Quick Reference

3mc

Lender Comparison

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Residential
Specialist BTL/Commercial
Buy to Let
Bridging


	Aldermore Mortgages	Bluestone Mortgages	Dudley Building Society	Family Building Society	Foundation Homeloans	Kent Reliance	LendInvest Mortgages	Pepper Money	Precise	Saffron Building Society	Tandem	The Mortgage Lender	United Trust Bank	Vida Homeloans
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Property Value (min)	£60,000	£75,000 For Help to buy – regional price caps are as follows: – North West – £224,400 North East – £186,100 Yorkshire and the Humber – £228,100 East Midlands – £261,900 West Midlands – £255,600 East of England – £407,400 London – £600,000 South East – £437,600 ** South West – £349,000 (Set at 1.5x the average first time buyer price in each area).	£75,000	£120,000 (A small amount of flexibility on this between £100,000-£120,000)	£75,000	£75,000	£150,000 – London (excludes rest of the UK) £75,000 – UK (excludes London)	£70,000	£50,000 or £150,000 in London postcode districts.	£100,000	£75,000 90% Max LTX	£62,500 (for products assumes max 80% LTV). £120,000 London & South East £120,000 for HMO £150,000 for properties above commercial premises	£90,000 for Core product £100,000 for FTB’s £75,000 at 60% LTV for 3mc exclusive product	£70,000 for all property types £100,000 for FTB’s on 85% LTV product. Ex Local authority flats/maisonettes (80% LTV) £80,000 outside Greater London, £200,000 within. £70,000 in Scotland, bear in mind, minimum loan is £50,000
Advance (min)	£25,000	£50,000	£25,001	£45,000 (A small amount of flexibility can be applied to the amount on referral sometimes)	£50,000	£50,000	£50,000	£25,001	£25,001	£30,000	£25,000	£25,000 – on smaller loan range £75,000 on other ranges	£25,000	£100,000 – supersedes all minimum property values.
Advance (max)	£500,000 to 85%-95% LTV (Owner Occupied only) £1,000,000 to 80% LTV £1,000,000 to 75% LTV Maximum 75% LTV for Interest Only (refer to product guide for full details) Capital raising up to product maximum LTV accepted. 5.5 LTI ratio: for individuals or joint applicants with a total allowable income of at least £50,000 Note the following: – If a property is outside the M25 then max loan is up to £750,000 regardless of LTV. Inside the M25 up to £1m	£1,000,000 up to 75% LTV 85% LTV on Clear Range only – NOT available for help to buy	£350,000 up to 95% LTV – no longer has postcode restrictions £1,000,000 to 90% LTV for Capital and Interest. £1,500,000 to 85% for Capital and interest Holiday Homes or Second Homes up to 80% LTV More than £1mill is only considered by referral only – unless on Large loan product up to 80% LTV – £2,500,000 max loan Self-Build – We will refer the enquiry in full to the lender for potential terms. LTVs up to 85% for both the end value and land value Larger maximum loan size for our Eco-Self build products from £500,000 to £1,000,000	80% LTV to £750,000 loan amount 75% LTV to £1mill loan amount 70% LTV to £1.5mill loan amount 65% LTV to £2 million loan amount 60% LTV to £1.5 million loan amount 50% LTV to £3 million loan amount and 50% LTV above this (£1million inside Greater London Area) to allow for Desktop valuation.	Max £500,000 up to 90% LTV Max £750,000 up to 80% and 85% LTV Max 75% LTV up to £1,000,000 Max 65% LTV up to £2,000,000	£750,000 up to 90% £3,000,000 up to 85% £3,000,000 up to 75% LTV Consider day 1 remortgages	£1,500,000 up to 90% LTV	£750,000 up to 85% LTV £1,000,000 up to 75% LTV	£1,000,000 70% LTV £750,000 80% LTV £500,000 85% LTV	£500,000 up to 95% LTV £1,000,000 up to 90% LTV £3,000,000 up to 80% LTV £1,000,000 for FTB anything above is referred.	Under 85% LTV: £500,000 Over 85% LTV: £350,000 (Tandem Zero) £300,000 (Tandem One) Max LTV 90% LTV	£1,000,000 up to a maximum 75% LTV (Above on referral) £750,000 up to a maximum 80% LTV £600,000 up to 85% LTV £600,000 up to 90% LTV The maximum loan on a new build property with a builder’s deposit/incentive that is not being deducted from the purchase price is £600,000.	£1,000,000 up to max LTV 85% Max 80% LTV for all self-employed applicants – only 0-Status, no other range. £250,000 if property is unencumbered.	£1,000,000 up to 85% LTV £750,000 up to 80% LTV £2,000,000 to 75% LTV £2,000,000 up to 70% LTV Large Loan range between £500,000 and £2,000,000 100% debt consolidation is considered up to a maximum of 85% LTV.
