Here are some super useful things to help you out. We’ll scratch your back, you scratch your clients’ backs and everyone is itch-free.
Number of applicants
Four. For Limited Company application details of up to four directors or shareholders as applicants will be captured. The applicants must cover a minimum of 75% of total shareholding.
21 years at application
80 years at application, 95 years at end of term.
Applications from UK nationals and EEA member states must be traceable at a UK address. We will not lend to applicants who are not UK nationals and do not reside in the UK.
Acceptable proof of ID and address
If we are unable to verify all applicants using Electronic ID, proof of ID and residency will be required for each applicant.
Please refer to the product guide for product credit profile criteria. Credit profile refers to the individual personal applicants.
We cannot accept applications for consumer buy-to-let. A consumer buy-to-let is defined as an applicant with no other buy-to-let properties wishing to obtain a mortgage on a property that has either been inherited or has previously been occupied by the applicant or a related person at any time.
Not acceptable. At least one applicant or Director must have owned, and still own, a residential or buy-to-let property for a minimum of 12 months.
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.
There is no minimum income requirement.
1 month’s payslip required, or P60 plus 1 month’s bank statement.
Latest SA302, accounts or Tax Calculation with corresponding Tax Summary, plus one month’s bank statement.
1 month’s payslip or contract, plus one month’s bank statement.
Latest pension statement or evidence of other income source, plus one month’s bank statement.
Purchase and remortgage
For remortgage within 6 months of purchase please refer. Contact our Intermediary Business Consultants for more information.
Capital and interest
Part and part
Our loans are not portable.
New build offers will be valid for 6 months.
Maximum loan and LTV
Limited Companies/LLP LTV
HMO, Multi-unit freehold LTV
New builds and flats above commerial LTV
Deposits are required to be evidenced.
Limited Company/LLP reserves or working capital
Sale of property or pending sales
Sale of shares or investment
Equity from another property
Vendor/Builder gifted deposit
New build properties can have up to 5% builder gifted deposit
Converted properties are up to 5% considered on a case-by-case basis
All gifted deposits must be disclosed. Subject to a gift letter from deposit provider, identification and evidence of funds.
Family gifted equity
Up to a maximum 75% LTV and satisfaction that the transaction does not constitute consumer BTL.
Interest coverage rate (ICR) test applies to all cases on an interest-only basis
5 or more years’ fixed rate products: initial rate.
All other products: a nominal rate (currently 5.5%) or the initial rate +2%, whichever is higher. All ICR tests are exclusive of any fees that can be added to the loan.
HMO, Multi-unit freehold
New builds and flats above commercial
Basic rate tax payer
Higher rate tax payer
£50,000. For converted properties, HMO or any in London and the South East £120,000.
Under the following circumstances, a second audit valuation will be required.
Properties valued over £1m – mortgage valuation report.
Freehold or leasehold in England and Wales, absolute ownership or freehold in Scotland.
England, Wales and Scotland
AST of either 6 or 12 months if the property is in England.
Private Residential Tenancy, or Short Assured Tenancy (if prior to 1st December 2017) if the property is in Scotland.
Occupation Contract or Standard Contract if the property is in Wales.
Shared households and student lets
Standard format tenancy
Tenancies supported by housing benefit
Assured, protected or statutory tenancies
HMO licence is required if deemed appropriate from the Local Authority.
At least one applicant or Director must have owned, let and still own one or more Buy to Let property for a minimum of 12 months.
We will only accept applications from Special Purpose Vehicle (SPV) Ltd companies.
Acceptable Standard Industrial Classification (SIC) codes
68100 Buying and selling of own real estate
68209 Other letting and operating of own or leased real estate
68320 Management of real estate on a fee or contract basis
68201 Renting and operating of Housing Association real estate.
Directors or shareholders
For Limited Company applications we will accept up to 4 directors or shareholders. They must cover a minimum of 75% shareholding. If the company has less than 4 directors or shareholders, all must be included in the mortgage application.
Personal guarantees are required from all directors and shareholders.
Applicants with 4 or more mortgaged Buy to Let properties
Maximum number of properties
Maximum portfolio value
£2,500,000 with The Mortgage Lender.
For 4-10 properties:
On request by underwriting, or for more than 10 properties:
Asset and liabilities declaration
Details of all properties held by applicants should be included in the Portfolio Schedule, including unencumbered properties.
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