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Customer Type

Property Type

Age (end of Term)

Income

Property Value

Property Value

£50,000 or £150,000 in London postcode districts HMO minimum property value now £100,000, or £250,000 in London postcode districts

0-74999, 75000-100000, 100000-150000, 150001-10000000
Advance (min)

£40,000 for Individuals & Limited Company
This includes single units, HMO's & Multi-units
Income

No Min income however must be able to cover rent voids for 3-4 months based on EDI. No proof of income is usually required except where basic rate tax payer and then ONE piece ie latest payslip is required (nothing if buying through a LTD Co.). Min time in employment, 12 months continuous, 12 months trading if self employed including professional landlords. To qualify as a prof landlord clients need to own min 5 props (ring for exceptions). Bank statements are no usually required however if Tiers 2 or 3 then 3 months salary fed bank statements are required.

No 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...
Maximum Age

80 years at time of application, cannot turn 81 before completion - 115 maximum age limit, 70 years for FTB FTL

80 years at time of application, cannot turn 81 before completion - 115 maximum age limit, 70 years for FTB FTL

Type/Commercial

SPV Limited Company
Standard BTL investment properties such as a house or Flat
HMO's up to a maximum of 6 bed - can also consider HMO' with 6 beds with 2 kitchens

Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages. For properties 11 - 20 LTV is capped at 70% and maximum exposure of £10m.

SPV Limited Company Standard BTL investment properties such as a house or Flat HMO's up to a maximum of 6 bed - can also consider HMO' with 6 beds with 2 kitchens Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages. For properties 11 - 20...
Historic CCJ's & Defaults

Defaults 0 in 72 months
CCJs 0 in 72 months
Missed mortgage/secured loan arrears 0 in 36 months
Unsecured arrears 1 in 12 months, 2 in 36 months (worst status) - must pass credit score.

Payday loans, will be considered at dip stage
No adverse accepted in the last 3 months.

Defaults 0 in 72 months CCJs 0 in 72 months Missed mortgage/secured loan arrears 0 in 36 months Unsecured arrears 1 in 12 months, 2 in 36 months (worst status) - must pass credit score. Payday loans, will be considered at dip stage No adverse accepted in the last 3...

Intermediary Status: da_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_holiday_let
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:0-74999, 75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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 accepted – please see product guide
– 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.
£3,000,000 to 60% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV

HMO/Ltd Co: -
Maximum loan:
£1,000,000 to 70% LTV
£750,000 to 75% LTV
5 Years
35 years
Minimum remaining lease term is 70 years at completion. Can extend lease on completion. In these circumstances key as lease will be and upload full notes on a word document to application when submitting
Considered. Sub letting agreements direct with the council will not be accepted.
Yes - including Aunts and Uncles
No 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.
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.
Yes - can accept secondary applicant on spousal Visa but cannot use their income.
New build flats and houses accepted to product max LTV

****
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

Properties that have any MMC components can be considered providing the property was
constructed by one of the following companies:
Barratt Developments
Bellway
Berkeley
Bloor Homes
Bovis Homes
Crest Nicholson
Galliford Try
Persimmon
Redrow
Taylor Wimpey
If the property was constructed within the last 10 years it will need to benefit from one of the
following warranties:
Advantage HCI
Aedis Warranties Ltd
Building Life Plans
Buildzone
Checkmate (Castle 10)
CRL Management Ltd
International Construction Warranties (ICW)
LABC
N.H.B.C. Guarantee
Premier Guarantee Scheme
Professional Consultants Certificate
Protek
Zurich Municipal “New build”
Houses Max 80%, with adverse max 75%.
Flats and maisonettes not accepted.Exceptions can be considered where the following apply... Block in 100% private ownership, no balcony access in block, good curb appeal, standard construction.
Limited Company and HMO: –
Tracker products – @ higher of pay/revert rate + 2% (min 5.5%)

Please visit BTL calculator at Precise BTL Calculator

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
*********
FTB FTL – The lender performs 2 x affordability assessments. Earned income will be assessed and the applicant will also need to meet the minimum rental stress requirements
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
Yes - Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.
Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Valuation fees paid direct to lender at the lender fee scales
21 years
Will lend in England, Scotland (Postcode permitting) and Wales
Traditional BTL 2 - Ltd Co BTL's 4
Access 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 packager
Soft foot print at AIP

Full Details

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Property Value

Minimum property value £120,000 (we have a little flexibility between £100-£120k), Ex Pat BTL tends to be min value £165,000 as minimum loan is £100,000 but again a little bit of flexibility)

100000-150000, 150001-10000000
Advance (min)

£45,000 (A small amount of flexibility can be applied to the amount on referral sometimes)
Income

No income assessment carried out. Applicants should be able to cover a minimum of 3-month rental voids and confirm this on the application form.

Where a client does not have an income then proof may be sought of a reasonable amount of savings in the background. Rental income is a form of income though.

Furloughed Employees – We will use the 80% or 100% if topped up by employer subject to an employment reference confirming that they will be returning to their role. Extra caution will be taken with high-risk sectors such as Aviation.

No income assessment carried out. Applicants should be able to cover a minimum of 3-month rental voids and confirm this on the application form. Where a client does not have...
Maximum Age

Max Age AT Application - C & I 90 and Interest Only 89. (5 Year Term max at these ages)

Max Age AT Application - C & I 90 and Interest Only 89. (5 Year Term max at these ages)

Type/Commercial

Single units only.

Single units only.
Historic CCJ's & Defaults

No defaults in the last 3 years and any over 3 years must have been satisfied 3 years ago
CCJ's - will consider 1 satisfied under £500 in the last 3 years, all other CCJ's must have been satisfied over 3 years ago
1 communication supplier issue may be considered if under £500 and satisfying subject to a suitable explanation

Missed mortgage payments, 1 in last 12 months but none in last 6 months with a suitable explanation.

