of the £100,000 and the 20% deposit would need to come from the clients own sources
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 price.

Saffron also offer a family support mortgage option - this can be up to 5% - please see product guide.

Grandparents, parents, siblings, children and grandchildren.
• Gifted equity from parents, grandparents, siblings, aunts and uncles accepted (including step and adopted relationships)*
• Max 75% LTV not avail on RL7 assessed on property valuations.
AcceptedYesConsidered - 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.

Please see repayment types for further information RE: Equity
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.

Where the applicant requests the loan term to expire beyond age 70 to (max) age 75 years, this can be agreed on repayment mortgages only.
Affordability will be calculated on the applicant’s current provable income, on the basis that the applicant is expected to continue working for the full term of the mortgage.
Maximum age at the application stage for applicants who wish to borrow beyond age 70 must not exceed 60 years of age, unless they are already receiving a monthly private pension income which can fully support the mortgage without reliance on other types of income to meet affordability

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.
79 to apply, but mortgage term must end in oldest applicant's 85th year. 85 years at the end of the mortgage term75 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. Second applicant max age 85 however to qualify the second applicant must be keyed as 'not working'
No maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end:

From the point of retirement, or 75th birthday, whichever is due first, only 'retirement' income will be permitted from that day for the purpose of evidencing affordability - no 'working' income will be allowed

All actual or projected retirement income must be evidenced

No projected income will be allowed where retirement (or age 75) is still more than 15 years away

A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis

Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV

A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle

The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS

The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application:

A maximum LTV of 80% will apply to borrowing on a Capital & Interest repayment basis

All applicants will be required to receive Independent Legal Advice
80 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.
85 years at the end of the mortgage term85 years at the end of the mortgage termThe maximum retirement age for any applicant is 70 years. Plausibility for working to loan maturity should be evidenced in all cases.
Term (min)10 years5 years2 years1 years5 years5 years5 years5 years5 years5 years5 years5 years2 years on fixed rates

3 years on variable products
3 years5 years
Term (max)40 years35 years (including Help to buy)35 years40 years35 years40 years35 years or until age 85, whichever comes first30 years35 years35 years40 years35 years40 years30 years40 years (C&I only)
CreditProduct range dependent.

Worst case scenario - 0 in last 3 months and a Max of 3 in last 24 months.
CCJ's/Defaults under £300 ignored

All telecoms ignored.
Standard Range: - max status 1 in the last 36 months (0 in the last 12 months)

Non-Standard: - max status 2 in the last 24 months (0 in the last 6 months)

Impaired credit - underwriter discretion.

Ignore missed payments for utility, communications and mail order.

Missed payments for communication, utilities & mail order are acceptable
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 arrearsProduct specific, refer to product guide. All CCJ’s and Defaults must be satisfied at the time of application irrespective of when they occurred. All accounts are assessed on worst status and not missed payments.Select:
Unsecured Arrears: Max status 2 in 12 last months.

Residential (Core Range):
Unsecured Arrears: Max status 2 in 12 last months.

Options:
Unsecured Credit arrears: Acceptable if accounts now up to date: No max status (if current/ existing arrears are present all payments must have been made 6 months prior to application).

All Communication arrears are ignored except for when they have reached CCJ.

All payday loans must have been settled for 12 months prior to application.
Prime: Unsecured arrears - 0 in the last 12 and must be up to date

Maximum worst status: - Maximum 2 down on unsecured in last 24 months, must be up to date.

Near Prime 1: - Unsecured arrears - 2 in the last 12 and must be up to date

Communication, Utility & Mail Order: - Performance ignored where the account balance is less than £500 (Single or in aggregate)

Maximum worst status: - Previous maximum status ignored, must be up to date.

Near Prime 2: - Unsecured arrears - 2 in the last 12 and must be up to date

Communication, Utility & Mail Order: - Performance ignored where the account balance is less than £500 (Single or in aggregate)

Maximum worst status: - Previous maximum status ignored, must be up to date.

Near Prime 3: - Unsecured arrears - 2 in the last 12 and must be up to date

Communication, Utility & Mail Order: - Performance ignored where the account balance is less than £500 (Single or in aggregate)

Maximum worst status: - Previous maximum status ignored, must be up to date.
Consider 2 missed in the last 24 monthsSmall utilities /comms /mail order defaults ignored (up to 2 individual defaults total of £150 each per application) (applicable to BTL and Resi 24, 18, 12 and 6 only, including Limited Edition)

Revolving credit (credit cards, store cards, utilities, overdrafts and communications) can consider missed/late payments as recently as a month ago.

If it is a fixed term agreement (loan, HP, sofa on finance etc) then none in the last 6 months.

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 credit 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 commitmentsMust be up to date

No more than two occurrences within the last 24 months.

Please see below for further details.
CCJs maximum £2,500 in 36 months

Help to buy - CCJ limit is £300 in 36 months, please see defaults / CCJ's for further info
Outside of 12 months most adverse accepted - within 12 months please refer to product guide for exact product bandingUnsecured credit: - (must also meet Secured loan / Mortgages & CCJ's / defaults criteria also, range dependent).

UTB-0: Ignore mail order and communications.
All accounts have to be up to date

UTB-1: Max 5 accounts up to 2 payments in arrears, must be consolidated. No recent pay day loans.

UTB-2: Max 5 accounts up to 3 payments in arrears, must be consolidated. No recent pay day loans.

Ignore Mail Order and Comms Defaults regardless of size or when registered.
Debt Consolidation: - Available up to 75% 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 considered6 months minimum ownership before a remortgage can be considered. If there is any element of debt consolidation then 12 months ownership is required.Person who is selling the property will need to have owned the property for at least 6 months. This would be checked via land registry.
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Day 1 remortgage accepted on the following basis: -

• Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price
• Maximum 75% LTV
• Standard pricing to apply
• Customer(s) to be on the voters roll for residential applications
Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.
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• Undertake a Land Registry Search to confirm the applicant(s) owns the property
OR
• Where this is not available, request confirmation of the Land Registry submission confirming the purchase, date and price via the acting solicitor.
6 months before remortgage - less is considered on a case by case basis. Subject to works done to property6 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 6 monthsNo minimum ownership12 months mortgage history, 6 months in current – however, refer if slightly under these parameters. 6 months
First Time Buyer DefinitionA first time buyer is defined as someone who has not been party to a mortgage or owned a property at any time. In the case of a joint application, both applicants must qualify as First Time Buyers.
First time buyers considered
Do not consider FTB'sPrecise define a First time buyer as someone who has not owned a property for the last 18 months.A First Time Buyer to be an individual who has not been party to a mortgage or owned a property at any time. In the case of a joint application, both applicants must qualify as First Time BuyersUp to 85% LTV only. No first time buyers, right-to-buy, new build properties or vendor deposits.
Ex-Pat ResidentialNoNoNoYes - minimum loan is £25,000

Max LTV is 80%
NoNoNoNoNoNoNoNoNoNoNo
New BuildHouses and flats accepted up you product maximum.
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Builder gifted deposits accepted up to a max 5% of purchase price.
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Consider If applicants wish to use Equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit. *******
Aldermore will do up to 95% LTV on new Build flats, they have no restriction so will go up to product max LTV.
No LTV restrictions for new build
houses.
Max LTV of 75% for new build flats
Houses and flats accepted (125 year lease needed for flats if new build).

Flats up to 7 storeys in the block.

90% for houses, 80% for flatsNew Build House accepted, New Build Flats or newly converted flats less than 2 years after first sale are not acceptedNew Build Houses & flats up to 90% LTV - £75,000 minimum value.Yes – flats have maximum LTV of 75%, houses are 85%. We class a new build as a property built within the last 10 years. Will need to have a 10 year warranty. Solicitor acting for us would ensure acceptable warranty is in placeNew Build flats up to 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.
Saffron's definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties - since the conversion has been undertaken), being sold/marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society.
Saffron recognise two forms of new build properties for security purposes: max LTV:

• New Build Houses, max LTV is product specific.

• New Build Flats - LTV is 75% on C&I repayment and 60% LTV on Interest only.

No Shared Ownership new build properties are acceptable.

Self Build: -
Up to 80% LTV for land purchase, 80% of build costs and up to 80% of gross development value
Outlying outline planning permission allowed – will not go to valuation until full planning permission granted

Available to first time buyers
Yes - up to 85% LTV
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Up to 5% builder deposit acceptable. Contract of sale required
5% builder incentive acceptable. Contract of sale required. This includes any deposit element.

• Offers valid for 6 months, subject to valuation/ re-inspection
Accepted on both houses and flatsYes, but only on Remortgages, not purchases. Accepted upto scheme levels. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty.

Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion.

Mortgage offer valid for 6 months, with potential to extend a further 6 months.
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: -
Minimum property value of £100,000 (£200,000 in Greater London)

Maximum of 3 floors above the ground floor. Secure communal access with no balcony access arrangements
Houses - Yes
Flats - Yes, considered
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
Houses - Yes

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 max LTV (95% on purchase) - 90% remortgages.

Flats - Yes, to a maximum of 80% LTV (up to 4 floors, can have deck access, must value at or above £200k and be in a City location).

Property plus range - allows for lending on the following (subject to an acceptable valuation with no comments negatively effecting resale):

Pre-fabricated Reinforced Concrete, Poured Concrete, Steel Framed / Steel Clad (pre 2000), 100% Timber Framed (post 1980), Cob Construction, Colt Construction, Concrete Block, Stone and Part Rendered Breeze block with Pebble Dashed
Outer Walls
If flat: must be out of pre-emption period, and 80% of block must be privately owned. Any deck access would come down to valuer’s comments
If house: maximum LTV is 85%, and needs to be outside of pre-emption period.
Up to 70% LTV including fees if in pre-emption period.
If not, up to 80% LTV
Houses and flats up to 85% LTVHouses - up to maximum product LTV (85%).

