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CHL Mortgages Specialist Buy To Let

Mortgage Type

Buy To Let

Property Value (min)

Standard property £75,000
Ex-Local Authority property £100,000
Studio flat £100,000

80% LTV available against ‘standard’ freehold and leasehold properties. Any construction type highlighted by our valuer as non-standard will be restricted to a maximum 75% LTV.
Non-standard property construction max LTV of 75%
Above/adjacent to commercial property max LTV of 75%
MUFB/HMO maximum LTV of 80%

Larger MUFB's - 75% Max LTV
The minimum property value of £150,000 for properties located within the M25, £100,000 elsewhere
At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property
Maximum of 10 units in the block
All units must have separate services

Larger HMO's - 75% Max LTV
All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use, as well as properties requiring considerable alternation to sell as a family home
At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property
Maximum of 10 bedrooms
No limit on the number of lettable rooms
Minimum property value of £150k for properties located within the M25, £100k elsewhere

Short term lets considered

Flat above/adjacent to Commercial £250,000 within M25 (£150,000 All other regions)
Shared House (single unit rental) £75,000
Shared House (room-by-room rental) £250,000 within M25 (£150,000 All other regions)
House of Multiple Occupancy £250,000 (£150,000 All other regions)
Multi-unit Freehold Block £150,000

Advance (min)

£25,001

Advance (max)

£1,000,000 up to 75% LTV
£500,000 up to 80% LTV
Aggregate exposure limits of <= £1m up to 80% LTV and >£1m to £5m up to 75% LTV

Term (Max)

30 years

Minimum Age

Primary applicant 21 Secondary applicant 18

Maximum Age

85, mortgage term must end before the oldest applicants’ 86th birthday

Family Cash Gift Deposit

Parent/grandparent/grandchildren/siblings/children/spouses/civil partners/uncles and aunts – including step/half/in-laws

Family Gift of Equity Deposit

Parent/grandparent/grandchildren/siblings/children/spouses/civil partners/uncles and aunts – including step/half/in-laws Inter-company loan deposits from connected parties accepted

Income (min)

£20,000 combined income per application.

Restrictions

LLP's and LTD Co considered.

Applicants:-

One applicant must be either:
Employed
Self-employed
A contractor
Retired
CHL will not accept any applicant who is under any employment furlough scheme.

Let to Buy (Turning Residential into Buy to Let)

Considered so long as evident not a Consumer Buy to Let and suitable due diligence undertaken

DWP Tenants

Housing Association/ Local Authority – By referral

Ex-Local Authority Properties

Minimum value £100,000.

EX- Local Authority House max LTV 75% EX-Local Authority Flat/Maisonette LTV 70%

Minimum years remaining on leasehold property

Minimum unexpired lease of 75 years at application

Minimum Ownership

6 months providing there is reasonable uplift in the property which can be explained by development works.

Permanent rights to reside and remain

All applicants must have permanent rights to remain in the UK

Ex-Patriates

Not acceptable

New Builds

Yes - Max LTV 75% Houses and 70% Flats/maisonettes

Credit Score

3 years voter roll history CHL will not accept any unsecured credit that has been more than a status 2 in the last 24 months and will only accept one instance of status 1 in the last 12 months, but this cannot have been in the last six months.

Rental Calculation

Basic rate tax payer and Ltd Co from 125%

Higher rate tax payer from 145%.

All 5 year fixes at pay rate

Historic CCJ’s & Defaults

Unsecured Arrears: 0 in 6 months, Status 1 in 12 mths (Max. 1 instance), Status 2 in 24 months Secured arrears: 0 in 6 months, Status 1 in 24 months (Max. 1 instance)
Defaults: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months
CCJ’s: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months

Valuation Fees

Payable to the lender at the lender's fee scales - see CHL website/product guide

Maximum number of applicants

4

Countries

Mainland England, Isle of Wight and Wales only

Access

CHL are available via selected packagers, of which 3mc are one.

Property Type / Commercial

Standard Freehold property max 5 bedrooms
Standard Leasehold house/flat/maisonette
Ex-local authority house
Ex-local authority flat/maisonette
Studio flats more then 30sqm
Flat above/adjacent to Commercial subject to valuers comments

CHL - Light refurb range: - three products: Light Refurbishment, Cosmetic Improvement and EPC Improvement. The first two products are designed to increase the future asset/rental value of the property, with the latter a Green Mortgage option which is specifically designed to improve the energy efficiency of the property.

Lending will be calculated on the pre-works value with a retention held based upon the post-works estimated valuation.
75% Max LTV: -

- Cosmetic Improvement – designed for improvement works to improve the cosmetic appearance of a property, such as painting & decorating, replacement flooring, replacement fixtures and fittings
- EPC Improvement – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off, with a requirement the collective works must improve the EPC rating of the property to a C or above
- Light Refurbishment – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off


Larger MUFB's - 75% Max LTV
The minimum property value of £150,000 for properties located within the M25, £100,000 elsewhere
At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property
Maximum of 10 units in the block
All units must have separate services

Larger HMO's - 75% Max LTV
All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use, as well as properties requiring considerable alternation to sell as a family home
At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property
Maximum of 10 bedrooms
No limit on the number of lettable rooms
Minimum property value of £150k for properties located within the M25, £100k elsewhere

Will not consider properties where any of the following applies:
• Where they are regarded as unsuitable by the Valuer on the grounds of noise, smell or danger to Health and Safety.
• Where the Valuer advises that Anti-Social behaviour is possible due to the Commercial premises
• Where a property is above or adjacent to hot-food outlets, Public Houses, Night Clubs, Takeaways, Pet Shops, Workshops and Petrol Stations)

New Build house
New Build flat/maisonette
Shared House
House of Multiple Occupancy max 6 bedrooms

• Development exposure limits in any block increased to:
o Blocks of up to 6 units: Maximum of 6 units per block
o Blocks of 7 to 20 units: Maximum of 10 units per block; and
o Blocks of more than 20 units: Highest of 10 units or 20% per block

Short Term Lets
Properties let as an AirBnb, holiday let or serviced apartment are acceptable providing the valuer confirms
The security property is suitable for occupation under an AST;
The ICR calculation fits on the market rent based on an AST; and
There is demand for the property from both owner occupier and investor buyers

Location

Mainland England, Isle of Wight and Wales only

Condition

Properties have to be suitable condition for letting purposes

Also, subject to valuers comments

Portfolio Landlords

Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio or properties
– Minimum landlord experience of 12 months.

Portfolio Landlord Criteria

– Maximum portfolio lending held with CHL group £2.5m for the first 12 months then £5m.
– No limit on the size of existing portfolio with other lenders

-Background Portfolio should stress at a minimum of 125% on the higher of current mortgage payments or 5%

Additional Document Requirements

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

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