We want to do all we can to help you place your complex cases. That’s why we’ve made some great changes to our lending criteria!
Here’s what’s new:
Income
1. Day rate contractor income accepted
We’ll accept day rate contractor income as standard, helping to increase the amount of income we can use towards affordability.
Accepted across all lending areas (including Self Build) except for Expat.
2. Retirement age for using income extended to age 75 for all income types (except employed manual roles).
We’re now including non-manual employed income up to age 75, helping with longer mortgage terms for Later Life customers. Employed manual income remains at age 70. Self employed applicants are accepted up to age 75 (whether manual or non-manual).
Property
3. Agricultural Restrictions on properties accepted up to 50% LTV
We’re accepting cases where the property has agricultural restrictions.
This will be subject to valuer comments on mortgageability and saleability. The applicant must comply with the terms of the restriction(s).
4. Residential homes with an annexe used for short-term letting accepted up to 80% LTV
Perfect for clients living in a good holiday let location who wish to rent their annexe on a short-term let basis on AirBnB or similar sites.
Subject to valuer comments. Annexe can only be used for holiday letting/AirBnB type lets i.e. no tenancy agreement in place. Annexe must not have own utilities/council tax.
Expat
5. No minimum time back in the UK for returning expats
Returning expats will be able to apply for a mortgage with no minimum time in the UK required before application.
Evidence of income for affordability will be required (employed/retired applicants accepted).
6. Expat Buy to Let for First Time Buyers
Perfect for expats who are working and residing abroad who wish to purchase a rental property in the UK and have not owned a property before.
Other
7. No maximum age on Interest Only
There are now no restrictions on max age at the end of term on interest only applications (same as C&I).
Please note max LTV 50% and a minimum equity of £200k where sale of property is the repayment vehicle.
8. First Time Buyers Buy to Let now accepted in England & Wales
We’re removing the need for an applicant to be a homeowner prior to owning a BTL property. Full BTL criteria (ICR & minimum income etc) will apply. Affordability will be carried out as an additional assessment.
9. Removal of limit of 10 Buy to Lets in the background for Residential applications
There is now no limit on the number of properties owned for portfolio landlords who wish to purchase/remortgage their own residential property.
We will evidence the background properties are self-financing by requesting for the latest tax calculations (evidencing land and property income).
10. Non-UK national accepted on a joint application
For a joint application where only one applicant is a UK national, their partner can now be named on the mortgage. However, the mortgage must be affordable using the UK national applicant’s income only.
Get in touch
We’re here to help, so if you’ve got a case in mind, or need to speak to us, give us a call on 0330 123 1073.