No Flats/Maisonettes. Exceptions can be considered where the following apply; Block must have majority in private ownership, no balcony access in the block, good curb appeal and of standard construction.
Can be considered at a max LTV of 70% and subject to underwriting and valuation.Ex local authority houses are acceptable within normal criteria up to 75% LTV except where the majority of houses remain in local authority ownership (as confirmed by the valuer). 85% LTV by exception

Ex-Local Authority Flats (England and Wales)

Will consider lending on Ex-Local Authority properties in England and Wales, subject to the following criteria:

• Minimum valuation of £70,000 - outside of London and the South East.

• Minimum valuation of £150,000 - in London and the South East.

Maximum 75% LTV

• Traditional construction only (as opposed to core criteria where non-traditional properties are allowed).

• Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10.

Ex-Local Authority Flats (Scotland)

TML will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria:

• Minimum valuation of £70,000

Maximum 75% LTV.

• Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed).

• Maximum 5 floors in block.
Accepted including high rise flats and non traditional construction Yes, accepted.Houses are considered up to scheme and LTV limits.

Flats and maisonettes considered up to 80% LTV with minimum property value of £80,000 (£200,00 in Greater London).
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
NoNoMinimum loan amount is £70,000
Minimum share they can purchase is 25%
Maximum share they can purchase is 75%. We are unable to provide shared ownership mortgages for any share between 75%-100%, and if an applicant is looking to purchase 100% of the shares, we would treat this as a normal residential application
The Housing Association must allow the applicant to staircase to the full 100% ownership of the property, and must be registered as such
We can lend up to 100% of the applicant’s share – no need for a deposit
Applicant must use a solicitor from KRFI's closed panel of solicitors.
NoNoNo unless applicants purchasing the final shareNoNoAccepted up to 100% of the clients shareYes, but only to buy out the remaining share to make 100%No
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 credit100% of discounted purchase price
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Loans may be accepted up to 100% 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.
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). Please note, there must be no housing benefit income within the last 12 months.

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.
NoNoAccepted - 100% of the purchase price, accepted up to Max LTV. NoPurchase only.

Acceptable for schemes operated by recognised local authorities / housing associations.

Vida can consider high rise - refer to lender.

Purchase up to 100% Discounted Purchase Price and subject to the loan not exceeding 75% of the OMV. A copy of the Section 125 Right to Buy is required, giving details of the property valuation and the discount offered.

All persons named on the Section 125 will also need to be on the application.

Applications submitted under any Voluntary RTB scheme are not permitted.
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)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.If the applicant is letting our their existing property and wish to bring the residential property to us, the underwriter may request evidence of this, ie proof of rental and an AST may be requested within a certain number of days after completion. Yes, 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. Yes, new residential only (not on referral)AcceptedNo, not considered. Yes. 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.

Standard range: - Satisfied for 3 years

Non-standard: Underwriter discretion

Impaired: underwriter discretion

DMP must be established at least 5 years ago.
Must have been satisfied more than 3 Years ago and all credit conducted satisfactorily since the Debt Management completedNeither active debt management plan, nor plans entered into in the last 12 months are acceptable.Needs to have been running for minimum 12 months & well conducted.

Needs to be included as a commitment on the affordability calculator based on DMP current payment. They can go up to 95% LTV also, no exceptions to length of time in the DMP.
Prime Range, no.


Near Prime Range - Yes, must have been satisfactorily conducted for 12 months.

An applicant on a debt management plan needs to be at least 3 years clear of this before applying
No, not considered.
Exception would only ever be possible depending on case strength and scenario.
Yes, DMP's must have been active and satisfactorily conducted for a minimum of 12 months.
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If satisfied over 12 months then can apply on standard range
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If satisfied within the last 12 months, refer to DMP Range
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For remortgages, we can capital raise to clear DMP
• Do not insist that DMP's are cleared – they can be left in the background
• No more than 1 active DMP per application.
Current Debt Management Plans considered up to 85% LTV. DMP no longer has to be cleared on completion. Where the clients do not wish for the DMP to be cleared the DMP monthly payments MUST be keyed into the commitments section of the DIP

DMP satisfied within 36 months considered up to 85% LTV (DMP satisfied over 36 months, ignored).

ONLY where the DMP is still active must it have been running for 12 months.

DMP must have been running for a min period of 12 months.

DMP conduct reference only required on active DMP accounts.

Conveyancers will be required to clear any outstanding DMP on completion (not the customer) and they may charge for this facility. (Goldsmith Williams have agreed £25 per item, max £250). Unless DMP is remaining

NB - The client(s) for the DMP product must provide THEIR OWN up to date credit report on application submission.

Any DMP cases satisfied or still active in the last 3 years, cannot be submitted until we have the full packaging requirements PLUS:

Client versions of Equifax & Experian
List of DMP debt
Last 12 months DMP statement or reference where the DMP is still active.

Cases forwarded without this information CANNOT be assessed until it has been received.
Satisfied 3 years, Max LTV - 80%Acceptable subject to product criteria on RL4-RL7 Do not accept applicants who are in the active DMP for purchases or remortgages, right-to-buy or shared ownership, it must be 2 years since it has been satisfied.

Debt Arrangement Scheme (DAS) in Scotland are also not accepted and must be 2 years since completion.
Considered, whether repaying the DM off or not, need a 12 month statement from the DMP provider. Yes, 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 20% for Help to Buy: equity loan is available in England (including the Isle of Wight)

Maximum equity loan of 40% London Help to Buy: scheme and
the property must be located within the 32 London Boroughs or the city of London
Yes
• Free standard valuations on all HTB products - instructed on receipt of the application
• Help to Buy England & London schemes available
• Mortgage offer valid for 6 months with extensions possible
• 5% Builders incentives accepted
• Up to 3 CCJs in the last 36 months
• Up to 4 Defaults in the last 36 months
• 4 missed mortgages payments in the last 13 - 24 months
• IVA / Bankruptcy must be discharged for 3 years
• DMP accepted and can remain on completion 'No Minimum Term'
NoHelp to buy - No
Shared Equity - No
NoHelp to buy: - Yes considered -
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.

Can consider Scotland based properties, please see product guide.
NoYes - please see other Help to buy criteria table. Noting, £300 limit on CCJ's in 36 months. NoNoAvailable up to 80% LTV for a Scottish purchase, 75% in England, London & Wales

Up to 85% LTV remortgage when staircasing on all schemes, min equity increase is 10% in England, London & Wales, 5% in Scotland

New Build criteria - fast-tracked initial offer lasting 6 months, extendable by another 6

Minimum income £15,000

Gifted deposits accepted, builders incentives considered

Self employed minimum 1-year trading

Contractors & short work history
Missed mortgage paymentsLevel 1 - 0 in last 3 months 1 in last 12 months (max 2 in last 24)

Level 2 - 0 in last 3 months 1 in last 12 months (max 2 in last 24)

Level 3 - 0 in last 3 months (Max 3 in last 24 months) Based on status.
Based on worst status shown on
credit search. Status for last 12
months must be 0. Can consider up to a status 4 in months 13-24
Standard Range: - 0 in the last 36 months

Non-Standard: - max status 2 in the last 36 months (0 in the last 12 months)

Impaired Credit: - max status 3 in the last 24 months (0 in the last 6 months)
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 arrears0 in 36; ignored after 36 months on all product ranges.Select Range:
Secured Loan Arrears: 0 in last 36 months.

Residential (Core Range):
Secured Loan Arrears: 0 in last 24 months.

Options Range: Secured Loan Arrears: 0 in 3 months, worst status 1 in 24 months.
Prime: - 0 in last 12 months and must be up to date

Near Prime 1: 0 in last 12 and must be up to date

Near Prime 2: - 0 in last 12 and must be up to date

Near Prime 3: 0 in last 6 and must be up to date
Consider 1 missed in last 24 monthsCan 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 exceptionNone in last 6 months. Worst status subject to product allowed.
*****
Worse status for example:
000010101011 = 1 missed payment.
Up to 3 in the past 12 months all previous arrears over months ignoredUTB-0: 0 in 3 months.
0 in 12 months, 0 outstanding.

UTB-1: 0 in 3 months. 0 in 12 months.

Max 1 outstanding.

UTB-2: 0 in 3 months.

2 in 12 months.

Max 2 outstanding.
Vida 1, 0 missed mortgage/ secured loan payments in the last 36 months, Maximum worst status, 1 in 36 months.

Vida 2, 0 missed mortgage/ secured loan payments in the last 12 months, maximum worst status, 1 in the last 24 months.

Vida 3, 0 missed mortgage/ secured loan payments in the last 12 months, maximum worst status, 2 in the last 24 months.

Vida 4, 0 missed mortgage/ secured loan payments in the last 9 months, maximum worst status, 2 in the last 24 months.

Vida 5, 0 missed mortgage/ secured loan payments in the last 6 months, maximum worst status, 3 in the last 24 months.


For mortgage arrears, no missed payments in the last 6 months.
Ex-BankruptsLevel 1 - Discharged for 6 years.

Level 2 - Discharged for 3 years, no missed payments or other adverse information on any credit account in last 3 years.

Level 3 - Must have been discharged for at least 2 years. No adverse since
Considered after 3 years discharged.
*****
Sapphire Club range: -
Can consider bankruptcy outside of 12 months.
Standard Range: - Discharged IVA or bankrupt over 5 years as long as no adverse after discharge. (60 months)

Non-standard: -
satisfied /discharged over 36 months ago (no adverse credit since).

Impaired range: -
satisfied / discharged by application.
Up to 80% LTV - Applicants should not have been subject to a Bankruptcy order within the last 3 years.
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Above 80% LTV - Must have been satisfied for at least 6 years and all credit conducted satisfactorily since then
Must be fully settled min 3+ years agoNot accepted 90% LTV - Not considered if previously bankrupt.