No defaults in the last 3 years and any over 3 years must have been satisfied 3 years ago CCJ's - will consider 1 satisfied under £500 in the last 3 years, all other CCJ's must have been satisfied over 3 years ago 1 communication supplier issue may be considered...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum – No Maximum Portfolio or LTV size if we are not lending on them
– A minimum rental stress – The portfolio should just be making a profit as a whole

Portfolio Landlord Criteria
– No maximum limit with us but looked at on a case by case basis – Each property that is brought to us must meet our criteria as a rule of thumb. We have internal limits so any portfolios should be discussed with us first to assess our current appetite

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

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Required
– Cashflow Statement – Not required
– Asset & Liability Statement – Required

* Lender will accept client versions so long as covers the lenders minimum requirements.
60% LTV to £500,000 property value and 50% up to £750,000 (£1million inside Greater London Area) to allow for Desktop valuation.
50% LTV to £3 million loan amount and 50% LTV above this
5 years
40 years
50 plus mortgage term
No
Yes, considered
Max Age AT Application - C & I 90 and Interest Only 89. (5 Year Term max at these ages)
6 months as a rule however if bought with bridging finance these can be considered sooner subject to a suitable explanation (e.g. Unable to mortgage at the time of purchase).
No
Yes, required
New Build houses accepted

Flats - No

New build is defined as built in the last 12 months, or has not previously been occupied.
LATS - No (inside M25 maybe considered by exception)

Houses - Yes

Accepted up to product maximum LTV, subject to the following conditions:
Standard Construction Only
No Deck Access
Valuers Comments
Individual or Ltd Co 145% at 5.50 or variable rate if higher when the case is a purchase or capital raise remortgage. £4£
Remortgages are 130% at 5.50% or variable rate if higher.

Cases on a 5 year Fixed can be assessed at Pay Rate x 145%/130% as before
Yes but only at 145% of Payrate on a 5 Year Fixed or 5.50 if not. 130% rule does not apply.
No
1 in last 12 months but 0 in last 6 months, 2 in last 36 months
Paid direct to the lender at the lender fee scales. Free Valuations on Residential Purchase and Remortgage cases up to £500,000 (Discount of £360 above that value)
18 years old
Will lend in England and Wales.
4.
Access to Family BS is available via selected packagers networks.
Hard on application with Equifax
1 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:

Where possible we work off the latest years figures but reserve the right to use a 2 year average

- Has a track record in the trade; or is
- Able to demonstrate guaranteed income within the next accounting period; or
Moved purely from ST to Ltd Co same sole Director

Contract Workers - Min Contract £75,000 - Can then work of Contract income 46 weeks x Day rate

Full Details

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Property Value

£75,000 Standard £120,000 HMOs & Multi Units £75,000 for HMO in qualifying areas - BB, BD, CA, CW, DH, DL, FY (Excluding FY1-FY4), HD, HX, L, LA, M, NE, OL, PR, SK, TS, WA, WF, WN, YO if none of these, then £120,000

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£30,000
Income

Combined total income from all applicants of £25,000 for UK based applicants.

£15,000 (Combined) for experienced landlords with more than 24mnths rental experience

For First Time Buyer First Time Landlords then minimum employed income is £85,000

Combined total income from all applicants of £25,000 for UK based applicants. £15,000 (Combined) for experienced landlords with more than 24mnths rental experience For First Time Buyer First Time Landlords...
Maximum Age

95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage term

95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage term

Type/Commercial

Residential BTL properties in a condition to be let. No commercial properties. First Time Buyer First Time Landlord accepted with minimum employed income of £85,000.

Property value must exceed £75,000
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.

Large HMOs/MUFBs up to 12 units

Residential BTL properties in a condition to be let. No commercial properties. First Time Buyer First Time Landlord accepted with minimum employed income of £85,000. Property value must exceed £75,000 Must be suitable for letting at completion Must be in an area with strong rental demand as determined by our...
Historic CCJ's & Defaults

No defaults OR CCJ's registered in the last 24 months. If over 24 months then considered on a case by case basis

No defaults OR CCJ's registered in the last 24 months. If over 24 months then considered on a case by case basis

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_ltd_expat, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_hmo_over_8
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): above-25000
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 number of properties with Landbay to an aggregate borrowing of up to £5mill
– 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
£750,000 to 75% LTV
£600,000 to 60% LTV

HMO
70% - £750,000
5 years
30 years
60 years at completion of mortgage with 55 years remaining at end of term
Yes
Refer - case by case
Refer - case by case
No minimum
Yes.
Can accept Spousal visa’s - subject to review.
Maximum Loan to value 70%. Maximum advance on a new build is £750,000 within the M25 and £500,000 outside of the M25.
Houses (Yes) Flats (Case by case basis). The majority of the block/immediate surrounding area should be privately owned.
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%.
Landbay may consider cases that fail the initial minimum coverage ratio (above) if it is indicated appropriate to do so by using an affordability model. The Landbay affordability model will take into account a number of elements including other income.
No
No - currently the credit insight data is reviewed as oppose to score
£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.
21 years
Will lend in England and Wales
4
Access to Landbay is available via selected packagers only, of which 3mc are one
Hard credit search

Full Details

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Property Value

£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

0-74999, 75000-100000, 100000-150000, 150001-10000000
Advance (min)

£50,000
Income

No Minimum Income

No Minimum Income
Maximum Age

80

80

Type/Commercial

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.

