Specialist BTL Products

**Great news! We’ve reduced our rates on many products, introduced new zero product fee options and increased our max LTVs and  loan sizes across the range**  

Our Specialist range of buy-to-let mortgages are available for an Individual or Limited Company when purchasing or remortgaging a House In Multiple Occupation (HMO), a Multi Unit Freehold Block (MUFB), or Flat Above a Commercial (FAC) premises as part of a single or portfolio application.

New Build Specialist properties can be considered. From a product point of view, New Builds form part of our Specialist Range and we have bespoke products available for them

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 LIBOR 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 more than 1 month in arrears 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
  • NEW 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 LIBOR 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 more than 1 month in arrears 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
    • NEW zero fee product options.

    See our Product Range for information.

Important points

  • LIBOR rate will be re-set on a quarterly basis, (March; June; September and December) with the ‘rate effective date’ being the first of each of these months.
  • The LIBOR rate will determined one day prior to the ‘rate effective date’ (subject to Bank Holidays and Weekends) using three month GBP ICE LIBOR rate.
  • LIBOR is set by the Intercontinental Exchange (ICE). You can find out information about current and historic LIBOR on the ICE website here. Please select the currency as GBP and the date of your choice to display the relevant rates.