Unless 85% LTV - then it has to be clear for 6 years and discharged.

80% LTV -
Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretion.
NoDischarged > 6 years ago6 years from the date of discharge and off the credit fileDischarged 5 years ago, max LTV - 80%Yes.

0 in 6 yrs for RL5 & 6 and 0 in 3 yrs for RL7 with max of 75% LTV and a clean credit profile since.

Not acceptable on RL1-4
Must be discharged and older than 6 years since. Exceptions consideredYes - 6 years from discharge considered.None in the last 6 years
IVA'sLevel 1 - Discharged for 6 years.

Level 2 - Discharged for 3 years. No missed payments or any other adverse information on any credit account in last 3 years.

Level 3 - Must have been satisfied for at least 2 years. No adverse since.
Accepted - 3 years discharged minimum. Please check product guide.
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Sapphire Club range: -
Can consider current IVA but must be cleared upon completion.

All defaults included within the IVA will not be independently assessed when determining which product will be available from our range. This will allow customers with any number of defaults within the IVA to secure a mortgage.

Any defaults incurred post registration of the IVA will be incorporated into the underwriting of the loan application.
Standard Range: - Discharged IVA or bankrupt over 5 years as long as no adverse after discharge. (60 months)

Non-standard: -
satisfied /discharged over 36 months ago (no adverse credit since).

Impaired range: -
satisfied / discharged by application.
Must have been satisfied more than 3 Years ago and all credit conducted satisfactorily since the IVA completedMust be fully settled min 3+ years agoNot accepted. Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretionNoDischarged > 6 years agoOver 6 years from date of registration and off the register completely Discharged 3 years ago, max LTV - 80% clean credit since with no exceptions.Yes.

0 in 6 yrs for RL5 & 6 and 0 in 3 yrs for RL7 with max of 75% LTV and a clean credit profile since.

Not acceptable on RL1-4
IVA's have to be discharged for more that 5 years before they will look at this on a referral basis.Yes - 6 years from discharge considered.None in the last 6 years
RepossessionsProduct range dependent.

Level 1 - Not accepted.

Level 2 - None in last 6 years.

Level 3 - None in last 3 years.

High LTV - Not accepted.
Not acceptableNot acceptedMust have been satisfied for at least 6 yearsNot accepted. Must have been over 3 years ago and no shortfall remaining upon application. Refer prior to application.Not acceptedNoNone in the last 6 years6 years from the date of repossession and all settledSatisfied 3 years, Max LTV - 80%None on RL1-4, 0 in 6 yrs on RL5-7Accepted by referral if over 2 yearsNo, not consideredNo repossessions within the last 10 years
Historic CCJ’s & DefaultsCCJs: - None registered in last 6 months.

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.

• All telecom CCJ/Defaults ignored
• All CCJ's/Defaults below £300 ignored
• CCJ’s / Defaults ignored if > 36 months
• Accept up to 4 Defaults and 3 CCJs within the last 3 years
• Up to 2 missed payments on unsecured credit in the last 6 months
• 0 missed payments on secured credit in months 0 - 12 and up to 4 missed for months 13 - 24
Satisfied Defaults
Prime Products:-
up to £250 in last 36 months (0 registered in the last 12 months)

Non Standard: - up to £1,000 in last 24 months (0 registered in the last 6 months)

Impaired credit: underwriter discretion

Satisfied CCJs: - Prime Products: - up to £100 in last 60 months (0 registered in the last 12 months)

Non Standard Range: - up to £500 in last 36 months (0 registered in the last 6 months)

Impaired Credit: none registered in the last 3 months
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.
DEFAULTS:
F1: 0 in 36; Unsatisfied defaults within the last 36m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

F2: 0 in 24; Unsatisfied defaults within the last 24m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

F3: 0 in 12; Unsatisfied defaults within the last 12m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied.

CCJs:
F1: 0 in 36; All CCJs must be fully satisfied at the time of application

F2: 0 in 24; 1 unsatisfied (if older than 24m) to the value of £200 otherwise must be satisfied at application

F3: 0 in 12; 1 unsatisfied (if older than 12m) to the value of £200 otherwise must be satisfied at application

CREDIT CARDS, COMMS, MAIL ORDER, UTILITIES ARREARS (Must be up to date on application):

F1: Worst status 2 in 36 per account; 0 in 12

F2: Worst status 2 in 24 per account

F3: Worst status 2 in 12 per account


UNSECURED LOAN ARREARS (Must be up to date on application):
F1: 0 in 36
F2: Worst status 1 in 24 per account
F3: Worst status 2 in 12 per account
Core Product Range:
Defaults: 0 in last 24 months.
CCJ’s: 0 in last 24 months.
Secured Loan Arrears: 0 in last 24 months.
Unsecured Arrears: Max status 2 in 12 last months.
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Unsecured Credit arrears acceptable if accounts now up to date (max status of 2 in last 12 months)

Select Range: Defaults: 0 in last 36 months.
CCJ’s: 0 in last 36 months.
Unsecured Arrears: Max status 2 in 12 last months

Options Range:
Defaults: 0 in 6 months, 1 in last 24 months (Max £1,500 - satisfied or unsatisfied).
CCJ’s: 0 in 6 months, 1 in last 24 months (Max £1,000 - satisfied or unsatisfied).
Unsecured Credit arrears: Acceptable if accounts now up to date: No max status (if current/ existing arrears are present all payments must have been made 6 months prior to application).

All Communication arrears are ignored except for when they have reached CCJ.
Prime - CCJ's - 0 in last 36 months and must be satisfied unless £300 or under.

Defaults: - 0 in last 36 months and must be satisfied unless £300 or under.

Near Prime 1: - CCJ's - 0 in last 24 months and must be satisfied prior to application. Ignore is if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Defaults: - 0 in the last 24 months and must be satisfied prior to application. Ignore is if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Near Prime 2: - CCJ's - 0 in last 12 months (1 in the last 24 months) and must be satisfied prior to application. Ignore is if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Defaults: - 0 in last 12 months (1 in the last 24 months) and must be satisfied prior to application. Ignored if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Near Prime 3: - CCJ's - 0 in last 6 months (1 in the last 24 months) and must be satisfied prior to application. Ignored if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Defaults: - 0 in last 6 months (2 in the last 24 months) and must be satisfied prior to application. Ignored if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.


Standard Criteria: - CCJ’s and Defaults: all need to be satisfied prior to application.

The restrictions may not apply in the following circumstances (subject to full underwrite):

Communication, Utility and Mail Order Performance ignored where the account balance is less than £500 (single or in aggregate)

Where the CCJ/default was registered more than three years ago and satisfied prior to mortgage application.

Where the CCJ/default was satisfied more than 12 months prior to application regardless of date of registration.

Where the CCJs/defaults in aggregate amount to less than £300 regardless of the date of registration. It must be satisfied prior to mortgage application.

An explanation of the debt must be submitted with the application together with the evidence of satisfaction (if applicable).
None allowed - however, cases with adverse may be considered on its own merit, refer. Credit Event (CCJs or Defaults are treated the same)
No CCJs or defaults are allowed in the first 6 months
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CCJs and defaults registered more than 2 or 3 years ago, dependent on product, are ignored.
****
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
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. CCJ's/Defaults considered.

Must be settled.

1-12 months - £250 total.

13 – 24 months - £500 total.

Do not consider arrangement to pay.
RL1 0 in 48 months

RL2 0 in 36 months - CCJ Limit is £2,500 within 365 month period.

RL3-4 0 in 24 months

RL5 1 in 24 months

RL6 3 in 24 months (0 in 6) with a max of 2 of any type

RL7 5 in 24 months (0 in 6) with a max of 3 of any type.

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.
Up to 6 accepted in the last 12 months all previous CCJ's and defaults ignored over 12 monthsCCJ's & Defaults:

CCJ’s and defaults will be ignored if under £300

Note: must meet unsecured credit, secured lending and CCJ & default criteria to be considered, please refer to product guide.

Assessed by number (whether satisfied or not) AND £-value.
Ignore if under £300 mail order or Communications.

UTB-0 Range: 0 in last 2 years
Max of 5 over 2 years old, providing total is less than £5,000

UTB-1 Range: 1 in last 12 months
No max number over 1 year old, providing all in total less than £10,000

UTB-2 Range: 2 in last 12 months
No max number over 1 year old, providing all in total less than £15,000.

Ignore Mail Order and Comms Defaults regardless of size or when registered
Vida 1, No registered CCJs OR Defaults in the last 24 months. No Unsatisfied CCJs

Vida 2, 1 Registered CCJ or 1 Defaults in the last 24 months ( 0 in last 18 months of £250 or more). No Unsatisfied CCJs

Vida 3, 2 registered CCJs or Defaults in last 24 Months (0 in the last 12 months of £250 or more). Max £5000 unsatisfied CCJs

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) Max £5000 unsatisfied CCJs

Vida 5, 4 Registered CCJs or Defaults in last 24 months (including max 3 unsecured defaults) (0 in last 6 months of £500 or more) Max £5000 unsatisfied CCJs.
Payday LoansApplicants can be considered where the loan was in place over 6 months ago.0 in last 12 months of date of DIP.

Exceptions within the last 12 months considered depending on case parameters.
Standard range: - 0 in last 36 months.

All other ranges down to underwriter discretion.
Lending 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 accounts or repaid loans within last 12 months All payday loans must have been settled for 12 months prior to application.None in last 12, considered.None considered. None 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 in the last 12 months - refer if over 12 monthsNone in 12 monthsMax LTV for any of the below is 65% : - Consider up to 3 settled pay day loans in the last 12 months.

