Cambridge & Counties BankFamily Building SocietyFoundation Home LoansHinckley & RugbyInterBay CommercialKensingtonKent RelianceLandbayLendInvestMasthaven BankParagonPepper MoneyPrecise MortgagesShawbrook BankThe Mortgage LenderZephyr Homeloans
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Property Value (min)Commercial - Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation.
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Residential - Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.
Minimum property value £120,000 (we have a little wiggle room here between £100-£120,000), 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)£75,000No minimum£75,000£75,000£75,000 min, £600,000 max£75,000 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 for single units
£150,000 for HMO

£250,000 for HMO in Greater London - £100,000 elsewhere.
£100,000 across all BTL range£75,000 (Including HMO)
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

HMO minimum property value now £100,000, or £250,000 in London postcode districts
£75,000
Exception is residential portfolios where min value is £50,000 for at least 2 properties.

For properties under £100,000 - see specific product range
£50,000 (£120,000 London & South East)
£120,000 for HMO
£75.000 for single units.

£100,000 for HMO, MUFB's & Flats above commercial (60% LTV)
Advance (min)£150,000 per property £45,000£50,000

£500,000 for large loan range excluding fees
£100,000£100,000
£200,000 for Commercial and Semi Commercial loans
£70,000£50,000£30,000
£150,000 for 3mc exclusive
£50,000 including HMO£40,000£30,000£25,001£40,000 for Individuals & Limited Company

This includes single units, HMO's & Multi units
£50,000£25,001

Ltd Co and LLP cashback products - £75,000
£50,000
Advance (max)£2,500,000 per property 65% to £1.25million loan amount
60% to £1.5 million loan amount
50% to £3 million loan amount and 50% above this
£2,000,000 on Large loan range up to 65% LTV

£1,500,000 on loan for both individual units and HMO/MUB up to 65%

£1,000,000 up to 75% LTV.

£500,000 up to 80% LTV.

£100,000 for low loan range (portfolio landlords only)
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For Foundation Homeloans to consider the applicant an experienced landlord and to be able to access Standard and HMO products they must have operated a BTL at any time within the last 6 months for no specified length of time.
£500.000 at 60% LTV
£350,000 at 70% LTV

Current Max LTV on pilot scheme is 70%

Up to 3 Buy to Let mortgages may be held with the Society by any borrower, subject to
an aggregate loan limit of £1,000,000
£1,500,000 to 75%. for single units - £70% LTV for <7 bed HMO/MUFB

Exceptions and portfolios considered.
£500,000 to 75% LTV£3,000,000 up to 75% LTV£1,500,000 up to 70% LTV - standard properties/HMO/MUFB
£1,000,000 up to 75% LTV - standard properties/HMO/MUFB

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

£750,000 max loan on new build properties
Single units : - £750,000 up to 75% LTV

HMO - £500,000 up to 75% LTV
70% for HMO's 7 - 10 bedrooms
75% for HMO’s up to 6 bedrooms
MUFB up to 10 units

£2 million at 70% LTV for standard properties and small HMOs, and up to £3 million for Large HMOs and MUFBs.

Up to £5mill with a maximum of 20 properties aggregated.
£1,000,000 up to 70% LTV

£600,000 up to 75% LTV
£2,000,000 to 65% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV
£1 million (including fees)
Up to £1 million available to 75% LTV
£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
£15,000,000 per client to 75% LTV.

Loans over £750,000 have specialist rates
Exceptions and portfolios considered.
£3,000,000 up to 70% for a single unit BTL (Ind / Ltd co)

£600,000 up to 75% if New Build Flat / Above Commercial
STANDARD (single properties)
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
Term (Min)3 years5 years5 years5 years2 year term for all applicants5 years (10 interest only) 5 years5 years7 years3 years5 years5 years5 years3 years5 years5 years
Term (Max)Commercial Owner Occupier/Commercial Investor is 25 years, Residential Investor is 30 years. 40 years30 years40 years30 years40 years35 years30 years30 years35 years25 years35 years35 years30 years35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 40 years).35 years
Type / CommercialFreehold and long leasehold (min 40 years on expiry of loan) commercial only.
Freehold and long leasehold (min 70 years on expiry of loan) residential only. HMO’s will be considered for licence holding operators with appropriate experience.
Plus Lending to Trust’s, SIPP/SSAS
Allow single name into a limited company name using a directors loan and must be at market value
Must be UK registered
First charges on land and buildings, personal guarantees from business owners/directors required.
Single units - including freehold and leaseholdHMO product available where maximum number of permitted occupants is less than or equal to 6


If block of flats has over 3 storeys with cladding, it will not be considered.

Large HMO products available where maximum number of permitted occupants is more than 6; up to a max of 8 bedrooms

All Multi Unit blocks are classed as Large HMOs up to 10 units

First time buyer is defined as someone who has never owned a property. First time buyers are not acceptable as sole borrowers. First time landlord is defined as someone who has not operated a buy to let within the last 6 months.
First time landlords are acceptable where the borrower is currently an owner occupier, the deposit is from own sources and not gifted and the property is not above commercial premises, Ex-Local Auth, MoD or Housing Association, an HMO or Multi-Unit, a property where the borrower owns adjacent land or access road.
Single units - including freehold and leasehold.HMO’s, student BTL. Multi-unit on 1 title and semi commercial currently. - up to 20 bedrooms/units
70% Max for HMO/MUFB


Available to trading Ltd Co. SPV’s, SIPPs, SASS's, Family/Discrectionary Trusts and individuals.
Single units - Ltd company applications acceptedHMO's up to 6 beds - must already own a HMO property.

Broker must call into Kent Reliance's team to discuss options for the Valuation.

Standard properties will be considered up to 4 flats on 1 title, if its above 4, then it will be considered specialist.

Kent Reliance can also lend on student lets, Up to 6 flats on 1 title allowed. Available in SPV Ltd Co and individuals.
Residential BTL properties in a condition to be let. No commercial properties. First Time Buyer First Time Landlord accepted with minimum employed income of £85,000.

Property value must exceed £75,000
Must be suitable for letting at 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.

