Home > Lending criteria

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.

Late Payments (Not Missed)

Indicates if a we can potentially consider buy to let applications from applicants who have a history of late payments (NOT REGISTERED AS MISSED) on any credit agreements they hold.

We can potentially accept applicants with previous ‘Late Payments’.

Layered company Ltd BTL

Indicates if we will consider a Limited Company Buy to Let application from a layered Ltd Company

We do not accept Limited Company Buy to Let applications

Leasehold Property where No Separate Management Company Exists

Indicates if we can potentially lend on Buy to Let applications for leasehold properties where no separate management company exists.

We will lend on leasehold properties where no separate management company exists under these specific requirements:

The building cannot exceed a maximum of 4 units.

The owner(s) of the flats must have a Share of Freehold.

Legal: No search indemnity insurance (purchases)

Indicates if we can potentially accept ‘no-search indemnity insurance’ for a purchase application

We are unable to accept ‘no-search indemnity insurance’ for a purchase application

Legal: No search indemnity insurance (remortgages)

Indicates if we can potentially accept ‘no-search indemnity insurance’ for a remortgage application

We are unable to accept ‘no-search indemnity insurance’ for a remortgage application

Legal: Private local authority search (purchases)

Indicates if we can potentially accept a private local authority search for a purchase application

We can potentially accept a private local authority search for a purchase application subject to:

A suitably qualified search agent carries out the personal search and has indemnity insurance that adequately protects us or
The search insurance policy adequately protects us

The Solicitor must also confirm that the title is good and marketable and personal searches are subject to the search firm subscribing to the Search Code monitored by the Property Code Compliance Board.

Legal: Private local authority search (remortgages)

Indicates if we can potentially accept a private local authority search for a remortgage application

We can potentially accept a private local authority search for a remortgage application subject to:

A suitably qualified search agent carries out the personal search and has indemnity insurance that adequately protects us or
The search insurance policy adequately protects us

Lender or Group Lending Limit

Indicates if we have a maximum exposure limit a borrower can have with us or within our group.

Our maximum exposure limit a borrower can have with or within their group is £750,000.

Lender or Group Maximum Number of Mortgages

Indicates if we have a maximum number of mortgages a borrower can have with us or within our group.

We allow clients to own up to 3 BTL’s (No professional landlords). This includes any properties that are mortgaged, unencumbered, held in limited companies or their sole name(s).

Lending against Uplifted Value following Refurbishment Works

Indicates if we can potentially offer a remortgage and use the uplifted value of the property following recent works of improvement. For example, Jon purchases a property for £150,000 and spend a couple of months doing the place up following which the property is now worth £250,000. Jon now wants to find a lender who will allow him to raise capital based on the newly enhanced value.

Loan to value will be based on current property value. However, we can use the uplifted rental figure for our ICR assessment. Please note the following:

Detailed costings/quotes will be requested at application stage.
The property must be in a liveable/mortgageable condition on application.
Only non-structural works are permitted.
Savings will be required to be evidenced on the application to cover the first 6 months of mortgage payments.

Please contact our Business Development Team to discuss further.

Lending Location: Channel Islands

Indicates if we can potentially consider Buy to Let lending on properties located in the Channel Islands.

We do not lend on properties in the Channel Islands.

Lending Location: England

Indicates if we can potentially consider Buy to Let lending on properties located in England.

We lend on properties in England

Lending Location: Isle of Man

Indicates if we can potentially consider lending on properties located on the Isle of Man.

We do not lend on properties on the Isle of Man.

Lending Location: Isle of Wight

Indicates if we can potentially consider lending on properties located on the Isle of Wight

We are able to lend on properties on the Isle of Wight.

Lending Location: Northern Ireland

Indicates if we can potentially consider lending on properties located in Northern Ireland.

We do not lend on properties in Northern Ireland.

Lending Location: Scilly Isles

Indicates if we can potentially consider lending on properties located in the Scilly Isles.

