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Property Value (min)£60,000 (single residential units)
£75,000 (HMO's, Multi Unit Freeholds and other properties)
Minimum property value £75,000Minimum property value £50,000Standard property £75,000
Ex-Local Authority property £100,000
Studio flat £100,000

80% LTV available against ‘standard’ freehold and leasehold properties. Any construction type highlighted by our valuer as non-standard will be restricted to a maximum 75% LTV.

Non-standard property construction max LTV of 75%

Above/adjacent to commercial property max LTV of 75%

MUFB/HMO maximum LTV of 80%

Larger MUFB's - 75% Max LTV

The minimum property value of £150,000 for properties located within the M25, £100,000 elsewhere

At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property

Maximum of 10 units in the block

All units must have separate services

Larger HMO's - 75% Max LTV

All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use, as well as properties requiring considerable alternation to sell as a family home

At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property

Maximum of 10 bedrooms

No limit on the number of lettable rooms

Minimum property value of £150k for properties located within the M25, £100k elsewhere

Short term lets considered

Flat above/adjacent to Commercial £250,000 within M25 (£150,000 All other regions)

Shared House (single unit rental) £75,000

Shared House (room-by-room rental) £250,000 within M25 (£150,000 All other regions)

House of Multiple Occupancy £250,000 (£150,000 All other regions)

Multi-unit Freehold Block £150,000
Minimum property value £75,000Minimum property value £120,000 (we have a little wiggle room here between £100-£120k), Ex Pat BTL tends to be min value £165,000 as min loan is £100,000 but again a little bit of wiggle room available usually)- Standard property £50,000.

- HMO /MUFB £150,000 in LSE,

£100,000 outside LSE.

- Ex-local Authority £150,000 in LSE,

£75,000 outside LSE.

- Properties above or adjacent to commercial £100,000.

- Freehold property conversions

£150,000 in LSE,

£100,000 outside LSE.

- Other restrictions may apply.
Minimum property value £75,000

For low loan range £60,000
£133,333 - minimum loan has to be £100,000Minimum property value £75,000£75,000 min£65,000 Standard

£120,000 HMOs & Multi Units

£75,000 for HMO in qualifying areas - BB, BD, CA, CW, DH, DL, FY (Excluding FY1-FY4), HD, HX, L, LA, M, NE, OL, PR, SK, TS, WA, WF, WN, YO

£120,000 for postcodes not listed above.
£75,000 excluding London
£150,000 London (excl. rest of UK)

£250,000 for HMO in Greater London - £100,000 elsewhere.
£75,000
HMO - £100,000 (Up to 10 rooms)
£150,000 if 20 rooms or more
Multi-Units -
Min Val for;
2 -10 units is £100,000
11 - 20 units is £150,000
Minimum property value £70,000£50,000 or £150,000 in London postcode districts. Single Unit, MUB/HMO £125,000

Specialist Range £70,000
Minimum property value £100,000
£62,500 (for products assumes max 80% LTV).
£120,000 London & South East
£120,000 for HMO
£150,000 for properties above commercial premises
Houses Minimum value £100,000 with maximum value £5M

Flats Minimum value £125,000.
Single Residential Units -£50,000 up to 70% LTV

£70,000 minimum value above 70% LTV.

HMO - £100,000 MUB £175,000 in London & South East.

£125,000 in all other locations. Ex Local authority flats/maisonettes min £80k outside London, £200k in Greater London up to 80% LTV

Ex - Pat: - Non EEA landlords require a minimum property value of £150,000
£75.000 for single units.

£100,000 for HMO, MUFB's & Flats above commercial (60% LTV)
Advance (min)£25,000£50,000£25,001£25,001£25,001£45,000 including ex pat£25,001£30,000 on low loan range (Portfolio landlords only)
£50,000
£500,000 for large loan range excluding fees
£100,000£70,000£50,000 £30,000

£150,000 for 3mc Exclusive
£50,000 including HMO£30,000£25,001£75,000 for Individuals & Limited Company

This includes single units, HMO's & Multi units
Single Unit, MUB/HMO £100,000

Specialist Range £25,001
£30,000£75,000 on current product range£50,000£100,000 - supersedes all minimum property values.£50,000
Advance (max)£1,000,000 to 70% LTV
£600,000 at 75%

For non-property related can be considered, up to a maximum LTV of 75%
£1,000,000 to 80% (C&I)

£750,000 up to 75% LTV (If Interest only)

£500,000 up to 80% LTV on Interest only.
£1,000,000 to 75% LTV£1,000,000 up to 75% LTV

£500,000 up to 80% LTV

Aggregate exposure limits of <= £1m up to 80% LTV and >£1m to £5m up to 75% LTV.
£1,000,000 to 80%

Applicants will be required to own their residential property.
65 % to £1.25million loan amount, 60% to £1.5 million loan amount, 50% to £3 million loan amount and 50% above thisUp to £2,000,000 however restrictions do apply for certain property types£1,500,000 on loan for both individual units and HMO/MUB up to 75%

£1,500,000 up to 75% LTV.

£500,000 up to 80% LTV and 85% LTV - not currently available

£100,000 on low loan range - portfolio landlords only
£15,000,000£500,000 max loan across all BTL products.

£1.5million maximum loan to any one customer in one transaction
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Up to 6 bed HMO / Up to 4 Multi Units on 1 title both available to 75% LTV
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
£750,000 up to 80% LTV - standard properties

£1,000,000 up to 75% LTV - HMO/MUFB

£1,500,000 up to 70% LTV on Standard properties

Large HMO - Max loan £1,500,000 up to 70% LTV

£750,000 max loan on new build properties

Large Loan range: -
Min. loan size £1,500,000 million

Max. loan size £2,000,000 million
Single units : -

£500,000 up to 80% LTV

£1,000,000 up to 75% LTV

HMO - £500,000 up to 80% LTV
75% for HMO's 7 - 10 bedrooms
80% for HMO’s up to 6 bedrooms

MUFB up to 10 units - max 75% LTV
£1 million - 70% LTV
£1.5 million - 65% LTV
£3 million - 60% LTV

£1 million at 70% LTV for standard properties and small HMOs, and up to £1 million for Large HMOs and MUFBs.

Up to £5mill with a maximum of 20 properties aggregated.
£4,000,000 to 65% LTV

£1,500,000 to 70% LTV

£1,000,000 to 75% LTV

£750,000 to 80% LTV both non-portfolio and portfolio landlords

£10,000,000 per customer max lending
£2 million within the following LTV limits:

Up to £750,000 available to 80% LTV

Up to £1 million available to 75% LTV

Up to £1.5million available to 70% LTV

Up to £2 million available to 65% LTV

Aggregated Exposure limit has increased from £3m to £4m.
£3,000,000 to 60% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV

HMO/Ltd Co: -
Maximum loan:
£1,000,000 to 70% LTV
£750,000 to 75% LTV
Single Unit, MUB/HMO £1,500,000

Specialist Range £1,000,000
£1,000,000 to 75% LTV £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
£500,000 up to 80% LTV

Standard and Specialist.

£1,000,000 up to 75% LTV - Non standard also.

Total borrowing of up to £5M per individual with a 20 loans maximum.
£850,000 to 85% LTV

£750,000 to 80% LTV

£1,000,000 to 75% LTV on Ltd Edition products

£1,500,00 to 65% LTV
Max Loan Amount – £1,500,000 @ 70% LTV.
£1,000,000 @ 75% LTV
(£2,000,000 in total)


SPECIALIST
HMOs & MUFBs:
Max Loan Amount - £1,000,000 @ 75% LTV.
Max Loan Amount - £1,500,000 @ 70% 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
Income (min)No minimum income
except for time first landlords (£25,000)
Self employed - minimum 1 years accounts
£18,000 for the primary applicant.

Interest only available for FTB / FTLL investing in a BTL - however, full income and expenditure calculation will be completed on C&I basis.

Bluestone allow use of non-property income to top up the shortfall in rental income (min rental coverage is 112.5% Basic Rate Taxpayer & 112% coverage for Higher Rate Taxpayer).

Background income may be considered to support any ICR shortfall down to a floor of 100% rental coverage. This is subject to prior approval with access bank and will only apply where the loan size is a minimum of £350,000
No minimum income for non portfolio landlords
£30k income required for portfolio based landlords.
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5 year stress rate of 4.5% is available for customers with a qualifying credit score only and subject to a minimum income of £30,000 per application. Customers who have their application accepted but do not meet one or both of the qualifying criteria will revert to the original stress rate of 5.25%.

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Will consider affordability using personal income for applicants
Evidence must be retained of income and source of deposit for all applications
You must ensure that you ask for and retain evidence of personal income and deposits for applicants.
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For IT contractors on any income and other contractors whose income is more than £500 per day or £75,000 per year, BM accept the gross value of the contract as evidence of income.
*
This applies to all Buy to Let and Let to Buy applications whether client is employed, self-employed, or operating as an umbrella company. All apps must have:
*
12 months or more continuous employment in their current contract with 6 months of the contract remaining, or 2 years continuous service in the same type of employment (within the last 2 years). Please key the following details on the Point of Sale (POS) system:
*
Employment status as ‘Employed’
*
Type of employment as ‘Fixed, short term or rolling contract’
*
Occupation type as ‘Professional’
*
Job title as either ‘IT Contractor’ or ‘High Value Contractor’
*
Income as the gross value of the contract. If the contract isn’t available, please follow the existing process for verifying income, including keying employment status as ‘Self-employed’ and using SA302s where appropriate.
*
Evidence of the contract value and duration for all cases and only submit if income verification is requested. When submitting documentation, the following information should be provided:
*
Full value of contract or rate of pay and contracted hours / days
Customer name and / or their company names, and evidence of ownership
*
Name of the company the applicant is contracted to, if applicable
*
Start and end date of the contract
Customer signature / electronic signature.
*
For non-IT contractors earning less than £500 per day or £75,000 per year, the existing policy applies as follows:
*
If the customer pays their own tax contributions they should be treated as self-employed.
*
If tax is paid by the company they work for, the customer can be treated as employed as long as they can confirm:

12 months or more continuous employment with their current employer, with six months of the contract remaining, or
*
Two years continuous service (for the last two years as at the date of application) in the same type of employment.
£20,000 combined income per application.£20,000 minimum income (non-rental) required. No income assesment carried out. Applicants should be able to cover a minimum of 3 month rental voids and confirm this on the application form.

Where a client does not have an income then proof may be sought of a reasonable amount of savings in the background. Rental income is a form of income though.
£15,000 (£25,000 for first time landlords).No minimum income required. Last payslip for employed and last years accounts or SA302 for self-employed – where no such proof is available bank statements showing activity over the last three months.

Debt consolidation is considered up to 80% LTV for BTL's.

All income must be evidenced.
No minimum requiredNo minimum income.
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Minimum income of £25,000 is required for applicants who do not currently own a Buy to Let property.
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Minimum income of £40,000 is required for applicants who do not currently own a Residential property. Unless they have 4 or more Buy To Lets.
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Accept 100% of child benefit* when assessing affordability.

*Included if individual applicants earn less than £50,000 and the child is up to 13 years old.
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).
A minimum combined annual income of £25,000 for UK based applicants. Must be evidenced on either accounts or SA302's - verified, not gross rental received.

£15,000 (Combined) for experienced landlords with more than 24 months rental experience.
£30,000 across all applicants including FTLL
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Incomes considered:
Rental/Portfolio
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Consider re-invested funds that have gone back into the portfolio OR investment projects.
£25,000 minimum - however, non-portfolio landlord income requirements differ to portfolio landlord.
Paragon can consider retained profit as long as the business does not required it for continued business. Such as an antique dealer.

Non-portfolio: -
Applicants should have a minimum combined gross annual income of £25,000 per annum.
Applicant’s income can include:
- gross employment income
- taxable self employed income
- Occupational or private pension income
Income from renting property, state benefits, state pensions and investment income will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.

There is no minimum income requirement for expatriate applications, but details of all income must be provided.