Large HMOs/MUFBs up to 12 units
Houses
New builds (with full certificates in place)
Flats
Maisonettes
Apartments including new builds
HMOs (up to 15 rooms) and Multi Unit Freehold
Flats in blocks up to 5 storeys
Flats up to 10 storeys In Greater London
accepted subject to valuer’s commentary.
Ex-local authority flats considered - If in a privately
owned block (Greater London only)

For HMO / Multi Unit - minimum 2 years experience as a property portfolio landlord.

HMOs with kitchenettes will be limited to 70% LTV.
LIMITED COMPANY
Maximum Directors/ Partners Maximum of 2 - must be UK residents.

Non-Trading investment company
A Special Purchase Vehicle (SPV) can purchase a property from a related limited company or related individual subject to:
• Same ultimate owners
• Transfer at full open market value
• All shareholders within a shareholding of 10% or
more are required to provide joint and several
guarantees (unless < 50% LTV on Specialist
Standard product)
• Deposit can come from directors’ loan account
• Debenture not required
Trading companies Minimum 18 months trading.

Most recent accounts required to evidence company is profitable.

All shareholders with a shareholding of 10% or more are required to provide joint and several personal guarantees.

HOUSES OF MULTIPLE OCCUPANCY (HMO)

Definition Minimum 3 tenants, forming more than 1 household, sharing facilities.
Max bedrooms 6.

License requirements:
As per council requirements, a copy will be required if applicable.
Standard BTL investment properties such as a house or Flat
Multi Units
HMO's
Student Lets
Houses: private and ex-local authority or social housing
Flats & maisonettes: private only

New build: -
A property is to be considered new if it is a first sale by the builder
However, properties which have not sold on physical completion will be considered on an individual basis

Timber framed construction:

Modern timber framed properties clad with masonry are considered as acceptable
Timber framed properties which are not deemed to be of a modern type clad with masonry will be reviewed on an individual basis and will be considered on their merits

Flying freeholds:
Flying freeholds will only be considered up to 20% of the total property area

Coal mining and other forms of extraction:
Any properties with a coal mining or metalliferous mining entry/feature within 20m of any building will not be considered

Electromagnetic fields:
Any properties within 100m of above ground high voltage electrical supply apparatus will not be considered

Contaminated land:
Where there is potential for contaminated land, a pass certificate must be available from an appropriate body

Japanese knotweed:
Where a property has Japanese knotweed (or any other invasive weed) located within or immediately adjacent to the site defined as category 4, 3 or 2 in RICS paper IP 27/2012, it will not be considered

Solar panels:
Properties where solar panels have been installed and are subject to a lease agreement will not be considered
If the solar panels are owned outright, the application will be reviewed on a case-by-case basis

Do not consider non-standard construction

20% maximum flying freehold

SPV Limited Company
Standard BTL investment properties such as a house or Flat
HMO's up to a maximum of 6 bed - can also consider HMO' with 6 beds with more than 1 kitchen.

Multi units up to 6 beds - up to 75% LTV

Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages. For properties 11 - 20 LTV is capped at 70% and maximum exposure is £10m.
Single Residential investment unit, HMO’s, student BTL. Multi-unit on 1 title, semi commercial, commercial investments units plus owner occupied commercial units. Available to trading Ltd Co. SPV’s and individuals.
SIPP's and SAS accepted
Offshore LTD Companies and Trusts considered - Minimum loan size must be £750,000.
Flats in blocks exceeding five floors are considered by exception only. Consideration is given for highly experienced clients and where the valuation report provides strong commentary on sale & rental demand as well as location.

Minimum personal guarantee is 25% of the loan amount.

Complex commercial investments considered: - Including: Serviced offices, vacant commercial property, multi-unit lets on licenses and medium term planning gain projects. 2 years experience required
Single Residential units, HMO's (up to 6 beds), Student lets, and Multi units on 1 title (up to 6 on 1 title).
Flats above commercial and ex local authority properties.
Single units
HMO's up to 6 bedrooms
MUFB's (Multi units) up to 6 flats on 1 title

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

HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.
Rental calculation.For residential and commercial investment units 130% coverage at the pay rate on a 25 year capital and interest basis
They have some flexibility on their DSCR or rental stress coverage
All cases are assessed as follows:

Individual or Ltd Co 145% at 5.50 or variable rate if higher when the case is a purchase or capital raise remortgage. £4£
Remortgages are 130% at 5.50% or variable rate if higher.

Cases on a 5 year Fixed can be assessed at Pay Rate x 145%/ 130% as before.
For Individual and Limited Company products: - 145% of pay rate (5 year fixed products) or 5.50% notional rate for all other products125% @ 5.5% on single unit – unless 5 year fixed, then calculated at product pay rate.BTL/HMO: The required Interest Coverage Ratio (ICR) will depend on the property type and whether or not we are lending to a limited company.

ICR will be calculated using a stressed rate of 5.5%, or the initial pay rate + 1.55%, whichever is higher.

However, the following exceptions apply:
if the case is a remortgage with no additional borrowing, ICR will be calculated using the initial pay rate + 1.05%, with no minimum stress rate.
if the 5 year fixed rate is being used, ICR will be calculated using the initial pay rate, with no additional margin or minimum stress rate.