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) and SASS's
Ex-pats
Offshore LTD Companies and Trusts considered - Minimum loan size must be £750,000. Maximum loan size of £1,000,000 applies when based in Gibraltar. Where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands then these would not be accepted.
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: -

• Non-refurbishment STL
• Specialist BTL (including large loans)
• Commercial investment product ranges

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 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. Individuals (UK and EU nationals residing in the UK) LTD Company (UK Incorporated) PLC (UK Incorporated) LLP (UK Incorporated) Trusts (Minimum...
Historic CCJ's & Defaults

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.

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...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_ltd_trading, customer_ltd_expat, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_hmo_over_8, type_commercial, type_semi_commercial, type_holiday_let
Max Age: max-age-70-75, max-age-76-80
Property Value:0-74999, 75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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
£15,000,000 per client to 75% LTV. Higher is considered by exception.
Loans over £750,000 have specialist rates Exceptions and portfolios considered.
3 years
30 years
85 years remaining at term expiry, less considered to 55 years remaining at the end of the term subject to positive valuer commentary
Accepted
Yes - Gift letter should be completed. Has to include copy of donor’s identity and a bank statement showing funds in a UK bank account
Yes - 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 required
No minimum ownership period before remortgage considered. Will lend against OMV within 6 months subject to criteria.
Yes (unless Ex-Pat)
All new builds considered.
Ex-local houses considered.
Ex-local flats considered.
Limited Company: –
(5 year fix, 10 yr term)125% @ Pay rate AND Outside Portfolio check 110% @ 7%

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

Outside Portfolio check 100% @7%

*******
Lower 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%

********
Higher Rate Tax Payer: –

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

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

********

Shawbrook HMO: –

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

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

********
Lower Rate Tax Payer: –

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

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

********

Higher Rate Tax Payer: –

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

(Variable rate & fixed up to 5 years) Margin + 2.40% stress min 5.5% x 160% AND Outside Portfolio check 100% @ 8%
*********
Remortgage of residential into a BTL accepted
No
Adverse considered on a case by case basis. Missed mortgage payments over 12 months ago considered.
Paid direct to lender at the lender fee scales
21 years
Will lend in England, Wales and Scotland
No maximum
Access to Shawbrook Bank is available via selected packagers only.
Hard foot print

Full Details

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Property Value

£75,000. £100,00 for HMO's up to 10 beds. £150,000 for 11 + bed HMO's. Multi-Units - Min Val for; 2 -10 units is £100,000 11 - 20 units is £150,000

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£30,000
Income

£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.

£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...
Maximum Age

80 years old - up to 85 years old by exception only.

80 years old - up to 85 years old by exception only.

Type/Commercial

Standard BTL investment properties such as a house or Flat
Multi Units
HMO's
Studio Flats @ 30sqm

Standard BTL investment properties such as a house or Flat Multi Units HMO's Studio Flats @ 30sqm
Historic CCJ's & Defaults

A comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants.

Paragon 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 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.

A comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants. Paragon 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...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_hmo_over_8, type_holiday_let
Max Age: max-age-70-75, max-age-76-80, max-age-81-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): above-25000
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 Exclusives) & £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 Paragon Bank Forward Funding Facility Subsequent Application

Paragon Bank Forward Funding Facility Information Sheet
£2,000,000 to 65% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV
5 years
25 years
Minimum years remaining on a leasehold property 85 years at the start of the mortgage with at least 65 years remaining at the end of the term of the mortgage. Can consider a lower lease if this is to be extended on completion.
Yes
Yes
No
No restriction - refer.
Applicant / Company must own the property if it is a mortgage.
Yes
Yes
Yes - Refer
Expatriate applicants and LLP’s with expatriate members 140%
Limited company with expatriate directors 130%

Expatriate applicants and LLP’s with expatriate members 140%
Limited company with expatriate directors 130%

Please see product guide for rate use
Yes - Will consider let to buys with no onward purchase as long as the client has already moved out of the property upon the time of application – Consent to let is NOT required. Must have credit at the new address.
Yes - Equifax
None with last 24 months.
Paid direct to lender at the lender fee scales
21 years
Will lend in England and Wales
4
Access to Paragon is available via selected packagers only
Hard foot print at DIP/AIP stage

Full Details

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Property Value

£100,000 across all BTL range

100000-150000, 150001-10000000
Advance (min)

£40,000
Income

£20,000 for all BTL products

£20,000 for all BTL products
Maximum Age

85 years old

85 years old

Type/Commercial

Must be Resi BTL, no semi or commercial properties allowed.

LIMITED COMPANY
Maximum Directors/ Partners Maximum of 2 - must be UK residents.

Non-Trading investment company
A Special Purchase Vehicle (SPV) can purchase a property from a related limited company or related individual subject to:
• Same ultimate owners
• Transfer at full open market value
• All shareholders within a shareholding of 10% or
more are required to provide joint and several
guarantees (unless < 50% LTV on Specialist
Standard product)
• Deposit can come from directors’ loan account
• Debenture not required
Trading companies Minimum 18 months trading.

Most recent accounts required to evidence company is profitable.

All shareholders with a shareholding of 10% or more are required to provide joint and several personal guarantees.

HOUSES OF MULTIPLE OCCUPANCY (HMO)

Definition Minimum 3 tenants, forming more than 1 household, sharing facilities.
Max bedrooms 6.

License requirements:
As per council requirements, a copy will be required if applicable.

Must be Resi BTL, no semi or commercial properties allowed. LIMITED COMPANY Maximum Directors/ Partners Maximum of 2 - must be UK residents. Non-Trading investment company A Special Purchase Vehicle (SPV) can purchase a property from a related limited company or related individual subject to: • Same ultimate owners •...
Historic CCJ's & Defaults

Any under £300 ignored, over £300 and within the last 3 years declines application with Masthaven.

