Lending criteria.

We can help with all types of cases, so check our lending criteria for the latest guidelines.

Our criteria is split into residential and buy to let, so use the options below to find the criteria you need.

 

 

Financial Associates with Adverse

Indicates if we can potentially accept Buy to Let applications from an applicant who is financially associated with someone who has adverse credit.

We will not accept applicants that are financially associated with persons that have adverse credit.

First Time Buyers

Indicates if we can potentially consider applications from First Time Buyers.

We accept Buy to Let applications from ‘First Time Buyers’ for both Expat and UK based applicants.
For standard BTL applications, rent would need to cover the loan amount using our ICR assessments. We will also conduct an affordability check as a precautionary measure that the client must also pass alongside the ICR assessment.
For Expat BTL applications, rent would need to cover the loan amount using our ICR assessment and underwriter approval will be required. An affordability assessment outside of this would not apply.

First Time Landlords

Indicates if we can potentially consider applications from First Time Landlords.

We can potentially accept Buy to Let applications from ‘First Time Landlords’.

Flat/Maisonette Maximum LTV (New Build)

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a NEW BUILD flat or NEW BUILD maisonette.

We can accept applications up to 75% LTV. For New Build flats we lend up to 75% LTV in Suffolk, Norfolk, Essex, Cambs, Herts and London.

Flat/Maisonette Maximum LTV (Standard)

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a flat or maisonette and it is NOT considered a new build.

We are able to accept flats/maisonettes up to 80% LTV. Leasehold only.

Flying Freehold: Maximum acceptable percentage of the gross floor area

Indicates the maximum percentage of gross floor area the flying freehold part covers that can be considered by us

We do not lend on properties with a flying freehold on a BTL basis

Foreign Nationals (Living Overseas)

Indicates if we can potentially consider applications from foreign nationals living overseas who wish to obtain a BUY TO LET mortgage here in the UK. For example, a Chinese applicant who does not live or work in the UK who wants to purchase property here in the UK on a Buy to Let basis as an investment.

We will not consider Buy to Let applications for foreign nationals (living overseas)

Foreign Nationals (with indefinite leave to remain)

Indicates if we are potentially able to accept applications from foreign nationals that have indefinite leave to remain

We are able to accept application from Foreign Nationals (with indefinite leave to remain)

Foreign Nationals (WITHOUT indefinite leave to remain)

Indicates if we are potentially able to accept applications from foreign nationals that DO NOT have indefinite leave to remain.

We can consider Non-UK Nationals at a maximum LTV 80%. Your applicant must have been a resident in the UK for a minimum of two years (evidenced through passport stamp or other immigration documentation), have a valid UK work permit/visa (with at least 2 years left to run until expiry) and have been working in the UK for a minimum of 2 years, employed applicants only and subject to UK tax, and hold a UK Current Account. Because of the potential short term nature of residency, non-UK nationals will be assessed on an individual basis, the applicant(s) should be of professional standing and working in one of the following sectors – Education, Healthcare, Finance & Banking, IT or Legal. Applicants must have a minimum deposit of 20% (Gifted deposits are not acceptable). Consideration will be given to employment type and potential length of stay within the UK. Please contact the Business Development Team before submitting a case where an applicant does not have indefinite leave to remain to guide you through the application process. For EU, EEA (Including Iceland, Norway and Liechtenstein) and Swiss citizens, evidence that they have successfully applied for pre-settled will be accepted. This will be evidenced online. The applicant should be able to supply the Society with a share code and a link to the relevant web page to confirm their immigration status. Irish citizens do not need a residence document as they have the right to reside and applications from Irish Nationals should be assessed on normal underwriting terms. Where the applicant has been granted permanent rights to reside or Settled status (with permanent Leave to Remain) these are acceptable under our normal Underwriting Criteria – a copy of their passport confirming their permanent status or a letter from the Home Office should be retained on the mortgage file.

Full Time Landlord

Indicates if we can potentially lend to what we consider to be professional landlords. Typically a professional landlord is an applicant whose main income source is from their rental income from property.

We do not accept applications from ‘Full Time Landlords’.

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