Standard Property
Single dwellings 
HMO/multi/student lets with up to 5 rooms.
Freehold blocks/titles of land with up to 4 residential units. 
Personal Applicants
140% rental cover applies
Limited Company
125% rental cover applies

Specialist Property
HMO/multi/student lets with 6 or more rooms
Freehold blocks/titles of land with 5 or more residential units.
Personal Applicants 
160% rental cover applies
Limited Company
145% rental cover applies

Semi-Commercial/Commercial: The Debt Service Cover Ratio (DSCR) is 125% of pay rate
BTL Calculator on KMC websiteUse 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%

If 5 year fixed then use 4.19%
125% for standard rate

140% for higher rate – all 2 year products stressed at the higher of payrate or reversion, all 5 year deals stressed on payrate.
Limited Company: -
<5 yr fix 125% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 125% @ 4%
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Lower Rate Tax Payer: -
<5 yr fix 125% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 125% @ 4%
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Higher Rate Tax Payer: -
<5 yr fix 140% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 140% @ 4%
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Paragon HMO: -
Ltd Co:
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%

Lower Rate Tax Payer: -
<5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4%

Higher Rate Tax Payer: -
<5 yr fix 145% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 145% @ 4%
Ltd company BTL –
125% of product rate for 2 years deals and pay rate for 5 year fixed deals

Individual – 140% of product rate for 2 year deals and 5yr fixed deals available @ 140% of pay rate

Individual – rental calculation is 140% x the highest of Pay rate or Reversion rate + 2%
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

5year + 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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Top slicing 110% of payrate even on 2 year rates
Limited Company: -
(5 year fix, 10 yr term)125% @ Pay rate AND Outside Portfolio check 110% @ 7%

(Variable rate & fixed upto 5 yrs) Margin + 2.40% stress min 5.5% x 125% AND

Outside Portfolio check 100% @7%

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Lower Rate Tax Payer: -

(5 yr fix, 10 yr term+) 155% @ Pay rate, AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 140% AND outside Portfolio check 100% @ 8%

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Higher Rate Tax Payer: -

(5 yr fix, 10 yr term+)155% @ Pay rate, AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed up to 5 years) Margin + 2.40% stress min 5.5% x 140% AND Outside Portfolio check 100% @ 8%

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Shawbrook HMO: -

(Limited Co: - 5 yr fix, 10 yr term+)150% @ Pay rate,AND Outside Portfolio check 110% @ 7%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 150% AND Outside Portfolio check 100% @ 7%

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Lower Rate Tax Payer: -

(5 yr fix, 10 yr term+)175% @ Pay rate,AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 160% AND Outside Portfolio Check 100% @ 8%

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Higher Rate Tax Payer: -

(5 yr fix, 10 yr term+)175% @ Pay rate,AND Outside Portfolio check 110% @ 8%

(Variable rate & fixed upto 5 years) Margin + 2.40% stress min 5.5% x 160% AND Outside Portfolio check 100% @ 8%
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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
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
Minimum years remaining on Leasehold propertyReviewed on a case by case basis50 plus mortgage term50 years remaining on the lease at the end of the mortgage term85 years remaining on the lease when the mortgage starts, and a minimum of 50 clear years remaining on the lease at the end of the mortgage term. The Society’s basic legal requirements for leasehold properties are described in the Society’s entries in section 5 of parts 1 & 2 of the CML Lenders Handbook CML Handbook.50 years remaining for BTL, 65 years remaining for Commercial at the end of the proposed mortgage term. 85 years left on the lease at the time of application. 50 years remaining on the lease at the end of the mortgage term
If the lease has less than 85 years remaining, then the maximum LTV is capped at 75%
60 years at completion of mortgage with 55 years remaining at end of term 65 years at the end of the mortgage term. 75 years remaining on the lease at the end of the loan term85 years minimum - although Paragon will refer if below 85 years.

Paragon can consider a lower lease if this is being extended upon completion.
Must have a minimum unexpired term of 85 years at the time of application. Minimum remaining lease term is 70 years at completion.55 years remaining at term expiry
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If less than 85 years remaining, then Shawbrook will require further commentary from the valuer in addition to the standard reports
50 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.
Portfolio Landlords RequirementsAccepted.Portfolio Landlords Accepted - Yes
Background Portfolio Requirements
– Maximum – No Maximum Portfolio or LTV size if we are not lending on them
– A minimum rental stress – The portfolio should just be making a profit as a whole
Portfolio Landlord Criteria
– No maximum limit with us but looked at on a case by case basis – Each property that is brought to us must meet our criteria as a rule of thumb. We have internal limits so any Portfolio’s should be discussed with us first to assess our current appetite
– No limit on the size of existing portfolio with other lenders - Correct
Additional Document Requirements
– Portfolio Schedule – All cases
– Business Plan – Required
– Cashflow Statement – Not required
– Asset & Liability Statement – Required
* Lender will accept client versions so long as covers the lenders minimum requirements.
Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5% across the portfolio with at least 100% coverage for each mortgaged property

Portfolio Landlord Criteria

– FHL to an aggregate borrowing of £3m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Not required
– Cashflow Statement – Not required
– Asset & Liability Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 145% at 5.5%

Portfolio Landlord Criteria

– No limit on the amount of lending with Hinckley & Rugby
– Maximum of 10 in the portfolio

Additional Document Requirements

– Portfolio Schedule – Not required
– Business Plan – Not required
– Cashflow Statement – Not required
– Asset & Liability Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No limit on the amount of lending with One Savings Bank
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases

* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5% – see lender calculator

Portfolio Landlord Criteria

– Aggregate borrowing with Kensington of up to £2mill
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – Not required
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No limit on the amount of lending with One Savings Bank
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

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

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No maximum on number of properties with Landbay to an aggregate borrowing of up to £2.5m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5.5%

Portfolio Landlord Criteria

– Maximum of 20 loans to £5 million total BTL borrowing with Lendinvest
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Not required
– Asset & Liability Statement – Not required
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– Click here to complete the online viability check

Portfolio Landlord Criteria

– Up to 8 properties in total, and £2,000,000 max with Masthaven
– No limit on the loan size of existing portfolio with other lenders - 8 properties maximum

Additional Document Requirements

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

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– No minimum rental stress requirements

Portfolio Landlord Criteria

– Aggregate borrowing of £10m (Paragon Premier) & £5m (Paragon Core)
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – Case by case
– Asset & Liability Statement – Case by case
– Cashflow Statement – Case by case
* Lender will accept client versions for all documents
NB – Portfolio assessment will be valid for 6 months when using the Forward Funding Facility
Portfolio Landlords Accepted

Background Portfolio Requirements
– No maximum LTV for the overall portfolio
– The overall portfolio will be assessed to ensure affordability is present to support it moving forward .