Portfolio landlord income: -
Applicant(s) should have a minimum combined gross annual income of £25,000 per annum. All income must be evidenced and can include:
-Gross employment income
-Taxable self-employed income
Income from state benefits, state pensions and investments will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.
£18,000 per application (no foreign currency income and rental income cannot be the principal income source. Rental income from the security property must also be excluded).
Rental income can be taken into account, as long as it is not more than 50% of their income.

UNLESS: -
Applicant owns 11 properties or more.

Allow Rental Income as an allowable and standalone income stream for professional landlords.
No Min income however must be able to cover rent voids for 3-4 months based on EDI. No proof of income is usually required except where basic rate tax payer and then ONE piece ie latest payslip is required (nothing if buying through a LTD Co.). Min time in employment, 12 months continuous, 12 months trading if self employed including professional landlords. To qualify as a prof landlord clients need to own min 5 props (ring for exceptions). Bank statements are no usually required however if Tiers 2 or 3 then 3 months salary fed bank statements are required.None for UK applicants - £35k GBP equivalent for foreign nationals and expats.£25,000No minimum income required.
£50,000No minimum incomeNo minimum income.

£25,000 for professional landlords required.
Minimum age21 years (FTB 25 years)20 years21 yearsPrimary applicant 21 Secondary applicant 1818 years old19 years old21 years (25 years for first time landlords).21 years old (Primary Applicant). 18 for other applicants. 21 years oldAt least one applicant should be a minimum of 25 years old. All applicants must be at least 18. At least one of the directors of the Limited Company must be aged 25 or over. All other directors must be at least 21.25 years21 years21 years21 years old25 years21 years (No limit on Directors dependant shareholders under the age of 25)21 years old21 years.21 years25 years21 (Primary applicant), 18 for all other applicants if a direct family member.

If First time buyer and first time landlord, the client must be 25 years old.
21 years old
Age (max)Maximum age is 85 years at end of the mortgage term.65 at the start of the mortgage termMaximum age is 80 years at the end of the mortgage term.85, mortgage term must end before the oldest applicant 86th birthdayThe upper age limit has been removed and will be available on all products. Dudley will look at each case individually.Maximum age at application is 8995 years at end of term, 89 years at application.Maximum age is 85 years at the end of the mortgage term.

No
maximum age for Limited Company applications
No maximum ageNo maximum age at the end of term, but must be 70 or under at application.Maximum age is 85 years at the end of the mortgage term95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage term85 years80 years old - up to 85 years old by exception only.Maximum age is 85 years old at the end of the mortgage term80 years at time of application cannot turn 81 before completion , 115 maximum age limitSingle Unit, MUB / HMO 85 years.

Specialist Range – NO maximum age
No maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end:

From the point of retirement, or 75th birthday, whichever is due first, only 'retirement' income will be permitted from that day for the purpose of evidencing affordability - no 'working' income will be allowed

All actual or projected retirement income must be evidenced

No projected income will be allowed where retirement (or age 75) is still more than 15 years away

A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis

Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV

A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle

The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS

The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application:

All applicants will be required to receive Independent Legal Advice
80 at application; 95 at the end of the mortgage term. At least one applicant must be under 85 years old at the end of the term.85 at the end of the term as standard (not a company structure). 95 at the end of the term for company BTL. 89 years at application, 95 years old at completion.
Term (Min)6 years5 years5 years5 years1 years5 years5 years5 years2 years5 years5 years3 years7 years5 years5 years5 years5 years5 years5 years5 years5 years5 years
Term (Max)35 years35 years40 years30 years40 years40 years30 years30 years30 years40 years35 years30 years30 years25 years35 years35 years (Including HMO's and Ltd Co's)
35 years40 years35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 50 years). 40 years40 years35 years
RestrictionsNo minimum requirements to have current BTL’s.

Maximum of £35,000,000 with Aldermore.

No limit on the size of their portfolio elsewhere.

Flats in a block without a lift are acceptable, as long as our security is not more than 3 floors above ground level (this doesn’t apply for ex-public sector flats).

Property where a flying freehold exists and affects more than 25% of the total floor space

Studio flat and/or flat with a total floor area of fewer than 30sq meters

Flats in a block without a lift are acceptable, as long as our security is not more than 3 floors above ground level (this doesn’t apply for ex-public sector flats)

Can consider Coach houses, usually built above garages and/or an access way.
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LTV restrictions could apply if lending above 40% - when it comes to exposure limits within a block.

Property with Planning Use Classes Order other than: C3(a)(b)(c)

C4 (including – HMO with an ‘Article 4 direction’ in place)

HMO with Sui Generis planning use

Property subject to a shared ownership deed

Property with pre-emption clauses in existence

Mobile homes

Houseboats

Property held on a Commonhold basis

Freehold flat or freehold maisonette (freehold coach houses are acceptable subject to survey)

Property where a flying freehold exists and affects more than 25% of the total floor space

Property with the following restrictive covenants: Property restricted to agriculture or equestrian use

Purchaser(s) must be living and/or working in a small geographical area (e.g. specific parish), which is not in the list of acceptable areas

Purchaser(s) must be in housing need

Purchaser(s) cannot afford to purchase on the open market

Purchaser(s) having income less than a certain amount

Property ownership restricted to specified age group e.g. retirement homes

Limit on mortgage payment as a proportion of income

Fixed capital values

CAPITAL RAISING ACCEPTED FOR THE BELOW REASONS: -
- Onward property purchases 70% LTV
- Debt con 75% LTV
- Reducing other mortgage balances 75% LTV
- Home improvements to our property 75% LTV


Non-standard construction
Wimpey No Fine and Laing Easiform, acceptability will be linked to valuers' assessment - so can consider.

No longer accept any buy to let property with an EPC rating of F or G
Buy to let properties must have an EPC of E or above or a registered exemption certificate
Do not lend to Portfolio landlords.

No limited companies, HMOs, company lets or holiday lets
5 allowed to £3,000,000 across ALL LBG lenders (Lloyds Banking Group)
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Freehold flats are unacceptable mortgage security in most circumstances.

Where the flat is within a building of no more than 4 units it may be acceptable subject to the following requirements:

Freehold – acceptable subject to:

*The applicant must be the sole freeholder/landlord of the other flats which must be held on a long lease (70 years or more)
*Our mortgage must be registered on the freehold title

*Leasehold and the applicant owns the freehold of the building – acceptable subject to:

*The applicant must be the sole freeholder/landlord of the other flats which must be held on a long lease (70 years or more)

BM mortgage must be registered on both the freehold and leasehold title and these must be in the same name

Leasehold and the applicant owns a share of the freehold (whether within a management company or not) – acceptable subject to:

*The other freehold owners must be unrelated to the
*BM mortgage must be registered on the leasehold title

Where the tenure is leasehold and the freehold is owned by a landlord or management company this is acceptable whether the applicant has a share in the management company or not.

The conveyancer/solicitor will ensure arrangements in connection with the Management Company are acceptable. BM mortgage must be registered on the leasehold title.

Please note - the three properties does NOT include a residential property.

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HMO
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Properties subject to Local Authority HMO licensing may be acceptable, subject to the valuer’s assessment of suitability based on the following requirements:

● Letting arrangements must be via a single tenancy agreement. Multiple-tenancy arrangements, i.e. where individual tenants agree separate tenancies with the landlord, are not acceptable

● Maximum of five unrelated tenants

● The property must be suitable for standard residential occupation

● Institutional type properties, for example hostel accommodation / bedsits / shared accommodation comparable to halls of residence, remain unacceptable

● Large properties, i.e. where there are more than five lettable rooms, in an area where letting arrangements are predominantly multiple-tenancy, remain unacceptable.
LLP's and LTD Co considered.

Applicants:-

One applicant must be either:
Employed
Self-employed
A contractor
Retired
CHL will not accept any applicant who is under any employment furlough scheme.


80% LTV -
80% LTV available against ‘standard’ freehold and leasehold properties. Any construction type highlighted by our valuer as non-standard will be restricted to a maximum 75% LTV.

Non-standard property construction max LTV of 75%
Above/adjacent to commercial property max LTV of 75%
MUFB/HMO maximum LTV of 80%


Flat above commercial: -

Will not consider properties where any of the following applies:
• Where they are regarded as unsuitable by the Valuer on the grounds of noise, smell or danger to Health and Safety.

• Where the Valuer advises that Anti-Social behaviour is possible due to the Commercial premises

• Where a property is above or adjacent to hot-food outlets, Public Houses, Night Clubs, Takeaways, Pet Shops, Workshops and Petrol Stations)

Development exposure limits in any block to:
Blocks of up to 6 units: Maximum of 6 units per block
Blocks of 7 to 20 units: Maximum of 10 units per block; and
Blocks of more than 20 units: Highest of 10 units or 20% per block.

CHL - Light refurb range: - three products: Light Refurbishment, Cosmetic Improvement and EPC Improvement. The first two products are designed to increase the future asset/rental value of the property, with the latter a Green Mortgage option which is specifically designed to improve the energy efficiency of the property.

Lending will be calculated on the pre-works value with a retention held based upon the post-works estimated valuation.
75% Max LTV: -

- Cosmetic Improvement – designed for improvement works to improve the cosmetic appearance of a property, such as painting & decorating, replacement flooring, replacement fixtures and fittings

- EPC Improvement – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off, with a requirement the collective works must improve the EPC rating of the property to a C or above

- Light Refurbishment – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off
ONLY CONSIDERING HOLIDAY LETS CURRENTLY

Dudley will not consider BTL applications from "Portfolio Landlords".

***Definition- A portfolio landlord is a landlord with four or more mortgaged buy-to-let properties across all lenders. This figure would also include the proposed mortgage being applied for with the Society.
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No more than 25% exposure in blocks of 4 flats or more. For blocks of 3 flats or less, will only lend on one property.

Storeys in a flat: If a flat is built in or after year 2000 we can now go above 5 storeys.

Applicant(s) should ordinarily be existing owner occupiers. Consideration will be given where an applicant does not own their own home, subject to the underwriter being satisfied with the underlying rationale.
Clients should ideally have a current Uk mortgage (exceptions can be made for good quality applicants/applications)



No limit on the size of their portfolio elsewhere.

No Ex Local Authority Flats (sometimes considered within M25)

Standard BTL's only, no HMO's, Students, DSS etc).

Multi Unit Freehold (max 3 units in the freehold) – Client must not live in one part – Will lend on the Freehold value.

No Studio flat and/or flat with a total floor area of less than 30sq meters

No agricultural restrictions
Not accepted (minor restrictions considered refer to BDM)Exposure limits - Maximum of three properties holding a Foundation Home Loans mortgage in any one full postcode per borrower.

Foundation Home Loans’ maximum portfolio size is £5 million with no limit on number of properties.

Acceptable SIC Codes for SPV Ltd companies are: 68100; 68209; 68320

All properties with Foundation Home Loans must achieve a minimum EPC rating of E. Properties that do not meet this standard will be subject to further underwriting with all offers made on condition of full remediation so it meets min E rating prior to receipt of Certificate of Title.


If block of flats has over 3 storeys with cladding, it will not be considered.
Residential and Semi commercial only. HMO, MUFB consideredThe applicant(s) must be an existing landlord.

For Limited Company BTL Lending up to 75% LTV: - Standard properties only

Specific SIC codes only: 68100 - Buying and selling of own real estate; 68209 - Other letting and operating of own or leased real estate; 68320 - Management of real estate on a fee or contract basis; 68201 - Renting and operating of Housing Association real estate.

Maximum 4 directors. The directors must have a combined shareholding of at least 75% of the company.

All Guarantors will be underwritten. Standard BTL criteria that applies to individual landlords, will also apply to Guarantors on Limited Company BTL.

All individual directors must provide a personal guarantee on a joint and several basis.

They will also be required to receive independent legal advice on the nature and effect of the guarantee being provided.