Any under £300 ignored, over £300 and within the last 3 years declines application with Masthaven.

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single, type_hmo_upto_6, type_holiday_let
Max Age: max-age-81-85
Property Value:100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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 8 properties in total, and £2,000,000 max with Masthaven
– No limit on the loan size of existing portfolio with other lenders – 8 properties maximum

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – All cases
NB – Portfolio assessment will be valid for 12 months to reduce requirements on subsequent applications providing there are no material changes.
£1,000,000 up to 70% LTV
£600,000 up to 75% LTV
35 years
21 years old
75 years remaining on the lease at the end of the loan term
No
Yes - unlimited
Yes - unlimited
6 months minimum ownership
Consumer Buy to Let subject to the advising broker holding the relevant FCA permissions required to advise on such applications.
Yes, required for all applicants
Yes – Specialist Standard product – 75% max LTV for houses and flats up to 10 floors – 11-20 Floors is Specialist Property product and 70% LTV
Commercial property underneath on referral.
Will lend on ex-local authority houses only if the pre-emption has expired.
We will consider lending on ex-local authority flats/maisonettes up to a maximum 70% LTV, providing the valuer confirms undoubted mortgageability and marketability.
125% for standard rate

140% for higher rate – all 2 year products stressed at the higher of payrate or reversion, all 5 year deals stressed on payrate.

Background Portfolio Requirements – Minimum ICR is 140% on security property, 140% on whole portfolio with no single property below 100%

Non portfolio landlords – Minimum ICR 125% if basic rate tax payer, 140% if higher rate tax payer

UK Ltd Company/LLP/SPV is 125%

HMO`S 140%
Not considered
No
Paid direct to lender and related to lender fee scales
21 years
England, Wales and mainland Scotland
2 individuals, 2 limited company directors
Access to Masthaven Bank is to a selective panel of mortgage packagers
Soft search on DIP, Hard at AIP. Equifax only

Full Details

View Lender Page

Property Value

£75,000

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£100,000
£200,000 Semi Commercial loans
Income

No Minimum Income

No Minimum Income
Maximum Age

85 at the end of the mortgage term

85 at the end of the mortgage term

Type/Commercial

HMO’s, student BTL. Multi-unit on 1 title and semi commercial currently. - up to 20 bedrooms/units
70% Max for HMO/MUFB

HMO’s, student BTL. Multi-unit on 1 title and semi commercial currently. - up to 20 bedrooms/units 70% Max for HMO/MUFB
Historic CCJ's & Defaults

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.

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.

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_ltd_trading, customer_ltd_expat, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_hmo_over_8, type_commercial, type_semi_commercial, type_holiday_let
Max Age: max-age-70-75, max-age-76-80, max-age-81-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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
£1,500,000 to 75%. for single units - £70% LTV for <7 bed HMO/MUFB Exceptions and portfolios considered.
2 year term for all applicants
30 years
65 years remaining at the end of the proposed mortgage term
Consider DSS/DWP - but case will refer, subject to location and surrounding area.
Yes - from a direct relative
Yes - Family members credit needs to be checked
No minimum ownership period before remortgage considered. All cases considered on own merits
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.
All new builds considered.
HMO (70% LTV)
New Build Flats up to max 75%
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.
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 <7 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: The Debt Service Cover Ratio (DSCR) is 125% of pay rate
Considered
No
No Adverse in the last 2 years
Paid direct to lender at the lender fee scales
20 years
Will lend in England and Wales
No maximum
Access to InterBay commercial is available via selected Key Partners only
Soft foot print only

Full Details

View Lender Page

Property Value

Minimum property value £70,000

0-74999, 75000-100000, 100000-150000, 150001-10000000
Advance (min)

£25,001
Income

£30,000 per application (no foreign currency income and rental income cannot be the principal income source. Rental income from the security property must also be excluded).
Rental income can be taken into account, as long as it is not more than 50% of their income.

£30,000 per application (no foreign currency income and rental income cannot be the principal income source. Rental income from the security property must also be excluded). Rental income can be...
Maximum Age

Maximum age is 85 years old at the end of the mortgage term

Maximum age is 85 years old at the end of the mortgage term

Type/Commercial

Remortgage only: -

Houses: private and ex-local authority or social housing
Flats & maisonettes: private only

New build: -
A property is to be considered new if it is a first sale by the builder
However, properties which have not sold on physical completion will be considered on an individual basis

Timber framed construction:

Modern timber framed properties clad with masonry are considered as acceptable
Timber framed properties which are not deemed to be of a modern type clad with masonry will be reviewed on an individual basis and will be considered on their merits

Flying freeholds:
Flying freeholds will only be considered up to 20% of the total property area

Coal mining and other forms of extraction:
Any properties with a coal mining or metalliferous mining entry/feature within 20m of any building will not be considered

Electromagnetic fields:
Any properties within 100m of above ground high voltage electrical supply apparatus will not be considered

Contaminated land:
Where there is potential for contaminated land, a pass certificate must be available from an appropriate body

Japanese knotweed:
Where a property has Japanese knotweed (or any other invasive weed) located within or immediately adjacent to the site defined as category 4, 3 or 2 in RICS paper IP 27/2012, it will not be considered

Solar panels:
Properties where solar panels have been installed and are subject to a lease agreement will not be considered
If the solar panels are owned outright, the application will be reviewed on a case-by-case basis

Do not consider non-standard construction

20% maximum flying freehold

Remortgage only: - Houses: private and ex-local authority or social housing Flats & maisonettes: private only New build: - A property is to be considered new if it is a first sale by the builder However, properties which have not sold on physical completion will be considered on an individual...
Historic CCJ's & Defaults

Maximum allowable adverse: -

None in last 12 months
Total combine CCJ value of £2,500 accepted
Check product range for further information.