Maximum of 1 active pay day loan, which isn't being settled by the secured loan, will be considered by referral only.

Applicants with an existing payday loan will be considered by referral.

A good explanation is required from the applicant detailing why they
required the payday loan(s).

First time buyers and RTB with settled or active pay day loans within the last 12 months will not be considered. The expenditure stated on the affordability form should be reflected from any evidence seen, e.g. bank statements before submission to Together.

Remortgage only: - Applicants 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 advance.
Considered - mostly on a case by case basis. Refer - cannot show a reliance on them
Applicants (max.)24442

4, if there is a family tie between the applicants and the LTV is less than 80%

Married/civil partnership applications can be considered in sole names.
2422242424 applicants (all 4 incomes considered)
CountriesEngland, Scotland and Wales.England, Scotland and WalesEngland and Wales, Isle of Wight also considered.England and Wales only. England and Wales onlyWill lend in England, Wales and Scotland (Main Land).England and Wales only. Isle of Wight consideredEngland and Wales only.England and Wales onlyEngland, Scotland and Wales onlyEngland and Wales only. Isle of Wight considered.Will lend in Mainland England, Scotland and WalesWill lend in England, Scotland and WalesWill lend in England, Scotland (mainland) and Wales. England, Scotland and Wales
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
Yes

Borrowers from EEA countries and Switzerland must have 36 months provable UK residency and a current passport.

Customers from other countries must have 36 months provable UK residency and an indefinite leave to remain stamp and a current passport.

Do not lend to customers with Diplomatic Immunity.

The Society will not consider applications where a conviction exists, unless it has been spent under the Rehabilitation of Offenders Act 1974. Similarly, the Society will not consider any applicant convicted of a financial crime or fraud or any similar actual or pending conviction.
YesYes - Min 3 years in the UK with permanent rights to remain or enterYesYes - required.
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Tier 2 Visa - on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.
*********
If EEA national, will need to have been in the UK for a minimum of 36 months before able to apply for mortgage
YesApplicants 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.
****
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.
Yes.
****
Non EEA Nationals must have been resident in the UK for the last 3 years and have permanent rights to reside in the UK.
Must have indefinite leave to remain, no visa applicants considered. YesYesYes, required. All 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.

If married at least one applicant must have permanent rights to reside or indefinite leave to remain, both would need to be applicants on the mortgage but affordability must fit on only the applicant with permanent rights to reside or indefinite leave to remain.
Repayment typesCapital and repayment.
Help to Buy scheme is only Capital and repayment.
Interest only - Maximum 75% LTV.
Note: Proof of repayment plan required.

Downsizing / sale of main residence – a minimum £175,000 equity (£300,000 in London and the South East) 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 part.

Interest Only
The Borrower will pay interest only to Foundation Home Loans. No assignment of any repayment vehicle, such as a life assurance
policy, will be required but the lending will be subject to Foundation Home Loans Interest Only Policy as documented in the
Responsible Lending Policy.
For Interest Only Mortgages:
• Will assess affordability on a Capital Repayment basis;
• The maximum loan size for an Interest Only loan may be smaller than for Capital Repayment;
• Interest Only lending is reduced to a maximum of 70% LTV; Sale of Property will be accepted as a repayment method subject
to there being at least £200,000 equity (to allow for sale costs); and Repayment methods, other than sale of property, will only be
accepted as shown below and satisfactory documented evidence must be obtained for each loan that is agreed on this basis.

Part and Part Loans:
A borrower may choose to take a mortgage on a part repayment, part interest only basis. The Lending Policy, as stated, in relation
to Interest Only loans will apply to the Interest Only element of the loan. Where a borrower wishes to have a mortgage of more than
70% LTV on a part and part basis, any borrowing over 70% LTV must be on a repayment basis. Part and part mortgages are subject
to a maximum of 80% LTV.
Repayment, 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%
-
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%.
-
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%.
-
The method and full details of repaying the capital must be declared on a Supplementary Form for Interest Only and be acceptable to Kensington.
-
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.
-
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.
-
With cash ISAs no growth rate is assumed and current balances must be sufficient to cover the Interest Only element of the loan.
-
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 AND interest only, but limited to 75% LTV if on Interest only. Capital and Interest (Repayment)
OR
Interest Only – Available to 60% LTV.

Up to 60% LTV accepted on Residential remortgages.

Amount of equity is at underwriters discretion.
Capital and interest

Interest only - 65% LTV. (£150,000 equity required)

Part & Part up to 75% LTV (Interest only element must not exceed 50% LTV)
Available on Tier 1 and 2 only - NOT ALLOWED ON Help to buy or Right to buy.

Repayment vehicles allowed:-

Sale of Security

Sale of additional property

Savings / Investments

Pension
Capital and Interest only.
Interest only accepted up to 70% LTV max, subject to satisfactory repayment vehicle criteria;

Sale of financed residential property(ies): -

*Minimum of £250,000 equity in the property being financed if plan is to downsize in the future;

*Confirmation of customer’s future plans following the sale of the residential mortgaged property and that they will have sufficient equity/funds to carry out those future plans.

*Where ‘Purchase a new residential property’ is stated as the future plan and the remaining loan term is less than ten years, additional information should be requested on the property location, type and size.
Evidence of this information must be retained on the file for the life of the loan.

Please view Saffron's published criteria on their website for intermediaries for further repayment vehicles options.
Capital and InterestCapital Interest and Interest Only availableCapital & Interest. Capital & Interest loans up to 85% LTV.
Interest Only max 70% across all tiers.
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Acceptable repayment strategies include:
• Cash ISA or other savings
• Stocks, Shares, ISA or other liquid investment
• Endowment policy
• Pension (Personal, Executive or Employed pension plan)
• Sale of another mortgaged property
• Sale of the customer's main residence (downsizing) - customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property:
£200,000 equity required at the start of the mortgage for all securities located within London and the South East of England
£150,000 equity required at the start of the mortgage for securities located in the rest of the UK
• Other repayment strategies, including sale of other assets and occasional payments from income will be considered. Interest only Repayment Strategy Declaration Form will be required, clearly setting out the repayment strategy and amount(s) to be used.
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 up to 90% - 95% LTV cannot be added.Can be added.Can be added if standard property, check product guide for other property types. 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 be added to loan above maximum LTVReferred to as acceptance fee; fixed fee at £1495 for Prime Plus, 2.5% for all other plans (min £450, capped at £7,500)Can be added to loan. £995 to £1,495 depending on scheme selected. Can be added to the loan above max LTV
Credit ScoresNoNoNoNoYesNoNoYesNoYes - On Experian only. Yes - Experian score must be above 600NoNoNo, just credit check. Customer 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.
Type of credit search and who withSoft, Experian search only. Soft, Experian seach only. Not done at DIP stage, only full application stage. Hard footprint and Call Credit. Soft at DIP stage, hard at full mortgage application stage. Foundation use Equifax.Soft at DIP - Equifax, but hard on full mortgage application.Soft, Equifax. On full mortgage application, a hard foot print is done, also Equifax. Hard foot print on application with Equifax.Soft, Equifax, but hard foot print on application. Soft, Experian at DIP stage. On full mortgage application, hard foot print on ExperianExperian and Equifax – Soft Footprint DIP stage, Hard Footprint FMA StageSoft, Equifax. On full application stage, this is a hard foot print and also on Equifax.Soft, EquifaxHard search conducted. Equifax search only. Soft, Experian and has to meet a minimum internal credit score. At full application stage this would be a hard foot print and also on Experian.
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.Affordability basedAffordability based - maximum of 5x income, case dependent.
Precise Mortgages Affordability Calculator
No minimum income, affordability must be assessed prior to submission and can be done via Saffron's website -

Saffron Affordability Calculator
Yes. Electronically obtained data. Data is regionalised.

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.
Based off an income and expenditure review
Affordability and ONS based. 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.

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 employer

Contractors: - Fixed Term Contracts: Fixed term contracts and contractors using an umbrella company considered
Applicants must have 3 months remaining on their contract and must have been employed continually in the same industry for two years
Contractors: Contractors must have at least 6 months remaining on their current contract, or proof of renewal, at time of offer
Up 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

Young Professional range, which offers significantly enhanced Loan to Income for applicants aged up to 40, qualified in the following professions;

• Medical Doctors
• Dentists
• Chartered Accountants
• Solicitors
• Barristers
• Commercial Pilots
• Actuaries

Heroes range, which offers enhanced income multiples for applicants aged up to 40, working in the following professions;

• Armed Forces Personel
• Firefighters
• NHS Clinicians (Including Nurses & Paramedics)
• Police Officers
• Teachers.
Minimum 6 months
employed in current job with 12 months continuous.
*********
Specific product range for - mortgages for young professionals, aimed at Chartered Accountants, Actuaries, Barristers, Commercial Pilots, Dentists, Doctors and Solicitors.
*************
Must be out of probation period. If been in role for less than 3 months then we will require an employers reference that the bank will request. We would need to see a copy of the employment contract to verify out of probationary period. Will need 12 months continuous employment.
We can only consider an applicant still in their probation period if the applicant is in the same line of work (e.g. hotel receptionist for one hotel chain, then hotel receptionist for another hotel chain) in which we would obtain an employment reference and request site of the employment contract.
************
85% LTV for self-employed contractors trading for one year.

100% of income can be taken for clients with a second job

Construction sub-contractors are now treated as employed customers when paid net of tax.
Minimum £15,000 income across all applicants combined
If employed via a family business, they will be underwritten as self employed
Minimum 6 months in current employment with 12 months continuous.
******
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.
****
Contract/Temporary Employees
----
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 period and have been employed for a minimum of three months with as many payslips.

