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Bluestone Mortgages

Mortgage Type

Buy To Let

Property Value (min)

£75,000

Advance (min)

£50,000

Advance (max)

£1,000,000, unless interest only then max loan is £750,000 up to 75%. £500,000 up to 80%

Term (Max)

35 years

Minimum Age

20

Maximum Age

65 at the start of the mortgage term

Family Cash Gift Deposit

Yes

Family Gift of Equity Deposit

Yes

Income (min)

£18,000 for the primary applicant.

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

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

Restrictions

No limited companies, HMOs, company lets or holiday lets

Interest Only Loans (available on Clear & AAA)

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 Properties

Houses only, no to flats

Minimum years remaining on leasehold property

30 years remaining at the end of the term

Minimum Ownership

6 months minimum before remortgage

Permanent rights to reside and remain

Yes

Ex-Patriates

No

New Builds

Yes

Credit Score

No

Rental Calculation

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 & Defaults

Defaults 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 Fees

Valuation fees paid direct to lender

Maximum number of applicants

2-4 applicants

Countries

England and Wales

Access

Access to Bluestone Mortgages is to a selective panel of mortgage packagers

Property Type / Commercial

Can consider Regulated BTL - and will accept an AST

Portfolio Landlords

Portfolio Landlords Not Accepted