Zephyr Homeloans

Mortgage Type

Specialist BTL/Commercial

Property Value (min)

£75,000 single unit, unless Flat above commercial, MUFB or HMO - £100,000

Advance (min)


Advance (max)

STANDARD (single properties)
Max Loan Amount – £1,500,000 @ 70% LTV.
£1,000,000 @ 75% LTV
(£2,000,000 in total)

Max Loan Amount - £750,000 @ 80% LTV.
Max Loan Amount - £1,000,000 @ 75% LTV.
(£2,000,000 in total)

Specialist New Build & Flats Above Commercial products available up to 75% LTV, with Max Loan size of £750,000

NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 75%. We will require proof of the source of deposits

Term (Max)

35 years

Minimum Age

21 years

Maximum Age

89 years at application, 95 years old at completion.

Family Cash Gift Deposit

Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction

Family Gift of Equity Deposit

Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction

Income (min)

No minimum income requirement with two exceptions:
At least one applicant to be earning £50,000 if using earned income to make up a rental shortfall;
£25,000 gross income required if the applicant’s employment is “professional landlord”. Gross income is the amount of verified income that a limited company director or individual receives


• One single unit in developments of up to 4 properties, 2 units in developments of between 5 and 8 properties and up to 25% units in developments of between 8 and 50 properties. May apply lower limits to new build developments.
• 25% of units in developments of between 8 and 50 properties
• 15% where the development comprises 50 properties or more
• To a maximum of 20% of properties within any individual full postcode

The exception would not relate to MUFBs where we may lend on the whole unit which may comprise up to 6 individual units.

For LTD Co's - Directors must own 60% of shares of the company.

1 year experience required as a landlord for HMO properties (except when HMO has 4 beds, 1 AST with all named and non mandatory licence)

Can consider above a food outlet, but is down to valuers comments.

Do not consider inherited properties as security if they have been previously lived in by relatives of the borrower

Director experience for Limited Company: - accept any applicant or director that has never previously purchased a buy-to-let property where that applicant or director currently owns a residential property with no arrears history for at least 1 year. Where the application is to purchase or remortgage - Houses in Multiple Occupation (HMOs), Multi-Unit Freehold Blocks (MUFBs), New Builds or Flats above Commercial premises, at least 1 applicant or Director must have at least 1 years’ experience of letting residential properties.

Let to Buy (Turning Residential into Buy to Let)

Yes - only when the applicant/director already has rental properties in the background prior to approaching Zephyr.

DWP Tenants

Yes - as long as the AST agreement is between the individual & not the local authority.

Student Lets

Yes, consider.

Ex-Local Authority Properties

Yes to both, houses and flats.
At least 50 % of properties within the block are privately owned and we require valuer commentary to satisfy us on this point.
Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans

Minimum years remaining on leasehold property

Minimum lease of 70 years remaining at the end of the mortgage term

Minimum Ownership

6 months minimum ownership required

Permanent rights to reside and remain

Yes, must be British National and reside in the UK.
Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.



New Builds

New build and flats above commercial premises:
Max Loan size of £750,000 – including New Build properties within the M25 only
Max Loan size for New Build properties outside the M25 is £500,000

Credit Score

No, but if score is low then overall case is reviewed at application stage.

Rental Calculation

Standard properties – Individuals:  High rate taxpayers -140% based on higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.

Basic rate taxpayers- 125% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.

Limited Company: –
125% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.

All MUFBs, HMOs and Flats above Commercial: – Individuals 150% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.

Limited Companies
135% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.

Historic CCJ’s & Defaults

Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 24 months.

CCJ's: - Maximum 1 up to £250 in the last 3 years and satisfied. None in last 12 months.

Defaults: - No defaults must have been registered within the last 24 months

Payday loans - None in last 6 years

Credit Cards: - No more than 1 month in arrears in last 24 months and no arrears in the last 6 months

Valuation Fees

Valuations fees are paid Via DPR - See product guide for details. Products not portable.

Maximum number of applicants

4 applicants / Directors. Zephyr Homeloans allows up to a maximum of 4 Directors providing at least 80% of shares are held and the company has been set up for the sole purpose of buying, selling or managing residential property. The company details quoted can be verified by reference to Companies House or via an Equifax search.


Will lend in England and Wales, including Isle of Wight.


Access to Zephyr Homeloans is available via selected packagers only

Regulated BTLs


Missed mortgage payments

No missed payments per mortgage account in the last 12 months and no more than 1 missed payment in the last 24 months

Property Type / Commercial

Single units
HMO's up to 6 bedrooms
MUFB's (Multi units) up to 6 flats on 1 title

Flats above commercial - up to 70% (up to £750,000)

HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.


Will lend in England and Wales, including Isle of Wight

Type of Credit Search conducted at AIP stage

DIP will be a soft footprint with a hard footprint left at FMA - Equifax

Portfolio Landlords

Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A sample check of a portfolio will be concluded at a minimum of 25%. Rental coverage on the overall portfolio will need to meet 100% of any contractual monthly payment.

Portfolio Landlord Criteria

– No limit on the amount of lending with Zephyr Homeloans
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

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