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Buy to Let Criteria

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Holiday & Short Term Let

Minimum loan

£50,000 (the property is valued on a standard BTL basis only).

Maximum LTV

75%

Licensing and other approvals

All necessary licensing and planning consent requirements should be in place.

The Property must not be subject to any planning or licensing restrictions or any other restrictions (including, if the Property is leasehold, any restrictions in the lease) which preclude the letting out of the Property on short-term or holiday lets. Our legal adviser must ensure that the Property has any required Planning Permission for short-term and holiday lets.

AST

The property must be capable of being let on a sustainable AST basis meeting our minimum ICR%.

The valuation must confirm that the property is capable of being let on an AST basis with an acceptable level of demand being evidenced by way of rental comparables. This demand should cover a minimum 6 / 12-month period.

If no rental demand can be established with comparative evidence provided, the application will not be allowed to proceed.

Note: We will assess applications on the basis that the property will be let out under a residential tenancy agreement, however we will permit the property to be let on a short-term or holiday let basis. Additional special conditions apply to Holiday and Short Term Let products which are detailed in the Acceptable Tenancies document.

Exclusions

The applicant (including as owner or any shareholders of any TML funding) or immediate family is not permitted to occupy or use this as their main residence at any time over the period of the lend.

First Time Landlords are not allowed. 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.

New builds, MUBS or HMOs properties are not acceptable. No Expats, albeit these may be considered by exception.

Regional and property exclusions may apply including concentration and flood risk.

Properties in holiday parks / village or sharing of communal facilities with other properties are not acceptable.

Any property where planning or occupancy restrictions apply are excluded (i.e. you must vacate the property for one month of the year).

No timeshare arrangements are acceptable.

For any property that may be operating as a B&B or hotel type accommodation, the application will not be allowed to proceed.