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There is no overall portfolio limit with other lenders. Maximum portfolio size with Kensington is £2 million.

Where a landlord has 4 or more properties with Kensington, the portfolio will be subject to a weighted average LTV of 75%. Buy to Let properties cannot be rented to family members.

First time buyers are considered as long as one applicant is earning £40,000 or more.
HMOs up to 7-10
and MUFBs accepted.

No minimum requirements to have current BTL's.

Unless HMO, then they must already own a HMO property.

No maximum, however must be all self funding and anything over 2m in portfolio will refer for an underwriter to assess.
Tenancy: -
For all Buy-to-Let lending, the property must be let on an Assured Shorthold 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 75% LTV.

Director Loans:

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.
Above Commercial - considered up to 75% LTV

PG’s required from all directors, also from shareholders with over 25% shares.

Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental

Property value must exceed £75,000
Must be suitable for letting at the completion
Must be in an area with strong rental demand as determined by our surveyor
partners

No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties

HMO /MUFB – Maximum loan £750,000. Maximum Loan to Value 70%.
Large HMOs/MUFBs up to 12 units

Properties above commercial. Maximum loan £750,000. Maximum Loan to Value 70%.

Min. 1 years’ prior experience as a landlord for large HMO but Small Range HMO up to 6 bed, no experience required.
Residential Investment properties only.

Acceptable properties: -
-Ex local houses & Flats
-Deck access flats
-Properties next to/opposite commercial incl: pubs and places of worship
-Properties near food outlets (must be a min of one property between security and food outlet, subject to valuers comments)
-MUFBs, even if the client owns the Freehold and leasehold in separate legal entities

HMO’s
-Commercial valuations on small HMO’s in article 4
-Commercial valuations on Large HMO's between 7-15 beds
-Multiple kitchens permitted at 75% LTV
-Student lets for small HMOs (up to 6 beds)
-MUFB/HMO combination acceptable



HMO's up to 15 rooms, Multi Unit Freeholds up to 10 units (15 units in Greater London). *HMO product can be considered for first time landlords, and offer rental yield based valuations on small HMOs in Article 4 areas.*

For Large HMO’s/MUFB cases, a minimum of 12 months experience managing a similar size property. No first time HMO operators.

Ltd Companies (Limited Companies must be NON-Trading SPV's);
SPV, property trading companies and layered companies
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Maximum of 25 loans to £5 million total BTL borrowing with Lendinvest. Above £3m of borrowing the aggregated LTV on the portfolio will be restricted with a maximum exposure on any Buy-to-Let portfolio of loans with LendInvest of £5,000,000 at a maximum LTV of 60%.
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First time landlords considered for standard properties (£30,000 income needed):
2 years experience of managing a buy to let portfolio required for HMO.
HMOs with kitchenettes will be limited to 70% LTV

The Bank will consider lending on the following property types:
Houses, Flats (including HMO Flats), Maisonettes, Apartments. Including New Build (with full certificates in place)
Studio Flats - (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary.
For Flats in a block up to 5 storeys (must have a lift if over 3 storeys). Flats up to 10 storeys accepted in Greater London.
Ex Local Authority flats if in a privately owned block (Greater London only)
Leasehold properties must have at least 65 years remaining at the end of the mortgage term. Commonhold and Shared Ownership are not accepted.
Existing HMO's must have all appropriate licences in place. New HMO's must meet all local authority licensing requirements prior to completion and an HMO licence must be obtained within 90 days post completion.
******
Concentration
No more than 4 units (must have lift if above 4) or 25 % of total units allowable in one block (blocks of flats is 25% or 4 units whichever is the lower).
Maximum of 15 properties in one post code location (eg BH15 1)

Exposure in block - 4 or below units = 50%, 5-10 units = 40% or max 4, 10 or more units = 25% or max 5.
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Property above Commercial:
Flats above public houses or food premises are not accepted - refer if not.

Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.

Company structures - up to 3 layers as long as the same directors and shareholders are constant throughout. Holding company must have property SIC code or holding company related and hold no more than 5 companies inc Lendinvests.
No restriction on other mortgages with other lenders.
Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier).

Paragon no longer require a floating charge on all portfolio applications for limited companies, (required if purchasing / remo in Scotland) incorporated solely for the activity of holding and letting residential properties.
The maximum portfolio of Buy to Let or residential loans per applicant(s) held at any one time with Pepper Money, is limited to a maximum of 3.

Portfolio landlords accepted as both individual or Ltd company ownership.

Ltd co has to be active
Must have no disqualified directors
All directors must be natural persons
No debentures to be present
No current adverse credit
SIC codes allowed: - 68100, 68201, 68209, 68320
Sales of main residence acceptable repayment with no minimum.

Maximum of 9 Buy to Let properties, including the application property(s) unless Limited Company then it's 16, including the application property(s)

This is per individual and will include any joint or limited company loans held that the applicants are party to.

It will therefore not be possible to exceed the maximum stated above if applications are made jointly.

Where a client holds a portfolio of loans with other lenders these will be disregarded for portfolio maximum purposes.

However the conduct of those loans will be taken into consideration and they must be conducted satisfactorily over the last 12 months.
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Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper.
HMO/Multi-Unit - both purchase and remortgage.

Will allow clearing of tax bills: -

- The bill must be repaid in full on completion including penalties
- Satisfactory explanation as to why not paid
- Copy of the latest tax bill.

Clients/Directors must have at least 1 years experience as a landlord and own a current BTL
****

Multi Units:
• Available on all HMO products: Personal Ownership HMO and Limited Company HMO
• Maximum of 6 self-contained flats/ units within a single block
• Available for Tier 1 adverse only
• Available to max LTV of 75% LTV (75% to £750k; 70% to £1m)
• Max Loan size £1,000,000
• Available in England and Wales only
• Minimum floor space of 30 meters squared for each Unit
• Not available for first time landlords
• Other criteria applies as per standard personal ownership HMO/ limited company BTL
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Maximum of 20 buy to let loans per individual
5 @ 80% LTV and 5 @ 75% LTV
(including buy to let loans which the individual has guaranteed), with Precise Mortgages up to a combined value of £10,000,000.
Unlimited with other lenders
12 months ownership of x 1 BTL – Specialist range 2 BTL’s fo 2 years

We do not allow any restrictions on properties including agricultural.

Can consider the following: -

Flats including studios below 30sqm, New build flats, Ex local authority flats with deck access up to 12 floors, High Rise, MUB, HMO, Holiday Lets, Airbnb, Semi Commercial Units, BTL investor led developments, properties located above or adjacent to commercial except petrol stations and hazardous industrial units including food or alcohol
£1.5m max portfolio with Saffron Building Society
Must be let on an AST with a term of 6 – 24 months
Only allow 3 people not family related to share on a property on one single AST.
Rental assessment will be based on 1 single family.

Exposure - 1 Flat in 1 block in 1 building.

No limit on a number of properties in the portfolio, however; All other BTL assets in the portfolio (not financed by the society) must meet rental cover of at least 125% of pay rate both individually and collectively.

Max allowed with Saffron - 10 or max borrowing of £1.5m.

BTL Light Refurb is also available
• If the amount of lending required is the maximum percentage of end value, state this clearly on the application form
• Rental Cover based on after works rental assessment
o Rental cover 140% of either pay rate + 2% or 5.5%, whichever is higher
• Evidence of savings to support 3 months mortgage payments whilst refurbishment works undertaken
• Work must be completed within 3 months of completion and prior to letting out
• Additional funds released after a satisfactory re-inspection and confirmation of improved end value and rental income
• Property must be let on an AST
• Rental assessment is based on occupation by 1 family on an unfurnished let
• Limited Company accepted
• LTV not to exceed figure stated at any stage
• For portfolio landlords the maximum LTV INCLUDING fees is 75%
• Interest only or repayment
• Maximum loan size £1,000,000. Loans over this are priced on a bespoke basis and have restricted LTV’s
• Regulated buy to let accepted – either now or in the future, you or an immediate family member will occupy the premises or be a tenant. (The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.)
75% LTV Maximum if capital raising on BTL.

TML will normally restrict the coverage on individual developments and buildings to:

• Maximum of a single unit in developments of up to 7 properties, or 25% of units in developments of between 8 and 50 properties and 15% where the development comprises of 50 properties or more.

• A maximum of 20% of properties within any individual full postcode area. Exceptions to this may be considered on a case by case basis
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At 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.
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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.

HMO Leasehold flats accepted

First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable.

Eligibility window for portfolios - Multi App product - 6 months for Portfolio landlords and 3 months for Non-Portfolio.

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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).
****

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)
Ltd Co's that have been formed for holding residential Buy to Let properties as assets. Trading companies are not permitted

DIRECTORS OR SHAREHOLDERS
Up to a maximum of 4 individuals. The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company.

PERSONAL GUARANTEES
All directors and shareholders are required to provide joint and several guarantees and take Independent Legal Advice.

CONNECTED APPLICANT
Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application.

ACCEPTABLE SIC CODES
68100, 68209, 68320, 68201.

High Rise Flats
Over Commercial premises
HMO's
Multi-Unit Freehold Blocks
Holiday lets

Consumer BTL: -
Do not allow Consumer BTL. If the client is already a landlord with other rental property this is acceptable.
Considered if the subject property is the client’s only BTL

FLATS
Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift).
Studios at least 30 Sq.M in size.
LEASE TERM - Minimum term 60 years left on the lease on completion.

EXPOSURE LIMITS - Maximum of 25% exposure of a block of flats.

MUB
APPLICANTS At least 1 applicant must have 1 years letting experience.
MINIMUM VALUATION £150,000.
NUMBER OF UNITS Six self contained units with their own utilities on specialist and ten on non standard products

HMO
APPLICANTS At least 1 applicant must have 1 years letting experience.
MINIMUM VALUATION £150,000.
NUMBER OF LETTABLE ROOMS Six on specialist and ten on non standard products.
LICENCE REQUIREMENTS Licence would be needed if required by the local authority. This will be confirmed by the solicitor.

NEW BUILD
DEFINITION Will only lend on new properties which are built and ready for occupation.
WARRANTY A new build warranty should be in place confirmed by the solicitor

MORTGAGE REPAYMENT
Capital repayment can be applied for with the same ICR as interest only mortgages.

The actual mortgage payment must be covered by the assessed rental income.

An amount of 10% of the outstanding balance of the mortgage can be repaid as a lump sum in any year without penalty.
Maximum 20 properties up to a maximum portfolio of £4 million exposure with Vida per borrower. No Maximum on number of properties over the whole portfolio, but overall portfolio average of 80% LTV, regardless of lender.

No restriction on number of storeys in a block of flats

No requirement for a lift above 4th floor

Flats near to or above bars, pubs and petrol stations considered

Multi-Unit Blocks (MUB) now available up to 6 units

Landlords considered with no experience when purchasing HMO or MUB

Flats situated above commercial premises: Max 75% LTV
Flats situated above restaurants/ takeaways/ public houses/ launderettes: Max 60% LTV

Ltd Co (including trading companies), and SPVs acceptable across standard range with no extra rate loadings or fees. Ltd Company trading under a different SIC code, 2 years trading, 1 years accounts & SA302 required.

Directors Loans accepted for deposit purposes – Vida will require a fixed and floating charge for Trading Limited Companies. Vida can also consider using retained profit for deposit purposes.

HMO: - Up to 8 bedrooms considered.
Minimum value £100,000.

Multi Units: - Up to 5 self-contained units on a single freehold. Minimum value £175,000 for the freehold block in London & South East, £125,000 in all other regions.

From 130% rental cover.

Corporate lets: It is acceptable for a customer to create a corporate let providing they are in the name of our customer and include the ability to terminate the lease within the lease period.
*** For LTD Co's - Directors must own 60% of shares of the company. ****

Must be a home owner for at least 1 year.

£25,000 minimum income for professional landlords.

