Our criteria is listed in alphabetical order to enable you to quickly find the information that you require.
If you do need further information then please contact our team on
0808 281 9309
Maximum acreage acceptable is 5 Acres. Up to 10 Acres considered on a case by case basis.
Missed payments
Secured & Unsecured Debt – A maximum of 1 month’s arrears on one account within last 12 months may be considered.
For secured debt the account must have been up to date for at least 6 months prior to application. For unsecured debt the account must be brought up to date prior to application.
Defaults & CCJ’s
CCJ’s/Defaults with a combined value of less than £500 can be considered if registered more than three years ago and settled at least 6 months prior to application.
Bankruptcy/IVA
Can be considered if discharged for at least 6 years.
Debt Management Plan
Unaccepted.
No personal affordability required, we will work from ICR coverage to determine affordability.
Personal affordability assessments will only be required for Regulated BTL's and Top Slicing.
Minimum age 18, maximum age 90.
Maximum applicants 4
Subject to no other adverse credit, we will accept an arrangement for up to 3 months on one Communications, Credit Card, Mail Order or Utility account within the last 12 months. The account must have been brought up to date.
Can be considered if discharged for at least 6 years.
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Purchasing/remortgaging a buy to let property |
75% |
|
Remortgaging a buy to let property (like for like) |
75% |
|
Property extension |
75% |
|
Non-structural home improvements |
75% |
|
Structural home improvements |
75% |
|
Buy freehold title or new extended lease |
75% |
|
Buy a share in the freehold |
75% |
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Buy land to extend security |
75% |
|
Buy out partner’s interest (non-borrower) |
75% |
|
Buy land or property separate from the security |
75% |
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Personal consumption |
75% |
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Pay off second charge (if for debt consolidation) |
75% |
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Pay off second charge (not for debt consolidation) |
75% |
|
Debt Consolidation |
75% |
The broker fee must not exceed the lower of 1.5% of the mortgage loan amount or £1,500. Any fee above this limit will be reviewed on submission and may result in the application being declined.
CCJ’s/Defaults with a combined value of less than £500 can be considered if registered more than three years ago and settled at least 6 months prior to application.
We can lend up to 75% LTV, with up to £500,000 available for capital raising within the total mortgage amount, subject to criteria.
Fixed-term contracts are acceptable where the applicant is currently on a 12 month contract and has at least 6 months remaining or evidence of a new/renewed 12 month contract must be provided, preferably in the same line of work.
We don’t accept contractors employed through an umbrella company.
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value). Allowed once in the lifetime of the mortgage
Unaccepted.
CCJ’s/Defaults with a combined value of less than £500 can be considered if registered more than three years ago and settled at least 6 months prior to application.
Personal savings.
Non repayable gift from family member.
Sale/remortgage of existing property.
Where there are concerns about the external wall construction (cladding) for all flats then the valuer needs to obtain a EWS1 form which must be completed by a suitably qualified person, only options A1, A2 & B1 are acceptable.
Applicants must be in permanent full or part time employment and continuously employed for the last 6 months.
Applicants must not be under notice of termination of employment or notice of redundancy.
We don’t accept contractors employed through an umbrella company.
Fixed-term contracts are acceptable where the applicant is currently on a 12 month contract and has at least 6 months remaining or evidence of a new/renewed 12 month contract must be provided, preferably in the same line of work.
We don’t accept contractors employed through an umbrella company.
Where the property will be lived in by a member of the borrower's family or with the intention that they will reside in the property in the future.
When any borrower has stated that they are retired or there is a reliance on pension income to service the mortgage payments at mortgage completion, maximum LTV will be 70%.
A full affordability assessment will be carried out in addition to the normal BTL Interest Coverage Ratio Criteria. The affordability assessment will include payments for their own residential mortgage/rent (if applicable) and also payment to the new mortgage. Our Affordability Assessment must result in a surplus net disposable income being evident.
The rental calculation will be based upon the rental figure as confirmed by the valuer rather than the actual rent being paid by the family member.
First time landlords who are first time buyers, must select a specific non-homeowner product
First Time Landlords are accepted who own their own residential home.