****
Unsecured credit: -

Fixed Term - None in the last 6 months.

Revolving credit - Missed payments considered if none in the last 12 months

On Pepper 24, 18 and 12 products we will ignore 2 individual defaults (per application) up to and including £150.00 each where these defaults relate to utilities, communications or mail order providers.
****
All other unsecured must be up to date in the last 6 months
Unsecured can be no more than 2 months in arrears in months 7 to 12
Unsecured arrears are ignored after 12 months i.e, month 13 onwards
****
Bankruptcy Discharged > 6 years ago Max Loan Size
IVA Discharged > 6 years ago
****
Debt Management Plan - None current and None in last 12 months.
We will consider applicants whose debt management plans completed or finished more than 12 months ago.
****
Repossession None in the last 6 years
****
Doorstep Loans/Payday Loans - None current and None in last 12 months
Any applicant who currently has a payday or doorstep loan will be declined. We will consider applicants whose payday or doorstep loan finished more than 12 months ago.

Maximum allowable adverse: - None in last 12 months Total combine CCJ value of £2,500 accepted Check product range for further information. **** Unsecured credit: - Fixed Term - None in the last 6 months. Revolving credit - Missed payments considered if none in the last 12 months On Pepper...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single
Max Age: max-age-70-75, max-age-76-80, max-age-81-85
Property Value:0-74999, 75000-100000, 100000-150000, 150001-10000000
Income (min): above-25000
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio

– The overall portfolio will be assessed to ensure affordability is present to support it moving forward .

Portfolio Landlord Criteria

– Up to 3 with Pepper Money to an aggregate borrowing of £3m

– Maximum of 9 Buy to Let properties, including the application property(s)

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
£1 million (including fees)
Up to £1 million available to 75% LTV
5 years
35 years
Must have a minimum unexpired term of 85 years at the time of application.
No
No
No
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.
No
Applicants 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.
Houses - Yes
Flats/Maisonettes - No
Houses - 75% LTV Max
Flats - 75% 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
Ltd company BTL – 125% of product rate for 2 years deals and pay rate for 5 year fixed deals

Individual – 140% of product rate for 2 year deals and 5yr fixed deals available @ 140% of pay rate

Individual – rental calculation is 140% x the highest of Pay rate or Reversion rate + 2%
rental-pay-rate-yes
Let 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.
Pepper Money credit check, not credit score
Can consider dependent on product selection. Applicant(s) must be up to date at the point of the application and must not have any arrears reported in the last 6 months.
Valuation fees paid direct to lender
21
England and Wales only
2 applicants
Access to Pepper Money is available via selected packagers & distributors
Soft credit search

Full Details

View Lender Page

Property Value

£75,000 - unless low loan range £60,000

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£30,000 for low loan range
£50,000
£500,000 for large loan range excluding fees
Income

No requirement - any income must be from a legal source, and will be assessed on the bank statements used to support the BTL application.

No requirement - any income must be from a legal source, and will be assessed on the bank statements used to support the BTL application.
Maximum Age

No maximum age for Limited Company applications. 85 for individual applications

No maximum age for Limited Company applications. 85 for individual applications

Type/Commercial

Up to 8 Bed HMO's and up to 10 units on 1 title. They offer true no minimum income BTL lending.

Exclusive available with No ERC's on a discounted product - see lender page for further details

HMO's and Multi units not available to first time landlords

Also - a First time landlord product is available for non-owner occupiers, however not for first time buyers. Foundation Home Loans define a first time buyer as someone who has never owned a property – either outright, or with a mortgage – ever. First time landlord is someone who has not owned a buy to let property within 2 years prior to application for this lender. Will not consider first time landlords
********
If block of flats has over 3 storeys with cladding, it will not be considered.
Ltd company considered - 1 director must meet criteria.
Based on AST rental - however, not required to have AST in place
No to serviced apartments

Short term lets are considered

Up to 8 Bed HMO's and up to 10 units on 1 title. They offer true no minimum income BTL lending. Exclusive available with No ERC's on a discounted product - see lender page for further details HMO's and Multi units not available to first time landlords Also - a...
Historic CCJ's & Defaults

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.

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...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_ltd_expat
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_holiday_let
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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
£100,000 on low loan range (Available to Portfolio landlords only)
£2,000,000 on Large loan range up to 65% LTV
£1,500,000 on loan for both individual units and HMO/MUB up to 65%
£1,000,000 up to 75% LTV
5 years
30 years
50 years remaining on the lease at the end of the mortgage term
Acceptable
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.
No
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.
All applicants must be resident in the UK at the time of application and have indefinite right to remain or indefinite right of entry.
Applicants would normally have been permanently resident in the UK for the last three years
Houses - Yes, to 75% LTV

Flats: - Definition: Properties that have been built or significantly altered or refurbished within the last two years.

Significantly altered or refurbished is further defined as properties that have had structural or planning changes sufficient to change the occupancy or use class of the property.

New Build Flats:
• Lending to a maximum of 70% LTV
• Lending limit: No more than 5% of a single block of flats/development subject to a minimum of two units
• Off-plan: We will allow off-plan subject to a satisfactory re-inspection prior to release of funds
• Interest rate coverage must reflect ground rent and service charges where these are deemed to be onerous by the valuer

Properties with schemes and restrictions are not considered such as Section 106 restrictions, Keyworker/affordable housing schemes, shared equity.
Flats and maisonettes – Considered on a case by case basis.
Houses - Yes, subject to valuers comments and good marketability (not First Time Landlords).

