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
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.
Arrangements
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.
Bankruptcy/IVA
Can be considered if discharged for at least 6 years.
CCJ’s & Defaults
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.
Debt management plans
Unaccepted.
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.
Payday loans
Unacceptable if taken out within the last three years.
Can be considered if discharged for at least 6 years.
The amount of fee charged by the broker must not exceed 1.5% of the mortgage loan and £1,500. Anything over this figure will be reviewed on case submission and will be 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.
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 to director.
Sale/remortgage of existing property.
Non repayable gift from the company
The following won’t be accepted.
Directors and company shareholders are required to be the same, up to a maximum of 4 directors.
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 and A2 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.
Our Ltd Company mortgages are currently only for directors who own their residential home.
However, first time buyers can be considered where one of the following applies - Lives with a spouse or partner who owns their residential property, resides in employer provided accommodation or own other investment property.
First Time Landlords are accepted who own their own residential home.
Fixed and floating charges are not acceptable.
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
Ground Rent that exceeds £250 per annum outside London and £1000 per annum inside London is not acceptable.
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 will only lend to SPV Limited Companies based in the UK with one of the following SIC codes:
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
We will consider newly formed SPVs.
Trading Limited Companies, Partnerships or Limited Liability Partnerships will not be permitted.
Layered companies are not accepted.
Ltd Company BTL
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value).
England (Including Isle of Wight) & Wales.
The term of the mortgage must not extend beyond the 90th birthday of the oldest Director.
Capital Raising - 75% max £500,000 (debt consolidations limited to 30% of property value).
The maximum number of BTL properties owned overall, both personally owned and via a Ltd Company, is 3.
Directors minimum age 21
There is no minimum income required.
£25,000 (subject to product terms and conditions)
£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
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.
Directors who have taken out a pay day loan within the last three years are not acceptable.
Not available on Ltd Company BTL's
£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.
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 or A2.
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 6 storeys, basements/underground parking count as 1 storey.
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 |
Repayment.
Interest Only
Part & Part
UK or EU Citizens with settled status.
Non UK or Non EU citizens must have been residing in the UK for the last 2 years and have non-conditional and permanent right to reside.
Expatriates are not acceptable.
Must be in receipt of pension income to meet the minimum income requirement.
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’
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) - applicant’s salary/remuneration and dividends.
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.
We can only accept applications with just one SPV used solely for the purpose of buying/letting out property with the following sic codes 68100, 68209, 68320.
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.
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 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.