First time landlords who are first time buyers, must select a specific non-homeowner product.
Only the placement income / fee element of the statement, which excludes maintenance payments, payments in respect of travel, clothing, Christmas etc., can be taken into account for mortgage purposes
Available to applicants who are looking to purchase or remortgage a property which has an EPC rating of A-C. The funds will be released with the advance monies.
Ground Rent must not be onerous and must adhere to the Renters Rights Act. Reasonability is subject to the Valuer’s professional opinion.
Income taken at 100%
Basic annual income.
Regular dividends.
Occupational pension, private and state pension.
SIPPS (Self-Invested Personal Pensions).
Car Allowance.
Large Town Allowance.
Housing allowances (police officers).
Placement Income received by Foster Carers.
Teachers Learning Responsibilities (TLR).
Guaranteed Overtime.
Guaranteed Bonuses.
Guaranteed Shift Allowances.
Income taken at 50%
Regular overtime, Shift Allowances, Bonuses.
Commission.
Rental income (unencumbered/mortgage free property).
Maintenance confirmed by Court Order or 6 months track record.
Secondary income (continuous 12 months).
Working Family Tax Credit.
Income from Trust Funds/Investments – Evidence will be required via an Accountant or last 2 years HMRC Tax Calculations & Tax Overviews.
Dividend income received, where the applicant is not a director of the company.
There is no minimum income required.
Must be in receipt of pension income to meet the minimum income requirement.
We can consider leasehold properties where at least 50 years will remain on the lease at the end of the mortgage term.
For new build properties, the lease term at completion must be a minimum of 125 years for flats and 250 years for houses
Standard Buy to Let criteria will apply.
Consumer BTL
Investment BTL
Family Regulated BTL
Non-Homeowner BTL
Portfolio BTL
Let to Buy
Purchase/Remortgage 75%
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value).
England (Including Isle of Wight) & Wales.
Where an applicant is currently on or going on maternity/paternity leave, confirmation is required from the applicant of their intention to return to work on a full-time/part-time basis
Regulated Family BTL
-For the purpose of the affordability assessment, if income will be reduced whilst on maternity/paternity leave, this reduced income rather than the current income will be taken into account when calculating affordability.
Regulated Family BTL where affordability cannot be provenduring the maternity/paternity leave,this is acceptable subject to evidence of savings to cover any shortfall of income
The term of the mortgage must not extend beyond the 90th birthday of the oldest borrower.
75% - £1,000,000
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value).
Lending in retirement on a regulated BTL is restricted to 70% LTV
The maximum number of BTL properties that can be in mortgage to the Society is 6 and the maximum number of BTL properties held in a portfolio, regardless of whether they are in mortgage to the society, other lenders or mortgage free is 20.
21
There is no minimum income required.
£25,000.00
£50,000.00
5 years - 40 years.
Secured & Unsecured Debt – A maximum of 1 month’s arrears on one account within last 12 months may be considered.
For secured debt the account must have been up to date for at least 6 months prior to application. For unsecured debt the account must be brought up to date prior to application.
Any property which has been built / converted within the last 10 years must hold an acceptable guarantee/certificate.
Acceptable guarantee/certificates include (This isn't an exhaustive list so please speak to our Intermediary team for any firms not quoted below):
NHBC Certificate
Zurich Municipal Policy
Protek Home Warranty
Premier Guarantee
Checkmate - Castle 10
Architects Completion Certificate
Build Zone
Local Authority Building Control (LABC New Home Warranty)
Building Life Plans
ICW
One Guarantee Ltd
Where mortgage finance is provided to a borrower(s) who does not own their own main residential property or will not do so on completion of the mortgage. Standard Buy to Let criteria will apply. Subject to Non-Homeowner mortgage product availability
Maximum applicants 4
Applicants who have taken out a pay day loan within the last three years are not acceptable.
The maximum number of BTL properties that can be in mortgage to the Society is 6 and the maximum number of BTL properties held in a portfolio, regardless of whether they are in mortgage to the Society, other lenders or mortgage free is 20. Current product only allows for maximum of 10 properties.