Agency/Temp/Zero hour contracts - 2 years agency worker experience, must be the secondary income earner and maximum LTV - 80%

Bonus - percentage used, Track record and proof required - 50% (non-guaranteed) – of additional / secondary income paid in the previous tax year. 100% (guaranteed) – evidence of track record of up to 3 years required.

Overtime - percentage used, Track record and proof required See note 100% (guaranteed) – evidence of track record of up to 3 years required. 50% (non-guaranteed) – of additional / secondary income paid in the previous tax year.

Second Job - 100% of income can be used if second job has been held for a minimum of 6 months and the applicant is not working more than 60 hours per week.
6 months in current role. Need 12 months employment history.

Contractor highlights:

Current contract must be for at least 6 months
Available on RL1-6
Income calculated as £weekly rate x 48 weeks (maximum)
Existing contractors considered
Must have been contracting for a minimum of 12 months
Maximum 90% LTV

New contractors considered:
Must have been contracting for a minimum of 3 months
Previous experience in a similar role for a minimum period of 12 months
Maximum 75% LTV
A copy of the current contract will be required.
Must be employed and earning and income3 months in current employed role with 12 months continuous or 6 months in current job, neither can be in probation.

100% of all guaranteed income
including Basic Pay, Car Allowance and Shift
Allowance. 50% of all non-guaranteed regular
income such as Bonus, Commission and regular
Overtime, subject to 18 month history.
0% of all non-guaranteed irregular income.
Employed 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
-Up to 85% LTV

Over 85% LTV:
- For applications over 85% LTV at least 2 years’ accounting information is required
******
Always work off latest figure for self employed
*****
Contract workers: Contract who are based on a daily rate,
are acceptable subject to the following:

The current contract must be for a period of at least 6 months

If the contract has more than 6 months to run the applicant must have been employed for a minimum of 12 months in the same line of work

If the contract has less than 6 months to run the applicant must have a 2 year track record of employment within the same line of work

It is acceptable for applicants to be paid via an umbrella company, which pays tax and NI for the applicant

Original or certified copies of the current and previous contracts will be required to confirm that contract period
meets criteria.
Minimum 12 months trading required.
Will work from latest years figures

Can consider using latest years figures.

Bluestone allow an accounts certificate for self-employed as long as from a registered accountant.

If income/profits are increasing year on year, the average of the last 2 years net profits will be used.
• If income/profits are fluctuating, average of the last 3 years should be used or the latest year’s net profit, whichever is the lower.
• If income/profits are decreasing, the lowest net profit figure should be used for the past 3 years, together with an explanation as to why profits are reducing.
Yes - minimum of 3 years trading required.

For Contractors we require at least 7 months track record of contracting, with at least one renewal (or second contract) and we would want to see evidence of their next contract or renewal.
1 years accounts accepted at 75% LTV.
2 & 3 years accounts required for all other products, exceptions by referral
2 years trading required.

Where a company director owns 20% or more of the company shares they will be classed as self-employed
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
**************
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
**************
Kensington can used retained profit, they must be 100% shareholders altogether.
**************
For self employed applicants Kensington generally use the most recent year’s income for affordability purposes and require a minimum trading period of one year.
Income is based on:
Sole Traders and Partnerships
Share of Net Profit.
Ltd Company Directors (With 25% shareholding or more)
For Directors of a limited company, the salaried income plus dividends received will be used, although profit after tax may be considered where the applicant(s) have a 100% share in the business.
Contractors
46 weeks on current weekly contract.
Both 1 years trading and 3 years considered.

For Standard range - Self employed applicants will need to have been trading for a minimum of 3 years, evidenced by 3 years’ SA302’s or audited accounts.

We can accept both professionals (doctors, lawyers, teachers, etc.) and non-professionals that have been trading for 1 year with income needing to be based on finalised accounts prepared by the accountant acting for the business who must be suitably qualified.

We would require a projection for the 2nd year income, also provided by the accountant, the applicant must have a minimum of 12 months previous track record in the same sector as their current business, which would need to be evidenced by proof of previous PAYE income.

We will not be able to accept self-assessment tax returns or SA302’s as proof of income, and income would be verified by means of an accountants reference. Second year projection can be used if no more than 30% growth.
Minimum £15,000 income across all applicants combined
2 years self employed required - can consider 1 years completed accounts OR SA302's
Contractors considered but will be considered as self employed, so accounts and SA302's required.

Applicant(s) must be able to provide a full one year’s accounts and/ or tax returns, together with next year’s forecast, if only one year’s accounts are available.
Will consider the latest years figures up to 85% (subject to other LTV restrictions)

Proof of Self-employment:
• HMRC Tax Calc OR SA302 + Overview OR Accounts

• For Directors add together for total income 100% of: Salary + Dividends =

• Changes in trading style i.e. Sole to LTD Co treated as continuous self-employment

Share of Dividends 100%
Share of Directors remuneration 100%
Share of directors car allowances Exception only
Share of directors pension contributions - No
Share of use of home as office – No
Share of private health insurance – No
Share of spouse's income (sole app) – If married we require the application to be in joint names.
Operating profit No
Retained net profit Yes
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

For applicants who have been trading for less than two years, one year’s finalised accounts is acceptable. For applicants who have been trading for two years or more, two years’ accounts will be requested and the latest year’s figure will be used for affordability.

*************
Company Director
(Note: Shareholding = or < 25% treated as employed, shareholding
>25% treated as s/employed)
• 2 Years final accounts plus 3 months personal and business bank statements showing - this is required if more than 1 years trading.

Share of Dividends Yes - minimum 25% shareholder
Share of Directors remuneration Yes - named shareholder
Share of directors car allowances Yes
Share of directors pension contributions Yes
Share of use of home as office Yes
Share of private health insurance Yes
Share of spouse's income (sole app) No
Operating profit No
Retained net profit No

Finalised accounts will be required where additional remuneration is to be added back.
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
*******
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.

Self-employed with 100% Ownership can be considered on net profit after tax plus salary - for any other scenario, affordability assessed on salary plus dividend.
Partnerships assessed as share of net profit

Average or latest what ever is the lesser. If reasonable increase year on year over the last 3 years can take latest subject to underwriters discretion.

Umbrella companies can be considered on Contractor range/criteria.

Rental income usage for professional landlords - 50% of surplus income considered

If there is a minimum of 1 year of accounts (12 months) but less than 3 years, we can consider on our Specialist Self Employed product range - please view product guide for further information.
12 months trading up to 85% LTV.

2 years trading required for 90% 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) [If more than one director/shareholder]

Will take either the share of profit before tax plus salary or salary plus dividends

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).
Minimum 1 years trading period -

Together will accept the applicant’s last 2 SA302s provided the last SA302 is dated within the last 18 months.

Applicants can be: - Limited companies, LLPs, sole traders, partnerships.
Sole Traders: 100% of Net Profit.
Partnerships/Limited Companies: 100% of all sustainable
drawings or dividends in addition to any salary. Retained
Profits and Directors Loans are not accepted.
Pension/Maintenance – 100% of all regular income.
Working Family Tax Credit, Child Benefit and Child
Tax Credit – 100% of all income, providing there is
a minimum of £25,000 total earned income across
the application.
Minimum 12 months trading period with 1 years accounts or SA302 and tax year overview
****
Last year’s net profit after tax
can also be considered if 100% share holders are on the mortgage.

• Self-employed contractor affordability assessed on Day Rate x 46 weeks
Applicant(s) paid in cashConsider on a case by case basis. As a minimum, the same amount paid into applicant's bank account much match the payslips. Will accept if deductions for tax and national insurance contributions on payslips. Will consider but will only use £15,000 maximum of the income. Consider on a case by case basis. As a minimum, the same amount paid into applicant's bank account much match the payslips. NoNo. Consider on a case by case basis. As a minimum, the same amount paid into applicant's bank account much match the payslips. NoNoConsidered on basis of documentation - Employment Confirmation Form required. Considered.Consider on a case by case basis. As a minimum, the same amount paid into applicant's bank account much match the payslips.
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.
paid direct to 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 and a processing fee of £95 at application to 3mcNo valuation costsValuation fees paid directly to the lender at the lenders valuation fee scale.
AVM's available up to £250k on remortgages and unencumbered properties only, not for purchases
Paid direct to lender and related to lender fee scales.

£995 to £1,495 depending on scheme selected. Can be added to the loan above max LTV except at 90%.
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 Home Loans is available via selected packagers networks and mortgage clubsAccess 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 Paragon Bank is available via 3mc as your packager. Access to Pepper Money can be direct to lender and also via a mortgage packager. Access to Precise Mortgages is direct to lender with 3mc selected as your payment routeAccess to Saffron is available via selected packagers onlyAccess to TML is available via selected packagers onlyAccess to Together is available via packagers, of which 3mc are one.Access to United Trust Bank is via mortgage packagers currently, one of which is 3mc. Access to Vida Homeloans is via a selection of mortgage packagers, including 3mc.