Income (min)	£10,000 pa for residential. 100% of basic salary, shift allowance, car allowance and London weighting. 50% of guaranteed/ regular overtime/ bonus/ commission and profit related pay. FTB accepted. 1 Years self- employed. (Can only accept a maximum of two sources of income per applicant.) Income from employment and benefit: – Benefit income Up to 50% of benefit income: Universal Credit Working Tax Credits (WTC) Child Tax Credit (CTC) Income-related Employment & Support Allowance (ESA) FYI: 100% of evidenced income on overtime, bank nursing, universal credit, working tax credit, child tax credit and disability allowance 75% of evidenced income on commission and bonus. Contribution-based Employment & Support Allowance if in the ‘Support Group’ Incapacity Benefit Severe Disability Allowance Industrial Injuries Disablement Benefit (IIDB) Disability Living Allowance (DLA) Personal Independence Payment (PIP) Carer’s Allowance Constant Attendance Allowance Aldermore will not accept any income derived from other forms of state benefit that are not listed above. Other income accepted: – Income from trust funds Occupational pension income Guaranteed income payments under the Armed Forces Compensation Scheme War widows or widowers pension War disablement pension State pension (not acceptable where state pension is the only source of income) Investment income Rental income (where supported by accounts or SA302s) Maintenance Payments (if CSA/court order enforceable and supported by 6 months bank statements) Foster Care Income	No minimum income required. Bonus/Overtime/Commission • 50% of income used to calculate affordability unless fully guaranteed where we can accept 100% Working family tax credit is considered but must have 2 years left and will require the latest award letter and to be evidenced on bank statements. **** Sapphire Club: – Accept 75% of benefit income (DLA, Carers Allowance, Child Benefit, WFTC) if 2 years remaining and not primary source of income Max 30% of household income In order to obtain over 4.5x income: – • Bluestone monthly mortgage payment must be equal to, or less than 90% of the current mortgage / rental payment • Full 12 month payment history required • In these cases, an LTI ratio of over 4.5x will be available • Available across all residential credit tiers, including Help to Buy and Right to Buy, with no LTV restrictions. See employment and self employment below for further details.	No minimum income but will be affordability based on “ONS” statistics – Unacceptable Income: No minimum income but will be affordability based on “ONS” statistics – Unacceptable Income: We will not take into account any income arising from Incapacity benefits, housing benefit, income support and job seeker’s allowance. *** 75% of Working Tax Credit & Maintenance allowed. 100% of Child Tax Credit and Child Benefit allowed if children aged 13 or under 100% of Disability Living Allowance and Carers allowance allowed. Net Rental income used – not gross received.	Affordability Based no minimum 100% of basic salary, shift allowance, car allowance and London weighting. 50% of guaranteed/ regular overtime/ bonus/ commission and profit related pay. FTB accepted. 1 Years self- employed provided same line of work as before otherwise 2 years. If Limited Company can consider using Salary and Profit after tax if have more than 33% shareholding. Chartered Account Required on the accounts. Multiple Income sources accepted but max 2 from employment (e.g could use State Pension, Private Pension, Investment and Rental all together) Income from employment and benefit: – No benefit income useable other than child benefit which is already within the affordability model when children are selected Usual ages for taking earned income 70 but up to age 75 can be considered for suitable applicants Pensions – 100% of State and Gtd Private Pension Drawdown/SIPP and SAS Pensions – Work off Pot value minus any tax free cash element and then divide that figure by number of years client wants the mortgage over. NO requirement for that figure to be drawn on completion. These pots can be used from age 55. 100% of Investment Income on 2 years Tax Return. Lump Sum Investments – Up to 5% Capital Return can also be used as income as does not need to be declared on a tax return 100% of Rental Income on 2 years Tax Return 100% of Commercial Rental Income Foreign Income can be considered – Subject to a exchange rate calculation of worst exchange rate last 10 years Trust income can be considered	No minimum income 75% of net rental income considered You must include any proposed buy-to-let purchases in the affordability assessment. Income types accepted: – a percentage of different types now accepted, including up to 100% bonus and commission, investment income or BTL rental income.	No minimum income. Affordability calculator used for income. 100% of basic salary 50% of regular overtime, bonus or commission. 100% of maintenance by court order(child under 13). 3 years self-employed using dividends, drawings OR share of net profit if no salary and dividends are taken, not both. Contractors: – Current contract must have at least three months remaining at application. Applications must be able to evidence at least one renewal with a minimum 12 months sector experience (either as contractor or PAYE employment). Copy of latest and previous contract No minimum income for contractors on either prime, or the near prime range Current contract must have at least 3 months remaining at application Applications must be able to evidence at least one renewal with a minimum 12 months sector experience (either as contractor or PAYE employment) 3 months personal and business bank statement must be provided Copy of latest and previous contract Projection for the second year income from a suitably qualified accountant can be considered where a suitable business plan is provided. The level of projected income used can be up to a level of 30% greater than the year one figure.	Employed: Last 3 months consecutive payslips (at the time of the application) Last 8 weeks consecutive payslips if paid weekly (at the time of the application) OR employers reference (if payslips are not available) AND most recent P60 AND latest 3 month bank statements/ Open Banking showing salary ZERO HOURS CONTRACT: – P60 providing confirmation that the applicant has been employed by the same employer for at least 12 months Last 6 months consecutive payslips (at the time of the application) Latest 6 months bank statements showing salary Self Employed: – 2 years company accounts (as provided by a qualified accountant) where available OR 1 years company accounts where they have been filed in the last 9 months OR if the applicant doesn’t maintain accounts, SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews Accountant’s certificate (as provided by a qualified accountant) OR if the applicant does not retain the services of an Accountant, or the Accountant’s qualification is not acceptable SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews Latest 3 months business bank statements OR latest 3 months bank statements/ Open Banking showing salary. Contractor: – Last 3 months consecutive payslips (at the time of the application) Last 8 weeks consecutive payslips if paid weekly (at the time of the application) Current and previous contractual agreement Latest 3 months bank statements/ Open Banking showing salary. Lending into Retirement: – Will be considered subject to additional due diligence Other income: – Will be considered if evidenced and sustainable in nature. E.g. Court mandated child maintenance. LTI Ratio Increased Income Multiple on all credit based products for higher earners (>£65k for single Applicants, >£100k for Joint Applicants) based on affordability. Moving from traditional 4.49x to 4.99x Key Worker Applicants considered for higher Income Multiple based on affordability. Moving from traditional 4.49x to 5.49x Qualified Professional applicants considered for higher Income Multiple based on affordability. Moving from traditional 4.49x to 6.49x Only one applicant needs to be a Key Worker or Qualified Professional to be eligible for these products Income Evidence: – Bonus/commission – Payslips (evidencing the period paid) and or P60 Non-regular bonus – Latest 12 payslips Overtime – P60 and 3 months payslips Profit from UK Property: – 1. 2 years company accounts (as provided by qualified accountant) where available OR 1 years company accounts where they have been filed in the last 9 months OR if the applicant doesn’t maintain accounts, SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews 2. Accountant’s certificate (as provided by a qualified accountant) OR if the applicant does not retain the services of an Accountant, or the Accountant’s qualification is not acceptable SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews. —– Dividends on limited company – Refer to the self employed section. Dividends must not exceed net profit. Any dividend that is distributed above the net profits will be excluded from the affordability assessment. —– Pension Income : – Latest 2 years annual pension statement OR 12 months remittance advice slips, cross referenced to the latest bank statements. Regular trust or investment income: – Latest 2 years annual statement OR latest 2 years portfolio statement and evidence of funds being transferred to the bank account.	