Portfolio Landlord Criteria
– Up to 3 with Pepper Money to an aggregate borrowing of £3m
– Maximum of 9 Buy to Let properties, including the application property(s)

Additional Document Requirements
– Portfolio Schedule – All cases
– Asset & Liability Statement – All cases (within the lender application form)
– Business Plan – All cases (within lender application form)
– Cashflow Statement – Not required
Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– Click here to complete the online viability check

Portfolio Landlord Criteria

– Up to 20 mortgages with Precise Mortgages - please check product guide for further information.
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – Not required
* Lender will accept client versions for all documents.

NB - Portfolio assessment will be valid for 12 months to reduce requirements on subsequent applications providing there are no material changes.
Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio

– A minimum rental stress of 100% at 8% (for individuals) & 7% (for Limited Companies)

Portfolio Landlord Criteria

– No limit on the amount of lending with Shawbrook Bank

– No limit on the size of portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases

– Asset & Liability Statement – All cases

– Business Plan – Not required

– Cashflow Statement – Not required

*Lender will accept client versions so long as covers the lenders minimum requirements
Portfolio Landlords Accepted

Background Portfolio required rental calculation is 125% @ 5.5%

No current maximum LTV - It is calculated on a case by case basis.

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

Background Portfolio Requirements

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

Portfolio Landlord Criteria

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

Additional Document Requirements

– Portfolio Schedule (overview) – All cases
– Business Plan – All cases
– Cashflow Statement – All cases
– Asset & Liability Statement – All cases
* Lender will accept client versions so long as covers the lenders minimum requirements
Income (min)No Minimum IncomeNo income assessment 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.
No requirement - any income must be from a legal source, and will be assessed on the bank statements used to support the BTL application.
Where income was previously required to be evidenced by the last three months’ bank statements, it can now be evidenced through:
Last month’s payslips and last P60 for employed applicants OR
Last year’s accounts or SA302 for self-employed applicants OR
Evidence of pension income for retired applicants (pension income statement, payslip) OR
Trust funds, investment and rental income as additional income (SA302 or income statement)
Where none of the above is available, bank statements, showing activity over the last three months, will be accepted.
£25,000No Minimum IncomeNo 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.
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).
£25,000 combined for UK based applicants.

For time buyer and first time landlords the applicant must be employed and earning £85,000.

£15,000 (Combined) for experienced landlords with more than 24mnths rental experience.

Proof of rental and income is required on all cases.
£30,000 across all applicants.
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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.
£20,000 for all BTL products£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.
£30,000 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.
No Min income however must be able to cover rental 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 i.e 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 professional landlord clients need to own min 5 props.

Bank statements are not usually required however if Tiers 2 or 3 then 3 month’s salary and bank statements are required.
No Minimum IncomeNo minimum incomeNo minimum income requirement with two exceptions:
At least one applicant to be earning £50,000 if using earned income to make up a rental shortfall;
£25,000 gross income required if the applicant’s employment is “professional landlord”. Gross income is the amount of verified income that a limited company director or individual receives
DWP TenantsAcceptedNoAcceptableDSS - Yes. Consider DSS/DWP - but case will refer, subject to location and surrounding area. NoNoYesYes, can considerNoYesNoConsidered. Sub letting agreements direct with the council will not be accepted. AcceptedYesYes, as long as the AST agreement is between the individual & not the local authority.
Air BnB / Holiday Let / Short Term LetYes, up to 70% LTV

Minimum income is not required, however, must be able to prove resilience to loan payments.

Personal guarantees are required from Directors for Ltd company deals, but on a case by case basis, may consider exceptions.

Affordability of application will be assessed in one of 2 ways

Where more than 1-year holiday rental income can be evidenced by accounts, the gross annual rental income should be equal to or exceed the Debt Service Cover Ratio (DSCR) at 130% after deducting the operating costs of the holiday let. There will be a secondary calculation to ascertain that market rental income can also cover a minimum of 100% of the DSCR to provide a satisfactory exit route

Where there are no accounts available, using the DSCR that can be achieved on a monthly Assured Shorthold Tenancy (AST) for the property, calculated at 130% DSCR (less 10%
operating costs)
NoYes, considered.NoConsidered - If restriction placed on property, then its unlikely to be considered. NoNoNoNoNoNoNoNoNoNoNo
Family cash Gift depositYes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.YesA 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.Yes, considered.Yes - from a direct relativeNoYesRefer - case by caseAcceptedYes, unlimitedYesNoYes - including aunties and uncles. Yes, must go through at full market value - Gift letter should be completed. Has to include copy of donor’s identity and a bank statement showing funds in a UK bank account.

Deposit coming from family member abroad: - Must be held in a UK bank account for 30 days untouched with an audit trail of where the monies have come from.
Gifted 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
Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Family Gift of Equity depositYes - 'Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.YesNoAccepted, but 20% is required to allow no other deposit is required. Builders deposit: - The Society will reduce the purchase price by the amount of builders gifted deposit and require a minimum of 10% deposit from the applicants on the reduced purchase price.Yes - Family members credit needs to be checkedNoYesRefer - case by caseAcceptedYes, unlimitedNoNoNo 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.

Will also consider Directors Loan Account(DLA) for LTD Company where selling BTL to their own LTD Co
Yes, must go through at full market duty with regards to stamp duty - evidence of payment conduct is required for any borrowings the parents may have secured on the property to ensure they are not shifting bad debt to the applicant while still managing the asset. A Gift letter is also requiredConsidered, up to 75% LTV.
Must NOT be a consumer BTL.
Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Landlord Experience Requirements2 years current experience is required. BTL experience is required - 1 property for at least 12 months.BTL experience is required. No minimum experience required.Generally 2 years experience required, first time landlords considered on case by case basis by exception. Must have 1 BTL property, FTL accepted as long as they are on £40,000 or moreMust own a BTL currently. For HMO and Multi units - Min. 1 years’ prior experience as a landlord. Otherwise, must have a current property.Must demonstrate experience with managing a buy-to-let property portfolio over a period of at least 2 years. For Large HMO cases, a minimum of 12 months of this experience must have included managing HMO's The applicant
must have owned at least 2 buy to lets for a minimum of 1 year.
Must have owned a residential property for 12 months, if not, must have owned at least 1 BTL for 12 months and have another director / individual For HMO’s require min of one years BTL experience - does not need to be a HMO and can be the subject property.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.
First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable
Landlord Experience: Standard
• 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.