Bridging Lenders - Criteria Comparison

Drag and drop columns to reorder

 Cambridge & Counties BankInterBay CommercialLendinvestMasthaven BankPrecise MortgagesRoma FinanceShawbrook BankTogether
Lender PageViewViewViewViewViewViewViewView
Property Value (min)Commercial - Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation.
*****
Residential - Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.
£133,333£100k - lower considered£125,000Single units - £50,000
£100,000 London postcodes

HMO - £100,000 £250,000 for London postcodes.
£40,000£75,000£26,000
Advance (min)£150,000 per property£100,000£75k Bridging/Auction,

£200k refurb

£250k Dev Exit

£500k Development
£100,000 for standard bridging

£150,000 for Light Development

£250,000 for Standard development.
(Ground-up developments, self-build projects, barn conversions and larger
extensions)
£50,000 - 1st Charge
£25,001 - 2nd Charge
£30,000£50,000£25,000 (depends on property).
Advance (max)£2,500,000 per property•Loans above £2,000,000 require transactional credit committee (TCC) approval75% Resi bridging

70% Commercial/ land - up to £30m
£5,000,000 (more by referral)Unlimited
******
On Regulated bridging, max LTV is 75%.
£1.5mill - higher is deal dependent£15,000,000 per client. Higher is considered by exception.£5,000,000 ( more by referral)
Term (Min)1 MonthMinimum one month interest payable1 month1 month1 Month3 monthsNo min term, no minimum interest charge12 months
Term (Max)Up to 18 months18 monthsBridging - 18 months

Dev exit - 12 months

Development - 24 months
Regulated 12 months
Non regulated 18 months
Regulated 12 months
Non regulated 18 months

Refurbishment BTL – 6 months (from the date of the valuation)
18 months18 months12 months
Income (min)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.No minimum income is required - proof of income is required to make sure the exit is realistic. No minimum income. Proof of income required where the exit is dependent on refinanceClient 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. No minimum income, income will have to be evidenced if loan is to be servicedClients 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
Refurbishment RestrictionsMedium/light refurbishment

Secured on a residential investment property where planned refurbishment works do not require planning permission or building regulations, and there’s no change to the overall use or nature of the property – e.g., internal refurbishment/reconfiguration, such as redecoration, replacement of bathrooms, kitchens, replacement doors, windows, flooring, and non-load bearing re-configuration

The refurbishment works shouldn’t exceed more than 30% of the day one value/purchase price, or £200,000; whichever is lower

Heavy refurbishment

Secured on residential investment property where planned refurbishment works require planning permission or building regulations e.g. structural works and extensions/loft conversions

Applicants without a two year proven track record of refurbishment properties aren’t acceptable

The refurbishment works should not exceed more than 40% of the day one value/purchase price, or £300,000; whichever is lower.
Light refurbishment only. Refurbishment work that requires either
building regulations approval or planning permission is not allowed:
unless the planning permission is required for the change of use of a
building from a dwelling house (Planning Use Class C3) to a small HMO
(Planning Use Class C4) in a designated area where the local planning
authority is operating an Article 4 direction.
Listed below are some of the works acceptable using Refurbishment Buy to Let:

Light refurbishment products – works permitted up to and including work carried out under building regulations

Heavy refurbishment product – work requiring planning permission, permitted development (unless using the refurb BTL product) or change of use from commercial to residential

> Change of use of a property to or from a HMO

> Change the use of a garage to a habitable room

> Properties needing work to meet minimum EPC rating

> Properties purchased at auction that require light refurbishment work

> Landlords choosing to refurbish to maximise rental yield.

Note loft conversions and extension works are not included under the permitted development rights refurbishments.

Precise Mortgages Refurbishment BTL Calculator
Light - cost of works are between 10% and 50% of CMV

Medium - cost of works between 50% and 100% of CMV

Heavy – cost of works more than CMV

Minimum works - £30k

Max term 12 months. Reinspection may be required after 3 months to show works are progressing

Planning permission (Other than HMO) required
Light and Heavy refurbishment products available.

Regulated and Non-reg available.
Light refurbishment products are available, see product guide.
RestrictionsExperienced 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, Land 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.

Buy to let/HMO (standard) – 50 years at end of loan term

Commercial – 65 years at end of loan term
1st charge only

Bridge to let option available - designed to secure the purchase of a run-down property and allow time for repairs and to make available for rent. To refinance an existing property that needs
modernisation to add value, or to meet the Minimum Energy Efficiency Standard.

To purchase or refinance a HMO that needs improvement to meet licensing rules.
FCA 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 only.3 loans at any one time with Precise.

HMO – 8 bedrooms accepted on standard bridging, 6 bedrooms maximum where there is an element of refurbishment.
Non-regulated products onlyApplicants 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.
****
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.

For unregulated bridging (investment properties) they do allow a remortgage to another lender as the exit and may consider an exit term themselves

For regulated bridging they will not allow a remortgage to another lender as the exit, their compliance department is concerned that if there was a downturn in the economy that a client may not be able to exit to another lender.
CCJ's & DefaultsNo current bankruptcy or IVAUnsatisfied 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
Considered on a case by case basisPrime - no mortgage arrears in the last 24 months; no CCJ’s/ defaults in the last 36 months unless under £300; CCJ’s / defaults over 36 months if satisfied by date of application.

Standard - All adverse credit considered (exit cannot be refinance if credit does not allow it given the position prior to drawdown of the bridge)

All types of credit history considered
Considered on a case by case scenario (up to date credit search is required for consideration)Case by case, but can consider up to 8 demerits in last 12 months and no demerit restriction where sale of property is exit. Would 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% Arrangement fee
0.50% Application fee, subtracted from Arrangement fee on drawdown
1% Exit fee
Arrangement fees of 2% – can be added to loan but cannot exceed LTV threshold

Exit fee 0%
Arrangement Fee is 2%Arrangement Fee is 2% of the Gross Advance or £2,000 whichever is the greater2% Arrangement Fee. £295 Administration Fee, £25 Telegraphic Transfer Fee all payable on completion. Please see product guide, property dependent1.95% arrangement fee.2% Lender arrangement fee
Minimum Age18 years old18 years old21 years21 years old25 years old18 years old21 years old18 years old
Maximum AgeNo maximum ageNo maximum age75 at end of term85 years old (older on a case by case basis)75 years old - They have flexibility up to 85 years old - case dependent. 80 years on non-regulated products.

80 years old80, no maximum age restriction on regulated bridging
Ltd Companies/Trading CompaniesSole traders, Partnerships, LLP, Limited companies, Charities & PLC's. Commercial loans - no Trusts or Pensions.All loans are eligible for individuals, UK Ltd Companies.Individual/SPV / LLP Limited Company. UK Ltd companies only, personal guarantee and debenture requiredCompany has to be a Special Purpose Vehicle (SPV) - do not lend to trading Ltd companies. Limited companies and Trading companies accepted. All 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
CountriesUK registeredEngland and WalesWill lend in England, Scotland and WalesEngland, Scotland and WalesEngland and Wales, limited areas of Scotland. England, Scotland and WalesEngland, Wales and ScotlandEngland Scotland and Wales
ConditionResidential - 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.Open market value - Bricks and mortar, non trading, vacant possession. All conditions considered. 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.All conditions considered subject to the property being wind and watertight.All residential & commercial property considered on OMV - On OMV or purchase price whichever the lower.

Land considered with planning only.
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 propertiesFreehold & long leasehold (residential - min. 70 years on expiry of loan, commerical - min. 40 years on expiry of loan)
Residential – HMO’s considered.
Residential , Commercial, Semi-Commercial & Industrial OR A mixture of all.Individual/SPV / LLP Limited Company
Standard BTL investment properties such as a house or Flat

HMO's up to a maximum of 15 bed - MUFBs.

Semi-Commercial/pure commercial
Land with and without planning
Residential developments, max single unit GDV £1m.

Portfolio limit for landlords of up to 20 properties allowed with LendInvest, unlimited outside of LI.
Most security considered including Residential and CommercialAll residential property considered including HMO's up to 8 bedrooms and flats on one title. Lending to trading companies acceptable on bridging financeBoth residential and commercial properties consideredAll 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

Help to Buy - Criteria Comparison

Drag and drop columns to reorder

 Aldermore MortgagesBluestone MortgagesKensingtonPrecise MortgagesThe Mortgage LenderVida Homeloans
Lender PageViewViewViewViewViewView
Property Value (min)£60,000£75,000.

The maximum value of a property is £600,000 in England &
£300,000 in Wales
£75,000£50,000, except London £150,000

Precise can now consider 30 SQM studio flats
£70,000
£150,000 in London and South East
£70,000
Advance (min)£25,000£50,000£25,001
Loans from £500k to £2m are considered on the large loan products

£1,000,000 maximum loan for FTB up to 85% on Option 1 Range.

£1,000,000 up to 85% LTV on Option 2 Range.
£25,001£25,001£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.
£450,000 in England

£225,000 in Wales



The maximum value of a property is £600,000 in England &
£300,000 in Wales
£2,000,000 to 75% (£500,000 above 75% LTV)
£500,000 up to 85% LTV
£500,000 up to 90% LTV
£2,000,000 up to 80% LTV
*********
FTBs: - £1,000,000 up to 80% LTV
£500,000 above 80% LTV

Select Premier large loan products - £1,000,000 across all LTV's

Subsequent Purchase / Remortgage: £2,000,000 up to 80% LTV
£500,000 above 80% LTV
for Select Premier large loan products £2,000,000 up to 80% LTV &
£1,000,000 up to 90% LTV for all borrowers.
*********
High rise apartments – above 4 stories there needs to be a lift and above 10 stories the loan is limited to 80% LTV and must be in a city location. We can also consider were there is a commercial set up on the ground floor.
£450,000 up to 75% LTV£450,00 England & London

£150,000 Scotland

£225,000 Wales
£250,000 in all regions except London which allows £450,000
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.
£18,000 for primary applicant

Working family tax credit is considered but must have 3 years left and will require the latest award letter and to be evidenced on bank statements.

Accept up to 80% of rental income

****
If help to buy product is available on Sapphire Club: -
Accept 75% of benefit income (DLA, Carers Allowance, Child Benefit, WFTC) if 2 years remaining and not primary source of income

Max 30% of household income
No 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 3 months payslips show regular amounts - considered.

If applicant(s) are earning £100,000 (joint or single) - Kensington can consider up to 6 x their income. Car allowance can also be added back into affordability.
This only applies to £100,000 or more income and if using a packager. Affordability can be conducted online.

WCTC/CTC not accepted.

100% of child benefit is considered on the basis that individual applicants earn less than £50,000 and the child is up to 13 years old.