Min income must be overall £18,000 per application. Employed Primary income can be made from basic salary. Accept up to 100% of bonuses, overtime and commissions yearly, quarterly, monthly and weekly. Contractors: – (Who can evidence 12 months history of being day rate contractor. Only acceptable on a minimum of £200 day rate. ***Umbrella companies (Where client is being paid on a daily rate) will be classed a contractor) Where the customer is paying their own tax and/or national insurance will be treated as self employed. Applications from contractors may be accepted subject to the applicant being able to demonstrate a minimum of 12 months as a day rate contractor and must be currently, contracted. Gross allowable income should be calculated on the following basis: – Lower of 12 months average day rate amount OR current contract day rate amount x 5 (days per week) x 46 (working weeks) Zero contracts are considered , as long as they have at LEAST 2 years history. Only take SA302 if sole trader If Ltd co then it is accounts	Employed Primary income can be made from basic salary + 50% Commission/bonus/OT (key 100% into DIP). Furloughed employees: – Can be considered; 80% of income to a maximum of £2,500, with the use of any evidenced employer top-up over and above this Bonus: – Reviewed on a case by case basis. If acceptable we will take 50% of regular bonus / commission Bounce back loans: – reviewed on a case by case basis. Not acceptable as a source of deposit Self employed Income support schemes – reviewed on a case by case basis. Not acceptable as a source of deposit Monthly take average of last 3 months payslips. Quarterly or Annual – avg of last 2 years P.60 shift allowance – refer or key into the bonus section. 100% Car Allowance 100% Large town allowance, Additional income (ie once £15k achieved) can also accept: 100% Working/Child tax credits to max age 14yrs 11months. If joint application but show both applicants on award letter 50% CSA or Court order Maintenance (Do NOT key child benefit) 100% Pension income including state 50% Secondary jobs (max 60 hrs between all jobs) ***** Contractors. Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed. If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 months to run then letter of intent to extend is required. Zero contracts are NOT acceptable. Self Employed Can consider up to ONE years figures regardless of how long trading up to 85% + lenders fee. Over 75% is subject to score so key one year, it will refer (check back in 2 hrs) if decline, then reduce to 75% LTV or copy DIP and add 2 years figures (then can consider up to 5 x income). Precise will work off the average or last year whichever is the HIGHER. Proof of Self employment: HMRC Tax Calc + Overview OR SA302 + Overview OR Accounts For Directors add together for total income 100% of: Salary + Dividends + Co. Car allowance + pension Contribution = Total that you key into the DIP Changes in trading style ie Sole to LTD Co treated as continuous self employment NOTE: underwriters reserve the right to ask for further information where necessary. ***	No minimum income for Residential. 100% of basic + guaranteed allowances 100% of guaranteed overtime / 50% of non-guaranteed overtime income considered. CIS Worker scheme: – a minimum of three months’ CIS contracting experience and one year’s industry experience. The Society takes the applicant’s average income from the last three months into account. Zero-Hour contracts: 100% of an applicant’s income, with only a minimum of 12 months zero hour contracting experience needed. If two applicants are both on zero hour contracts, Saffron will now consider using 75% of the second applicant’s income providing they have a minimum of nine months of experience as a zero hour contractor	Minimum income £12,500 from main job 100% of monthly or quarterly bonus/ commission accepted for affordability (if consistent)	£15,000 for applicant 1. No min income for applicant 2 Earned income and only 25% of income can be benefits. 100% basic / pension / Car allowance / 100% – O/T / bonus / commission / allowance – if the last 3 months payslips do not support the value given in full then further payslips or P60 will be requested. Consider child benefit for children up the age of 13 – 100% Maintenance (maintenance needs to be via a court order and needs to be evidenced that they will be receiving it for the next 5 years). 75% of Working Tax Credit / Child Tax credit / Universal credit equivalent) for children under the age of 13. MUST BE MAX OF 25% OF EARNED INCOME Where the benefit amount is higher than 25% of the total income, the benefit income will be capped at 25% of total income and affordability will then be calculated using 75% of this capped income total. Accept 50% of investment income Ltd Company Director / Shareholder – can either use net profit before corporation tax plus salary OR Salary & dividend Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying. Can consider Finance contractors – same criteria apply as the current contractors	Minimum Primary Applicant Income – £35,000 pa £50,000 for interest only repayment type. 80% LTV – Max LTV for Employed applicants Max DTI – 40% Max LTI – 4.50 up to max LTV, (Including interest only) however, 6.00 to 60% LTV product range	£15,000 for applicant 1, not joint. 5.5x income for Key Worker Range Available to those employed in essential public sector roles: Armed Forces Personnel (Army, Navy, RAF), Firefighters and Police Officers, NHS Clinicians (including Nurses and Paramedics), Teachers and Lecturers in the public sector. 100% • Income from 2nd jobs (12 months’ record of employment required) • Rental profit (supported by SA302) • Mortgage subsidy • Car, a large town, shift, housing allowances. • Trust Fund income • Court ordered maintenance • Foster Care income • Investment income (supported by SA302) 75% • Annual or regular bonus, supported by the latest P60 and payslip for the month bonus was paid 50% • Overtime or commission • Disability/Carers allowance • Non regular bonus, profit related pay • Incapacity Benefit • Child Tax Credit, Working Tax Credit, Universal Credit (not as main source of income)
Max LTV If Capital Raising	75% – property related	75%
Debt Consolidation	Yes, up to 75% For property related purposes can be considered up to a maximum LTV of 90% (excluding fees) For non-property related purposes can be considered, up to a maximum LTV of 80% (excluding fees) Capital raising for payment of taxes and consolidation of debts that have not been maintained satisfactorily is not permitted.	Yes, up to 85%	Consolidation of debt criteria (whether or not the property is mortgaged to Dudley BS, another lender or not mortgaged at all): • Dudley can consider applicants who wish to raise additional funds as part of a re-mortgage or further advance • Maximum loan-to-value of 75% for both repayment and interest-only applications • Dudley can now consolidate other debts not related to home improvements • For additional borrowing applications, we will review any history of previous debt consolidation exercises • Dudley’s approach to the settlement of debts from funds being raised is dictated by whether the mortgage would be affordable if the outstanding debt was not cleared • Lending in retirement will be capped at 70% across all products. This will come into play if a retired (non-working) applicant is a party to the application • Lending into retirement will be capped at 75% across all products. This will affect cases where an applicant will retire mid-term. For example, a 50-year-old applicant, planning on retiring at 75 but wanting a 40-year term. When determining an applicant’s retirement age, Dudley will use the stated retirement age on the application, Dudley underwriters will then assess whether it is feasible for them to continue working until what has been stated.	Max 20% of Property value and or Max 49% of the total loan amount. Persistent remortgages for Debt Con not acceptable. No payment of taxes or Gambling Debts Secured Debts are not classed as part of the max 5 above.	Yes – Up to 90% LTV, even for debt consolidation and not DTI ratio, and we also lend up to 70% interest only. 100% of benefit income is taken into account, provided there is an earned income on the application and children are 14 or below.		Refer	No maximum	Yes, up to 75% LTV Will allow clearing of tax bills: – – The bill must be repaid in full on completion including penalties – Satisfactory explanation as to why not paid – Copy of the latest tax bill.	Yes, up to 80% LTV	Yes, Max LTV 90% including Debt Consolidation (Max £60k Debt Consolidation)	Yes Can consider adding broker fees for a remortgage under use of funds.	Yes, depends on employment type for Max LTV	Available up to 85% LTV excluding fees. 100% debt consolidation is considered up to a maximum of 75% LTV Wide breadth of acceptable impaired credit. For mortgage arrears, no missed payments in the last 6 months
Age (min)	21 years old	20 years old	18 years old	18 years	18 years old	18 years	21 years old	21 years old	21 years	21 (or product specific)	21 years old	21 years	18 years	21 years 25 years for above 85% LTV and First Time buyers.
