MT Finance

Mortgage Type

Buy To Let

Property Value (min)

None

Advance (min)

£25,000

Advance (max)

£2,500,000 up to 80% LTV

Term (Max)

35 years

Minimum Age

At least 1 applicant must be 21 years +

Maximum Age

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

Family Cash Gift Deposit

Yes, considered.

Family Gift of Equity Deposit

Individual: Immediate family only. Ltd Co: Only if the giftor is a shareholder on the SPV.

Income (min)

None if 12 months BTL experience otherwise £15,000 per application

Unless First time landlord:
Minimum £15,000 background income
FT Landlords max 80% LTV
Large HMOs and MUFBs not acceptable securities for first time landlords

Restrictions

Freehold flats/maisonettes. Non-HMO properties with more than eight bedrooms.
Properties with an EPC rating lower than E.
Properties with multiple kitchens where the Valuer states it negatively impacts re-saleability.
Properties with shared services unless part of a House in Multiple Occupation or an MUFB of 2-4 units, in a converted house and not required by planning to separate.
Properties with more than 10 acres. Working farms or properties with agricultural restrictions/farms/small holdings.
Properties with continuing structural movement, or movement that requires monitoring. Underpinned properties where no guarantees are available.
Grade I & Grade II asterisk listed buildings.
Live/work units.
Properties affected by dry rot or unmanageable Japanese knotweed.
House boats/caravans/park homes/mobile homes.
Monkey puzzle style houses.
Properties with any form of restrictive covenants that materially adversely affect the value of the property or its future marketability e.g. retirement homes. Affordable housing/Shared ownership.
Landlocked/Ransom Strip properties.
Uninsurable properties.
Properties with outstanding enforcement notices or Government grants.
Properties with flying freehold greater than 20% Unregistered land (excl. Properties subject to first registration at Land Registry - New Build).
Purpose-built student accommodation/HMOs.

Let to Buy (Turning Residential into Buy to Let)

Must own a current BTL in the background i.e. can't be a first time landlord at offer.

DWP Tenants

Acceptable, but no vulnerable tenants.

Ex-Local Authority Properties

Ex-Local Authority/MOD properties are acceptable to MTF subject to:

Maximum LTV of 75% for Houses and 70% for flats.

A minimum value of £150,000 within London & Southeast / £75,000 elsewhere.

Balcony /Deck access flats are acceptable subject to Valuer’s comments.

Levels of Low private ownership is only acceptable up to maximum 60% LTV,

Subject to valuers confirming good rental demand and good saleability.

Minimum years remaining on leasehold property

Acceptable: Lease of at least 75 years at application / Leasehold property with an unexpired lease of less than 60 years at maturity where the LTV is <=60%. Leasehold cannot be less than 50 years at loan maturity.

Minimum Ownership

No minimum ownership period.
Where a property has been improved / refurbished (validated by the valuation) we will lend based on the up to date value. If the property has been purchased below market value and no refurbishment works have been completed, we will base our lending on the purchase price during the first 6 months.

Permanent rights to reside and remain

Must have and must be resident in the UK for 3 years+

Ex-Patriates

Maximum 70% LTV
UK citizens only.
Residency in EEA or FATF member countries (please note this excludes any countries that are on the sanctions/high-risk/under monitoring/OFAC lists, or any countries not allowing cross-border borrowing);
Holding a UK bank account.
Having an active credit footprint in the UK.

New Builds

MT Finance's definition of a New Build property is one that has been built or converted within 12 months of the date of the valuation report.

New build property is acceptable subject to:

Maximum LTV: 75%

Maximum loan: £2,000,000

Flats are subject to valuer providing a second-hand value, not a premium value, houses remain at 75% on MV as previous.#

All new build properties or properties less than 10 years old must have an acceptable New Build Warranty stated in the UK Finance Handbook or Professional Consultants Certificate. Retrospective warranties are unacceptable.

Credit Score

No.

Rental Calculation

5 year fixes: 125% ICR based on payrate for ALL tax bands and company ownership

2 year fixes:

Basic rate / SPV – 125% ICR, Higher rate 140% ICR

2 year fixed rate – Affordability calculated on the greater of payrate plus 2% or 100% at BOE plus 5%”


Historic CCJ’s & Defaults

Only review the past 3 years. MTF will consider any application that has any CCJs/Defaults (unsatisfied
or satisfied) up to:
• Tier 1 - £500 in the last 36 months
• Tier 2 - £5,000 in the last 36 months.

Bankruptcy/IVA None in last 6 years
Repossession None
Debt Management Plan (DMP) Must be out of DMPs for at least 36 months.

Valuation Fees

Paid directly to MT Finance using their scale.

Maximum number of applicants

4 applicants

Countries

England and Wales only.

Access

Via 3mc as your packager

Property Type / Commercial

Studio Flats (including converted) - Yes - must be self contained, with a minimum floor space of 28 sqm
Holiday Let / Short Term Let - Yes based off APT income - can not have a holiday let only restriction
Air BnB - Yes based off APT income - can not have a holiday let only restriction.

Consider layered limited companies:
Provided the directors of the originator LTD company are the same as entity to which they are lending.

Location

Will lend in England and Wales