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.
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.
*****
£15,000 for applicant 1. No min income for applicant 2

Earned income and only 25% of income can be benefits.

100% basic / pension / Car allowance / 100% - O/T / bonus / commission / allowance - if the last 3 months payslips do not support the value given in full then further payslips or P60 will be requested.

Consider child benefit for children up the age of 13 - 100%

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).

75% of Working Tax Credit / Child Tax credit / Universal credit equivalent) for children under the age of 13. MUST BE MAX OF 25% OF EARNED INCOME

Where the benefit amount is higher than 25% of the total income, the benefit income will be capped at 25% of total income and affordability will then be calculated using 75% of this capped income total.

Accept 50% of investment income

Ltd Company Director / Shareholder - can either use net profit before corporation tax plus salary OR Salary & dividend

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.
£15,000 for applicant 1
Age (min)21 year old20 years old21 years21 years21 years21 years
Family cash Gift depositYes
Aunt/uncle, foster parent or legal guardian now also accepted.
Yes - includes Step Parents/ Aunties/ Uncles

5% Builders incentives accepted for help to buy.
YesDeposit template now available. 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 5% (minimum client deposit)

10% Scotland

Yes, with letter confirming the amount and it is a gift not a loan
Accepted from a close family relative
Family Gift of Equity depositYes, but 5% has to come from the applicant(s)Yes - includes Step Parents/ Aunties/ Uncles.

Incentives include white goods, carpets, small cashback,
legal fees and contribution towards stamp duty
No (No to Inter-family sales)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. 5% (minimum client deposit)

10% Scotland

Gifted equity from parents, grandparents, siblings, aunts and uncles accepted (including step and adopted relationships)*
• Max 75% LTV not avail on RL7.
Accepted from a close family relative
Age (max. end of term)70 years65 years old at application75 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.

Where the applicant requests the loan term to expire beyond age 70 to (max) age 75 years, this can be agreed on repayment mortgages only.
Affordability will be calculated on the applicant’s current provable income, on the basis that the applicant is expected to continue working for the full term of the mortgage.
Maximum age at the application stage for applicants who wish to borrow beyond age 70 must not exceed 60 years of age, unless they are already receiving a monthly private pension income which can fully support the mortgage without reliance on other types of income to meet affordability

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.
70 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. Second applicant max age 85 however to qualify the second applicant must be keyed as 'not working'
80 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.
70 years with the plausibility that the applicant will continue to work to 70
Term (min)10 years5 years5 years5 years5 years5 years
Term (max)35 years35 years40 years35 years35 years40 years (No Max in Scotland)
CreditProduct range dependent.

Worst case scenario - 0 in last 3 months and a Max of 3 in last 24 months.
CCJ's/Defaults under £300 ignoredCore Range: 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.

******
All communications issues ignored.
******

Options 1 (CCJ) Range: - Max status 2 in 12 last
months (must be up to date)
******

Option 2 Range: - No max status (if current/ existing arrears are present all payments must have been made 6 months prior to application.)
All criteria 0 in 3 months excludes unsecured commitmentsRL1 to RL6 only, not available on RL7.Product range dependent
First Time Buyer DefinitionPrecise define a First time buyer as someone who has not owned a property for the last 18 months.True, FTB, never owned a property before. Never owned a property before, can consider cases if eligible for HTB
New BuildHouses and flats accepted up you product maximum.
****
Builder gifted deposits accepted up to a max 5% of purchase price.
****
Consider If applicants wish to use Equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit. *******
No LTV restrictions for new build
houses.
Max LTV of 75% for new build flats
New Build houses accepted. New Build flats max 90% LTV75% LTV - New build houses and flats (including 5% builder incentive) + lender fees
****
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.
Up to 5% builder deposit acceptable.

Contract of sale required
5% builder incentive acceptable.

Contract of sale required. This includes any deposit element.

Offers valid for 6 months, subject to valuation/ re-inspection.
Both houses and flats up to scheme limits considered
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
*****
Flats: -
Minimum property value of £150,000 (£200,000 in Greater London)

Maximum of 3 floors above the ground floor. Secure communal access with no balcony access arrangements
Houses - Yes
Flats - No
Houses - Yes up to 80%

Flats - Yes, to a maximum of 80% LTV (up to 4 floor including deck access - must value at or above £200k and be in a City location).
Houses - up to maximum product LTV.

No Flats/Maisonettes. Exceptions can be considered where the following apply; Block must have majority in private ownership, no balcony access in the block, good curb appeal and of standard construction.
New Build only. No, new build only considered, not Ex Local authority
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.
Needs to have been running for minimum 12 months & well conducted.

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.
For DMPs satisfied over 36 months ago standard lending policy will apply: -

Satisfied DMPs do not need to have been active
for 12 months.

For active DMPs the following rules apply:

- DMP must have been active for a minimum of 12 months.

- If the DMP is active at application stage, 12 months proof of payments must be provided by the DMP provider or evidenced
on bank statements.

- Debt Arrangement Schemes (DAS) are acceptable and will be treated in the same way as a DMP (Scotland only).


DMP submission requirements
For active DMP cases, the below is required:

Reference from the DMP provider confirming:

- Date of agreement

- Amount outstanding

- Details of all creditors including lender, account number, payment, balance

- Confirmation that the last 12 months’ payments have been paid on time when due.

- If a full reference is not available, conduct can be validated by 12 months’ bank statements and confirmation from the DMP
provider of the date of the agreement, amount outstanding and a list of debt included.
Acceptable subject to product criteria on RL4-RL6Considered, subject to satisfactory conduct
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 20% for Help to Buy: equity loan is available in England (including the Isle of Wight)

Maximum equity loan of 40% London Help to Buy: scheme and
the property must be located within the 32 London Boroughs or the city of London
Yes
• Free standard valuations on all HTB products - instructed on receipt of the application
• Help to Buy England & London schemes available
• Mortgage offer valid for 6 months with extensions possible
• 5% Builders incentives accepted
• Up to 3 CCJs in the last 36 months
• Up to 4 Defaults in the last 36 months
• 4 missed mortgages payments in the last 13 - 24 months
• IVA / Bankruptcy must be discharged for 3 years
• DMP accepted and can remain on completion 'No Minimum Term'.

Incentives include white goods, carpets, small cashback,
legal fees and contribution towards stamp duty
Help to buy: - Yes considered -
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.
Only 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.

Before submitting an application on this product you should ensure your customer is aware of the implications of taking a shared equity loan as part of the financing of the purchase of their home.

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.

Your customer should consider how they will repay this loan and understand that if house prices go up the amount they have to
repay as part of the Shared Equity loan will go up.

Capital raising (for the purpose of stair-casing)

The maximum LTV for a remortgage (£ for £ and capital raising) has increased to 85%
Available on RL1 – RL6, not available on RL7. Further information can be found on the Help to Buy Scheme websites:
https://www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loan
https://www.helptobuylondon.co.uk/
https://www.mygov.scot/help-to-buy/
Shared equity, no.
Missed mortgage paymentsLevel 1 - 0 in last 3 months 1 in last 12 months (max 2 in last 24)

Level 2 - 0 in last 3 months 1 in last 12 months (max 2 in last 24)

Level 3 - 0 in last 3 months (Max 3 in last 24 months) Based on status.
Based on worst status shown on
credit search. Status for last 12
months must be 0. Can consider up to a status 4 in months 13-24
Core Range: Must have paid the last 24 payments.

Options 1 (CCJ) Range: 0 in 24 months.

Options 2 Range: - 0 in 3, up to 1 in last 24 months.
Precise work on Worse status for example:
000010101011 = 1 missed payment.
0 in 3, 1 in 12, 3 in 36 = arrears considered
Check if Help to buy is available, if so: -

None in last 6 months. Worst status subject to product allowed.
*****
Worse status for example:
000010101011 = 1 missed payment.
Vida 1, 0 missed mortgage/ secured loan payments in the last 36 months, Maximum worst status, 1 in 36 months.

Vida 2, 0 missed mortgage/ secured loan payments in the last 12 months, maximum worst status, 1 in the last 24 months.

Vida 3, 0 missed mortgage/ secured loan payments in the last 12 months, maximum worst status, 2 in the last 24 months.

Vida 4, 0 missed mortgage/ secured loan payments in the last 9 months, maximum worst status, 2 in the last 24 months.

Vida 5, 0 missed mortgage/ secured loan payments in the last 6 months, maximum worst status, 3 in the last 24 months.
Ex-BankruptsLevel 1 - Discharged for 6 years.

Level 2 - Discharged for 3 years, no missed payments or other adverse information on any credit account in last 3 years.

Level 3 - Must have been discharged for at least 2 years. No adverse since
Considered after 3 years discharged.
*****
Sapphire Club range: -
Can consider bankruptcy outside of 12 months.
Not accepted6 years from the date of discharge and off the credit fileYes.

0 in 6 yrs for RL5 & 6 - and a clean credit profile since.

Not acceptable on RL1-4
Discharged over 6 years.
IVA'sLevel 1 - Discharged for 6 years.

Level 2 - Discharged for 3 years. No missed payments or any other adverse information on any credit account in last 3 years.

Level 3 - Must have been satisfied for at least 2 years. No adverse since.
Accepted - 3 years discharged minimum. Please check product guide.
****
Sapphire Club range: -
Can consider current IVA but must be cleared upon completion.

All defaults included within the IVA will not be independently assessed when determining which product will be available from our range. This will allow customers with any number of defaults within the IVA to secure a mortgage.

Any defaults incurred post registration of the IVA will be incorporated into the underwriting of the loan application.
Not accepted. Over 6 years from date of registration and off the register completely Yes.

0 in 6 yrs for RL5 & 6 - and a clean credit profile since.