Family cash Gift deposit	Yes Aunt/uncle, foster parent or legal guardian now also accepted.	Yes – includes Step Parents/ Aunties/ Uncles Builder incentives of up to 5% of the purchase price accepted (not inc builders deposit).	Yes	Yes	Yes, immediate family members	Yes – can only be from immediate family (parents, grandparents, siblings, spouses, children), and would require a gifted deposit letter. Letter must be addressed to Kent Reliance (cannot say “To Whom it may Concern”), confirm the name of the donor (immediate relative selling the property), relationship to the applicant, amount of deposit being gifted, address of property being purchased, confirm that the giftor has no interest in the property, (appropriate deed of gift indemnity insurance is put in place by the acting solicitors), and the letter would need to be signed by the donor. We would also require proof of ID for the donor, which would need to be certified to ensure signatures match, and in the event of surnames differing between family members, if parents were gifting to married daughter as example, would need to see evidence of family name, such as marriage certificate for audit trail purposes. Should the gift be coming from family that are overseas, we would require evidence of the funds being available in the family member’s account.	Yes, 10% of own funds required. Gifted deposits can only be accepted from an immediate relative, full details of whom must be disclosed.	Gifted deposits are acceptable from the following close relatives of the applicant(s): Parent/Step‐Parent/Parent‐in‐Law. Sibling. Child/Step‐Child/Son‐in‐Law/Daughter‐in‐Law. Aunt/Uncle. Grandparent/ Grandchild.	Deposit template now available. Where a proportion (max 50% originates from outside the area and is from a non conflict area, Precise may consider on a case by case basis	Yes – they require a letter stating no repayment will be made and no interest in property. Saffron also offer a family support mortgage option – this can be up to 5% – please see product guide. Grandparents, parents, siblings, children and grandchildren.	Yes, considered. Note, a personal loan as deposit can be considered.	Yes with letter confirming the amount and it is a gift not a loan. Can accept from aunts/ uncles, adopted/ step applicant.	Yes	Family – Accepted from close relatives i.e. Parent, Child, Grandparent, Spouse/ Partner, Sibling, Aunt/ Uncles Cousins, Niece/ Nephew, Step relatives, Foster Parent or Legal Guardian A letter must be provided by the conveyancing solicitor confirming that the gift is non-repayable and that no charge will be registered on the security property as a result of the gift. Gifted deposit can be for the full deposit amount. ***** Please see repayment types for further information RE: Equity
Family Gift of Equity deposit	Yes, but 5% has to come from the applicant(s)	Yes – includes Step Parents/ Aunties/ Uncles Below market value transactions are considered up to 5% – please ensure reasoning is checked with Bluestone.	Yes	Yes, no maximum gift	No	Yes – can only be from immediate family (parents, grandparents, siblings, spouses, children), and would require a gifted deposit letter. Letter must be addressed to Kent Reliance (cannot say “To Whom it may Concern”), confirm the name of the donor (immediate relative selling the property), relationship to the applicant, amount of equity being gifted, confirm that the giftor has no interest in the property, and the letter would need to be signed by the donor. We would also require proof of ID for the donor, which would need to be certified to ensure signatures match, and in the event of surnames differing between family members, if parents were gifting to married daughter as example, would need to see evidence of family name, such as marriage certificate for audit trail purposes. We can also check land registry to confirm the family member owns the property	Yes, 10% of own funds required. Gifted deposits can only be accepted from an immediate relative, full details of whom must be disclosed.	Yes, but client must have 15% of their own funds and this cannot be gifted from another family member.	No for gift of equity from family members: – Equity gifts accepted from personal to Ltd Company. (Director’s loan) – unless the minimum deposit has been met. Example: – will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 85% of the £100,000 and the 20% deposit would need to come from the clients own sources	Yes – Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full price. Saffron also offer a family support mortgage option – this can be up to 5% – please see product guide. Grandparents, parents, siblings, children and grandchildren.	Yes, considered. Note, a personal loan as deposit can be considered.	Gifted equity from parents, grandparents, siblings, aunts and uncles accepted (including step and adopted relationships)* Max 75% LTV not avail on RL7 assessed on property valuations.	Yes – but if a gift of equity is to be used, then the applicant must have at least 15% deposit based upon the loan amount. So if £100,000 is the total loan amount, the applicant must be able to put in £15,000. The value of the property will be based on FMV minus the gifted deposit amount – the total will act as the LTV – 85% LTV maximum	Considered when the property is being purchased from a close relative only Parent, Child, Grandparent, Spouse/ Partner, Sibling, Aunt/ Uncles Cousins, Niece/ Nephew, Step relatives, Foster Parent or Legal Guardian – 5% required by the applicants Overseas Deposit – Deposits from an overseas account can be considered on a case by case basis. Builder deposit/incentive – Acceptable up to 5% of the purchase price on new build properties Purchase at Undervalue – Acceptable where purchasing from a close relative, or a long term tenant buying from their landlord
Age (max. end of term)	75 or their declared retirement age, whichever is lower, for capital repayment mortgages.	65 years old at application and max age of 80 at the end of the term.	Up to maximum stated retirement age and no further. Lending into retirement must be at least 10 years away at the point of application.	Max Age AT Application – C & I 90 and Interest Only 89. (5 Year Term max at these ages)	75 years	79 to apply, but mortgage term must end in oldest applicant’s 85th year.	The maximum age limit at the end of the term of the loan is 75 years old. The maximum age at the application stage for applicants looking to borrow beyond age 70 must not exceed 55 years of age.	75 years	70 years or 75 upon referral at DIP stage. The retirement age must be keyed as 75 and a note uploaded at DIP stage into the case confirming that the employers will confirm the clients ability to work to age 75. Second applicant max age 85 however to qualify the second applicant must be keyed as ‘not working’	No maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end: From the point of retirement, or 75th birthday, whichever is due first, only ‘retirement’ income will be permitted from that day for the purpose of evidencing affordability – no ‘working’ income will be allowed All actual or projected retirement income must be evidenced No projected income will be allowed where retirement (or age 75) is still more than 15 years away A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application: A maximum LTV of 80% will apply to borrowing on a Capital & Interest repayment basis All applicants will be required to receive Independent Legal Advice	70 years old	80 years (at the end of the term) as long as the applicant’s retirement income supports the lending requested. Once the applicant reaches 70 – they consider this as lending into retirement, proof of pension income will be required to evidence affordability. Lending into retirement: – Latest annual statement of pension(s) due on retirement or recent letter from pension provider(s) confirming the pension due on retirement. Evidence of any additional post-retirement income will be required for the income to be considered.	85 years at the end of the mortgage term	The maximum retirement age for any applicant is 80 years. Plausibility for working to loan maturity should be evidenced in all cases.