If block of flats has over 3 storeys with cladding, it will not be considered.
For Individual and Limited Company products: – 145% of pay rate (5 year fixed products) or 5.50% notional rate for all other products
No
Yes
Considered, Product specific, refer to product guide. Assessed on worst status and not missed payments.
Valuation fees paid direct to lender at the lender fee scale.
21 years old
Will lend in England and Wales only
Maximum 2
Access to Foundation Home Loans is available via selected packagers only.
Hard foot print

Full Details

View Lender Page

Property Value

£50,000 (£120,000 London & South East) £120,000 for HMO £150,000 for properties above commercial premises

0-74999, 75000-100000, 100000-150000, 150001-10000000
Advance (min)

£25,001
Ltd Co and LLP cashback products - £75,000
Income

No minimum income

No minimum income
Maximum Age

80 at application; 95 at the end of the mortgage term

80 at application; 95 at the end of the mortgage term

Type/Commercial

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 Leaseholds flats considered

Minimum sizes as follows: -

40 sqm if outside of London.
30 sqm if inside of London- if less than it is by referral only, 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.

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 Leaseholds flats considered Minimum sizes as follows: - 40 sqm if outside of London. 30 sqm if inside of...
Historic CCJ's & Defaults

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 – 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...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:0-74999, 75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio

– A minimum rental stress of 125% at 5.5%

Landlord Criteria

– Up to an aggregate borrowing of £5m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Submission form only – All portfolio landlord cases

*
NB – Portfolio assessment will be valid for 6 months to reduce requirements on subsequent applications

Eligibility window for portfolios – Multi App product – 6 months for Portfolio landlords and 3 months for Non-Portfolio

Details of all properties held by applicants should be included in the Portfolio Schedule, including
unencumbered properties.
£3,000,000 up to 70% for a single unit BTL (Ind / Ltd co)
£600,000 up to 75% if New Build Flat / Above Commercial
5 years
35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 50 years).
50 at the end of the mortgage term
Yes
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. ********* 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.
Considered, up to 75% LTV. Must NOT be a consumer BTL.
Minimum time previously owned by vendor - 6 months, unless bought on a bridge or by cash, then can consider under 6 months ownership.
Yes
Houses and flats up to 75% - if 75% required then max loan is £600,000.
Up to 70% then max loan £1.5mill.
*****
Vendor/ Builder Gifted deposit
New Build – First time occupation, up to 5%, greater than 5% considered on a case by case basis.
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
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.
*****
A minimum rental calculation for background portfolio of 125% @ 5.5%. No current maximum 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 application
No, but does have a minimum score which is very low.
Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc
21 years
England, Scotland and Wales.
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
Access to TML is available via selected packagers only

Full Details

View Lender Page

Property Value

£75,000 min

100000-150000, 150001-10000000
Advance (min)

£50,000
Income

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).

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,...
Maximum Age

85 years at end of the mortgage term

85 years at end of the mortgage term

Type/Commercial

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 discuss options for the Valuation. Kent Reliance can also lend on student lets. Up to 6 flats on 1 title allowed. Available in SPV Ltd Co and individuals.
Must already own a HMO property.

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 discuss options for the Valuation. Kent Reliance can also lend on student lets. Up to 6 flats on 1 title allowed. Available in SPV Ltd...
Historic CCJ's & Defaults

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

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

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_ltd_expat, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8
Max Age: max-age-70-75, max-age-76-80, max-age-81-85
Property Value:100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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
£3,000,000 up to 75% LTV
5 years
35 years
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%
No
Yes
Yes
6 months minimum ownership required
No First Time Buyers.

*****
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.
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.
New Build houses max 85% LTV
New Build Flats max 75% LTV
Renovation/conversion max 70% LTV
Houses accepted to 85% LTV.
75% LTV flats, block must be 80% privately owned
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%
****
LTD Company required ICR is 125%

********
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%
****
LTD Company required ICR is 145%
****

• 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.
Remortgage of Residential into BTL accepted
No
Missed mortgage payments over 3 years considered
Paid direct to lender at the lender fee scales
25 years
Will lend in England and Wales.
Maximum 4 Applicants. Including SPV Limited Company
Access to Kent Reliance is direct to lender with 3mc as your payment route
Soft foot print, hard foot print upon full application

Full Details

View Lender Page

Property Value

£75,000

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£70,000
Income

No 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.

No 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...
Maximum Age

85

85

Type/Commercial

Ltd Company lending up to 75% on Standard units

Ltd Company lending up to 75% on Standard units
Historic CCJ's & Defaults

Ignored if registered over 24 months (communications Defaults ignored)

Ignored if registered over 24 months (communications Defaults ignored)

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6
Max Age: max-age-70-75, max-age-76-80, max-age-81-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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

