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.

 

 

Maximum Aggregate Portfolio LTV (within group or lender)

Indicates if we specify a maximum LTV of all properties owned by the applicants that are mortgaged to them or their group.

We do not lend to portfolio landlords.

Maximum debt to income ratio

Indicates the maximum potential debt to income (DTI) ratio we might accept for Buy to Let applications. For example, an applicant has outstanding unsecured debts of £26,000 and a salary of £40,000. Therefore their DTI is 65%.

We will consider clients total borrowing and conduct, but no official income ratio is set. Please refer if the debt exceeds the clients personal income (excluding other BTL mortgages and residential mortgages).

Maximum Ground Rent (as % of Property Value/Purchase Price)

Indicates if we have a maximum threshold, and if so what it is, that the ground rent on a leasehold property cannot exceed measured against the property value on Buy to Let applications. For example, Applicant ‘A’ is purchasing a leasehold flat valued at £100,000 that has a ground rent payable annually of £100. This ground rent equates to 0.1% of the property value. Lender ‘A’ has no maximum threshold on ground rents and therefor Applicant ‘A’ is able to proceed with a mortgage application on this property.

We have no maximum threshold percentage against the property value that the ground rent cannot exceed.

Maximum length of time of assured shorthold tenancy (AST)

Indicates the maximum number of months we specify is required on an Assured Shorthold Tenancy (AST)

The maximum number of months on an Assured Shorthold Tenancy (AST) is 36 months

Maximum Loan Size (80% LTV)

Indicates the maximum potential loan size we can consider lending at 80% loan to value or less. Be aware that this relates to the maximum and other factors may reduce this maximum such as property type etc.

We can lend up to £1,000,000. If you need a larger loan, please contact the Business Development Team to discuss further.

Maximum Loan to Value (LTV)

Indicates the maximum LTV we can consider for Buy to Let applications

Our maximum LTV for a Buy to Let applications is 80%.

Maximum LTV across the whole portfolio

Indicates if we specify a maximum LTV of all properties owned by the applicants across their entire portfolio. This includes mortgages held with the lender and group and all other mortgages held with other lenders.

We do not lend to portfolio landlords

Maximum Mortgage Arrears in last 24 Months

Indicates if we can potentially accept Buy to Let applications from an applicant who has mortgage arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

We can potentially accept applicants with unsecured arrears in the past 24 months but this is dependent on the LTV of the case and how many. This is reviewed on a case by case basis.

Maximum number of applicants allowed

The maximum number of applicants able to go on a Buy to Let mortgage application.

We will accept up to 2 applicants on an application. Please contact our Business Development Team if you have an application with more than 2 applicants as this will be subject to underwriter approval (this excludes Expat applications).

Maximum Number of CCJs (Satisfied)

Indicates if we can consider Buy to Let applications from applicants with previously satisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant ‘A’ has 3 previously satisfied CCJs in the past 6 years and Lender ‘A’ says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

We can consider applicants with up to 1 satisfied CCJ. If you have multiple CCJ’s, or your CCJ is over £500, you will need to refer this to the Business Development Team. Multiple CCJ’s that equate to over £1,000 may not be accepted so please refer.

Maximum Number of CCJs (Unsatisfied)

Indicates if we can consider Buy to Let applications from applicants with unsatisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant ‘A’ has 3 previously unsatisfied CCJs in the past 6 years and Lender ‘A’ says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

We will not consider applicants with unsatisfied CCJs.

Maximum Number of Defaults (Satisfied)

Indicates if we can consider Buy to Let applications from applicants with previously satisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant ‘A’ has 3 previously satisfied Defaults in the past 6 years and Lender ‘A’ says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

We can consider applicants with up to 1 satisfied Default. If you have multiple Default’s, or your default is over £500, you will need to refer this to the Business Development Team. Multiple Default’s that equate to over £1,000 may not be acceptable so please refer.

Maximum Number of Defaults (Unsatisfied)

Indicates if we can consider Buy to Let applications from applicants with unsatisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant ‘A’ has 3 previously unsatisfied Defaults in the past 6 years and Lender ‘A’ says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

We will not consider applicants with unsatisfied Defaults.

Maximum number of rental properties MORTGAGED with ALL lenders

Indicates if there is a maximum number of mortgaged Buy to Let properties and if so how many, an applicant can have in the background. 

Buy to Let applications = maximum of 3 properties as a total limit, whether it is a joint or sole application, including properties held in a limited company or sole name. This also includes unencumbered properties as well as mortgaged properties.
Holiday Let applications = maximum of 3 properties per applicant, and a total limit of 6 including properties held in a limited company or sole name. This also includes unencumbered properties as well as mortgaged properties.

Maximum number of storeys considered for lending on ex local authority flats

Indicates the maximum number of stories we can consider when lending on ex local authority high rise flats.

We are not able to lend on ex local authority flats unless on a Right to Buy application

Maximum number of storeys considered for lending on ex local authority flats

Indicates the maximum number of stories we can consider when lending on ex local authority high rise flats.

We are not able to lend on ex local authority flats unless on a Right to Buy application

Maximum number of storeys considered for lending on flats

Indicates the maximum number of storeys we can consider when lending on high rise flats.

Maximum number of storeys we can consider is 7.

Maximum number of stories where no lift is present

Indicates the maximum number of storeys we can consider when lending on flats when there is no lift access.

We have a limit of 5 storeys in a flat where no lift is present

Maximum number of students considered on one AST

Indicates the maximum number of students we can consider on a single AST

We will not consider applications of this nature

Maximum number of tenants on an assured shorthold tenancy (AST)

Indicates the maximum number of tenants permitted by us on a single Assured Shorthold Tenancy

The maximum number of tenants permitted on a single Assured Shorthold Tenancy is 4. A family unit, couple of an single person would be preferred, however, we can consider a maximum of 3 professionals. The property must still be let via a standard ASTA agreement and not be classed as a HMO.