Term (min)	10 years	5 years	1 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	3 years	5 years
Term (max)	40 years	35 years (including Help to buy)	40 years	40 years	40 years	35 years or until age 85, whichever comes first	40 years	40 years	35 years	40 years	35 years	40 years	40 years	45 years (C&I only)
Credit	Product range dependent. Worst case scenario – 0 in last 3 months and a Max of 3 in last 24 months.	CCJ’s/Defaults (further information below) under £300 ignored All telecoms ignored. Recency: If balance above £500, the most recent payment must have been made. Unacceptable if most recent 2 payments missed. Ignored if the current balance is below £300 Last 6 months Maximum of 2 missed payments allowed on each unsecured credit agreement	No more than 1 missed payment in last 12 months on any (previous or current) unsecured loan or credit card, and no arrears in months 13-24 (counting backwards from the current date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears	Max 2 missed payments on unsecured credit in a row, multiple accounts with issues may cause decline 1 missed mortgage payment acceptable but not in last 6 months – Suitable explanation required.	Product specific, refer to product guide. All CCJ’s and Defaults must be satisfied at the time of application irrespective of when they occurred. All accounts are assessed on worst status and not missed payments.	Unsecured arrears – 2 missed payments in last 12 months and currently up to date	Unsecured Credit Arrears: – Disregard communication and utility arrears up to £100 Resi 0 (0) 0 – 3 months (2) 3 – 24 months Resi 1 (0) 0 – 3 months (2) 3 – 24 months Resi 2 (0) 0 – 3 months (2) 3 – 24 months Resi 3 (0) 0 – 3 months (2) 3 – 12 months Resi 4 Underwriter Discretion	Unsecured missed payments – now ignore 1 individual utility, communication, or mail order account default up to and including £200.00 (Applicable to Pepper 36 & 36 Light products only). Small utilities /comms /mail order defaults ignored (up to 2 individual defaults total of £150 each per application) (applicable to BTL and Resi 24, 18, 12 and 6 only, including Limited Edition) Revolving credit (credit cards, store cards, utilities, overdrafts and communications) can consider missed/late payments as recently as a month ago. If it is a fixed term agreement (loan, HP, sofa on finance etc) then none in the last 6 months. Unsecured Arrears – Must be up to date at the point of application 1 item of unsecured with a balance of less than £200 can have a missed payment in the last 6 months All other unsecured must be up to date in the last 6 months Unsecured credit can be no more than 2 months in arrears in months 7 to 12. Unsecured arrears are ignored after 12 months i.e., month 13 onwards	All criteria 0 in 3 months excludes unsecured commitments	Must be up to date No more than two occurrences within the last 24 months. Please see below for further details.	Credit assessed over last 22 months. CCJs & Defaults ignored if <£750. Unsecured missed payments ignored if balance <£500. Assessed on worst status, not number of missed payments. DMP's acceptable, must be satisfactorily conducted. Day 1 bankruptcy discharge available.	CCJs maximum £2,500 in 36 months Help to buy – CCJ limit is £300 in 36 months, please see defaults / CCJ’s for further info Unsecured Arrears (assessed on worst case status): – Real Life 1 – 1 in 24 months Real Life 2 – 2 in 24 months Real Life 3 – 2 in 24 months Real Life 4 – 2 in 24 months Real Life 5 – 3 in 24 months Real Life 6 – 4 in 24 months Real Life 7 – 6 in 24 months Real Life 8 – 6 in 24 months	Unsecured credit: – (must also meet Secured loan / Mortgages & CCJ’s / defaults criteria also, range dependent). UTB-0: Ignore mail order and communications. All accounts have to be up to date UTB-1: Max 5 accounts up to 2 payments in arrears, must be consolidated. No recent pay day loans. UTB-2: Max 5 accounts up to 3 payments in arrears, must be consolidated. No recent pay day loans. Ignore Mail Order and Comms Defaults regardless of size or when registered. No minimum number of active credit items for First Time Buyers	Debt Consolidation: – Available up to 75% LTV excluding fees. Above 70% LTV, debt consolidation is limited to 50% of the capital raising amount. ***** Wide breadth of acceptable impaired credit. For mortgage arrears, no missed payments in the last 6 months.
