The Mortgage Lender
Mortgage TypeBuy To Let
Property Value (min)
£62,500 (for products assumes max 80% LTV).
£120,000 for HMO/MUB (see Loan size)
£150,000 for properties above commercial premises
£50,000 unless products state otherwise
£3,000,000 up to 70% for a single unit/MUB BTL (Ind / Ltd co)
£2,000,000 up to 70% LTV for HMO
£1,500,000 up to 75% LTV for ALL property types
£2,000,000 up to 70% if New Build Flat / Above Commercial
Aggregate lending limit to apply to any type of property
Term (Max)35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 50 years).
Minimum Age21 years
Maximum Age80 at application; 95 at the end of the mortgage term
Family Cash Gift DepositGifted deposits are allowed from family members i.e. parents, grandparents, spouse, gifts from wider family members and non - family members will be considered on a case by case basis by the underwriter. All gifted deposits will be subject to a gift letter from deposit provider including an explanation for the gift. Identification and evidence of funds will be required in these instances. Gift letter required from deposit provider. ID will be required and evidence of funds. ********* Cash in the Bank/Available · Savings – provided from applicants own resources · Limited Company/LLP – Reserves, working capital · Other – case by case basis Cash Not Yet in the Bank/Available · Sale of property or Pending sale – evidenced for example by a letter from solicitor · Sale of Shares/investment – evidenced for example by a contract note · Inheritance – evidenced for example letter from solicitor · Equity from another Property - evidenced for example by a Mortgage offer.
Family Gift of Equity DepositConsidered, up to 75% LTV. Must NOT be a consumer BTL.
Income (min)No minimum income
RestrictionsAt least one applicant or director must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months.
HMO: At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.
First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable.
Can consider Leasehold HMO Flats
Eligibility window for portfolios - Multi App product - 6 months for Portfolio landlords and 3 months for Non-Portfolio
Can consider remortgages up to 75% LTV, however:
The amount of capital raising cannot exceed 10% of the overall loan
We will require proof of funds (eg estimates / invoices for home improvements)
Let to Buy (Turning Residential into Buy to Let)Yes, consider Let-To-Move/ Let-to-Buy Applications on a case by case basis subject to TML being satisfied it is not a Consumer BTL application - MUST NOT BE A FIRST TIME LANDLORD.
Ex-Local Authority PropertiesYes, up to 75% on houses and flats
Ex-Local Authority Flats (England and Wales)
Will consider lending on Ex-Local Authority properties in England and Wales, subject to:
• Minimum valuation of £50,000 outside of London and the South East
• Minimum valuation of £120,000 in London and the South East
• Maximum 75% LTV
• Traditional construction only (as opposed to core criteria where non-traditional properties are allowed)
• Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10
Ex-Local Authority Flats (Scotland)
Will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria:
• Minimum valuation of £50,000
• Maximum 75% LTV
• Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed)
• Maximum 5 floors in block
Minimum years remaining on leasehold property50 at the end of the mortgage term
Minimum OwnershipMinimum time previously owned by vendor - 6 months, unless bought cash or on a bridge, then can consider under 6 months (for clients who have owned BTL's for at least 24 months.
Permanent rights to reside and remainYes
Minimum income is £40,000 GBP equivalent for employed and retired.
Minimum Income is £60,000 GBP equivalent for self-employed and contractors.
First time landlords are not permitted, all Expat applicants must have an existing BTL for 12 months.
HMO: Expats must already own a HMO or a MUB and we require evidence of the existing HMO/ MUB properties.
UK property management: - Must be able to demonstrate family member or management company who can oversee the
property. Provide company name & address (if a property company) or family member name, address & relationship
New BuildsHouses and flats up to 75% - if 75% required then max loan is £600,000.
Up to 70% then max loan £1.5mill.
Vendor/ Builder Gifted deposit
New Build – First time occupation, up to 5%, greater than 5% considered on a case by case basis.
Builder Let Retention – will allow a developer to apply for a BTL loan on a number of properties they have developed. This can range from a small number of properties unsold or as a core part of their development strategy. For a builder let retention the applicant may be a first time landlord where we are asked to fund on a standard BTL basis even if they have not owned a property in the last 12 months. Any applications can be considered on a case by case basis
Credit ScoreNo - except for Lumi RL0/ Top range. But do have a minimum credit score which is very low.
Individuals: BRT – 125% / HRTP 140%
Ltd Co/LLP: 125% ICR
New Build Flat / Above Commercial: 125% BRTP / HRTP 140%
5 year fixed products @ pay rate
All other products; nominal rate (5.5%) or the initial rate +2%, whichever is higher.
Background Portfolio required rental calculation is 125% @ 5.5%. No current maximum LTV – It is calculated on a case by case basis.
Historic CCJ’s & DefaultsCCJs – maximum 1 (max £250) in 36 months, 0 in 12 months. Must be satisfied at time of application.
Secured arrears – 0 in 12 months, 1 in 24 months
Unsecured arrears – 0 in 6 months, 1 in 24 months
Defaults – 0 in 24 months
Pay day loans – 0 in 6 years
Valuation FeesValuation fees paid direct to lender and a processing fee of £95 at application to 3mc
Maximum number of applicants4 applicants. In the event that the application is from a limited company, details of up to four directors/shareholders as applicants will be captured
CountriesEngland, Scotland and Wales. (Including Island's Anglesey and Isle of Wight)
AccessAccess to TML is available via selected packagers only
Property Type / CommercialSingle Residential units
HMO's (up to 6 beds)
Student lets and Multi units on 1 title (up to 6 on 1 title).
Flats above commercial and ex local authority properties.
Studio flats: -
Minimum sizes as follows: -
40 sqm if outside of London.
30 sqm if inside of London - if smaller, then it is only on a referral basis - property address will be needed.
Same rule applies if it is a converted studio flat.
Please note, the minimum value to be considered will be £120,000 and will need to be in a city centre location and the valuer will have to confirm demand for this type of property.
LocationEngland, Scotland and Wales.
Portfolio Landlords Accepted
Background Portfolio Requirements
– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5%
Portfolio Landlord Criteria
– Up to an aggregate borrowing of £5m
– No limit on the size of existing portfolio with other lenders
Additional Document Requirements
– Portfolio Submission form only – All portfolio landlord cases
NB – Portfolio assessment will be valid for 6 months to reduce requirements on subsequent applications
Eligibility window for portfolios – Multi App product – 6 months for Portfolio landlords and 3 months for Non-Portfolio
Details of all properties held by applicants should be included in the Portfolio Schedule, including