As BTL specialists, we lend to both individual and limited company landlords on a range of property types. Large portfolios are a particular speciality, with no limit on the total loan amount.

View a summary of our lending criteria and ICR levels below. You can also download our All About Zephyr document, or find full details of all our criteria in our Underwriting Guide. If you have any questions or would like to discuss a case, please contact one our expert team.

To view our latest products, visit our Products page.

Summary Lending Criteria

This is a brief summary of our lending criteria. For more detail, download our All About Zephyr document and Underwriting Guide.

Criteria area	Criteria summary
Age	Minimum 21. Maximum 95 at term end.
Amount of loan	Minimum loan - £50k Maximum loan based on LTV:
Applicants	- Individual landlords and limited companies (SPVs). - Up to 4 applicants/directors. - Applicants must be a UK national or have UK Permanent Right to Reside.
Background portfolio	No limit on background portfolio. Stress test at 100% of mortgage payments.
Capital raising	Capital raising is permitted or the purpose of property improvements and purchases, and where the amount of capital is less than £25k.
Consumer BTL	We do not lend on consumer buy to let.
Credit history - adverse (CCJs, arrears, defaults, liquidations, bankruptcy)	Minor adverse accepted. See our All About Zephyr document for details .
Credit Reference Agency	Credit searches are done via Equifax. A credit history search will be undertaken at both Decision in Principle (DIP) and at Full Mortgage Application (FMA) irrespective of the period between each search. The credit search carried out at DIP will be a soft footprint with a hard footprint left at FMA.
Debt consolidation	Considered subject to underwriting discretion.
EPC	The property must have an energy performance rating of 'E' or above.
Flats	- No restriction on the number of floors in a block. - We lend on ex-local authority and flats with deck access. - We do not lend on freehold flats. - Tyneside flats are acceptable provided we take a charge over the reversionary freehold interest in the other flat.
Flats above commercial (FAC) and properties close to commercial	Considered subject to valuer comments. Factors such as rentability, location and tenant demand will be assessed.
Flying freehold	May be considered where less than 15% of the property extends over another and the valuer states that saleability is unaffected.
Individual to limited company purchase	We will lend to a Limited Company which is purchasing a property from a director of that company under certain conditions - see our Underwriting Guide.
Landlord experience	- For Standard properties and Small HMOs/MUFBs - 3 months' home ownership experience. - For Large HMO/MUFBs - 12 months' BTL experience or we'll accept first time landlords if one applicant is at least 25 years' old, has 3 years' home ownership experience and has a minimum £75k income.
Limited company directors	Minimum 60% shareholding. Personal guarantees required.
LLP to Limited Company transactions (incorporation)	This may be considered. Please contact one our Regional Sales Managers or BDMs to discuss this further.
Loan purpose	Purchase or remortgage. Day one remortgages accepted (subject to criteria - see our All About Zephyr document).
Loan to value (LTV)	Up to 80% LTV. New builds, flats above commercial and Large HMO & MUFBs (7-12 bedrooms/units) are up to 75% LTV.
Location	Properties in England and Wales.
Minimum income	- No minimum income for standard applications. - For professional landlords just using their rental income, the minimum is £25k gross.
Minimum valuation	£75k on standard properties, flats above commercial and new builds. £100k for Small HMOs & MUFBs up to 6 bedrooms/units. £120k on Large HMOs & MUFBs with 7-12 bedrooms/units.
Portfolio loans	- No limit on the number of properties or total loan size. - £200 application fee only applies on first property if all other other property applications submitted within 6 weeks.
Property and roof construction types	For full details of the property and roof types we accept, see our Underwriting Guide.
Property type exclusions	We don't lend on houseboats; holiday lets; mobile homes; Shared Ownership; commercial properties; serviced and retirement flats; farms and agricultural dwellings; properties let on a commercial basis; Right to Buy still within discount period; flats with a total floor area of less than 30 sq. metres; properties not recommended by our appointed valuers; Flying Freeholds covering more than 15% of the property; non-traditional construction such as pre fabricated buildings and concrete or timber constructions where structural defects are likely to be apparent; freehold flats; live/work units; mixed use properties. Other property exclusions apply – please check with our BDMs if needed.
Property types	HMOs up to 12 bedrooms, MUFBs up to 12 units, flats above commercial, new builds, standard properties. Property types include detached, semi-detached, terraced, end terraced, purpose built flats (leasehold), converted flats (leasehold), maisonettes and bungalows.
Repayment types	Repayment, interest only, or a combination of both.
SIC codes	We accept 68100, 68209, 68201 or 68320. The following additional SIC codes are also acceptable: 55100, 55209, 68310, 7012, 7020, 7032. No other codes permitted.
Tenancy Agreement	- Single Assured Shorthold Tenancy (AST) if Annual Rent is less than £100,000 per annum. - Where the annual rent is £100,000 or more a Contractual Tenancy Agreement is acceptable. - Tenancy periods of between six and thirty-six months can be considered. - Student Lets and HMOs: Single AST or Individual / Room Only AST. - Multi Freehold Freehold Blocks (MUFBs): Multiple ASTs only. See our Underwriting Guide for full details.
Tenure	Freehold or Leasehold. For Leasehold properties, the remaining term of the lease needs to be at least 60 years at the end of the mortgage term.
Term	5-35 years.
Top slicing	Considered for higher rate tax-paying individual landlords.

Interest Coverage Ratios (ICR)

The table shows our current ICRs. To find out our maximum lending amount for an individual property based on these levels, head over to our Illustrative Calculator.

* Top slicing or Portfolio Cross Subsidisation may be utilised subject to criteria.

Got a BTL case?

If you’re ready to place a case or want a DIP, head to our Portal using the Register or Login links at the top of the page.

If you’re unsure what to include in an application, visit our Submitting Business section and/or download our Application Submission Guide. Alternatively, get in touch with one of our team for support.

Please note – each application is considered on its merits and we do not guarantee acceptance of all cases which meet our headline criteria. We reserve the right to withdraw products without notice at any time. All mortgage intermediaries are required to comply with our Intermediary Terms of Business.