Minimum Ownership	Remortgages within the first six months of the original purchase date are not normally acceptable. Remortgage from bridging – Remortgaging out of bridging finance will be subject to the length of ownership. Less than 6 months: restricted to the amount required to repay existing facility plus 100% of documented improvement cost, subject to ownership period of at least 1 month. Greater than 6 months: capital raising allowed over and above the sum required to redeem the bridging loan, based on any enhanced value of the property. Owner occupied properties, purchase or remortgage up to 85% maximum LTV	6 months minimum ownership – unless for a probate or bridging scenario then less than 6 months considered. For Probate – need to make sure that the person who will own the property is the true beneficiary via the will or letter from the solicitors which is preferred as wills are long.	6 months, exceptions by referral. Exit from Bridge loan considered.	6 months as a rule however if bought with bridging finance these can be considered sooner subject to a suitable explanation (e.g. Unable to mortgage at the time of purchase)	6 months minimum ownership before remortgage considered	Person who is selling the property will need to have owned the property for at least 6 months. This would be checked via land registry. ***** Day 1 remortgage accepted on the following basis: – • Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price • Maximum 75% LTV • Standard pricing to apply • Customer(s) to be on the voters roll for residential applications Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in. **** • Undertake a Land Registry Search to confirm the applicant(s) owns the property OR • Where this is not available, request confirmation of the Land Registry submission confirming the purchase, date and price via the acting solicitor.	6 months minimum required, unless: – If the property has been purchased within the last 6 months and if works have been carried out to increase the value when remortgaged at a value above the purchase price please provide a TR1 and Schedule of works on submission of the application.	6 months minimum ownership before remortgage	12 months minimum ownership before remortgage. **** No Min ownership applies to properties that have been inherited and probate has been granted (Probate letter will be required on application) and also when exiting a Precise Bridge. In these instance key the DIP as per precise’s min ownership and upload a word document with full notes into the case. Where the property has recently been inherited – probate must have been granted prior to mortgage application and verification of this must be supplied with the application. In these circumstances, no minimum period of property ownership applies.	Saffron can consider remortgage if owned less than 6 months	6 months First time buyers are considered as: – Applicants without a mortgage for more than 36 months.	6 months	12 months mortgage history, 6 months in current – however, refer if slightly under these parameters. Applicants will be classed as first-time buyers if there has been no mortgage found on a credit search for 6 years, this includes unencumbered properties. Can consider less than 6 months if clients have had 12 months mortgage history – case by case basis	6 months
Lease / Tenure	Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term)								Leasehold flats – Acceptable subject to there being 30 years unexpired on the lease after the end date of the mortgage term.		Leasehold – subject to 75 years remaining on the lease at the end of the loan term	40 years unexpired at end of the term
First Time Buyer Definition				No mortgage ever	Considered: – A first time buyer is defined as someone who has not been party to a mortgage or owned a property at any time. In the case of a joint application, both applicants must qualify as First Time Buyers. First time buyers considered		Yes, considered.		Precise define a First time buyer as someone who has not owned a property for the last 18 months.	A First Time Buyer to be an individual who has not been party to a mortgage or owned a property at any time. In the case of a joint application, both applicants must qualify as First Time Buyers. Saffron go up to 95% on FTB products.	Currently remortgage only.	Up to 85% LTV only.	FIRST TIME BUYERS – Max 80% LTV and £500k Loan Size 0-Status 2yr, 3yr and 5yr fixed rates from 3.80% FTB must have three items of active credit at application (excluding comms/mail order) Minimum £25k Income, Maximum 4.50 LTI Minimum £100k property value Available for Gifted Deposit, Gifted Equity and Purchase at Undervalue Not currently eligible for FTB: Interest Only, RTB, HTB and Shared Ownership Applicants will be classed as first time buyers if there has been no mortgage found on a credit search for 6 years, this includes unencumbered properties.
Ex-Pat Residential	No	No	Yes – minimum loan is £25,000 Max LTV is 75% Foreign income will be assessed using the lowest exchange rate in the last two years.	Yes – Case must be on Interest Only and must be lived in by Husband or Wife/ Partner/ Children only. Israel based Ex pats are considered. Family BS consider – UK nationals working abroad with families remaining in the UK and UK nationals working in the UK but paid in a foreign currency.	No	No	No.	No	No	No	No – however, check bespoke range.	No	No	No
New Build	Houses and flats accepted up you product maximum. ** Builder gifted deposits accepted up to a max 5% of purchase price. Consider If applicants wish to use Equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit. ***** Aldermore will do up to 95% LTV on new Build flats, they have no restriction so will go up to product max LTV.	Available for help to buy range only AND core range – 85% LTV on houses and 75% LTV on flats No LTV restrictions for new build houses. Max LTV of 75% for new build flats Builders Deposit We can now accept 5% from the builder towards the customer deposit on new builds (Not HTB of course).	75% for houses, 75% for flats	Houses only max available LTV. May consider Apartments inside M25 up to max 50% **** Any incentives to be disclosed and will be discounted from price.	New Build House accepted, New Build Flats or newly converted flats less than 2 years after first sale are not accepted	Yes – flats have maximum LTV of 75%, houses are 75%. We class a new build as a property built within the last 10 years. Will need to have a 10 year warranty. Solicitor acting for us would ensure acceptable warranty is in place	A property is considered a new build if the applicant is the first occupant of the property. LendInvest will accept subject to being suitable security. LTV for new build properties is restricted to 75%.	Houses – Yes Flats – No ********* Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper.	Product Max LTV – New build houses and flats (including 5% builder incentive) + lender fees ** Flats in blocks up to 20 storeys, with a commercial ground floor accepted Max LTV available plus up to a 5% builders incentive on residential lending S106 obligations considered Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months. *** Payments on the Equity loan, must be keyed into the unsecured loan section of the DIP. The loan amount should be x by 1.75%, divided by 12 and that is the monthly payment that should be entered and is the figure Precise use for their affordability calculation. The Equity loan from the government is interest free for the first 5 year after which payments become due. Forces HTB can also apply in conjunction with a HTB, in these instances no deposit is required by the client however both loans MUST be keyed into the unsecured loan section of the DIP.	Saffron’s definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties – since the conversion has been undertaken), being sold/marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society. o NHBC o LABC o Premier Guarantee o ICW Limited o Buildzone o Castle 10/Checkmate o Buildassure o One Guarantee o Global Home Warranties o Q Assure o Protek o Advantage HCI o Ark Residential Insurance o Zurich (historical) o BLP (historical) Saffron recognise two forms of new build properties for security purposes: max LTV: • New Build Houses, max LTV is product specific. • New Build Flats – LTV is 75% on C&I repayment and 60% LTV on Interest only. No Shared Ownership new build properties are acceptable. Self Build: – Up to 80% LTV for land purchase, 80% of build costs and up to 80% of gross development value Outlying outline planning permission allowed – will not go to valuation until full planning permission granted Available to first time buyers Properties with up to 20 acres of land can be considered providing this is not used for commercial use. We can however accept properties where the applicants are looking to purchase a hobby farm. Consider modern forms of construction, including 100% cladding, provided there is masonry up to damp proof level.	Currently, remortgage only.	Yes – up to 85% LTV **** Up to 5% builder deposit acceptable. Contract of sale required 5% builder incentive acceptable. Contract of sale required. This includes any deposit element. • Offers valid for 6 months, subject to valuation/ re-inspection	Yes, but only on Remortgages, not purchases.	Accepted upto scheme levels. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty. Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion. Mortgage offer valid for 6 months, with potential to extend a further 6 months.