Maximum Term (Years)

Indicates the maximum term a Buy to Let mortgage can be taken over.

Our maximum term is 30 years

Maximum Unsecured Arrears in last 24 Months

Indicates if we can potentially accept Buy to Let applications from an applicant who has unsecured arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

We can potentially accept applicants with unsecured arrears in the past 24 months but this is dependent on the LTV of the case and how many. This is reviewed on a case by case basis.

Maximum Value of CCJs (Satisfied)

Indicates if we can potentially consider Buy to Let applications from applicants with previously satisfied CCJs and if so what the maximum allowable value of all registered against an applicant is. For example, applicant ‘A’ has 3 previously satisfied CCJs in the past 6 years totaling £1,230 and Lender ‘A’ says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

We can consider applicants with satisfied CCJs up to a maximum value of £500. If you have CCJ’s over £500 please contact the Business Development Team to discuss. Please note that if your CCJ is over £500 or if you have multiple CCJ’s that equate to over £1,000 you will need to refer.

Maximum Value of CCJs (Unsatisfied)

Indicates if we can consider Buy to Let applications from applicants with unsatisfied CCJs and if so what the maximum allowable value of all registered against an applicant is. For example, applicant ‘A’ has 3 unsatisfied CCJs in the past 6 years totaling £1,230 and Lender ‘A’ says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

We will not consider applicants with unsatisfied CCJs.

Maximum Value of Defaults (Satisfied)

Indicates if we can potentially consider Buy to Let applications from applicants with previously satisfied Defaults and if so what the maximum allowable value of all registered against an applicant is. For example, applicant ‘A’ has 3 previously satisfied Defaults in the past 6 years totaling £1,230 and Lender ‘A’ says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

We can consider applicants with satisfied Default up to a maximum value of £500. If you have a Default’s over £500 please contact the Business Development Team to discuss. Please note that if your Default is over £500 or if you have multiple Default’s that equate to over £1,000 you will need to refer.

Maximum Value of Defaults (Unsatisfied)

Indicates if we can potentially consider Buy to Let applications from applicants with unsatisfied Defaults and if so what the maximum allowable value of all registered against an applicant is. For example, applicant ‘A’ has 3 unsatisfied Defaults in the past 6 years totaling £1,230 and Lender ‘A’ says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant ‘A’ would be unable to apply for a mortgage with Lender ‘A’ at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

We will not consider applicants with unsatisfied Defaults.

Minimum ICR across the whole portfolio

This relates to if we specify a minimum income coverage ratio (ICR) that cannot be exceeded across the customers entire portfolio including both properties mortgaged to us and to other lenders.

We do not lend to portfolio landlords.

Minimum Income Requirement

Indicates if we have a minimum income requirement for Buy to Let applications and if so what it is.

The minimum income requirement for a BTL application will be £25,000 gross income. Please note that in the case of joint applicants, one applicant must earn the minimum required figure of £25,000 gross.

Minimum Landlord Experience (in MONTHS)

Indicates if we require a minimum amount of experience (IN MONTHS) when lending on Buy to Let applications

We have no minimum experience requirement for applicants.

Minimum Length of Time Employed (in MONTHS)

Specifies if there is a minimum number of months (if so how many) employed applicants must have been continuously employed on Buy to Let applications.

We require applicants to have been in employment for at least 6 months. If less than this, please contact our Business Development Team to discuss further

Minimum length of time of assured shorthold tenancy (AST)

Indicates the minimum number of months we specify is required on an Assured Shorthold Tenancy (AST)

The minimum number of months required on an Assured Shorthold Tenancy is 6 months.

Minimum Loan Size

Indicates the minimum loan size (if there is one) that we accept for new applications.

Our minimum loan size across all products is £75,000.

Minimum Percentage of Properties under Private Ownership on Ex-Local Authority Blocks of Flats

Indicates if we can potentially lend on a ex-local authority flat/apartments and if so is there a minimum percentage in the block that must be privately owned when assessing Buy to Let applications.

We do not lend on Ex Local Authority Flats on a BTL basis.

Minimum Property Value for standard Buy to Let lending

Indicates if we have a minimum property value they require for new Buy to Let applications.

Our minimum property value on BTL applications is £100,000

Minimum remaining lease at application

Indicates the minimum required lease remaining at date of application we can potentially accept. 

If property is leasehold there should be a minimum of 85 years remaining on the lease at the commencement of our advance.

Minimum remaining lease at end of term

Indicates the minimum required lease remaining at the end of the mortgage term we can potentially accept.

Our minimum lease at the start of the loan is 85 years

Minimum Term (Years)

Indicates the minimum term a Buy to Let mortgage can be taken over.

The minimum term is five years

Months passed where Mortgage Arrears can be ignored

Indicates if we can potentially ignore mortgage arrears that are historic and if so at what point they can potentially be ignored when assessing Buy to Let mortgage applications.

We can potentially ignore previous mortgage arrears that are older than 48 months old on a case by case basis.

Multi Unit Freehold (multiple properties on same title)

Indicates if we can potentially lend on single title multi-unit properties

We do not lend on ‘Multi Unit Freehold’ properties.

Multi Unit Freehold Maximum Number of Flats

Indicates the maximum number of units permitted on a single title multi unit property

We do not lend on ‘Multi Unit Freehold’ properties.

Multi Unit Minimum Floor Area of each Unit Requirement (Sq Meters)

Indicates if there is a minimum square meterage requirement on a single title multi unit property

We do not lend on ‘Multi Unit Freehold’ properties.

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