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

Flats above commercial - up to 60%

HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.
Maximum number of applicants2 applicants2-4 applicants4 applicants44 applicants4 applicants4 applicants2 applicants
4 applicants within Ltd Company
10 applicants2 applicants on a private BTL or 4 directors on a LTD BTL.4 applicants. Including SPV Limited Co.4 applicants2 Individual. 4 Company Directors.

Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.
4 applicants2 applicantsTraditional BTL 2
Ltd Co BTLs 4
4 individuals and limited company directors4 applicants and directors (individual credit checks will be undertaken). 4 applicants.
In the event that the application is from a limited company, details of up to four directors/shareholders as applicants will be captured.
4 applicants or Directors of Ltd Co.

The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company.

Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application.
4 applicants4 applicants / Directors
Minimum OwnershipProperty owned for less than 6 months
Remortgage available to repay existing facility, plus 100% of the improvement costs i.e. a bridge or short term loan only. Otherwise, property must be owned for over 6 months.

The customer will have the ability to capital raise monies over and above the sum required to redeem the bridging loan based on any enhanced value of the subject property.
6 months minimum before remortgage6 months minimum ownership before remortgage can be considered. Will lend against OMV no restrictions on maximum advance.6 months providing there is reasonable uplift in the property which can be explained by development works. 6 months minimum ownership before remortgage can be considered. Property owned for less than 6 months
Will consider within 6 months if repaying a bridging loan or obtained from family death (probate)
Able to accept properties purchased within 6 months, provided land registry has been updated.<6 months ownership product dependent!

6 months minimum ownership required before remortgage.

Can consider lending on a property where it has been their residential home previously - proof is required that it has been rented out for the last 12 calendar months (AST) and with consent from the current mortgage lender.

If the property has been converted as a result of a bridging loan we are unable to consider a remortgage until 2 years after conversion.
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Foundation Home Loans stance on Experienced landlords and first time landlords: -
Experienced Landlords are defined as someone who has been the registered owner of a self-financing buy to let property in the last 6 months.
A First Time Landlord is someone who has not operated a buy to let property within the last six months.
None6 months minimum ownership before remortgage considered. Will lend against OMV no restrictions on maximum advance6 months minimum ownership.

No First Time Buyers

HMO's up to 8 beds (9 or more is a refer - The client MUST already own a HMO property), Kent Reliance can also lend on student lets, Up to 4 flats on 1 title allowed. Available in SPV Ltd Co and individuals.
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Remortgages prior to 6 months are considered if clearing bridging finance like for like.
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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.
No minimum ownership required - can consider under 6 months ownership.A valid
explanation is required if the property has been
owned for less than 6 months,

-Day 1 remortgage, borrow against the enhanced value post works at any time

-Borrow on 75% of flats in a block with a max of 5 units in a single block
No restriction - refer.

Applicant / Company must own the property if it is a remortgage.
6 months minimum ownership required before remortgage
Applicants without an existing residential mortgage are now acceptable subject to underwriting criteria which will include a plausibility assessment.
6 months minimum ownership required before remortgage. No minimum ownership where property inherited or exiting a Precise bridge.
If property was converted from a Residential into a let property, it must have been owned for a minimum of 12 months prior to remortgage.
12 months ownership of x 1 BTL –

Specialist range 2 BTL’s fo 2 years
Minimum time previously owned by vendor - 6 monthsMinimum time previously owned by vendor - 6 months, unless bought cash or on a bridge then can consider under 6 months ownership. (24 months of being BTL landlord required)Property must have been owned for at least 3 months and must be registered in the borrower's name at Land Registry6 months minimum ownership required6 months minimum ownership required
Layered Limited Company Ownership
(Ltd Co owned by another LTD company)
Yes, provided the directors of the originator LTD company are the same as entity to which they are lending. NoNoMust refer the scenario - all owners must be the same before referral to start withNoNoRefer. Yes, provided they can understand the ownership structureCase by case basisNoYes, provided there are no more than 2 layers and the directors / shareholders are the same. Yes, provided that the director / shareholders of the holding company are all on the application. If different to this, discuss with Landbay with a view to exception. Yes, as long as they understand the ownership.

-Sic code must be property related, we accept trading companies (letting agents, development, construction etc)
-Option to waiver independent legal advice reducing costs and time
-Layered companies acceptable, individuals do not need to mirror
-Parent and subsidiaries can have any sic code
NoNo - but they accept deposits from other limited companies, the form of cash, or property transfer from another owned limited company. NoRefer. NoNoNoNoNo - unless exceptional circumstances.
Consumer Buy To LetStandard Criteria applies unless the applicant is a FTL or the transaction is a Let to Buy – see relevant sections. Please refer to your Business Development Manager for more information. Yes, on C&ICan consider. NoYes, but on residential affordability. YesNoNoCase by case basisYes, can be considered under the standard BTL range.Yes, can consider. Must be on AST. Do not considerNoYes, but only on non-portfolio rangeNoCan consider consumer BTLs on everyday BTL product range however the applicants must not be reliant on the rental income to support their lifestyle. NoNo: -

Do not allow Consumer BTL. If the client is already a landlord with other rental property this is acceptable. Considered if the subject property is the client’s only BTL If regulated, please refer.
NoNo
Permanent rights to reside and remainYesYesYes All applicants must have permanent rights to remain in the UKYes (unless Ex-Pat)YesYesAll borrowers must be resident in the UK at the time of application and have indefinite right to remain or indefinite right of entry.

Proof of three years residential history is required

Non EEA Foreign Nationals: Where indefinite leave to remain in the UK is not granted, applications can be considered subject to meeting the following criteria: Minimum 25% deposit which must be from the borrower’s own resources;

Borrowers must have been legally resident in the UK for at least the last 3 years. Borrowers must have either Tier 1 or Tier 2 immigration status.
Not required. YesYes - required.
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Tier 2 Visa - on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.

EU Citizens

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.
Yes.

Can consider spousal visa's, please refer.
Yes, minimum of 3 years in the UK -

Tier 1: UK/EU/EEA only.

Residential status: -
Tier 1: Must be a UK resident and have been resident
in the UK for the past 3 years.
Tier 2: Must have 3 year UK residential history and a
permanent right to reside in the UK.
YesApplicants who are non‐UK citizens must have been permanently resident in the UK for the past 3 years and must have indefinite leave to remain in the UK. UK citizens who are returning to the UK permanently are acceptable.
Applications from Foreign Nationals are acceptable, however all applicants must:
*Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer).
*Be UK taxpayers (where income is being used in support of the application).
*Have resided in the UK for the last 3 years.
*Applicants residing in the Isle of Man and Channel Islands are not acceptable.

**Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK (where income is used in support of the application).

**Non‐European Union citizens must provide evidence confirming indefinite rights to remain in the UK and have a statutory right to work in the UK.
Yes.

EU Citizens

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.
Yes for UK applicants no for foreign nationals Yes (unless Ex-Pat)

Foreign nationals: - Must have at least 3 years UK address history and have rights to reside.

VISA's: -

Accept skilled Worker, Health & Care Worker and Global talent Visas subject to:
• Maximum LTV of 75%
• Remaining term of visa exceeds fixed term period.
Yes. Yes, requiredYes (see also Ex-Pat)Permanents right to reside is required. No to ex pat.

Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
First Time LandlordYes (minimum £25,000 income)
FT Landlords max 75% LTV £600,000 loan

Will consider a First Time Landlord subject to:-
The Bank’s definition of a First Time Landlord (FTL) is an applicant who has not owned an investment property, with or without a mortgage on that property, in the last 12 months.
*
The Bank will accept applications from single or joint FTL, with the applicant(s) having a minimum age of 25 years old. In a joint application where one of the applicants is not a FTL, a minimum age of 21 will apply to that applicant.
The following criteria apply to FTL:
• FTL applications must have a minimum income of £25,000; one applicant HAS to be a homeowner, can considered where one isn't.
• FTL applications will be capped at a maximum loan size of £600,000; and
• FTL applications will be capped at a maximum loan to value of 75%.
Also, will only consider single unit properties and not multi units.
Calculated on personal affordability and 80% of the net rent to be received on the BTL. Yes (Must have current property)Minimum landlord experience of 12 months.
Yes (must have current residential)No (exception can be sought for high quality applicants)Yes, but must have £25,000 income and own a residential. No.

A first time landlord can be defined as someone who has not operated a buy to let property within the last 6 months. Gifted deposits not considered for FTLs.
First Time Buyers: A first time buyer is defined as someone who has never owned a property. First time buyers are not acceptable as sole borrower.
NoAt least one applicant must be an existing Residential homeowner, unless they have owned 4 or more Buy to Let properties or their employer provides tied accommodation or at least one applicant earns a minimum of £40,000. Yes - 75% Max LTV. Must own a residential property. First time buyer and first time landlord can be considered, applicant must be on £85,000 income (employed) in order to be considered.

Please note, at least one years experience is required for a Multi unit property or HMO.
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Small HMO only.

*HMO product can be considered for first time landlords, and offer rental yield based valuations on small HMOs in Article 4 areas.*

-75% LTV
-One applicant must be owner occupier for 6+ months - other applicants can be first time buyer
-Minimum income - £30,000 per application
-Standard let properties & small HMO's (max 6 beds)

Experienced landlords - where one applicant holds 2 BTL with 12+ months rental experience
-Other applicants can be FTB/FTL
-80% Loan to value
-No minimum income
-No requirement for any applicant to be owner occupier
Yes - must be a home owner and a standard property, cannot lend to a FTL who wants a HMO/Multi Unit propertyYes - as long as they have held a mortgage on their main residence for the previous 12 months.Acceptable unless HMO where 12 months BTL ownership is required.

Note for First Time Buyer and First time landlord: - 75% LTV for FTB FTL - must fit on the ICR rental calc as normal but also fit on residential affordability capped at 3.5x income.
The applicant
must have owned at least 2 buy to lets for a minimum of 1 year.
Considered for single BTL.

Can consider a regulated BTL but it is assessed on affordability not rental income.
No, must have current BTL experience and own a rental property.
*****

£350,000 to max LTV for First Time Landlords
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At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.
ConsideredYes. Borrowers who do not currently own a residential or rental property are acceptable, but or First Time Landlords will be assessed for affordability on both the residential and BTL affordability basisMust have a residential property and have owned it for 1 year.
Student LetsConsidered for up to 4 individuals as long as they are on a single AST and are jointly liable for the rent. Single AST onlyYes (Maximum number of students on 1 AST is 5)Yes, will consider. See criteria guide for more informationNoNoYesYes, as long as its a single AST and it's a max of 4 students on the ASTYes, but run past bank.NoYes (Max 6 Bed)YesStudent HMO's consideredNoNoHMO. Can consider student lets up to 6 bedrooms with locks on doors (no bedsits and must have communal area), single or multiple ASTs. On traditional BTL criteria student lets can be considered, where max 4 students on ONE AST, NO locks on doors, No communal areas used as bedrooms ie 4 friends renting a 4 bed house together otherwise put on HMOWhere the property is let to students, will only lend if there is a single tenancy covering all occupants
whereby all occupants are jointly and severally liable.

Will only lend when the property is let to family members if the property is a student let, whereby the
family makes up no more than 40% of the occupancy.
NoNoYes, considered. Yes, consider.

Including deck access

Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans.
Family cash Gift depositYesYesYes - Must be evidencedParent/ grandparent/ grandchildren/ siblings/ children/ spouses/ civil partners/ uncles and aunts – including step/ half/ in-laws
Yes, Deed of Gift. Direct family onlyYesAccepted – immediate family only.A gifted deposit (100%) is acceptable from immediate family members if accompanied by a declaration from the family member/s confirming no repayment required and that they hold no interest in the property which will be purchased using the gifted funds. Not available to FTLs.Yes, consideredNo - unless security is the first BTL that they would own. Source dependent and will be referred.YesRefer AcceptedYesYes, considered. Accepted from a close relative
Yes - they require a letter stating no repayment will be made Yes, any family member. Yes - they require a letter stating no repayment will be made and no interest in propertyGifted 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.
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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
Gifted deposits considered from close/blood relatives: Parents, Child, Grandparents, Brother, Sister, Step Parent, Spouse.
OVERSEAS DEPOSITS:

These can be considered by referral (FATF and EEA only).