Not acceptable on RL1-4
Discharged over 6 years.
RepossessionsProduct range dependent.

Level 1 - Not accepted.

Level 2 - None in last 6 years.

Level 3 - None in last 3 years.

High LTV - Not accepted.
Not acceptableConsider if monies outstanding & in a payment plan for the shortfall. Must be referred at DIP stage.

Otherwise: -

Must have been over 3 years ago for them to consider and with no debt remaining, cannot have been with Kensington.
6 years from the date of repossession and all settledNone on RL1-4

0 in 6 yrs on RL5-6
None within the last 10 years
Historic CCJ’s & DefaultsCCJs: - None registered in last 6 months.

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)
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.

• All telecom CCJ/Defaults ignored
• All CCJ's/Defaults below £300 ignored
• CCJ’s / Defaults ignored if > 36 months
• Accept up to 4 Defaults and 3 CCJs within the last 3 years
• Up to 2 missed payments on unsecured credit in the last 6 months
• 0 missed payments on secured credit in months 0 - 12 and up to 4 missed for months 13 - 24
Core Product Range: 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.
***********
Unsecured Credit arrears acceptable if accounts now up to date (max status of 2 in last 12 months)

Residential Options 1 (CCJ Range) : CCJ 1 in 24 months (maximum £250)
0 Defaults in 24 months
Unsecured Credit arrears - acceptable if accounts now up to date: Max status 2 in 12 last
months (must be up to date)

Residential Options 2: CCJ's 0 in 6 (registered), 1 in
last 24 months (max £1000)
Defaults: 0 in 6, 1 in last 24 months, satisfied or unsatisfied. Max £1,500
Unsecured Credit arrears - acceptable if accounts now up to date: No max status (if current/ existing arrears are present all payments must have been made 6 months prior
to application.)
Tier 2
Defaults 0 in 24 months

CCJs 0 in 24 months

Missed mortgage/secured loan arrears 0 in 12 months, 1 in 36 months (worst status)

Unsecured arrears Not counted but may affect customer’s credit score

Debt Management Plans (DMPs) Allowed if satisfied over 36 months ago



Tier 4
Defaults 2 in 24 months, (max £1,500 in 12 months, unlimited thereafter)

CCJs 1 in 24 months (max £1,000 in 12 months, or £2,500 in 24 months)

Missed mortgage/secured loan arrears 1 in 12 months, 3 in 36 months (worst status)

Unsecured arrears Not counted but may affect customer’s credit score

Debt Management Plans (DMPs) Active and recently satisfied accepted. See criteria overleaf for details


Tier 6

Defaults 5 in 24 months

CCJs 3 in 24 months

Missed mortgage/secured loan arrears 1 in 12 months, 3 in 36 months (worst status)

Unsecured arrears Not counted but may affect customer’s credit score

Debt Management Plans (DMPs) Active and recently satisfied accepted.

Applicants must not have any defaults, CCJs or secured arrears in the three months before application
RL1 0 in 48 months

RL2 0 in 36 months

RL3-4 0 in 24 months

RL5 1 in 24 months

RL6 3 in 24 months (0 in 6) with a max of 2 of any type

(0 in 6) with a max of 3 of any type.

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.
Vida 1, No registered CCJs OR Defaults in the last 24 months. No Unsatisfied CCJs

Vida 2, 1 Registered CCJ or 1 Defaults in the last 24 months ( 0 in last 18 months of £250 or more). No Unsatisfied CCJs

Vida 3, 2 registered CCJs or Defaults in last 24 Months (0 in the last 12 months of £250 or more). Max £5000 unsatisfied CCJs

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) Max £5000 unsatisfied CCJs

Vida 5, 4 Registered CCJs or Defaults in last 24 months (including max 3 unsecured defaults) (0 in last 6 months of £500 or more) Max £5000 unsatisfied CCJs
Payday LoansApplicants can be considered where the loan was in place over 6 months ago.None active in last 12 monthsNo payday loans in last 12 months, must be settled prior to applicationCan 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 in 12 monthsNone in 12 months - but check product guide.
Applicants (max.)242224
CountriesEngland, Scotland and Wales.England and Wales.

For London Help to Buy Boroughs: -

Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Camden,
City, Croydon, Ealing, Enfield, Greenwich, Hackney, Hammersmith &
Fulham, Haringey, Harrow, Havering, Hillingdon, Hounslow, Islington,
Kensington & Chelsea, Kingston, Lambeth, Lewisham, Merton,
Newham, Redbridge, Richmond, Southwark, Sutton, Tower Hamlets,
Waltham Forest, Wandsworth and Westminster
England, Scotland and Wales onlyEngland, Scotland and Wales onlyWill lend in Mainland England, Scotland and Wales- Will lend in England, Wales and Scotland - currently lending in postcodes AB (excluding 42-45,56). DD, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28) KY, ML and PA (excluding 20-80).
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
YesYes.
****
Applicant 2 does not need permanent rights to reside as long as spouse is applicant 2 and has resided in the UK for 36 months, then permanent rights to reside would not be required for applicant 2.
YesYes, an applicant who is married without permanent rights to reside can be an applicant on the mortgage, but income will not be considered for affordability.
Repayment typesCapital and repayment.
Help to Buy scheme is only Capital and repayment.
Interest only - Maximum 75% LTV.
Note: Proof of repayment plan required.

Downsizing / sale of main residence – a minimum £175,000 equity (£300,000 in London and the South East) is required at the start of the mortgage.
Capital and Interest onlyRepayment, 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%
-
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%.
-
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%.
-
The method and full details of repaying the capital must be declared on a Supplementary Form for Interest Only and be acceptable to Kensington.
-
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.
-
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.
-
With cash ISAs no growth rate is assumed and current balances must be sufficient to cover the Interest Only element of the loan.
-
Where there is an element of Interest Only, the maximum age at end of the mortgage term is 70.
Capital and interest

Interest only - 65% LTV. (£150,000 equity required)

Part & Part up to 75% LTV (Interest only element must not exceed 50% LTV)
Available on Tier 1 and 2 only - NOT ALLOWED ON Help to buy or Right to buy.

Repayment vehicles allowed:-

Sale of Security

Sale of additional property

Savings / Investments

Pension
Capital & InterestCapital & Interest
Lenders completion feeCan be added.£1495 (referred to as arrangement fee)can be added but on 90% product must be within the 90%.Can be added.Can be added to loan above maximum LTVCan be added above max LTV as long as it fits with affordability.
Credit ScoresNoNoNoYes - On Experian only. NoNo, credit search only, not score
Type of credit search and who withSoft, Experian search only. Soft, Experian seach only.Soft at DIP - Equifax, but hard on full mortgage application.Soft, Experian at DIP stage. On full mortgage application, hard foot print on ExperianSoft, Equifax. On full application stage, this is a hard foot print and also on Equifax.Soft, Experian at DIP stage. On full mortgage application hard foot print on Experian
AffordabilityAffordability basedThe Government works to a maximum loan to income (LTI) of 4.5x
when assessing the customer’s eligibility for the equity loan. This LTI
cap does not apply to our own affordability assessment.
Bluestone will assess affordability as per a standard residential
mortgage application but with the equity loan added as a monthly
commitment. The calculation will be based on the initial 1.75% of
the equity loan. E.g Equity loan is £75,000, x1.75% divided by
12 = £109.38pm entered as a monthly commitment.
Affordability basedAffordability based - maximum of 5x income, case dependent. Yes. Electronically obtained data. Data is regionalised.

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.
Affordability based decision
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.

Contractors with 3 months remaining on contract accepted
Up 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.
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
6 months in current role. Need 12 months employment history.

Contractor highlights:

Current contract must be for at least 6 months
Available on RL1-6
Income calculated as £weekly rate x 48 weeks (maximum)
Existing contractors considered
Must have been contracting for a minimum of 12 months
Maximum 90% LTV

New contractors considered:
Must have been contracting for a minimum of 3 months
Previous experience in a similar role for a minimum period of 12 months
Maximum 75% LTV
A copy of the current contract will be required.
Employed 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
-Up to 85% LTV

Over 85% LTV:
- For applications over 85% LTV at least 2 years’ accounting information is required
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Always work off latest figure for self employed
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Contract workers: Contract who are based on a daily rate,
are acceptable subject to the following:

The current contract must be for a period of at least 6 months

If the contract has more than 6 months to run the applicant must have been employed for a minimum of 12 months in the same line of work

If the contract has less than 6 months to run the applicant must have a 2 year track record of employment within the same line of work

It is acceptable for applicants to be paid via an umbrella company, which pays tax and NI for the applicant

Original or certified copies of the current and previous contracts will be required to confirm that contract period
meets criteria.
Minimum 12 months trading required.
Will work from latest years figures

Can consider using latest years figures

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
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.
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For self employed applicants Kensington generally use the most recent year’s income for affordability purposes and require a minimum trading period of one year.
Income is based on:
Sole Traders and Partnerships
Share of Net Profit.
Ltd Company Directors (With 25% shareholding or more)
For Directors of a limited company, the salaried income plus dividends received will be used, although profit after tax may be considered where the applicant(s) have a 100% share in the business.
Contractors
46 weeks at current contracts daily rate
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
12 months trading up to max HTB 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) [If more than one director/shareholder]

Will take either the share of profit before tax plus salary or salary plus dividends

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).
Minimum 12 months trading period with 1 years accounts or SA302 and tax year overview
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Last year’s net profit after tax
can also be considered if 100% share holders are on the mortgage.
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 3mcPaid direct to lender at the lender fee scales.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 scale
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 Kensington is direct to lender with 3mc selected as your Mortgage Club. Access to Precise Mortgages is direct to lender with 3mc selected as your payment routeAccess to TML is available via selected packagers only. Access to Vida Homeloans is via a selection of mortgage packagers, including 3mc.