Compare Criteria

The Mortgage Lender

Mortgage Type

Residential

Property Value (min)

£70,000 £150,000 in London and South East

Advance (min)

£25,000

Advance (max)

£1,000,000 up to a maximum 75% LTV
£750,000 up to a maximum 80% LTV
£600,000 up to a maximum 90% LTV

The maximum loan on a new build property with a builder’s deposit/incentive that is not being deducted from the purchase price is £600,000.

Term (Max)

35 years

Minimum Age

21 years

Maximum Age

80 years (at the end of the term) as long as the applicant’s retirement income supports the lending requested

Family Cash Gift Deposit

Yes with letter confirming the amount and it is a gift not a loan

Family Gift of Equity Deposit

• Gifted equity from parents, grandparents, siblings, aunts and uncles accepted (including step and adopted relationships)* • Max 75% LTV not avail on RL7 assessed on property valuations.

Income (min)

£15,000 for applicant 1. No min income for applicant 2

Earned income and only 25% of income can be benefits.

100% basic / pension / Car allowance / 100% - O/T / bonus / commission / allowance - if the last 3 months payslips do not support the value given in full then further payslips or P60 will be requested.

Consider child benefit for children up the age of 13 - 100%

Maintenance (maintenance needs to be via a court order and needs to be evidenced that they will be receiving it for the next 5 years).

75% of Working Tax Credit / Child Tax credit / Universal credit equivalent) for children under the age of 13. MUST BE MAX OF 25% OF EARNED INCOME

Where the benefit amount is higher than 25% of the total income, the benefit income will be capped at 25% of total income and affordability will then be calculated using 75% of this capped income total.

Accept 50% of investment income

Ltd Company Director / Shareholder - can either use net profit before corporation tax plus salary OR Salary & dividend

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.

Can consider Finance contractors - same criteria applies to current contractors.

Restrictions

Debt Consolidation - Up to 90% LTV

Ex-Local Authority Properties

Ex local authority houses are acceptable within normal criteria up to 75% LTV except where the majority of houses remain in local authority ownership (as confirmed by the valuer) - 85% by exception only

Ex-Local Authority - Flats (England and Wales)

Will consider lending on Ex-Local Authority properties in England and Wales, subject to the following criteria:

• Minimum valuation of £70,000 - outside of London and the South East.
• Minimum valuation of £150,000 - 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 £70,000
• Maximum 75% LTV
• Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed).
• Maximum 5 floors in block.

Minimum Ownership

6 months

Permanent rights to reside and remain

Yes - can consider EU ID cards.

New Builds

Yes - up to 85% LTV - Up to 5% builder deposit acceptable.
Contract of sale required 5% builder incentive acceptable.
Contract of sale required.
This includes any deposit element
Offers valid for 6 months, subject to valuation/reinspection

Credit Score

No

Historic CCJ’s & Defaults

RL1 0 in 48 months

RL2 0 in 36 months maximum CCJ limit £2,500

RL3-4 0 in 24 months

RL5 1 in 24 months

RL6 3 in 24 months (0 in 6) with a max of 2 of any type

RL7 5 in 24 months (0 in 6) with a max of 3 of any type.

Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.

Valuation Fees

Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc

Maximum number of applicants

2

Countries

Will lend in Mainland England, Scotland and Wales

Access

Access to The Mortgage Lender is through a selective panel of packagers, one of which is 3mc

Shared Ownership

No

Right to Buy (RTB)

No

Debt Management Plan

Acceptable subject to product criteria on products RL4-RL7

Help To Buy (Shared Equity)

Yes, please refer to quick reference compare criteria help to buy tab - noting that TML have a CCJ limit - £300 in 36 months.

Ex-Bankrupts

Yes. RL1 0 in 48 months RL2 - 0 in 36 months RL3- 4 - 0 in 24 months RL5 - 1 in 24 months RL6 - 3 in 24 months (0 in 6) with a max of 2 of any type RL7 - 5 in 24 months (0 in 6) with a max of 3 of any type

IVAs

Yes. RL1 - 0 in 48 months RL2 - 0 in 36 months RL3-4 - 0 in 24 months RL5 - 1 in 24 months RL6 - 3 in 24 months (0 in 6) with a max of 2 of any type RL7 - 5 in 24 months (0 in 6) with a max of 3 of any type

Repossessions

None on RL1-4. 0 in 6 yrs on RL5-7

Payday Loans

Must be satisfied 12 months prior to application.

Repayment Types

Capital and Interest

Lenders completion fee

Can be added to loan above maximum LTV

Affordability

Yes. Electronically obtained data. Data is regionalised

Employment

6 months in current role. Need 12 months employment history

RL1 - 6 only, not available on RL7

Contract Worker Income
Can consider an income calculation for a contract worker up to a maximum of weekly rate x 48.
This applies to existing and new contractors, subject to criteria.
Contractor highlights:
• Current contract must be for at least 6 months
• Income calculated as £weekly rate x 48 weeks (maximum)
• Existing contractors considered
o Must have been contracting for a minimum of 12 months
o Maximum 90% LTV
• New contractors considered
o Must have been contracting for a minimum of 3 months
o Previous experience in a similar role for a minimum period of 12 months
o Maximum 75% LTV

A copy of the current contract will be required. Can also consider Finance Contractors under the same contractor criteria.
Payslips and/or invoices supporting the contract, and bank statements are required to evidence income.

Self Employed

12 months trading up to 85% LTV. Will work on last years accounts (not average).

90% LTV 2 years trading required.

Require last years Accounts OR Latest SA302 OR Accountants Reference

Sole Trader - Profit

Partnership - Share of Profit (distributed and retained)

Limited Company - Share of Profit (distributed and retained)

3 months personal bank statements and last months business bank statement will be required on all self-employed cased

We will consider any salary paid in addition to any profit

Contract workers - See employment section

Share of Dividends Yes, if evidenced by SA302 or tax calc with overview
Share of Directors remuneration Yes, as long as shown in accounts
Share of directors car allowances Yes
Share of directors pension contributions - Considered case by case
Share of use of home as office No
Share of private health insurance - Considered case by case
Share of spouse's income (sole app) Yes
Operating profit Yes
Retained net profit Yes the profit from the last year
**The easiest way to look at income for self-employed applicants is the profit BEFORE tax. We would then add any salary paid back in plus those detailed above on a case by case basis.