CONCESSIONARY PURCHASE:

Considered if purchasing from a close relative (as above).
Accepted from close relatives, ie parents, grandparent, sibling, step relatives, child, spouse etcYes, 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 depositNoYesNoParent/ grandparent/ grandchildren/ siblings/ children/ spouses/ civil partners/ uncles and aunts – including step/ half/ in-laws
Yes - direct family member only. YesWe do not accept gifted equity, but we are able to consider gifted deposit where there is no money changing hands.NoYes, consideredNoYesReferConsidered - Will accept but client needs to put in 10% of their own deposit funds with an explanation for the transaction required.

-Deed of Gifts
-Inter company loans
-Directors loan
-Issue of share capital (for incorporations only)
NoYes, considered. Accepted from a close relativeNo for gift of equity from family members Ltd Co: - Equity gifts accepted from personal to Ltd Company. (Director's loan) - unless the minimum deposit has been met. Example: - will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 80% of the £100,000 and the 20% deposit would need to come from the clients own sources.Yes, any family member. Yes - Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full priceConsidered, up to 75% LTV.
Must NOT be a consumer BTL.
Gifted deposits considered from close/blood relatives: Parents, Child, Grandparents, Brother, Sister, Step Parent, Spouse.
OVERSEAS DEPOSITS:

These can be considered by referral (FATF and EEA only).

CONCESSIONARY PURCHASE:

Considered if purchasing from a close relative (as above).
Considered - Must be from close relative. The max mortgage will be based on purchase value and will be limited to 75% of the market value and no more than 95% of the purchase price with the customer to provide at least 5% deposit of their own.
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Purchase at Undervalue Where the purchase price is a discount of 2.5% or more from the Vida valuation and the borrower is buying a property from a close relative, or a long standing tenant is buying from the landlord. The mortgage can be up to 75% of the OMV report and up to 95% o the
purchase price with the applicant providing at least a 5% deposit.
Where the property is being purchased from a family member at a discounted price they may not continue to reside in the property and must relinquish all rights to the property
Yes, considered.

It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Rental calculationApplicant type - Minimum interest cover ratio

Single residential unit & Multi unit freehold

Individuals
Higher tax payers - 145% ICR or 120% using personal income.

Basic tax payers – 125% or 110% using personal income

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Companies or Individuals (basic rate tax payer)
125% or 110% including use of surplus income

5 year fixed products are stressed at the higher of (i) initial pay rate or (ii) reversion rate + 0.75%

HMO:

Individuals (higher or additional rate tax payer) 185% or 160% including use of surplus income

Companies or Individuals (basic rate tax payer) 155% or 140% including use of surplus income

Portfolio rental stress is at 5% - can consider a rental boost if falling short on rental income for portfolios.

If the individual stress rate for the application is below the portfolio stress of 5%, the lower stress rate will be factored in to the overall assessment of the portfolio.
ICR Basic rate tax payers - 125%

High rate tax payers - 140%

Top slicing with income available on Interest only loans with a minimum ICR of 112%

Do not lend to Portfolio landlords, i.e. 4 or more BTL Properties
Basic rate tax payers will require 125% rental cover. For higher and additional rate tax payers, based on current products, the majority of cases will require a rental cover below 140%

On 5 year products
125 @ 5.25% for basic rate tax payers
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A minimum of £30k earned income is needed on the application. A maximum aggregate LTV 75%, and minimum rental cover 145% at 5.5% is required across the portfolio (unencumbered BTLs will be taken into account for this).
Basic rate tax payer and Ltd Co from 125%

Higher rate tax payer from 145%.

All 5 year fixes at pay rate
Purchase:

Basic-rate tax payers: 125% x 5.5%.

Higher-rate tax payers: 140% x 5.5%.

Remortgage:

Pound for Pound remortgages (regardless of tax band): 130% x 5.5%.

If a remortgage with capital raising;

Basic-rate tax payers: 130% x 5.5%

Higher-rate tax payers: 140% x 5.5%

For Consumer BTL’s a full affordability assessment will be required.

Valuer must confirm the gross monthly rent achievable (based upon unfurnished figure).
All cases are assessed as follows:

Individual or Ltd Co 145% at 6.79% or variable rate if higher when the case is a purchase or capital raise remortgage. £4£
Remortgages are 130% at 6.79% or variable rate if higher.

Cases on a 5 year Fixed can be assessed at Pay Rate x 145%/130% as before.
Standard products rental calculations, including standard HMO and MUBs, are based on 125% for standard rate tax payers and 145% for higher rate tax payers.

All limited company rental calculations, including for HMO and MUB products, are based on 125%.

Please refer to Fleet Mortgages Product Guide for more details on payrate calculations
For Individual and Limited Company products: - 145% of pay rate (5 year fixed products) or 5.50% notional rate for all other productsLimited company: BTL 125%
HMO over 6 bedrooms - 140%

Personal name: BTL 140% HMO over 6 bedrooms - 155%

5 year fixed - stressed at pay rate
2 year fixed - stressed at pay rate + 2%
5:2 – stressed at payrate
145% rental coverage at 5.5%

If Ltd Co - Only the property portfolio of the limited company is assessed
Use the lender calculator for the accurate result: -

Kent Reliance Rental Calculator
For purchase and capital raising remortgage applications, the following underlying ICR rates will apply:

Limited company applicants: 125% @ 5.50%

Individual applicants: 140% @ 5.50%

Expatriate applicants: 125% @ 5.50%

For remortgage applications without a capital increase or purchases where the initial fixed rate is 5 or more years in duration, the following underlying ICR rates will apply:

Standard properties up to 75% LTV: 125% @ pay rate

Standard properties up to 80% LTV: 130% @ pay rate

HMO/MUFB properties: 130% @ pay rate

Expatriate and FTL applicants: 135% @ pay rate

The underlying affordability of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5.5% to 125% @ 5.0% - where an application fails this test. We may consider and application using up to 10% of the declared income (subject to minimum income of £100,000) The Landbay affordability model will take into
account a number of elements including other income.
Single Unit Properties: -
Basic rate taypayers (20%) 125%

Limited company or LLP 125%

Higher rate taxpayer (40%) 140%

Additional rate taxpayer (45%) 140%

Refinance (no capital raised) 125%

HMO / Multi units
Basic rate taypayers (20%) 130%

Limited company or LLP 130%

Higher rate taxpayer (40%) 145%

Additional rate taxpayer (45%) 145%

Refinance (no capital raised) 135%

@ 5.5%

Unless 5 year fixed then use 4.19%
Basic rate tax payer (20%)
125%

Higher rate tax payers (40%)

140%

Additional rate tax payers (45%)
140%

Please see rate guide for calculator use
Ltd company BTL -

125% of product rate for 2 years deals and pay rate for 5 year fixed deals

Individual BTL - 140% of new mortgage payment, calculated upon product range and LTV
Please see product guide for clarification.
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5yr fixed deals available, 140% of pay rate

Pepper Money Rental Affordability Calculator
Limited Company and HMO: -
Tracker products - @ higher of pay/revert rate + 2% (min 5.5%)

Please visit BTL calculator at Precise BTL Calculator

<5 yr fix @ higher of pay/revert rate + 2% (min 5.5%)

Please visit BTL calculator at Precise BTL Calculator

5 year + fix 125% @ pay rate

Simple refinancing assessment required where LTV is > 60% on a 5yr + fix
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Lower Rate Tax Payer: -
Tracker products - 125% @ higher of pay/revert rate + 2% (min 5.5%)

<5 yr fix 125% @ higher of pay/revert rate + 2% (min 5.5%)

5year + fix 125% @ pay rate.

Simple refinancing assessment required where LTV is > 60% on a 5yr + fix ********

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110% Top slicing of payrate even on 2 year rates.
Basic Rate Tax Payer 125%,

Higher Rate 145%, Limited Company 125%

£ for £ remortgage none
Pound for pound remortgages – 125% of pay rate­

Limited Company – Rental cover 125% of pay rate + 2% or 5.5%, whichever is higher

Limited Company – Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan

HMO – 160% of either pay rate + 2% or 5.5%, whichever is higher. Rental Cover on debt for debt re-mortgage cases 160% of pay rate.

5 year fixed rate – New purchase or capital raising – 140% at Pay rate

Any other scenario, either pay rate plus 2% x 140% or 5.5% by 140%, whatever is the higher
Based upon Interest only BTL mortgage payment.
Rental assessment will be based on 1 single family.
Individuals: BRT - 125% / HRTP 140%
Ltd Co/LLP: 125% ICR
HMO/MUFH: 140%
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.
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Minimum rental calculator for background portfolio is 125% @ 5.5%.

No maximum LTV
Confirmed by the valuer or current rent if lower.

Only exception is holiday lets where the rental income will be based on proven annual income or confirmed by a reputable letting agency averaging low/medium/high season for the year.

See below for rental calculations: –

For 2 year fixed rates the initial pay rate +2 or 5.5%

For 5 year fixed rates the initial pay rate.

125% Basic Income Tax Rate

140% Higher Income Tax Rate 140%

130% Combined Basic and Higher Income Tax Rate

125% Ltd Companies
2 year fixed: Product rate + 2%, 5.5% minimum.

2 year fixed £ for £ re mortgage: Product rate, 5% minimum.

5 year fixed Product rate.

140% Higher Rate Taxpayer

125% UK Basic Rate

125% UK Ltd Co’s/SPV

HMO/MUB - 130%, including Ltd Company HMO, 140% for higher rate tax payers
Standard properties – Individuals: High rate taxpayers -140% based on higher of Pay rate +2%, reversion rate or 5.5%.
Pay rate for 5 year fixed rates

Basic rate taxpayers- 125% based on higher of Pay rate +2%, reversion rate or 5.5%. Pay rate for 5 year fixed rates

Limited Company: –
125% based on higher of Pay rate +2%, reversion rate or 5.5%. Pay rate for 5 year fixed rates

All MUFBs, HMOs and Flats above Commercial: – Individuals 150% based on higher of Pay rate +2%, reversion rate or
5.5%. Pay rate for 5 year fixed rates

Limited Companies
135% based on higher of Pay rate +2%, reversion rate or 5.5%. Pay rate for 5 year fixed rates
Let to Buy (Turning Residential into Buy to Let)Considered -
Max 75% LTV anx max loan of £600,000
YesLTB will only be available when the applicant is buying a Residential property
They will require evidence of the Residential property purchase for LTB mortgages.
Considered so long as evident not a Consumer Buy to Let and suitable due diligence undertakenYes - considered on a referral basisYes but only at 145% of Payrate on a 5 Year Fixed or 5.50 if not. 130% rule does not apply.NoNoNoYesConsidered (they require sight of a mortgage offer on new property)Not consideredNoYes - Will consider let to buys with no onward purchase as long as the client has already moved out of the property upon the time of application – Consent to let is NOT required. Must have credit at new address. No - only the forwarding purchase. Yes can consider must have a simultaneous completion for the onward purchase. If not onward purchase, property must be rented out for a min of 3 months (proof of 3 months rent required) and on the voters roll at their new residence.

