Specialist BTL Products

Summary details of our Specialist range are outlined below. Please check our Product Range document to see our current product and interest rate deals.

HMOs & MUFBs

Term
  • Minimum Loan Term – 5 Years.
  • Maximum Loan Term – 35 Years.
Loan
  • Minimum Valuation – £100,000.
  • Minimum Loan Amount – £50,000.
  • Maximum Loan Amount – £1.5m to 70% and £1m to 75% LTV.

NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 70%.  We may require proof of the source of deposits.

Product options
  • 2 and 5 Year Fixed rate products.
  • Range of initial rates, fees and BBR-linked reversion rates.
Credit Status
  • No missed mortgage or secured loan payments in the last 12 months and no more than 1 missed payment in last 24 months. No defaults registered within the last 24 months.
  • No more than 1 month in arrears and no defaults on unsecured loan or Credit Card payments in last 24 months and no arrears in last 6 months.
  • Max 1 CCJ up to £250 in the last 3 years (0 in the last 12 months). Must be satisfied.
  • Please refer to our Underwriting Guide for further details of our criteria.
Applicant(s)
  • Individuals and Limited Companies set up as SPVs.
  • Maximum number of applicants – 4.
  • Minimum age – 21.
  • Maximum age – 95 at end of mortgage term.
  • Armed forces may apply – see specific conditions in our Underwriting Guide.
Landlord Experience
  • HMOs & MUFBs at least one applicant or director must have owned, let and still own at least one or more BTL property for a minimum of 12 months.
  • Employed – must be in permanent position for at least 6 months and not under notice of termination.
  • Self Employed & Contractors – One full years evidence of income from accounts or accountants certificate or SA302
    together with a tax-year overview.
AffordabilityIndividuals:

  • 150% ICR based on higher of payrate +2%, reversion rate or 5.5%.  For 5 year + fixed rates, 150% ICR based on product rate.

Limited Companies:

  • 135% ICR based on higher of payrate +2%, reversion rate or 5.5%.  For 5 year + fixed rates, 135% ICR based on product rate.
Property
  • HMOs – Maximum of 6 bedrooms with valid HMO licence.
  • MUFBs – Maximum of 6 units in any one development.
  • Lender must have a first charge over the property.
  • England and Wales only (excluding Channel Islands and Isle of Man).
  • Freehold or leasehold.
Overpayments
  • Up to 10% of the outstanding balance can be repaid in any 12 month period without incurring an Early Repayment Charge.
Fees
  • NO upfront application fees
  • ZERO fee product options.

See our Product Range for information.

New Build and Flats above Commercial

Term
  • Minimum Loan Term – 5 Years.
  • Maximum Loan Term – 35 Years.
Loan
  • Minimum Valuation – £75,000.
  • Minimum Loan Amount – £50,000.
  • Maximum Loan Amount – £750k @75% LTV

NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 70%.  We may require proof of the source of deposits.

Product options
  • 2 and 5 Year Fixed rate products.
  • Range of initial rates, fees and BBR-linked reversion rates.
Credit Status
  • No missed mortgage or secured loan payments in the last 12 months and no more than 1 missed payment in last 24 months. No defaults registered within the last 24 months.
  • No more than 1 month in arrears and no defaults on unsecured loan or Credit Card payments in last 24 months and no arrears in last 6 months.
  • Max 1 CCJ up to £250 in the last 3 years (0 in the last 12 months). Must be satisfied.
  • Please refer to our Underwriting Guide for further details of our credit criteria.
Applicant(s)
  • Individuals and Limited Companies set up as SPVs.
  • Maximum number of applicants – 4.
  • Minimum age – 21.
  • Maximum age – 95 at end of mortgage term.
  • Armed forces may apply – see specific conditions in our Underwriting Guide.
Landlord Experience
  • At least one applicant must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months.
  • Employed – must be in permanent position for at least 6 months and not under notice of termination.
  • Self Employed & Contractors – One full years evidence of income from accounts or accountants certificate or SA302
    together with a tax-year overview.
AffordabilityNew Build

Individuals and Limited Companies
ICRs are reduced to the same level as their non-new build equivalents.

Flats above Commercial

Individuals:

  • 150% ICR based on higher of payrate +2%, reversion rate or 5.5%.  For 5 year + fixed rates, 150% ICR based on product rate.

Limited Companies:

  • 135% ICR based on higher of payrate +2%, reversion rate or 5.5%.  For 5 year + fixed rates, 135% ICR based on product rate.
Property
  • All applications require a Valuer’s recommendation that the property forms a suitable security.
  • Flats above restaurants, takeaways or pubs are also subject to underwriting discretion.
  • Lender must have a first charge over the property.
  • England and Wales only (excluding Channel Islands and Isle of Man).
  • Freehold or leasehold.
Overpayments
  • Up to 10% of the outstanding balance can be repaid in any 12 month period without incurring an Early Repayment Charge.
Fees
    • NO upfront application fees
    • ZERO fee product options.

    See our Product Range for information.