Landlord Experience: HMOs & MUFBs
• At least one applicant or director must have owned, let and still own one or more BTL properties for a minimum of 12 months.

If this is not evident on a credit search, then verification from the applicant or director will be needed.
First Time LandlordNoNo (exception can be sought for high quality applicants)No.

A first time landlord can be defined as someone who has not operated a buy to let property within the last 6 months.

If the applicants are currently non owner occupiers, evidence they have previously owned a property will be required at full mortgage application. If they are unable to provide evidence of this, the applicant will be classed as a first time buyer which is not acceptable.
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First Time Landlords are acceptable where:
o The borrower is currently an owner occupier
o The deposit coming from own resources and not gifted
o The property is not either:
- Above commercial premises
- Ex-local Authority, MoD or Housing Association
- A property where the borrower owns adjacent land or access road
- A House in Multiple Occupation (HMO) or a Multi-Unit Block / property (MUB)
YesRefer - by exception only.Yes - at 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 - Unless HMO, then they need another HMO in their portfolio.

Must already their own a residential property.
Can be considered if a single unit is being purchased.

Must be earning £25,000 and be able to evidence it.

First time buy and first time landlord is considered but must be employed and earning £85,000 and be buying a single unit property.
NoThe applicant
must have owned at least 2 buy to lets for a minimum of 1 year.
Yes, only Single unitsYes, as long as the applicant(s) is a homeowner.Yes, for Ltd company, but HMO requires current experience for a minimum of 12 months.

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.
NoYes, but must not be a first time buyer.
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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.
First Time Landlord (FTL) describes any applicant or Limited Company (SPV) that have never previously purchased a buy-to-let property.

We will lend to FTL’s where the applicant or at least one Director (if a Limited Company) currently owns a residential property with no
arrears history for at least 1 year.
RestrictionsNo restrictions on numbers with other lenders.
Consider Public Houses, Healthcare and hospitality
Interest only considered on all property types on a 10 Yr. Term
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.
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 £3 million with no limit on number of properties.

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Where multiple applications in the same location are received, underwriters should consider:
Property location, i.e. are the properties in a location where multiple lets could easily be obtained and whether there is any relationship between the applicant and the vendor/developer of new properties, i.e. is the applicant genuinely trying to create a personal portfolio, or does he have an interest in the properties and is this an attempt to obtain a cheap source of commercial finance, in which case the application should be declined
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The Company will review concentration risk across the whole of the lender portfolio (Foundation Home Loans) where over exposure may necessitate a decline of the application.
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Acceptable SIC Codes for SPV Ltd companies are:
68100
68209
68320
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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.

Debt consolidation is considered up to 80% LTV for BTL's.
Do not consider multi units or HMO properties.

Must have 2 years SA302's available if full time landlord.

Can consider a non-owner occupier for Ltd company BTL applications

Must own a residential property for at least 12 months.

Six months’ bank statements from self-employed applicants.

Accept furloughed income of 80% plus any top-ups received via the employer, proof of which will be obtained directly by the lender. For non key workers H&R will accept a maximum of 30% regular bonus or overtime income and up to 50% for key workers.

Debt consolidation policy will include a limit to the amount of borrowing set to £30,000 and 70% overall maximum LTV. This is only available on a repayment basis and the debt to income ratio must not exceed 50% and no more than 30% of the property value.
No restrictions on numbers with other lenders- maximum £15,000,000 to a single customer.

(InterBay/OneSavings Bank/ Kent Reliance Building Society)
Interest only considered on all property types up to a 10 years.

There is a 0.50% loading for Interest Only terms for 11-30 years. 

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%
No purchases.

Gross rental income must be 125% at 5.50% or the pay rate, whichever is greater (including fees added) for BTL

There is no overall portfolio limit with other lenders. Maximum portfolio size with Kensington is £2 million or 6 properties, whichever is the lowest.

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.
HMOs up to six bedrooms
and MUFBs accepted - remortgage only.

No restrictions on numbers with other lenders. No minimum requirements to have current BTL's.

Unless HMO, then they require the applicant to already own a HMO property.

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 85% 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.
PG’s required from all directors, also from shareholders with over 25% shares.

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
Residential Investment properties only, HMO's up to 15 rooms, Multi Unit Freeholds up to 10 units (15 units in Greater London).
Ltd Companies (Limited Companies must be NON-Trading SPV's);
SPV, property trading companies and layered companies
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Maximum of 20 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:
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.
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Concentration
No more than 4 units or 25 % of total units allowable in one block (blocks of flats is 25% or 4 units whichever is the lower).
Maximum of 10 properties in one post code location (eg BH15 1)
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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.
Must be Resi BTL, no semi or commercial properties allowed.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
Directors loan

Portfolio landlords accepted as both individual or Ltd company ownership.

All shareholders whether 1% or more - Pepper will want to know who they are and what the relationship is - must be over the age of 21.

Ltd co has to be active
Must have no disqualified directors
All directors must be natural persons
No minimum trading period
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.

Pepper Money only accept applicant(s) with a combined maximum of 9 Buy to Let properties, 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.
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Studio flats considered over 35sqm
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.

Directors do not need 12 months experience unless HMO.
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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.
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HMO Licensing: -
Any application for a HMO license required by the Local Authority, must have been made prior to completion.
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HMO. Can consider student lets up to 8 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 i.e. 4 friends renting a 4 bed house together otherwise put on HMO.
No restrictions on numbers with other lenders- maximum £10,000,000 to a single customer.

Interest only considered on all property types on a 10 Yr. Term.
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For light refurbishment deals we now only need clients to be able to demonstrate either relevant property sector experience (this could be on an employed basis) or 1 similar completed project within the last 5 years.
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Do not accept consider where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands (BVI).