EPC Rating
Ex-Local Authority	Houses: – Accepted up to product maximum LTV, subject to the following conditions: No outstanding pre-emption requirement to repay a proportion of the discount Valuer indicating that there is evidence of a meaningful level of private ownership within the estate The property being of standard construction ***** Flats: – Minimum property value of £100,000 (£200,000 in Greater London) Maximum of 3 floors above the ground floor. Secure communal access with no balcony access arrangements	Houses – Yes Flats – Yes, considered	Houses – Yes We cannot accept a local authority or an ex-local authority flat and maisonette unless located within the M25, a maximum LTV of 65%, minimum £200k valuation and satisfactory valuer comments regarding demand and re-saleability.	Houses and Apartments: – Accepted up to product maximum LTV, subject to the following conditions: Standard Construction Only No Deck Access Valuers Comments	Case by case only – minimum 75% in private ownership in block	If flat: must be out of pre-emption period, and 80% of block must be privately owned. Any deck access would come down to valuer’s comments If house: maximum LTV is 85%, and needs to be outside of pre-emption period.	Ex-Local Authority/Ex-MOD flats and maisonettes considered.	75% LTV Max Houses: Private and ex Local Authority or social housing Flats & Maisonettes: Private only	Houses – up to maximum product LTV No Flats/Maisonettes. Exceptions can be considered where the following apply; Block must have majority in private ownership, no balcony access in the block, good curb appeal and of standard construction.	Can be considered at a max LTV of 70% and subject to underwriting and valuation.	Houses & Flats considered. Minimum 51% private ownership in blocks & subject to valuers comments.	Ex local authority houses are acceptable within normal criteria up to 75% LTV except where the majority of houses remain in local authority ownership (as confirmed by the valuer). 85% LTV by exception Ex-Local Authority Flats (England and Wales) Will consider lending on Ex-Local Authority properties in England and Wales, subject to the following criteria: • Minimum valuation of £70,000 – outside of London and the South East. • Minimum valuation of £150,000 – in London and the South East. • Maximum 75% LTV • Traditional construction only (as opposed to core criteria where non-traditional properties are allowed). • Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10. Ex-Local Authority Flats (Scotland) TML will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria: • Minimum valuation of £70,000 • Maximum 75% LTV. • Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed). • Maximum 5 floors in block.	Yes, accepted.	Houses are considered up to scheme and LTV limits. Flats and maisonettes considered up to 80% LTV with minimum property value of £80,000 (£200,00 in Greater London).
Shared Ownership	No	Not acceptable	Yes – 95% of share Min share 10% Repayment basis only Term 5 – 35 Yrs Additional share or Home Imps only. Agreement from Housing Association required	No	No	Minimum loan amount is £50,000 Up to 100% considered. Minimum share they can purchase is 25% The Housing Association must allow the applicant to staircase to the full 100% ownership of the property, and must be registered as such Yes – Up to 100% of the value of the share you are buying. Needs to be purchased through a registered Housing Association that permits up to 100% stair casing Up to 75% LTV (full market value) Furlough income considered £125.000 minimum property value One year self-employed considered	No	Yes, up to 75% LTV Vendor: Acceptable subject to the vendor being a registered Housing Association or Registered Social Landlord. Rent/Service Charge(s): – The Rent, maintenance and service charge must be included as a commitment on the application. Memorandum Of Sale or an Offer Letter from the Housing Association will be required. The rent payable and must be no more than 3% of the value of the property in the ownership of the provider. The property being purchased must be able to be staircased to 100% private ownership. Leasing:- The completing Solicitor must confirm that the lease meets our requirements, including that it contains all fundamental clauses, the lease must contain a mortgage protection clause in the same form as clause 6 of the Model Lease (Houses)/ clause 8 of the Model Lease (Flats).	No unless applicants purchasing the final share	No	No	No	Yes, but only to buy out the remaining share to make 100%	No
Right to Buy (RTB)	No	Yes £50,000 minimum loan Ability to lend 100% of discounted purchase price, up to a maximum of 75% of open market value The maximum discount is £84,200 across England, except in London boroughs where it’s £112,300 and increases each year in April in line with the consumer price index (CPI). Houses and flats attract a different level of discount but are both subject to the absolute caps above. Once the property is purchased the borrower may sell the property but if it’s within 5 years of the purchase then a reducing proportion of the discount has to be repaid to the council. Houses You get a 35% discount if you’ve been a public sector tenant for between 3 and 5 years. After 5 years, the discount goes up 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% or £84,600 across England and £112,800 in London boroughs (whichever is lower). Flats You get a 50% discount if you’ve been a public sector tenant for between 3 and 5 years. After 5 years, the discount goes up by 2% for each extra year you’ve been a public sector tenant, up to a maximum of 70% or £84,600 across England and £112,800 in London boroughs (whichever is lower). Council tenants – only those named on the Section 125 RTB Notice can be party to the application. Up to 100% of the discounted purchase price and a maximum of 75% LTV of the open market value as advised by a Bluestones valuer Additional Documents: – Section 125 RTB Notice will be required to be able to complete the initial underwrite.	100% of discounted purchase price **** Loans may be accepted up to 100% of the discounted purchase price, provided that they do not exceed the Society’s lending limits based on valuation and subject to the loan to value not exceeding 85%. For funds to be released require sight of invoices. The loan must be conducted on a capital and interest basis. All applicants that wish to be included in the mortgage; must show on the right to buy documents.	Yes	No	No	No	No	No	No	No	No	Yes – They can remortgage if the current applicant is 3 years into a pre-emption period, otherwise they will not consider a purchase.	Purchase only. Acceptable for schemes operated by recognised local authorities / housing associations. Vida can consider high rise – refer to lender. Purchase up to 100% Discounted Purchase Price and subject to the loan not exceeding 75% of the OMV. A copy of the Section 125 Right to Buy is required, giving details of the property valuation and the discount offered. All persons named on the Section 125 will also need to be on the application. Applications submitted under any Voluntary RTB scheme are not permitted.