– No maximum number of properties with Kensington but up to max aggregate borrowing of £2m
– 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
Max loan amount of £500,000 across all LTV's - Max 70% LTV
5 years (10 interest only)
40 years
35 years at the end of the mortgage term
No
No Gifted deposits on BTL’s are not acceptable on loans on £500k or for those applicants who currently own a BTL property. For BTL (non-Limited Company): Gifted deposits are acceptable from immediate family members (parents including step- parents, grandparents, other family member such as non-dependent child, brother, sister, uncle or aunt). A Donor Gift Deposit Declaration letter, ID and evidence of funds may be required. Where the donor is not a parent or grandparent, they must be a UK homeowner. For Limited Company applications: Deposits for Limited Company applications must be accrued from Directors personal funds or, in some cases, a Director loan is an acceptable source of deposit as it is not treated as a Gifted deposit. Gifted deposits are only acceptable from a Company Director. Gifted deposits from family members are not acceptable deposits. Where a deposit is received from another Limited Company, this can be acceptable, provided there is at least one common shareholding director. Where the structures are different, the deposit is only acceptable where the funds are made as a Directors loan rather than as a Gift.
No Gifted deposits on BTL’s are not acceptable on loans over £500k or for those applicants who currently own a BTL property. For BTL (non-Limited Company): Gifted deposits are acceptable from immediate family members (parents including step- parents, grandparents, other family member such as non-dependent child, brother, sister, uncle or aunt). A Donor Gift Deposit Declaration letter, ID and evidence of funds may be required. Where the donor is not a parent or grandparent, they must be a UK homeowner. For Limited Company applications: Deposits for Limited Company applications must be accrued from Directors personal funds or, in some cases, a Director loan is an acceptable source of deposit as it is not treated as a Gifted deposit. Gifted deposits are only acceptable from a Company Director. Gifted deposits from family members are not acceptable deposits. Where a deposit is received from another Limited Company, this can be acceptable, provided there is at least one common shareholding director. Where the structures are different, the deposit is only acceptable where the funds are made as a Directors loan rather than as a Gift.
12 months minimum ownership before remortgage considered. Will lend against OMV no restrictions on maximum advance
Yes
Yes
Yes - refer
BTL Range: – Use lender calculator
Yes
No
None in last 24 months
Paid direct to lender at the lender fee scales
At least one applicant should be a minimum of 25 years old. All applicants must be at least 18. At least one of the directors of the Limited Company must be aged 25 or over. All other directors must be at least 21.
We will lend in England, Wales and Scotland (Main Land).
2
Packaged for the Specialist Distributor Ranges

Full Details

View Lender Page

Property Value

£75,000 (£150,000 - London) Standard - £150,000 (£250,000 - Greater London) HMOs & Multi Units £150,000 elsewhere.

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£50,000 including HMO
Income

£30,000 across all applicants

£30,000 across all applicants
Maximum Age

85 at the end of the mortgage term

85 at the end of the mortgage term

Type/Commercial

Houses
New builds (with full certificates in place) Flats to 70% LTV
HMO Flats across the UK
Flats
Maisonettes
Apartments including new builds
HMOs (up to 15 rooms) and Multi Unit Freehold
HMOs with kitchenettes will be limited to 70% LTV
Flats in blocks up to 5 storeys
Flats up to 10 storeys In Greater London
accepted subject to valuers commentary.
Ex-local authority flats considered If in a privately owned block (Greater London only)

Houses New builds (with full certificates in place) Flats to 70% LTV HMO Flats across the UK Flats Maisonettes Apartments including new builds HMOs (up to 15 rooms) and Multi Unit Freehold HMOs with kitchenettes will be limited to 70% LTV Flats in blocks up to 5 storeys Flats up...
Historic CCJ's & Defaults

Tier 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.

Tier 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.

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_hmo_over_8
Max Age: max-age-70-75, max-age-76-80, max-age-81-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): above-25000
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
Single units : - £750,000 up to 75% LTV

HMO - £500,000 up to 75% LTV

£2 million at 70% LTV for standard properties and small HMOs, and up to £3 million for Large HMOs and MUFBs.

Up to £5mill with a maximum of 20 properties aggregated.
7 years
30 years
65 years at the end of term
Yes, can consider
Accepted
Accepted
No minimum although valid explanation required if remortgaging prior to 6 months
Must have 3 year UK residential history and permanent right to reside (tier 1 Product pricing)
Accepted - Flats to 70% LTV max
Accepted

New builds are defined as a property that has never been occupied or has been constructed or converted within the last 12 months.-
Single Unit Properties: –
Basic rate taxpayers (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 taxpayers (20%) 130%

Limited company or LLP 130%

Higher rate taxpayer (40%) 145%

Additional rate taxpayer (45%) 145%

Refinance (no capital raised) 135%

@ 5% or 4.19% if using 5 year fixed product
No
No credit scoring, credit check only
Please see product guide for further details on valuation fees.
21 years
2 indivdual, 4 Company Directors
Access to LendInvest is available via selected packagers only, of which 3mc are one

Full Details

View Lender Page

Property Value

No minimum value
Advance (min)

£100,000
Income

£25,000

£25,000
Maximum Age

No maximum - all "later" life lending will be reviewed by credit committee during dip/application process.

No maximum - all "later" life lending will be reviewed by credit committee during dip/application process.

Type/Commercial

Single units - including freehold and leasehold.

Single units - including freehold and leasehold.
Historic CCJ's & Defaults

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.

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...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_ltd_spv
Property Type: type_single
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:
Income (min): no-min-income, above-25000
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
£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
5 years
40 years
85 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.
Yes to DSS
Yes
Accepted, 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.
6 months minimum ownership required
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.
New build houses accepted

New build flats accepted
Houses - Yes, up to product max

Flats - Yes, up to 4 storeys and no deck access.
125% @ 5.5% on single unit – unless 5 year fixed, then calculated at product pay rate.
Yes - 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.
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.
Valuation fees paid direct to lender at the lender fee scales.
21 years
Will lend in England and Wales
4 applicants / directors
Access to Hinckley & Rugby BS is available via 3mc - currently piloting a Ltd Company BTL scheme

Full Details

View Lender Page

Property Value

Loan to value maximum 70% based on acceptable valuation

75000-100000, 100000-150000, 150001-10000000
Advance (min)

Bank preference - £150,000 for new borrowers
Income

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

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

No maximum age

No maximum age

Type/Commercial

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

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

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

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

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

Allow single name into a limited company name using a directors loan and must be at market value

Must be UK registered

First charges on land and buildings, personal guarantees from business owners/directors required.

