Mortgage TypeBuy To Let
Property Value (min)
£500,000 up to 75%
Term (Max)35 years
Maximum Age65 at the start of the mortgage term
Family Cash Gift DepositYes
Family Gift of Equity DepositYes
Income (min)£18,000 for the primary applicant.
First time landlords are accepted - Calculated on personal affordability and 80% of the net rent to be received on the BTL
Bluestone allow use of non-property income to top up the shortfall in rental income (min rental coverage is 112.5% Basic Rate Taxpayer & 112% coverage for Higher Rate Taxpayer).
No furlough can be found on a payslip - this is an outright decline at any point.
RestrictionsNo limited companies, HMOs, company lets or holiday lets
Investment BTL will only now be available on Clear product basis
125% rental for basic rate taxpayer; can be topped up from 112.5% with surplus income
140% rental for higher rate taxpayer; can be topped up from 112% with surplus income
Based on higher of pay rate plus 2% or 5.5%
(5 year fixed on pay rate)
100% affordability calculation (personal income & expenditure) used for all BTL loans on AA, A & BBB and all loans on Capital & Interest, including 50% of Net rent added as income.
The same affordability calculation can also be used on Interest Only loans where the minimum ICR is not achieved.
Interest Only available to First Time Landlords/First Time Buyers, but the loan will be assessed using our affordability calculation (personal income & expenditure) on a Capital and Interest basis.
Let to Buy (Turning Residential into Buy to Let)Yes
Ex-Local Authority PropertiesHouses only, no to flats
Minimum years remaining on leasehold propertyMinimum remaining lease terms for residential to 40 years and 50 years for BTL
Minimum Ownership6 months minimum before remortgage
Permanent rights to reside and remainYes
New BuildsYes - New Build only.
ICR Basic rate tax payers – 125%
High rate tax payers – 140%
Top slicing with income available on Interest only loans with a minimum ICR of 112%
Historic CCJ’s & DefaultsDefaults and CCJ's ignored for product selection purposes if less than £300.
Ignore all communication defaults/CCJ's
None allowed in last 6 months outside of the above criteria unless communications, which are ignored.
No pay day loans in last 12 months
Secured arrears - Based on worst status shown on credit search. Status for last 12 months must be 0. Can consider arrears in months 13-24
Valuation FeesValuation fees paid direct to lender
Maximum number of applicants2-4 applicants
CountriesEngland and Wales
AccessAccess to Bluestone Mortgages is to a selective panel of mortgage packagers
Property Type / CommercialCan consider Regulated BTL - and will accept an AST
Investment BTL will only now be available on Clear product basis.
Portfolio Landlords Not Accepted