Can consider: -

Individuals (UK and EU nationals residing in the UK)
LTD Company (UK Incorporated)
PLC (UK Incorporated)
LLP (UK Incorporated)
Trusts (Minimum Loan size £1m new loans, Refinances case by case)
SIPPS (Minimum Loan size £1m)
Ex-pats

Minimum personal guarantee is 25% of the loan amount: -

• Non-refurbishment STL
• Specialist BTL (including large loans)
• Commercial investment product ranges.
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.
• To a maximum of one single unit in developments of up to 7 properties
• 25% of units in developments of between 8 and 50 properties
• 15% where the development comprises 50 properties or more
• To a maximum of 20% of properties within any individual full postcode

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

For LTD Co's - Directors must own 80% of shares of the company.

1 year experience required as a landlord for HMO properties

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

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

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

If over 10 floors, they want to see what it is before saying yes, but can consider.
Minimum Ownership PeriodNo minimum ownership period before remortgage considered. Will lend against OMV within 6 months subject to criteria. Happy to consider a remortgage to 100% of funds spent and cost price on refurbished properties. Property owned for less than 6 months.

Will consider within 6 months if repaying a bridging loan or obtained from family death (probate)
Properties must be owned for a minimum of 6 months before being considered for re-mortgage. Where bridging was involved this will be reduced to 3 months. 6 months minimum ownership required before remortgageNo minimum ownership period
before remortgage considered. All cases considered on own merits
12 months ownership required before remortgaging. 6 months minimum ownership required
No First Time Buyers
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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 minimumA valid explanation is required if the property has been owned for less than 6 months,6 months on Specialist Standard – less than 6 months on Specialist landlord & Tenant (using original purchase price).No minimum ownership period before remortgage.

Applicants need to own the property if it is a mortgage.
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.
No minimum ownership period
before remortgage considered. Will lend against OMV within 6 months subject to criteria.
6 months minimum ownership required before remortgage, unless bought cash or on a bridge, then can consider under 6 months ownership6 months minimum ownership.
Ex-Patriates (Acceptable regions)Yes - The Ex-Pat product from CCB retains the standard criteria that applies to all existing residential lending but have added additional benefits to enhance the service. Namely, clients can elect to use a “legal 500” firm in the country where they reside to undertake both the legal paperwork and the KYC requirements, plus a client can use the Bank solicitor on a dual representation basis for both purchase and refinance requests. Yes, will considerEx Pat applications will be considered on Limited Company 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.
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
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.
NoUK nationals only.

Limited company/LLP applicants acceptable.

Minimum loan £125,000.

Minimum UK equivalent income of £50,000.

Employed applicants must work for a UK, EU, UK agency, or for a recognised and traceable company abroad.

Self-employed applicants must be professional, such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant.

Self-employed applicants who only have a PO Box Address are not acceptable.
Applicants must have at least two years of UK commercial property ownership experience.

Applicants, including Directors and Shareholders of limited companies, must have a UK credit footprint, with a clean credit history for a minimum of three years.

If an applicant resides in Australia or Monaco, the property must be held in a limited company.

Applicants who live in Saudi Arabia, or who work/reside in any country on a banned or watch list, are not acceptable.

Additional requirements may apply depending on the country of residence, and these will be made clear in any offer document.

Mortgage payment must be by Direct Debit, in sterling from a UK bank.
NoMax Loan 75%
Proof of income required (Minimum verifiable income of £25,000)
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). Australia based ex pats are not permitted to lend with KRBS.
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.
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Cannot accept HMO Ex - Pat enquiries
NoNoNoYes
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.

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
NoNo75% LTV, applicants must own 2 properties within the UK with 1 of them have a UK mortgage on. Income MUST equal £50,000. Any proof of address and ID must be countersigned as true originals by a notary within their country of residence or from the UK embassy. Proof of income will also be required.
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EU Nationals can be considered on the basis that: -
When they reside in the UK

They meet standard experience criteria, i.e. experience within the last two year in the UK and property investments.
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Ex-pat applications when the security is the client's previous residential property.
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Do not accept consider where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands (BVI)
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.

Full list is available on TML's listed Ex pat criteria guide.
No
Regulated BTLsNoNoNoNoNoNoNoNoNoConsider an application for a Consumer Buy to Let subject to the advising broker holding the relevant FCA permissions required to advise on such applications.NoNoNoLet to a family member can only be considered for Limited company applications, this is on a case by case basis.NoNo
Consumer Buy To LetNoNoYes, can considerNoYes, but as a remortgage only. Yes, can consider, must be on AST. Consider an application for a Consumer Buy to Let subject to the advising broker holding the relevant FCA permissions required to advise on such applications.Yes, but only on non-portfolio rangeNoNoNoNo
Permanent rights to reside and remainYes (unless Ex-Pat)Yes, requiredNo, Foreign Nationals with 3 years or more in the UK and permanent rights to reside - Yes.
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Can consider Tier 2 Visa's on a case by case basis.
Yes, unless For non-EEA Foreign Nationals applications to be considered, indefinite leave must be
evidenced by a stamp in a currently valid passport or written confirmation from the Home Office. The Society does not lend to non-EEA nationals without indefinite leave to
remain in the UK or permanent residency status.
Yes - (unless Ex-Pat).
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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.
YesYes - (unless Ex-Pat).
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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.
Yes.

Can also consider spousal visas
All parties must have 3 year UK residential history and permanent right to reside (tier 1 Product pricing)All applicants must have been resident in the UK for a minimum of 3 years with permanent right to reside.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.
YesYes (unless Ex-Pat)
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Can consider Tier 2 Visa's on a case by case basis.
YesPermanent rights to reside is required, no to ex pats.

Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
New Builds / RenovationsAll new builds considered.New Build houses accepted

Flats - No

New build is defined as built in the last 12 months, or has not previously been occupied.
New Build House accepted, New Build Flats or newly converted flats less than 2 years after first sale are not accepted75% for both houses and flatsAll new builds considered.
HMO and New Build Flats up to max 75%
NoNew Build houses max 75% LTV
New Build Flats max 75% LTV
Renovation/conversion max 70% LTV
Maximum 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.

