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.

 

 

Regulated Buy to Let (Let to Family Member)

Indicates if we can potentially consider Buy to Let applications where the intention is to Let the property to a family member.

We can potentially accept ‘Regulated Buy to Let’ applications. With Regulated BTL’s we would assess the applicant on standard affordability rather than rental calculation.

Remortgage Purpose: 100% Staircase Shared Ownership to Let to Buy

Indicates if we will allow capital raising on an applicant’s current shared ownership residential property for the purpose of staircasing to 100% and take their ownership to 100% and then Letting the property.

We can potentially consider remortgage applications with capital raising to staircase their Shared Ownership property and then Let the property on a Buy to Let basis with us. These will be treated at purchases and must have the housing associations approval to do an application of this nature.

Remortgage purpose: Balance Swap (maximum LTV)

Indicates the maximum loan to value (LTV) a Buy to Let we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised).

The maximum loan to value (LTV) we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised) is 80% LTV.

Remortgage Purpose: Business Purposes

Indicates if we can potentially consider a Buy to Let application when the reason for capital raising is considered for ‘Business Related Purposes’.

We will not consider applications of this nature

Remortgage purpose: Buy out (maximum LTV)

Indicates the maximum loan to value (LTV) we can accept where the BTL remortgage purpose is to raise funds to buy out a partner or other borrower. 

The maximum loan to value we can accept where the remortgage purpose is to raise funds to buy out a partner or other borrower is 80%.

Remortgage purpose: Buy to Let Purchase (maximum LTV)

Indicates the maximum loan to value (LTV) we will accept when the reason for capital raising is to raise funds to fund or part fund a buy to let purchase.

The maximum LTV we will accept when the reason for capital raising is to raise funds to fund or part fund a buy to let purchase is 80%. This would be subject to individual underwriting.

Remortgage purpose: Capital raise for BTL where property not yet found

Indicates if we can potentially consider remortgage applications with capital raising for a BTL property where the property has not yet been found. Essentially they want to put themselves in the position of a cash buyer with the funds accessible ready for when they find their property.

We will not consider applications of this nature

Remortgage purpose: Debt Consolidation (maximum LTV)

Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application.

We will not consider applications of this nature

Remortgage purpose: Extending a lease

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

We can consider applications of this nature

Remortgage purpose: Gift money (maximum LTV)

Indicates if we are able, and if so to what loan to value, accept BTL remortgages where the purpose is to raise money to make a gift (for example to children to help with school fees etc or where parent(s) might want to help their children buy their first home).

We are able to accept remortgages where the purpose is to raise money to make a gift up to 80% LTV

Remortgage purpose: HMO conversion back to standard residence

Indicates if we can potentially consider a remortgage application where an existing HMO will be converted back to a standard residence

We can potentially accept a case of this nature. Please refer to our Business Development Team to discuss further.

Remortgage purpose: Home Improvements (maximum LTV)

Indicates if we are able to and if so to what loan to value, accept remortgages where the purpose is to raise money for property improvements.

We are able to accept remortgages where the purpose is to raise money for home improvements up to 80% LTV

Remortgage Purpose: Home Improvements (other property)

Indicates if we will allow capital raising for the purpose of home improvements on a property which is NOT the security property on Buy to Let applications.

We can consider applications of this nature

Remortgage purpose: Land Purchase (maximum LTV)

Indicates if we will allow capital raising for the purpose to purchase land and if so up to what loan to value for Buy to Let applications.

We will not consider applications of this nature

Remortgage purpose: Lifestyle (holidays, car's, non essential spending etc)

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car’s, non essential spending etc)

We will not consider applications of this nature

Remortgage purpose: Medical expenses

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses

We can consider applications of this nature

Remortgage purpose: Personal investments (not property related)

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is personal investments

We will not consider applications of this nature

Remortgage Purpose: Purchase Commercial Property

Indicates if we will allow capital raising for the purpose of purchasing commercial property on Buy to Let applications.

We will not consider applications of this nature

Remortgage Purpose: Purchase Overseas Property

Indicates if we will allow capital raising for the purpose of purchasing overseas property on Buy to Let applications.

We can consider applications of this nature

Remortgage Purpose: Repay Help to Buy and Let the Property

Indicates if we will allow capital raising on an applicant’s current residential property that has a Help to Buy Equity Loan present for the purpose of repaying (IN FULL) their Help to Buy Equity Loan, take their ownership to 100% and then Let the property.

We can consider applications of this nature

Remortgage purpose: Repay residential (Maximum LTV)

Indicates the maximum loan to value (LTV) we can accept where the BTL remortgage purpose is to repay the customer’s residential mortgage.

We have a maximum LTV of 80% when remortgaging with capital raising to repay their residential mortgage

Remortgage purpose: School/Education fees

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

We can consider applications of this nature

Remortgage waiting period

Indicates the number of months we state a person must have owned a property before it can be considered for a remortgage application. 

The property must have owned the property for 6 months before it can be considered for a remortgage application.

Repayment (Capital & Interest)

Indicates if we accept mortgages on a Repayment basis (Capital & Interest) for Buy to Let applications.

We can potentially offer Buy to Let mortgages on a ‘Repayment (Capital & Interest)’ basis.

Restricted Sale Price

Indicates if we can potentially offer a Buy to Let mortgage on a property that has a ‘Restricted Sale Price’ clause.

We will not consider applications on properties that have a restricted sale price clause.

Retrospective New Build Warranty

Indicates if we can potentially lend on properties that have been issued with a retrospective new build warranty. These warranties were specifically not in place during the build phase but taken out at a later date following completion.

We are not able to accept this warranty

Returning to UK – Employed

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into paid employment. Critically, indicates if a lender will accept an employed applicant (with no current minimum length of time in UK employment) who is returning from a non UK address to the UK.

We can potentially consider applications from applicants who are returning to the UK and going straight into employment with the same company. Please contact the Business Development Team to discuss further as these are taken on a case by case basis. We normally require applicants to be back in the UK for 6 months if the employee is with a different company. If the client has recently returned and has not got employed in place then we cannot consider these cases.

Returning to UK – Self-Employed

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into Self-Employment. Critically, indicates if a lender will accept a Self-Employed applicant who is returning from a non UK address to the UK and would essentially have zero UK trading history.

We will not accept applications from applicants who are returning to the UK and going straight into self-employment. Clients would need a minimum of 2 years accounts.

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