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.
Minimum age 21, maximum age 90.
Maximum directors 4
Limited Company should not have more than 4 directors and they must own 100% between them.
Personal guarantees for the full loan amount will be required for all directors of the limited company; a floating charge will not be required.
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.
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.
Where any loan includes an element of capital raising then the maximum LTV is 75%. The maximum capital raising loan which can be included within an overall total mortgage amount is £500k.
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 any loan includes an element of capital raising then the maximum LTV is 75%. The amount raised for debt consolidation is limited to 30% of the property value.
None in the last 3 years and must be satisfied for at least 3 years.
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 to director.
Sale/remortgage of existing property.
The following won’t be accepted.
The maximum number of directors is four, they should own 100% shareholding between them and all be party to the mortgage application.
At least one director must already be a homeowner, live with a partner who has a mortgage, live in employer provided accommodation, or own other mortgaged investment properties.
All directors will need to provide a personal guarantee and will be asked to obtain Independent Legal Advice (ILA).
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.
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.
Applicants who are first time buyers or do not own any other property may only be considered where they either reside with a spouse or partner who owns a residential property, or occupy employer-provided accommodation.
First Time Landlords are accepted who own their own residential home.
Fixed and floating charges are not acceptable.
Flats – buildings built before 1 January 2020
Flats – buildings built on or after 1 January 2020
We accept gifted deposits from immediate family members, we will require a gifted deposit form to be hand signed.
Green Products are restricted to properties with EPC A-C (Subject to availability).
Ground Rent that exceeds £250 per annum outside London and £1000 per annum inside London is not acceptable.
We may lend up to 75% LTV for non structural home improvements.
For structural home improvements we may lend up to 80% LTV.
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 |
No minimum income is required from applicants, however we do require applicants to be employed, self employed or retired.
Applications on an interest-only basis must have a maximum LTV of 75%. A credible repayment vehicle is required and must be evidenced, with sufficient value to repay the capital balance at the end of the mortgage term.
For acceptable repayment vehicles, please see our Interest-Only Repayment Vehicles criteria.
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.
|
Loan Type |
Maximum LTV |
Minimum Loan |
Maximum Loan |
|
Purchase |
75% |
£25,000 |
£1m |
|
Remortgage |
75% |
£25,000 |
£1m |
The following will not be accepted:
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value).
England (Including Isle of Wight) & Wales.
Our minimum age for BTL applications is 21, our maximum age is 90.
Minimum loan size on Limited company applications is £100,000.
The maximum number of BTL properties owned overall, both personally owned and via a Ltd Company, is 3.
There is no minimum income required.
£25,000 (subject to product terms and conditions)
Our minimum property value on Limited company mortgages is £50,000.
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 11
Architects Completion Certificate
Build Zone
Local Authority Building Control (LABC New Home Warranty)
Building Life Plans
ICW
One Guarantee Ltd
At least one applicant should be a homeowner, living with a partner who is a homeowner, in employer accommodation or own other investment properties.
The maximum number of directors is 4, they should all be named on the application and own 100% shareholding between them, with all directors owning at least 1 share.
Directors who have taken out a pay day loan within the last three years are not acceptable.
Not available on Ltd Company BTL's
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.
Non standard construction. This also includes Laing Easiform/Wimpey No Fines or similar construction types.
System built properties registered under the Housing Defects Act 1984.
Flying freeholds over 15%.
Properties with residential restrictions.
Properties without a kitchen, wc and bathroom.
Properties with agricultural restrictions, farms and small holdings.
Properties with more than 5 acres of land.
Live/Work Units.
Houses of Multiple Occupancy (HMO).
Properties adjacent to or above retail outlets including: Fast Food/Take Aways, Wine Bar/Bistro, Public Houses, Off Licence, Betting Shops, Dry Cleaners, Petrol Stations.
Freehold Flats or Maisonettes.
Ex-Local Authority/Housing Association Flats or Maisonettes.
Flats in blocks with shared walkway access.
Flats with cladding unless an EWS1 form is supplied which confirms that they are rated A1, A2 and B1.
Leasehold properties with less than 75 years remaining on the lease at the end of the mortgage term.
Properties which have internal door locks.
Properties which are owned by the current owner or current vendor for less than 6 months.
Properties which are not ready for immediate occupation.
Properties which are affected by progressive structural movement, dry rot, Japanese Knot Weed or contaminated land.
Properties listed as defective under the 1984 & 1985 Housing Acts unless rebuilt to NHBC Standards and with appropriate guarantees.
Properties in which High Alumina Cement has been used in the construction.
Prefabricated buildings and unrepaired PRC constructions.
Properties with an anticipated life span of less than 25 years beyond the end of the mortgage.
Flats in blocks of more than 12 storeys (6 storeys if built prior to 1/1/20)
Steel framed structures built prior to 2000.
Studio flats where the LTV is greater than 75%.
BTL properties with an EPC rating of F or G.
Tyneside Flats i.e. criss-cross or cross-over leases.
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 |
We offer loans on a repayment basis, interest only or part and part.
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:
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.
We will only lend to SPV Limited Companies based in the UK with at least one of the following SIC codes and we can’t accept additional SIC codes which aren’t listed below:
68100 - buying and selling of own real estate
68209 - management of real estate on a fee or contract basis
68320 - other letting and operating of own or leased real estate’
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.
The following will not be accepted:
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 50 years remaining on the lease at the end of the mortgage term.
Holiday Lets
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.
N/A
Regulated BTL's
The Society doesn't currently accept anyone on a visa.