Acceptable property includes:
Freehold and long leasehold (min 40 years on expiry of loan) commercial only.
Freehold and long leasehold (min 70 years on expiry of loan) residential only. HMO’s will be considered for licence holding operators with appropriate experience.
Plus Lending to Trust’s, SIPP/SSAS
Allow single name into a limited company name using a directors loan and must be at market value
Must be UK registered
First charges on land and buildings, personal guarantees from business owners/directors required

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

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

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

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

Commercial Property Valuation includes offices, modern industrial/warehouse units, modern factory units, and retail units with or without living accommodation, investment properties (commercial/residential) Business Valuation – Commercial includes purpose built hotels, guest houses, bed & breakfast, with more than 6 letting rooms, purpose built restaurants, take-aways or restaurant units with letting...
Historic CCJ's & Defaults

A maximum of one satisfied CCJ/Default up to the value of £2000 within the last 24 months, with none in the last 12 months. Any CCJ's prior to the 24 month period must be satisfied.

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

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

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

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

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

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

Explanations for all CCJs, defaults, secured/unsecured arrears bankruptcy discharges,IVAs, debt management agreements, pay day loan agreements will be required at decision in principle or full mortgage application.

A maximum of one satisfied CCJ/Default up to the value of £2000 within the last 24 months, with none in the last 12 months. Any CCJ's prior to the 24 month period must be satisfied. Unsecured arrears - for Mail order, Utility accounts, communication contracts & credit cards. Underwriter can...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv, customer_ltd_trading, customer_ltd_expat, customer_expatriate
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6, type_hmo_upto_8, type_hmo_over_8, type_commercial, type_semi_commercial, type_holiday_let
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
Maximum loan up to £10m
3 years
25 years (Commercial Owner Occupier and Commercial Investor) 30 years (Residential Investor)
Reviewed on a case by case basis
Accepted
Yes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.
Yes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.
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
Yes (unless Ex-Pat)
All new builds considered.
Houses and flats considered - Up to 70%
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
No
No
Considered on a case by case basis
Valuation fees paid direct to lender at the lender fee scale.
18 years
Will lend in England, Scotland and Wales
No maximum
Access to Cambridge Counties is available via selected packagers only.
Hard foot print upon full application

Full Details

View Lender Page

Property Value

£75,000 single unit, unless Flat above commercial, MUFB or HMO - £100,000

75000-100000, 100000-150000, 150001-10000000
Advance (min)

£50,000
Income

No 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

No 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...
Maximum Age

89 years at application, 95 years old at completion.

89 years at application, 95 years old at completion.

Type/Commercial

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% (up to £750,000)

HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.

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% (up to £750,000) HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.
Historic CCJ's & Defaults

Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 24 months.

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

Defaults: - No defaults must have been registered within the last 24 months

Payday loans - None in last 6 years

Credit Cards: - No more than 1 month in arrears in last 24 months and no arrears in the last 6 months

Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 24 months. CCJ's: - Maximum 1 up to £250 in the last 3 years and satisfied. None in last 12 months. Defaults: - No defaults must have been registered within the last 24 months Payday loans -...

Intermediary Status: da_intermediary, hlp_intermediary, pms_intermediary, sesame_intermediary, stonebridge_intermediary, trm_intermediary
Customer Type: customer_individual, customer_ltd_spv
Property Type: type_single, type_multi_upto_5, type_multi_over_5, type_hmo_upto_6
Max Age: max-age-70-75, max-age-76-80, max-age-81-85, max-age-above-85
Property Value:75000-100000, 100000-150000, 150001-10000000
Income (min): no-min-income, above-25000
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
STANDARD (single properties)
Max Loan Amount – £1,000,000 @ 70% LTV.
£750,000 @ 75% LTV
(£2,000,000 in total)

SPECIALIST
HMOs & MUFBs:
Max Loan Amount – £750,000 @ 70% LTV.
(£2,000,000 in total)

New build and flats above commercial premises:
Max Loan size of £750,000 – including New Build properties within the M25 only
Max Loan size for New Build properties outside the M25 is £500,000

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
5 years
35 years
Minimum lease of 70 years remaining at the end of the mortgage term
Yes - as long as the AST agreement is between the individual & not the local authority.
Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
6 months minimum ownership required
No
Yes, must be British National and reside in the UK.
Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
New build and flats above commercial premises:
Max Loan size of £750,000 – including New Build properties within the M25 only
Max Loan size for New Build properties outside the M25 is £500,000
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
Standard properties – Individuals: High rate taxpayers -140% based on higher of Pay rate +2%, reversion rate or 5.5%.
Pay rate for 5 year fixed rates

Basic rate taxpayers- 125% based on higher of Pay rate +2%, reversion rate or 5.5%. Pay rate for 5 year fixed rates

Limited Company: –
125% based on higher of Pay rate +2%, reversion rate or 5.5%. Pay rate for 5 year fixed rates

All MUFBs, HMOs and Flats above Commercial: – Individuals 150% based on higher of Pay rate +2%, reversion rate or
5.5%. Pay rate for 5 year fixed rates

Limited Companies
135% based on higher of Pay rate +2%, reversion rate or 5.5%. Pay rate for 5 year fixed rates
Yes - only when the applicant/director already has rental properties in the background prior to approaching Zephyr.
No, but if score is low then overall case is reviewed at application stage.
No missed payments per mortgage account in the last 12 months and no more than 1 missed payment in the last 24 months
Valuations fees are paid Via DPR - See product guide for details. Products not portable.
21 years
Will lend in England and Wales, including Isle of Wight
4 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.
Access to Zephyr Homeloans is available via selected packagers only
DIP will be a soft footprint with a hard footprint left at FMA - Equifax

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