Considered up to maximum 80% for Remo to BTL.
No. Remortgage of a residential into a BTL accepted as long as there is an onward residential purchase. Max LTV 75%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 applicationNoYes

Accepted, providing customer confirms that the property is being let out for investment purposes. Vida can lend on both the BTL and/ or residential loan
If BTL is with another lender, we require a copy of the offer. Vida requires a simultaneous completion of a new residential for a Let to Buy. If this is not the case then the applicant is required to be out of the property with consent to let from their current lender.
Yes - Only when the applicant/ director already has rental properties in the background prior to approaching Zephyr.
Minimum years remaining on Leasehold property• Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term). However, if the solicitor confirms a lease is shorter than 85 years at the start of the mortgage the valuation will be referred back to the valuer, as this may impact the property value. Residential to 40 years and 50 years for BTL remaining. At least 70 years unexpired term at the time of application.Minimum unexpired lease of 75 years at applicationFor Capital and Interest 85 years from the start of the mortgage term

Interest only below 50% LTV 85 years from the start

Interest only above 50% is 85 years the end of the term
50 plus mortgage term75 years at the end of the termTenure may be Freehold or Leasehold with unexpired lease (already in existence) term no less than 50 years at the end of the mortgage term50 years at the end of the mortgage term85 years at the beginning of the mortgage applicationUnexpired term of the lease must be at least 50 years at the end of the mortgage term.60 years at completion of mortgage with 55 years remaining at end of term 65 years at end of termFreehold or leasehold (subject to a minimum of 85 years unexpired term at the commencement of the mortgage and 65 years unexpired term at the end of the mortgage).

Can consider a lower lease if this is to be extended on completion.
Must have a minimum unexpired term of 85 years at the time of completion.Minimum remaining lease term is 70 years at completion. Can extend lease on completion.
35 years remaining at the end of the term.Must have 50 years remaining at the end of the mortgage termMinimum unexpired leasehold term remaining at the end of the mortgage of 50 years. Minimum term 60 years left on the lease on completion.Capital & Interest loans minimum of 40 years lease remaining at the end of the term.

Interest Only, 70 years remaining at the end of the term
Leasehold properties must have a minimum lease of 70 years remaining at the end of the mortgage term.

Ground rent and Service Charges must be included in cash flow projections (portfolio landlords only)
for leasehold properties

Applicants for leasehold properties should not hold a controlling interest in the Freehold.
RepossessionNoneNone in 6 yearsNot acceptedNot acceptedNone in 6 years.NoneNoNot acceptedNot considered unless by exceptionNone in 3 yearsNone in 6 yearsNo proceedings pending and must have been discharged within the last 6 yearsNot acceptedNot acceptedNone in 6 yearsNone in last 6 yearsWill consider if this was over 5 years ago and have no residual debt. Must be satisfied at least 5 years agoNone in last 6 yearsCheck with lenderNone in 10 yearsCompany Liquidations, Administration, Winding Up Orders & Receivership's: None in last 3 years.

Bankruptcy, Sequestration, IVA's, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years.

Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
Debt Management Plan (DMP)ConsideredAcceptedNo0 in 36 months and satisfiedNone in last 3 yearsNoNoNone in last 24 monthsNot considered unless by exceptionYes, must be have been running for 12 monthsConsidered if over 3 years oldNone in 6 yearsNoNoNone in 12 monthsNone in last 6 yearsReferMust be satisfied for at least 3 years agoCase by case basis. Check with lenderConsideredCompany Liquidations, Administration, Winding Up Orders & Receivership's: None in last 3 years.

Bankruptcy, Sequestration, IVA's, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years.

Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
DWP TenantsYes to DWP and DSS tenants. NoYes (any kind of benefits)Minimum value £100,000.

EX- Local Authority House max LTV 75% EX-Local Authority Flat/Maisonette LTV 70%
Considered on a case by case basisNoYesNo, this includes DSS tenants. YesNoNoYes, considered. Full scenario required, i.e. how is the rental income derived, who from etc. Yes, can consider. Yes

DSS tenants
Housing association tenants
Corporate tenants
Single family lets
Sharers
Students
All above considered.
Considered.ConsideredYes, but AST must be in the tenants name. YesYesReferDSS Tenants are considered if in receipt of a top up on the rent payable.Yes - as long as the AST agreement is between the individual & not the local authority.
Studio Flats (including converted)No.Minimum floor
area for each
individual unit 30m2
Considered but subject to valuers commentsNoRefer. Yes, but 30sqm minimum. Location needs to be checked.Studio Flats - (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary.30sqm minimumGross external floor area of 35 sqm minimum. 30 sqm minimumCan consider 30sqm and under, but it must be self contained facilities. Studio flats with a minimum size of 35 Sq M and subject to valuation considered.

Converted flats are accepted.
Minimum sizes as follows: -

40 sqm if outside of London.
30 sqm if inside of London.

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.
Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift).
Studios at least 30 Sq.M in size.
LEASE TERM - Minimum term 60 years left on the lease on completion.
30sqm or more considered. 30 sqm or more required - 70% LTV max
Holiday Let / Short Term LetNot considered. Not consideredConsidered - they have a specific product range - see product guide.

Available for both Purchase and Remortgage.

Will require a rental estimate, provided by an ARLA approved lettings agent, as well as a breakdown of any expected maintenance costs
Not consideredNoYes, considered. YesNoNoYes, can consider.

ICR based on single AST rental income

Valued as a single dwelling house

There can be no title restrictions

Min income of £30k

Must meet our acceptable property type criteria

Customer must own 2 other BTLs (with one having been held for more than 12 months)

Must meet Tier 1 criteria

No HMOs/MUFBs can be considered

Max 5 bedroom house
NoNoNoNoConsideredNoNo
Air BnBNoNoNoNot consideredNoNoNoYes, Single unit only. No AST required however Short-term letting is only acceptable where the property is suitable for occupation under an assured shorthold tenancy and the standard rental coverage can be met. Serviced apartments not considered.ConsideredNoNoNo-Valued as single dwelling house

-ICR based on single AST rental income

-There can be no title restrictions

-Customer must own 2 other BTLs (with one having been held for more than 12 months) with application income of £30,000

-No HMOs/MUFBs can be considered

-Max 5 bedroom house at 75% LTV
NoNoNoNoNoNoReferNoNo
New BuildsNew Build houses accepted

Flats - Accepted. - 75% LTV max.

New build is defined as built in the last 12 months, or has not previously been occupied.
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80% LTV Max
Builders deposit accepted up to 5% of purchase price.
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Consider if equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit.
Only for Residential help to buy scenariosNew Build flats and Houses accepted to 75% LTVYes - Max LTV
75% Houses and

70% Flats/maisonettes
Houses - Yes up to product maximum
Flats - Yes, up to max LTV
New Build houses accepted

Flats - No

New build is defined as built in the last 12 months, or has not previously been occupied.
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Yes"New Build Properties are defined as properties that have been built or significantly converted in the last two years. Significant changes are changes that are either structural or planning significant enough to change occupation or use of the property.

New build houases are acceptable subject to contruction and the presence of an adequate structural defects warranty

New build flats are acceptable subject to: Standard marketability, with no restriction on occupation and a valuation the reflects resale of the property; A maximum loan to value of 70% based on the resale value of the property; Interest rate coverage reflecting ground rent and service charges where these are deemed to be onerous by the valuer; The presence of an adequate structural defects warranty.
YesNoNew Build Houses to 75% and flats accepted to 75% LTVMaximum Loan to value 60%. Maximum advance on a new build is £750,000 within the M25 and £500,000 outside of the M25Accepted - Flats are capped to 70% LTV.

New builds are defined as a property that has never been occupied or has been constructed or converted within the last 12 months.
YesHouses - 75% LTV Max

Flats - 75% LTV Max - see below for types of flats considered.
Leasehold Flats with a lease term < 85 years unexpired (such cases will each be considered on their own merits).
4 storeys or less accepted

Flats/maisonettes: - NOT ACCEPTED
Flats in local authority or ex local authority owned blocks
New build flats/maisonettes
Flats with a gross external floor area less than 35m2
Flats above commercial premises
Studio flats
Freehold flats
Balcony access
New build flats and houses accepted to product max LTV

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Flats in blocks up to 20 storeys, with a commercial ground floor accepted

80% LTV available for buy to let new build houses and flats

S106 obligations considered

Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months
Yes houses and flatsSaffron's definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties - since the conversion has been undertaken), being sold/marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society.
We recognise two forms of new build properties for security purposes: max LTV:
• New Build Houses, max LTV is product specific.
• New Build Flats - Max LTV is 75% on C&I repayment and 60% LTV on Interest only.

No Shared Ownership new build properties are acceptable.
Houses and flats up to 75% - if 75% required then max loan is £600,000.
Up to 70% then max loan £1.5mill.
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Vendor/ Builder Gifted deposit
New Build – First time occupation, up to 5%, greater than 5% considered on a case by case basis.
*****
Considered: -

DEFINITION: Will only lend on new properties which are built and ready for occupation.
WARRANTY A new build warranty should be in place confirmed by the solicitor
Houses - Yes
Flats - Yes

Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion.

Mortgage offers valid for 6 months from data of issue and if required we may extend for a further 6 months on the same product.
*****
Builder’s or Vendor’s deposit: -
Acceptable on new build purchases only providing incentive does not exceed 5% of the purchase price.
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
Ex-Patriates (acceptable regions)• Available to British Citizens residing in a FATF member country or confederation. Exclusions apply
• No minimum personal income requirements except for first time landlords
• Available for up to 6 Bed HMO's
• Available for up to 4 units on 1 title

• First Time Landlords considered for single residential investment units only. Applicants must be at least 25 years of age, able to evidence that they have owned their own home for a minimum of 12 months, and earn
in excess of £25,000 per annum. Consumer Buy-to-let not currently accepted

• Expat applicants are required to hold a UK Passport and have been resident in the UK within
the last 5 years, but there is no requirement for them to have been born in the UK.

Aldermore Can consider remortgages of previous residential properties, they will consider this as a consumer BTL.
NoNoNot acceptableThe maximum loan to value is 70%

The minimum loan is £25,000

Dudey will calculate the sterling equivalent by applying the exchange rate on the day of assessment.

Foreign Currency – Income (where some or all of the borrower’s income is denominated in a foreign currency, regardless of where their day to day work activities occur).

Foreign Currency – Repayment Strategy (where the borrower will repay part or all of a mortgage which is partially or wholly conducted on an Interest Only basis, utilising monies or other assets which are denominated in a foreign currency e.g. the sale of a foreign holiday home).

Applicants must be UK citizens who are temporarily resident abroad.

For Residential Properties; it must be the customer’s intention to return back to the UK with this property being their main residence.

Lending can only be secured upon property in England and Wales only. The applicant must own one existing property in the UK at which we can trace them (this can be either their residential property or a BTL property).

Mortgage payments must be paid via direct debit from a UK bank account.
Yes
• No minimum personal income requirements
All applications to be on Interest Only (Overpayments can be made of 10% of original loan)





• Expat applicants are required to hold a UK Passport


Consumer BTL is acceptable
NoEx Pat applications will be considered for both individuals and Limited Company (All Directors to provide a personal guarantee for full loan amount) applications where the applicant:

Has a credit footprint in the UK

Pays UK tax or has declared income for UK tax purposes

Has at least one Buy to Let property in the UK

Is employed by a multi-national employer or Sovereign entity

Has written confirmation from their employer of their residential address in the foreign country and period of residency

Has a UK bank account

Provides the last two years’ SA100 and tax calculations

Ex Pat


Acceptable Areas for Expats

Foundation Homeloans will consider lending where the applicant is based in the EEA, including Iceland, Lichtenstein and Norway.
Also allowed for EU/EEA/Switzerland can be accepted but only if the offer documentation can be signed/executed in the UK.
Foundation Home Loans will not consider lending where the expatriate is resident in, or funds originate from, the following countries:

Afghanistan
Algeria
Bosnia and Herzegovina
Democratic People's Republic of Korea (DPRK)
Ecuador
Ethiopia
Guyana
Iran
Iraq
Loa PDR
Myanmar
Sri Lanka
Switzerland - can be accepted but only if the offer documentation can be signed/executed in the UK.
Syria
Trinidad and Tobago
Tunisia
Uganda
Vanuatu
Yemen

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Where the applicant is resident in a country which is both outside the EEA and not on the above exclusion list (eg Switzerland, USA, Canada, United Arab Emirates) then Foundation Homeloans will consider lending on a case by case basis.
Yes, also Foreign Nationals based in over 110 countries acceptableNoMax 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).

