Mortgage TypeSpecialist BTL/Commercial
Property Value (min)
No maximum loan up to 85% LTV
£3,000,000 up to 80% LTV - if higher then it goes via BDM referral
Max 80% LTV and £1.5m for 7-10 bedrooms/ units
Up to 80% LTV to £3m on 1-6 bedrooms/units
Term (Max)35 years
Minimum Age25 years
Maximum Age85 years at end of the mortgage term
Family Cash Gift DepositYes
Family Gift of Equity DepositYes
Income (min)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).
RestrictionsNo restrictions on numbers with other lenders. No minimum requirements to have current BTL's.
Unless HMO, then they must already own a HMO property.
For all Buy-to-Let lending, the property must be let on an Assured Short-hold Tenancy or a contractual tenancy.
36 month tenancies can now be considered:
• The AST provides for a rent review every 12 months or less
• A minimum Debt Service Coverage ratio of 125%
• A maximum LTV of 75%
A fixed term of 12 months can be considered up to 85% LTV.
A non-interest bearing director loan is acceptable subject to:
• The individual is transferring a current/purchasing a new property into a company structure;
• Purchase price is at full market value to ensure tax liabilities are paid in full;
• The individual providing the director loan is a shareholder within the business;
• They are investing in the company by way of a directors loan and it will be included in the subsequent company accounts;
• The difference between the mortgage and the purchase price is covered by the director loan.
Let to Buy (Turning Residential into Buy to Let)Remortgage of Residential into BTL accepted
Ex-Local Authority PropertiesHouses accepted to 85% LTV.
75% LTV flats, block must be 80% privately owned
Minimum years remaining on leasehold property50 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%
Minimum Ownership6 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.
Permanent rights to reside and remainYes - (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.
Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card.
Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.
Ex-PatriatesMax Loan 75%
Proof of income required (Minimum verifiable income of £50,000)
Applicants must be British passport holders and ID required
Have to be professionals living & working abroad not
retirees who have moved abroad permanently. They cannot accept Self employed applicants.
Applicants must have a completely clean credit history
Applicants must own at least one UK property (either residential or Buy to let)
Applicants must not be working or residing in a country on any banned or watch list (check with the KRBS directly).
The applicants must have a UK bank account and the mortgage
payment must be Direct Debit from a UK Bank
Australian & Monaco expat cases accepted where property is held within a UK Ltd Co.
Current underwriting criteria for HMO's/Multiple Units on 1 title & Ltd Co to be met. For HMO's a management agent (ARLA, commercial or RICS) to be in place. TLT/Paris Smith to act for the bank
New BuildsNew Build houses max 85% LTV
New Build Flats max 75% LTV
Renovation/conversion max 70% LTV
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.
Historic CCJ’s & DefaultsIgnored 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
Valuation FeesPaid direct to lender at the lender fee scales
Maximum number of applicantsMaximum 4 Applicants. Including SPV Limited Company
CountriesWill lend in England and Wales.
AccessAccess to Kent Reliance is direct to lender with 3mc as your payment route
Missed mortgage paymentsMissed mortgage payments over 3 years considered
Property Type / CommercialHMO'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 the Valuation options. Kent Reliance can also lend on student lets. Up to 6 flats on 1 title allowed. Available in SPV Ltd Co and individuals.
Must own a HMO already if a HMO application.
HMOs and MUFBs up to 10 bedrooms/ units – properties with 7 or more beds/units will be valued on a commercial basis
Up to 80% LTV to £3m on 1-6 bedrooms/units
First-time landlord options available on 1-6 bedrooms/units
Up to 80% LTV to £1.5m on 7-10 bedrooms/units
LocationWill lend in England and Wales.
Type of Credit Search conducted at AIP stageSoft foot print, hard foot print upon full application
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