We are not able to lend on properties in the Scilly Isles.

Lending Location: Scotland

Indicates if we can potentially consider lending on properties located in Scotland.

We do not lend on properties in Scotland.

Lending Location: Wales

Indicates if we can potentially consider lending on properties located in Wales.

We lend on properties in Wales

Let to Buy (Remortgage current residential to Buy to Let)

Indicates if we can potentially accept applications to remortgage onto a buy to let basis when the current mortgage is residential.

We are able accept applications to remortgage onto a buy to let basis when the current mortgage is residential.

Let to move in with family

Indicates if we will allow an applicant to remortgage their current residential property onto a Buy to Let mortgage and then move in with family as opposed to purchasing a new main residence.

We can potentially consider a Buy to Let remortgage application where the property is currently the applicants main residence but will now be let and the applicant will be moving in with family

Let to Rent

Indicates if we will allow an applicant to remortgage their current residential property onto a Buy to Let mortgage and then move into rented accomodation as opposed to purchasing a new main residence.

We can consider a case where an applicant is going to let out their existing residential home and move into rented accommodation.

Limited Company (SPV) applicant definition

Indicates if we consider both ‘Directors AND Shareholders’ as applicants or ‘Directors’ only when assessing applications from Special Purpose Vehicle Ltd Companies.

We do not accept Limited Company Buy to Let applications

Limited Company (SPV) maximum number of applicants

Indicates the maximum number of applicants we can consider when lending to Special Purpose Vehicle Limited Companies.

We do not accept Limited Company Buy to Let applications

Limited Company (SPV) Minimum trading period

Indicates if there is a minimum trading period for ‘Special Purpose Vehicle Limited Companies’ and if so how long IN MONTHS this is.

We do not accept Limited Company Buy to Let applications

Limited Company (SPV) shareholders required to provide personal guarantees

Indicates if we require shareholders in a ‘Special Purpose Vehicle’ Limited Company to provide personal guarantees as well as the ‘Directors’.

We do not accept Limited Company Buy to Let applications

Limited Company (Trading) applicant definition

Indicates if we consider both ‘Directors AND Shareholders’ as applicants or ‘Directors’ only when assessing applications from Trading Ltd Companies.

We do not accept Limited Company Buy to Let applications

Limited Company (Trading) maximum number of applicants

Indicates the maximum number of applicants we can consider when lending to Trading Limited Companies

We do not accept Limited Company Buy to Let applications

Limited Company (Trading) Min Trading Period

Indicates if there is a minimum trading period for ‘Trading Limited Companies’ and if so how long IN MONTHS this is.

We do not accept Limited Company Buy to Let applications

Limited Company (Trading) shareholders required to provide personal guarantees

Indicates if we require shareholders in a ‘Trading’ Limited Company to provide personal guarantees as well as the ‘Directors’.

We do not accept Limited Company Buy to Let applications

Limited Company Buy to Let

Indicates if we can potentially accept Buy to Let applications from Limited Companies

We do not accept Limited Company Buy to Let applications

Limited Company Buy to Let (Special Purpose Vehicle SPV)

Indicates if we can potentially accept Buy to Let applications from Limited Companies where the Ltd company is set up as a ‘Special Purpose Vehicle (SPV)’.

We do not accept Limited Company Buy to Let applications

Limited Company Buy to Let (Trading Company – No SPV)

Indicates if we can potentially accept Buy to Let applications from Trading Limited Companies. Trading Limited Companies are companies that are not set up exclusively for the purpose of buying property for example a trading ltd company that sells furniture as its primary function.

We do not accept Limited Company Buy to Let applications

Limited Company Maximum Age of Director / Shareholder / Applicant at application

Indicates the maximum age an applicant can be at application.

We do not accept Limited Company Buy to Let applications

Ltd Co BTL: Source of deposit is from applicants other company

Indicates if we consider a Limited Company Buy to Let application where the source of deposit is from applicants other company

We do not accept Limited Company Buy to Let applications