Australian, France and Monaco expat applications now accepted where the property is held within a UK Ltd Co

The applicants must have a UK bank account and the mortgage
payment must be Direct Debit from a UK Bank

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Ex-pat standard mortgage – this is geared towards two types of borrower who want
to purchase a property in London or the South East:
• a professional applicant who is employed in a senior position by a UK, EU or US agency or by a recognised and traceable company abroad; or
• a self-employed applicant such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant.

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Ex-pat non-standard mortgage – also offer an ex-pat
non-standard mortgage. This is for customers who may not fit our standard
mortgage or may not be purchasing in London or the South East but who present
compelling reasons to lend. Applications for this product will be looked at on a case-by-case basis and bespoke underwriting will be applied.
NoNoYes
Up to 70% LTV - max loan of £750,000
Up to 65% LTV - max loan of £1,000,000
Any fees that may be added to the loan are excluded from the LTV calculation

Affordability
All calculations will be based on either the current reference rate published on our website, or the product
charging rate plus 2%, whichever is the greater.
The affordability will be assessed as follows:
• For individual and joint applicants and for limited liability partnerships (LLPs) with expatriate members, the
gross rental income should be equal to, or exceed, the Interest Coverage Ratio (ICR) of 140%.
• For limited company applications, the gross rental income should be equal to, or exceed, the ICR of 130%

Applicant type: Expatriate applicants and LLP’s with expatriate members 140%
Limited company with expatriate directors 130%
Single self-contained units only with no restrictive covenants in place.
The services of a managing agent must be engaged to oversee the property, and details of the agent must be provided prior to completion of the loan.
For purchase applications, proof of the source of deposit will be required in all instances.

*********

Consumer BTL - Ex pat
An application will be considered a consumer buy-to-let mortgage contract if:
• Either the borrower or a relative has lived in the property since it was purchased; or
• At the time of purchase, the intention was not for the property to be let out; or
• The property was inherited, rather than purchased

*********

Applications will be considered from limited companies / LLPs registered and trading in England, Wales or Scotland and whose directors /members are expatriates.
• All applicants must have held a UK bank account for a minimum of three years.
• All applicants must provide a certified copy of their current UK passport, together with three separate proof of residency documents.
• A UK credit search will be undertaken wherever possible. Applications will not be considered where there is evidence of poor credit history.
• There is no minimum income requirement, but applicants must provide details of all income.
• All employment statuses are accepted and full details must be provided as part of the application.
• We cannot accept applications that qualify as Consumer buy-to-let from expatriate applicants.

Applications will be considered for Expatriates, who must hold a current UK passport and are residing outside of the UK in one of the following countries:
Austria
Belgium
Bulgaria
Canada
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Italy
Japan
Kingdom of the Netherlands
Luxembourg
Malta
New Zealand
Norway
Poland
Portugal
Singapore
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
United States
NoNoYes

Not required to own a property in the UK for lower LTV applications.
Max LTV 75%.
No adverse in the last 3 years.
Applicants must be UK national (British passport holders)
Must hold a UK bank account and the mortgage direct debits must be paid form this account.
We will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the Society can serve notice in the event of default.
First time buyers and first time landlords accepted.

Not available to applicants living in an EEA country

Restricted countries:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Yes
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
NoYes – British Citizens living or working in FATF member countries or confederations

• Up to 75% LTV applies with the exception of Australia (70% LTV)
• Non EEA landlords require a minimum property value of £150,000
• Spouses who are non British Citizens can be party to the mortgage
• Applications considered for SPV’s registered in England, Wales or Scotland where one or more directors or shareholders is resident overseas as an expat

Must currently own a UK property and have at least 3 active credit records

First time landlords acceptable but must own a UK property
Mortgage payments to be made by direct debit from a UK bank account
No - must have permanent rights to reside.

All applicants, including directors of SPV applications, must be UK nationals and have 3 years continuous residency in the UK with the exception of the armed forces.

This will be validated either from mortgage statements, CRA output or a Land Registry search.
Ex-Local AuthorityFlats - Yes, up to 75% LTV

Houses - Accepted up to 75% LTV, subject to the following conditions:

No outstanding pre-emption requirement to repay a proportion of the discount.

Valuer indicating that there is evidence of a meaningful level of private ownership within the estate.

The property being of standard construction.

Minimum value £100k outside London.
Inside Greater London minimum value is £200k.
Houses only, no to flatsHouses and flats considered - Subject to valuers commentsMinimum value £100,000.

EX- Local Authority House max LTV 75% EX-Local Authority Flat/Maisonette LTV 70%
We cannot accept a local authority or av ex-local authority flat and maisonette unless located within the M25, a maximum LTV of 65%, minimum £200k valuation and satisfactory valuer comments regarding demand and re-saleability.

Houses – Yes
FLATS - No (inside M25 maybe considered by exception)

Houses - Yes
YesEx-local authority built houses (where the borrower is not a First time Landlord) and the valuation indicates good marketability are fine.
*****
Ex Local Authority Flats/ Maisonettes /MOD will be considered on a case-by-case basis (where the borrower is not a First time Landlord) and will also be subject to construction type, location with no balcony access (an exception may be considered for high value properties in London) and confirmation of a minimum of 75% private ownership from the local authority.


If block of flats has over 3 storeys with cladding, it will not be considered.
Yes, consideredFlats to a maximum of 70% (up to 4 floor, no deck access, must value at or above £250k and be in a City location)
Houses - Yes
Houses accepted to 75% LTV.
75% LTV for flats, block must be 80% privately owned
Refer case by case - majority privately owned in the block, low percentage private ownership is not acceptable. Accepted, houses and flatsReferHouses - 75% LTV Max
Flats - 75% LTV Max
Leasehold Flats with a lease term < 85 years unexpired (such cases will each
be considered on their own merits).
4 storeys or less accepted
Must not have deck access
Houses Max 75%, with adverse max 75%.
No Flats/Maisonettes. Exceptions can be considered where the following apply; Block in majority private ownership, no balcony access in block, good curb appeal, standard construction.
Standard Range:
- The expiry of any pre-emption period
- Maximum of 5 floors
- At least 50% of the block is owner occupied
- A minimum value of £200,000
- No deck access
- Valuer to confirm the property is suitable security and, in an area, where demand for this type of property is not falling.

Specialist Range:
Deck Access Flats
Ex local Authority houses and flats where the area owner occupation is less than 50%
Ex local Authority flats valued below £200,000 (subject to minimum £100,000)
Ex local Authority flats over 5 floors up to a maximum of 12 floors
Can be considered at a max LTV of 70% and subject to underwriting and valuation.Yes, 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
Yes, accepted. Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, with minimum property value of £80,000 (£200,00 in Greater London).Yes, to both houses and flats.

Consider deck access.

Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans
Historic CCJ’s & DefaultsNone registered in last 36 months unless settled defaults 13-36 months now accepted up to £500
CCJs registered over 36 months ago considered, Over 36 months, does not need to be satisfied if the total combined value is up to £500. Over 36 months, needs to be satisfied for 36 months if total combined value over £500
Communication defaults are ignored.

Missed mortgage payments

Amend - 0 in the last 3 months, 1 in the last 12 months, No more than 2 months in the last 24 months. Arrears over 24 months ago considered
Defaults and CCJ's ignored for
product selection purposes if
registered over 3 years ago or less
than £300 or a communications default.

ONLY ALLOWED ON CLEAR RANGE

None allowed in last 6
months (except Communications)

No pay day loans in last 12 months

Secured arrears - Based on worst status shown on
credit search. Status for last 12
months must be 0. Can consider
arrears in months 13-24
CCJs Criteria (Unsatisfied or Satisfied)
1 or more CCJs registered in the last 2 years and the total value of CCJs is more than £100 - Decline
1 or more CCJs registered in the last 2 years and total value of CCJs is less than £100 - Accept
1 CCJ totaling more than £5000 in the last 6 years - Decline
2 or more CCJs registered in the last 6 years totaling more than £1000 - Decline
2 or more CCJs registered in the last 6 years totaling less than £1000 - Accept (as long as it also meets criteria point number one)

Default Criteria (Unsatisfied or Satisfied)
1 or more defaults registered in the last 2 years and the total value of defaults is more than £100 - Decline
1 or more defaults registered in the last 2 years and total value of defaults is less than £100 - Accept
1 default totaling more than £5000 in the last 6 years - Decline
2 or more defaults registered in the last 6 years totaling more than £1000 - Decline
2 or more defaults registered in the last 6 years totaling less than £1000 - Accept (as long as it also meets criteria point number one)

Unsecured Arrears:
• No more than 2 missed payments in last 24 months
Unsecured Arrears: 0 in 6 months
Status 1 in 12 mths (Max. 1 instance)
Status 2 in 24 months Secured arrears: 0 in 6 months, Status 1 in 24 months (Max. 1 instance)

Defaults: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months

CCJ’s: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months
Applicant(s) must satisfy the following criteria:

Mortgage applications up to 80% LTV:
• No missed payments in last 12 months on any (previous or current) mortgage, other secured loan or rent, and no arrears in months 13-24 (counting backwards from the present date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears.
• No more than 1 missed payment in last 12 months on any (previous or current) unsecured loan or credit card, and no arrears in months 13-24 (counting backwards from the current date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears.
• A maximum value of CCJs registered more than three years prior to application (satisfied) of £5,000 and a maximum number of two instances.
• A maximum value of defaults registered within three years of application (satisfied) of £1,000 and a maximum number of three instances.
• A maximum value of defaults registered more than three years prior to application (satisfied) of £5,000 and a maximum number of three instances.

Other than that:
a) Three or fewer Communication supplier defaults of up to £150 each may be ignored for the purpose of calculation value under points 3 and 4 above (where an applicant has four or more, all of them will be taken into account).
A satisfactory explanation for any adverse credit (including any disregarded under point (a) must always be obtained.

For Mortgage applications above 80% LTV, applicant(s) must satisfy the following criteria:
• No missed payments in last 12 months on any mortgage, other secured loan or rent and no more than 1 missed payments in the last 2 years. No current arrears.
• No more than 1 missed payment in last 12 months on any unsecured loan or credit card and no more than 2 missed payments in last 2 years. No current arrears.
• CCJ(s) with a total not exceeding £2,500 registered more than 3 years ago are acceptable if satisfied more than 12 months ago.
• Defaults – one or more with a total value not exceeding £500 issued more than 12 months ago are acceptable, as long as satisfied by time of application.
No defaults in last 3 years and any over 3 years must have been satisfied 3 years ago
CCJ's - will conisder 1 satisfied under £500 in last 3 years, all other CCJ's must have been satisfied over 3 years ago
1 commnication supplier issue may be consider if under £500 and satisfied subject to a suitable explanation

Missed mortgage payments, 1 in last 12 months but none in last 6 months with a suitable explanation
If within the last 3 years, we are able to accept status 1 and 2, as well as any CCJs and defaults under £250.

No CCJs or defaults (either satisfied or unsatisfied) greater than £250 within the last three years.
No credit file to be, at any point within the last three years, more than two payment (>2months) in arrears
Range Dependent:

Standard Range: No CCJs/defaults registered in the last 24 months, regardless of whether they have been satisfied. All CCJs/defaults must be satisfied and brought up to date at time of application.

Unsecured arrears - for Mail order, Utility accounts, communication contracts & credit cards.

Underwriter can consider up to 4 missed/late payments on 1 individual account or 4 missed/late payments
(4 individual accounts) across a combination of accounts where combine value is less than £500

********
No missed mortgage payments in the last 24 months.

Unsecured loans and credit cards - Worst status of 2 in the last 24 months with 0 in the last 12

Other Unsecured (mail order, utility, communication contracts) - Worst status of 4 in the last 24 months

No IVA or Administration Order registered against any borrower.

No Bankruptcy Order against any borrower.

Debt Management Plans: Applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable.