75% LTV on both flats and housesYesHouses - Yes

Flats/Maisonettes - No
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

New Build flats with a commercial ground floor are considered
All new builds considered.New Builds flats and houses - considered up to 75%.
Conversions also up to 75% LTV.
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
Studio Flats (including conversions)NoStudio flats with a separate bathroom, natural light and minimum size of 30 Sq M considered. No30sqm minimumMinimum of 30 square metres, must have separate bathroom. 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.75%, subject to the flat being a minimum of 30 square metres with self-contained facilities.30sqm minimumGross external floor area of 35 sqm minimum.30 sqm minimumMinimum sizes as follows: -

40 sqm if outside of London.
30 sqm if inside of London - can consider smaller but it is by exception, property address will be needed.

Same rule applies if it is a converted studio flat.

Please note, the minimum value to be considered will be £120,000 and will need to be in a city centre location and the valuer will have to confirm demand for this type of property.
30 sqm or more.
Ex-Local Authority propertiesHouses and flats considered - Up to 70%FLATS - No (inside M25 maybe considered by exception)

Houses - Yes
Ex-local authority built houses (where the borrower is not a First time Landlord) and the valuation indicates good marketability are fine.
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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.
Flats must be in maximum of 4 storey block.

Houses and flats up to max product LTV.

Private ownership in blocks must be majority owned, will consider majority council owned by referral only.
Consider both houses and flats. Flats are considered providing more than 80% of the block is privately owned/owner occupied.

50-79% private/owner occupied would need to be assessed as an exception to criteria. Cannot consider if less than 50% of the flats owner occupied.
Yes - houses only, refer. Houses accepted to 75% LTV.
75% LTV flats, block must be 80% privately owned
Houses (Yes) Flats (Case by case basis). The majority of the block/immediate surrounding area should be privately owned.AcceptedFlat - 70% LTVYes - ReferHouses - 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 80%, 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.
Ex-local houses considered
Ex-local flats considered
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 to both, houses and flats.
At least 50 % of properties within the block are privately owned and we require valuer commentary to satisfy us on this point.
Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans.

Deck access considered.
Let to Buy/ Remortgage residential into a BTLConsideredYes but only at 145% of Payrate on a 5 Year Fixed or 5.50 if not. 130% rule does not apply.NoYes - consider LTB applications on referral. The maximum the Society will lend depends on the interest coverage ratio (ICR) and/or an income affordability test. The mortgage will be considered to be self-supporting if the ICR is at least 145% of the monthly payment at an assumed reference rate, currently 5.5%.

The exception to this is for five-year fixed rate mortgages (where available), for which the ICR requirement is 145% at the product pay rate.

If the mortgage is not self-supporting at the stressed rate, the shortfall in the rental income received and the rental income required in order to be self-supporting must be covered by the borrower’s personal income using a net free pay calculation which takes into account net income, personal expenditure, the residential mortgage payment at an assumed stressed rate and any deficit from rental income from any other BTL properties, also at an assumed stressed rate. In all instances where personal affordability is being considered alongside the rental income, the ICR must equal or exceed 145% at the product pay rate.

Warnings
For Let to Buy applications, the Society will require sight of the mortgage offer for the proposed residential purchase prior to the release of the Let to Buy offer.
ConsideredYesRemortgage of Residential into BTL accepted. NoNoYes, we can consider on both - criteria is as per residential or Buy to Let criteria, whichever is applicable.Yes - 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.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.Remortgage of residential into a BTL acceptedYes, consider Let-To-Move/ Let-to-Buy Applications on a case by case basis subject to TML being satisfied it is not a Consumer BTL application. Yes.

Only when the applicant / director already has rental properties in the background prior to approaching Zephyr.
Credit ScoresNoNoYesNoNoNoNoNo - currently the credit insight data is reviewed as oppose to scoreNo credit scoring, check only. No, credit check onlyYes - EquifaxNo, just credit checkYes - Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.NoNo, but do have a minimum credit score which is very low. No, but if score is low then overall case is reviewed at application stage.
Missed mortgage paymentsConsidered on a case by case basisMissed mortgage payments, 1 in last 12 months but none in last 6 months with a suitable explanationConsidered, Product specific, refer to product guide. Assessed on worst status and not missed payments. Will consider on referral mortgage arrears of no more than 2 months in the last 2 years.No Adverse in the last 2 yearsNone in the last 24 months. Missed mortgage payments over 3 years consideredNone allowedTier 1 - none in 3 years. Tier 2 - None in past year. 1 in past 3 years1 in 24 monthsNone with last 24 months.Can consider dependent on product selection. Applicant(s) must be up to date at the point of the application and must not have any arrears reported in the last 6 months.Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.Adverse considered on a case by case basis.
Missed mortgage payments over 12 months ago considered.
Secured arrears – 0 in 12 months, 1 in 24 monthsNo late or missed payments in last 36 months.
Historic CCJ’s & DefaultsDefaults and CCJ's are considered on a case by case basis.
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No bankruptcy or IVA
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.
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.
Must be satisfied, both CCJ's and Defaults.

Defaults: - Consider on referral applications with satisfied defaults on mail orders,
communication suppliers and utilities.

Outside of Policy Notes
Consider small, satisfied defaults on mail order and telecommunications
accounts - please refer the case as a whole for an individual decision.

CCJ's: - Consider on referral satisfied CCJs that were registered 5 years ago and were no more than £500. Please refer all sales enquiries to the sales team prior to application.

DMP - consider on referral a satisfied debt management plan that was
registered 5 years ago and was for no more than £500. Please refer all enquiries to the sales team prior to application.

Refer cases where the debt management plan was satisfied at least 3 years ago and no instances of late payments have occurred since.
All CCJ's & Defaults must be satisfied and registered over 24 months ago - exceptions can be made on case by case basis. Ignored if registered over 24 months (communications Defaults ignored)Ignored IF - registered more than 3 years ago and satisfied prior to application.
Ignored if registered and satisfied prior to 12 months prior to application.
Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application
No defaults OR CCJ's (Any CCJ any that are over 6 years must be satisfied/repaid), for 6 yearsTier 1. No CCJ or defaults in last 5 years. Tier 2. No CCJ in last year. 1 in past 2 years must be satisfied at completion. No defaults in past year. 2 in past 2 years.Maximum
unsatisfied
CCJs/ defaults
over £300.