The portfolio, excluding the subject property, must have a combined ICR coverage of 140% at the higher of payrate plus 1% or 5.5%.
Any BTL properties in the background will be ignored where The ICR coverage meets 125% at 5.5%.
Maximum of 2 properties with the Society in the same postcode area (e.g. 'ST13').
New Build flats are excluded (built within last 2 years)
£50,000
Residential properties permanently affixed to land, which are not mentioned in the unacceptable security section, are suitable security for mortgage lending subject to confirmation from the valuation report.
Minimum property value £50,000
Please follow the below guide.
|
Stress Rates |
£ for £ Remortgage All Products |
Purchase/ Let to Buy/ remortgage + additional borrowing < 5 Year Fixed |
Purchase/ Let to Buy/ remortgage + additional borrowing >=5 Year Fixed |
|---|---|---|---|
|
Buy to Let |
125% @ Pay Rate |
140% @ Pay Rate +2%
|
140% @ Pay Rate |
|
Holiday Let |
125% @ Pay Rate |
140% @ Pay Rate +2%
|
140% @ Pay Rate |
|
Ltd Company BTL |
125% @ Pay Rate |
125% @ Pay Rate +2%
|
125% @ Pay Rate |
|
Portfolio Landlord |
125% @ Pay Rate |
140% @ Pay Rate +2%
|
140% @ Pay Rate |
Repayment.
Interest Only
We accept applications from customers who are currently resident in the UK and have a minimum 3 years' UK address history.
Applicants must also be:
Must be in receipt of pension income to meet the minimum income requirement.
No minimum income is required from applicants, however we do require applicants to be employed, self employed or retired. We do not accept applicants who are unemployed or in receipt of benefit income.
Minimum trading period is 2 years.
An average income over the last two years will be assessed or the latest income will be applied if lower. Income is defined as:
Sole Traders and Partners - applicant’s share of the net profit.
Directors of limited companies (25% or greater shareholding). A total of applicant's share of net profit and their salary.
We don’t accept contractors employed through an umbrella company.
Solar panels will be considered subject to the Valuer’s recommendations.
Where the panels are leased, a copy of the lease documentation will be required for submission with the application for approval by the Society. The lease must contain agreement for removal of the panels, at no cost to the Society, should the Society take the property into possession.
Please follow the below guide.
|
Stress Rates |
£ for £ Remortgage All Products |
Purchase/ Let to Buy/ remortgage + additional borrowing < 5 Year Fixed |
Purchase/ Let to Buy/ remortgage + additional borrowing >=5 Year Fixed |
|---|---|---|---|
|
Buy to Let |
125% @ Pay Rate |
140% @ Pay Rate +2%
|
140% @ Pay Rate |
|
Holiday Let |
125% @ Pay Rate |
140% @ Pay Rate +2%
|
140% @ Pay Rate |
|
Ltd Company BTL |
125% @ Pay Rate |
125% @ Pay Rate +2%
|
125% @ Pay Rate |
|
Portfolio Landlord |
125% @ Pay Rate |
140% @ Pay Rate +2%
|
140% @ Pay Rate |
Freehold (houses only). Leasehold properties must have at least 75 years remaining on the lease at the end of the mortgage term.
Sale and rent back.
HMO’s.
Properties being purchased from the applicant’s own business.
Properties that require items of major structural repair e.g. structural defects, electrics, drains. trees.
Remortgage applications where the applicant has not owned the property for six months.
Capital raising for business or investment purposes or to fund living costs.
Bridging finance.
Applicants who have taken out a pay day loan within the last three years.
Self-build.
Foreign Currency Loans.
Properties with EPC rating of F and G.
The Society will consider zero hour contracts as an acceptable employment type on the following
basis:
• Restricted to stable, skilled/semi-skilled industries where employment opportunities are
stable – refer to the Society for acceptable industries.
Where the income is not the primary income i.e there must be another employed/self-employed/pension income, which is higher. This does not have to be a second job.
The application is subject to maximum LTV of 80%.
The applicant must have been employed in the same type of employment/industry for the last two years.
We don’t accept contractors employed through an umbrella company.