******
All accounts must be up to date at the time of application,
All CCJ’s and Defaults must be satisfied at the time of application

*****
Standard Plus Range - CCJs & Defaults: - No CCJs/Defaults registered in the last 72 months, regardless of whether they have been satisfied.
All defaults and CCJs must be satisfied irrespectiveof when they occurred.

Unsecured loan arrears: A worst status of 0 in the last 72 months.

Credit card arrears: A worst status of 0 in the last 72 months.

Mail Order, Communications & Utilities: A worst status of 4 in the last 24 months per account provided all accounts are up to date on application.

Mortgage arrears: A worst status of 0 in the last 72 months.
Case by case basisUnderwriters a have discretion on CCJ's over two years old.

All non-defaulted agreements must be up to date at the time of application. Will allow status of 2 on any individual agreements in the last 12 months. Now up to date. All mobile phone defaults ignored.
Missed mortgage payments - MUST have paid the last 24 payments.
Historic CCJ's and Defaults - registered over 2 years ago can be ignored. CCJ's must be satisfied.
****
Any applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable.
Historic CCJ or Default - Ignored if registered more than 3 years ago satisfied prior to application.
Ignored if registered and satisfied prior to 12 month prior to application.
Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application.
Missed mortgage payments over 3 years considered.
No adverse within the past 24 months at all. In excess of 24 months we will look at on a case by case basis – subject to a max of £500Adverse credit - Available to all applicants/properties:
-Unsecured arrears - max status 2 (can have multiple status 1&2) & communications disregarded.
-CCJ’s - disregarded over 3 years ago

Adverse credit - (Tier 2) - Available for standard properties, HMO's & MUFBs

-Unsecured arrears - not counted

-CCJ's - None in last 12 months, 1 in last 12-24 months and not counted over 24 months

-Defaults - None in last 12 months, 2 in last 12-24 months and not counted over 24 months
A comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants.

Paragon Premier will undertake a credit score in order to ascertain the acceptability of the application and will not normally consider any application where there is evidence of poor credit history, such as defaults or arrears on any loan.

Paragon Premier will not consider applications with historic or current county court judgments.

The lender reserves the right to obtain a new credit search at any time and any change in the applicants credit history could lead to the application being reviewed.
Maximum allowable adverse: -

Unsecured missed payments: -

2 individual utility, communication, or mail order account defaults up to and including £200.00 each ignored (Applicable to Pepper 24 & 24 Light products downwards, but excluding Bankruptcy range products

None in last 12 months
Total combine CCJ value of £2,500 accepted
Check product range for further information.

****
Unsecured credit: -

Fixed Term - None in the last 6 months.

Revolving credit - Missed payments considered if none in the last 12 months

On Pepper 24, 18 and 12 products we will ignore 2 individual defaults (per application) up to and including £150.00 each where these defaults relate to utilities, communications or mail order providers.
****
All other unsecured must be up to date in the last 6 months
Unsecured can be no more than 2 months in arrears in months 7 to 12
Unsecured arrears are ignored after 12 months i.e, month 13 onwards
****
Bankruptcy Discharged > 6 years ago Max Loan Size
IVA Discharged > 6 years ago
****
Debt Management Plan - None current and None in last 12 months.
We will consider applicants whose debt management plans completed or finished more than 12 months ago.
****
Repossession None in the last 6 years
****
Doorstep Loans/Payday Loans - None current and None in last 12 months
Any applicant who currently has a payday or doorstep loan will be declined. We will consider applicants whose payday or doorstep loan finished more than 12 months ago.
Tier 1 - Defaults 0 in 72 months

CCJs 0 in 72 months

Tier 2 - CCJs and defaults accepted if over 24 months
Max x 2, must be satisfied and under £500 with an explanation. Unsettled CCJs/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion.

Do not consider arrangement to pay.
CCJs – 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
CCJs and Defaults – None in the last 2 years with a maximum of 5 totalling £5,000 whether satisfied or not (less than £300, mail order and communications ignored).

UTB Status 0 criteria: Active unsecured credit – All accounts currently up to date (mail order and communications ignored)
Vida 1, No registered CCJs or Default in last 48 months. No Unsatisfied CCJs

Vida 2, No registered CCJs or Default in the last 36 Months. No Unsatisfied CCJs

Vida 3, 1 Registered CCJ or Default in last 24 months (includng unsecured defaults) (0 in last 18 months of £250 or more). Max £5000 unsatisfied CCJs

Vida 4, 2 Registered CCJ's or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more) Max £5000 unsatisfied CCJs

Missed Secured/Mortgage Payments

Vida 1 – 0 missed payments in the last 36 months

Vida 2 – 0 missed payments in the last 12 months, 1 in the last 24 months

Vida 3 – 0 missed payments in the last 12 months, 2 in the last 24 months

Vida 4 – 0 missed payments in the last 6 months, 2 in the last 24 months
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
Bankruptcy/IVANone in last 6 yearsProduct dependent: -

Clear range - None in 6 years.

All other ranges, none in 3 years.
Discharged more than 6 years agoSatisfactorily completed and discharged over 6 yearsBankruptcy up to 80% - Applicants should not have been subject to a Bankruptcy order within the last three years
Bankruptcy above 80% - must have been discharged more than 6 years ago and all credit conducted satisfactorily since then
************
IVA up to 80% - Applicants should not have been subject to an IVAs within the last three years
IVA above 80% - must have been discharged more than 3 years ago and all credit conducted satisfactorily since then
Once satisfied 3 years can be consideredNoNot considered for either. Case by case basisNot considered for either.Considered if over 3 years since completion.Considered if over 3 years since completion.
***
IVA - not within last 6 years
Not consideredNot acceptedConsidered if discharged over 6 yearsNone in last 6 yearsBankruptcy - considered - to applicants who have been discharged from bankruptcy/sequestration,
providing the bankruptcy/ sequestration was discharged in full more than 3 years ago.

IVA - Considered.
Applicants who have previously entered into an individual voluntary
arrangement (IVA), providing the IVA was completed satisfactorily more than 3 years ago.
Must be satisfied at least 5 years agoNone in last 6 yearsCheck with lenderDischarged for over 6 yearsCompany Liquidations, Administration, Winding Up Orders & Receivership's: None in last 3 years.

Bankruptcy, Sequestration, IVA's, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years.

Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
FeesValuation fees paid direct to lender at the lender fee scales.Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scales and a processing fee of £95 at application to 3mc. Valuation fees paid direct to lender at the lender fee scale.Valuation fees paid direct to lender at the lender fee scales.Free valuation fees offered on standard BTL properties valued under £500,000. For properties over £500,000 or for HMO/MUFB, please see the Fleet Mortgages Product Guide for further information as this is subject to change. (Jan 2023) Valuation fees paid direct to lender at the lender fee scale.Valuation fees paid direct to lender at the lender fee scale.Valuation fees paid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scales£150 admin fee payable with valuation fee. Further £100 admin fee applies to expat cases.
Please see product guide for further details on valuation fees.
Valuation fees paid direct to lender at the lender fee scales.Valuation fees paid direct to lender at the lender fee scales.Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender at the lender fee scalesPaid direct to lender at the lenders fee scales, found on both the lender website and product guide. Valuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid directly to the lender at the lenders valuation fee scale.Valuation fees paid direct to lender at the lender fee scales. Product fee varies as per product guide.Valuations fees are paid Via DPR - £199 booking fee and a selection of arrangement fees. See product guide for details.

Products not portable.
CountriesWill lend in England, Scotland and WalesEngland and WalesWill lend in England, Scotland, Northern Ireland and Wales. Mainland England, Isle of Wight and Wales onlyWill lend in England and Wales only

(N.B. We can consider lending in the Isle of Wight)
Will lend in England and Wales. England and Wales only. Will lend in England, Scotland and Wales.Will lend in England and Wales onlyWill lend in England, Wales and Scotland (Main Land)Will lend in England and Wales. Isle of Wight considered, no to Isle of Man. Will lend in England and WalesWill lend in England, Scotland and Wales. Will lend in England, Scotland and WalesWill lend in England and Wales only. Will lend in England, Scotland (restricted Postcodes) and Wales.England, Wales and Northern Ireland.

Any country with a Basel AML risk score below 6 where the applicant is based.

Can consider Northern Ireland Single Units only on the specialist range with max LTV 70%.
Will lend in England and Wales only. Isle of Wight consideredWill lend in England, Scotland and Wales. (Islands of bit Anglesey & Isle Of Wight)Will lend in England, Scotland (mainland) and Wales.Will lend in England, Wales and Scotland - currently lending in postcodes AB (excluding 42-45,56). DD, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28) KY, ML and PA (excluding 20-80).Will lend in England and Wales only.
Type of credit search and who withSoft, Experian search only.Soft, Experian seach only.Soft at DIP stage with Equifax, Call credit and Experian. Hard foot print is then done via the same 3 upon full application. Hard footprint and Call CreditHard on Application with EquifaxSoft footprint on DIP hard at full app Equifax Soft at DIP stage, hard at full mortgage application stage. Foundation use Equifax.Hard credit searchSoft at DIP - Equifax, but hard on full mortgage application.Soft, Equifax. On full mortgage application, a hard foot print is done, also Equifax.Hard credit search conductedNo search done at DIP currently, but hard search is done at full application stage with Equifax. Soft print at DIP/AIP stage, hard foot print on application with Equifax. Soft, Equifax, but hard foot print on application.Yes - Soft footprint with Experian at AIP stage and then full credit search conducted on Experian.

Equifax search will also be carried out on any remortgage applications
Soft search on DIP on ExperianSoft footprint at DIP stage and Hard at FMA Stage. Experian.Soft, Equifax. On full application stage, this is a hard foot print. Soft search conducted onlySoft, Experian. At full application stage this would be a hard foot print and also on Experian.

Customer should achieve a low cutoff score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency
DIP will be a soft footprint with a hard footprint left at FMA - Equifax
Credit ScoreAldermore Mortgages do not credit score.NoBM Solutions Credit scoreDudley BS - Credit check, do not credit score.NoNoFoundation HL do credit score on AIP stage. Yes, but only a small part of the overall decision.Kensington do not credit scoreKent Reliance do not credit scoreNo - currently the credit insight data is reviewed as oppose to scored.Check, not scoreYes - EquifaxPepper Money credit check, not credit scorePrecise Mortgages do credit score. Each case also receives a manual assessment by an underwriter.No credit score only. Yes - 600+ Experian score required. No - except for Lumi RL0/ Top range.

But do have a minimum credit score which is very low.
No, credit check onlyCustomer should achieve a low cut off score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.No, but if score is low then overall case is reviewed at application stage.
AccessAccess to Aldermore Mortgages is direct to lender with 3mc selected as your payment routeAccess to Bluestone Mortgages is to a selective panel of mortgage packagers, of which 3mc are one.Access to BM Solutions is direct to the lender with 3mc as your payment routeAccess to Capital Homeloans is available via selected packagers onlyAccess to Dudley BS is available via selected packagers only. Access to Family BS is available via selected packagers networks.Access to Fleet Mortgages via 3mc as your packager. Access to Foundation Home Loans is available via selected packagers, networks and 3mc as a mortgage club. Access to HTB is available via selected packagers, networks and 3mc as a mortgage club. Access to Kensington is direct to lender with 3mc selected as your Mortgage ClubAccess to Kent Reliance is direct to lender with 3mc selected as your payment routeAccess to Landbay is available via selected packagers only, of which 3mc are oneAccess to LendInvest is available via selected packagers only. Access to Paragon Premier is available via selected packagers onlyAccess to Pepper Money is available via selected packagers onlyAccess to Precise Mortgages is direct to lender with 3mc selected as your payment routeAccess to Quantum Mortgages is direct to lender with 3mc as your mortgage packager as well as direct as a mortgage club.Access to Saffron is available via selected packagers onlyAccess to TML is available via selected packagers onlyAccess to United Trust Bank is via mortgage packagers currently, one of which is 3mcAccess to Vida is available via selected packagers onlyAccess to Zephyr Homeloans is available via selected packagers only