1 in 36 months.

Total Adverse
Credit Units - 0 units in 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: -

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

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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.
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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
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Bankruptcy Discharged > 6 years ago Max Loan Size
IVA Discharged > 6 years ago
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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.
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Repossession None in the last 6 years
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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.
Adverse BTL
Dependent upon product plan - Tier 1 highest range and Tier 3 lowest.
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Defaults 0 in last 12 months,2 in 24 months (max £5k)
CCJ’s 0 in 12 months, 1 in 24 months (max £2.5k).
Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Unsecured arrears - Not counted but can affect customers credit score.
Tier 1 - only adverse accepted is 1 unsecured in 12 months, 2 in 36
months (worst status). Must pass credit score.
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Payday loans can be considered 0 in last 3 months. Unsecured arrears can have been in last 3 months all other adverse 0 in 3 months.
Unsatisfied CCJ’s/Defaults in last 24 months unacceptable.
A1 credit profile on secured and unsecured lending. Will also look at the credit profile of any businesses that clients are associated with. Will take a pragmatic view of any small blemishes in their credit conduct, but any missed mortgage
payments are likely to lead to rejection
CCJs – maximum 1 (max £250) in 36 months, 0 in 12 months. Must be satisfied at time of application.

Unsecured arrears – 0 in 6 months, 1 in 24 months

Defaults – 0 in 24 months

Pay day loans – 0 in 6 years
Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 24 months.

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

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

Payday loans - None in last 6 years

Credit Cards: - No more than 1 month in arrears in last 24 months and no arrears in the last 6 months
Valuation FeesPaid direct to lender at the lender fee scalesValuation fees paid direct to lender at the lender fee scales.Valuation fees paid direct to lender at the lender fee scale.Valuation fees paid direct to lender at the lender fee scale.Paid direct to lender at the lender fee scalesPaid direct to lender at the lender fee scalesPaid 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.
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.Paid direct to lender at the lender fee scalesValuation fees paid direct to lenderValuation fees paid direct to lender at the lender fee scalesPaid in accordance with Lender Fee Scale. Instructed via Panel OperatorValuation fees paid direct to lender and a processing fee of £95 at application to 3mcValuation fees paid direct to lender at the lender fee scales.
Maximum AgeNo maximum ageMaximum age at application is 89Maximum age is 85 years at the end of the mortgage term.

No
maximum age for Limited Company applications
No maximum - all "later" life lending will be reviewed by credit committee during dip/application process.85 at the end of the mortgage termNo maximum age at the end of term, but must be 70 or under at application.85 years at 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 years old 85 years old at the end of the term, no max age at application stage80 years old - up to 85 years old by exception only.85 years old80 years at time of application, 115 maximum age limit80 years at end of the mortgage term.80 years at application, 95 at the end of the term. 89 years at application, 95 years old at completion.
Minimum Age18 years19 years old21 years old (primary applicant). 18 for other applicants.21 years old18 years25 years old25 years21 years21 years21 years21 years 21 years old21 years (No limit on Directors dependant shareholders under the age of 25)21 years21 years21 years
LocationWill lend in England, Scotland and WalesWill lend in England and WalesWill lend in England and Wales onlyWill lend in England and Wales - including Isle of Wight.Will lend in England and WalesWe will lend in England, Wales and Scotland (Main Land).Will lend in England and Wales.Will lend in England and WalesWill lend in England, Scotland and Wales. England, Wales and mainland ScotlandWill lend in England, Scotland and WalesWill lend in England and WalesWill lend in England, Wales and restricted postcodes in ScotlandWill lend in England, Wales and ScotlandWill lend in England, Scotland and Wales (Islands of Anglesey and Isle of Wight accepted)Will lend in England and Wales, including Isle of Wight
Number of ApplicantsNo maximum4 applicants2 applicants for individual cases
4 applicants within Ltd Company
4 applicantsNo maximum2 applicants on a private BTL or 4 directors on a LTD BTL.Maximum 4 Applicants. Including SPV Limited Company4 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.
2 Directors for Ltd Companies , 2 applicants max on all BTL products44 directors for ltd company

2 for individuals
4No maximum4 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 / Directors. Zephyr Homeloans allows up to a maximum of 4 Directors providing at least 60% of shares are held and the company has been set up for the sole purpose of buying, selling or managing residential property. The company details quoted can be verified by reference to Companies House or via an Equifax search.
AccessAccess to Cambridge Counties is available via selected packagers only.Access to Family BS is available via selected packagers networks.Access to Foundation Home Loans is available via selected packagers networks and mortgage clubsAccess to Hinckley & Rugby for the Ltd Company range is being piloted solely by 3mc.Access to InterBay commercial is available via selected Key Partners onlyAccess to Kensington is available via selected packagers onlyAccess to Kent Reliance is direct to lender with 3mc as your payment routeAccess to Landbay is available via selected packagers only, of which 3mc are oneAccess to LendInvest is available via selected packagers onlyAccess to Masthaven Bank is available via 3mc as your mortgage packagerAccess to Paragon Premier is available via selected packagers onlyAccess to Pepper Money is available via packagers & distributors. Access to Precise Mortgages is direct to lender with 3mc as your payment route, unless specialist products are to be used which is via 3mc as your mortgage packagerAccess to Shawbrook Bank is available via selected packagers only. Access to TML is available via selected packagers onlyAccess to Zephyr is available via selected packagers only
Type of Credit Search conducted at AIP stageHard foot print upon full applicationHard on Application with Equifax. Soft foot print at DIP, hard foot print at FMAHard foot print upon full application stage.Soft foot print onlyEquifax - soft print at AIPSoft foot print, hard foot print upon full applicationHard credit searchSoft at DIP - Hard at application stage.Soft search on DIP, Hard at AIP. Equifax onlySoft print at DIP/AIP stage, hard foot print on application. Soft, with EquifaxSoft 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.Hard foot printSoft, Equifax. On full application stage, this is a hard foot print and also on Equifax.DIP will be a soft footprint with a hard footprint left at FMA - Equifax