Let To Buy (lending on new Residential whilst retaining existing property)	Maximum 80% LTV, where existing property is to be let and considered to be self-supporting. Applications can be considered for the purchase of owner-occupied property, up to a maximum 80% LTV, where an existing owner-occupied residential property will not be sold and instead be let. The deposit must be from the applicants own resources, including any additional borrowing raised from the existing mortgage, and the letting must be on a formal recognised tenancy basis. If the existing mortgage is not with Aldermore a copy of the Consent to Let offer from the existing lender must be obtained.	Yes – only when Bluestone are doing the forward purchase – they need the remortgage offer before Bluestone will offer.	Considered	Maximum LTV available, where the existing property is to be let and considered to be self-supporting. Applications can be considered for the purchase of owner-occupied property, up to a maximum % LTV, where an existing owner-occupied residential property will not be sold and instead be let. The deposit must be from the applicant’s own resources, including any additional borrowing raised from the existing mortgage, and the letting must be on a formal recognised tenancy basis. It is expected that the client has requested Consent to Let from their current Lender.	No	If the applicant is letting our their existing property and wish to bring the residential property to us, the underwriter may request evidence of this, ie proof of rental and an AST may be requested within a certain number of days after completion.	No.	No longer considered.	In all circumstances for LTBs Precise will require a simultaneous completion OR the client will need to have moved out and rented the existing property for min 3 months. The client must be on the voters roll at their new residence and proof of 3 mths rent via bank statements and AST will be required. Max 80% LTV for either refinance on to a BTL or onward purchase. Precise can consider both or either transactions. Where only the onward purchase then ‘consent to let’ from the previous lender will be required.	Max LTV considered on new purchase up to 80% subject to product limits. Can consider second homes: – • Free Valuation Fees • Minimum age 21 • For second homes • Affordability is solely based on personal income and no income from short term letting is used • Maximum 90 days per year of short term letting • No AST or contract for tenant • Not available to properties on holiday parks or subject to occupancy restrictions • Interest only or repayment • Interest only to 70% max LTV and subject to an acceptable repayment strategy • Minimum loan size £30,000 • Maximum loan size £1,000,000 • Loans over this are priced on a bespoke basis and have restricted LTV’s	Currently, remortgage only.	Yes, new residential only (not on referral)	No, not considered.	Yes. Vida can lend on both the BTL remortgage and the residential purchase.
DMP	Consider an applicant on a Debt Management plan as long as there is no default attached to the plan in the last 3 years Debt management plans considered when satisfactorily maintained for the last 12 months	Conduct: Must be due to a life event and conducted satisfactorily Recency: OK if still in operation and can remain Debt Arrangement Schemes: if active will not be permitted	Must have been satisfied more than 3 Years ago and all credit conducted satisfactorily since the Debt Management completed	No	Neither active debt management plan, nor plans entered into in the last 12 months are acceptable.	Yes, if conducted satisfactorily for 12 months minimum	Product range dependent: – Resi 0 + 1 – N/A Resi 2 24 months + Resi 3 12 months + Resi 4 – Underwriter Discretion	Yes, DMP’s must have been active and satisfactorily conducted for a minimum of 12 months. ** If satisfied over 12 months then can apply on standard range If satisfied within the last 12 months, refer to DMP Range ** For remortgages, we can capital raise to clear DMP • Do not insist that DMP’s are cleared – they can be left in the background • No more than 1 active DMP per application.	Yes, up to 85%	Satisfied 3 years, Max LTV – 80%	Yes, can consider. Debt Management Plans acceptable – minimum 12 months satisfactory payment profile.	If a credit commitment is subject to a Debt Management Plan (DMP) or equivalent, TML will accept the payment amount agreed within the DMP or equivalent within our affordability calculation. On any case with a formal DMP we will require a reference that confirms the DMP has been conducted satisfactorily for the past 12 months. TML will not consider an applicant who has an active Debt Arrangement Scheme in Scotland. Acceptable subject to product criteria on products RL2-RL5 – AND HAS OWN PRODUCT RANGE	Considered, whether repaying the DM off or not, need a 12-month statement from the DMP provider. UTB policy states we generally don’t lend to clients on a DMP, however, UTB can lend whether the client is clearing or not, as long as we have a 12-month statement confirming the payments have been made, any missed and it’s a decline.	Yes, providing its been satisfactorily conducted
Help To Buy (Shared Equity)	Yes Capital Repayment Only Maximum loan amount of £450,000 and maximum property value of £600,000 Minimum customer deposit of 5% Maximum equity loan of 20% for Help to Buy: equity loan is available in England (including the Isle of Wight) Maximum equity loan of 40% London Help to Buy: scheme and the property must be located within the 32 London Boroughs or the city of London	Yes • Free standard valuations on all HTB products – instructed on receipt of the application • Help to Buy England & London schemes available • Mortgage offer valid for 6 months with extensions possible • 5% Builders incentives accepted • Up to 3 CCJs in the last 36 months • Up to 4 Defaults in the last 36 months • 4 missed mortgages payments in the last 13 – 24 months • IVA / Bankruptcy must be discharged for 3 years • DMP accepted and can remain on completion ‘No Minimum Term’	Help to buy – No Shared Equity – No Forces help to buy: – Armed Forces Advance of Pay (where the on-going commitment is included within affordability)	No But will consider Forces “Help to Buy”	No	No Forces help to buy: – Acceptable with no additional deposit from the borrower, with evidence of the Ministry of Defence Personal Information note confirming the amount loaned under the scheme, the agreed monthly repayment and the agreed repayment period. The value of the interest only monthly repayment must be included in the affordability calculation.	No	Yes: – on Ranges Pepper 24, 36 and 48 only. Property type: – A property is to be considered new if it is a first sale by the builder. However, properties which have not sold on physical completion will be considered on an individual basis. Helping first-time buyers purchase New Build homes Helping customers who have 5% deposit One year’s self-employed trading accepted Latest year used for affordability when trading for two years or more Employed and self-employed income from a maximum of two sources per applicant considered Day rate contractors must be in a contract and able to demonstrate a minimum 12 months’ history (daily rate x 5) 100% of shift allowance 50% of variable income accepted including commission, bonuses and overtime Maximum term is 35 years Fully Gifted Deposit accepted	Only available on New Build Properties – A Government funded equity loan of up to 20% of the purchase price is acceptable. Applicant will need to provide a minimum 5% deposit from their own resources. Payments will be required on the Shared Equity loan after five years in addition to the repayments on the loan the customer takes with Precise. For further information on the Help to Buy shared equity loan scheme, applicant(s) should go to https://www.gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loans for more information. Can consider Scotland based properties, please see product guide.	No Forces help to buy: – Yes, Saffron can consider applications where an element of the Deposit has come from the Forces Help To Buy Scheme	No	No.	No	HTB England, London, Wales, and Scotland shared equity schemes for the purchase of new build properties Max LTV Purchase up to 75% LTV in England, London, and Wales. 80% in Scotland Max property value £600,000 in England, £300,000 in Wales, £200,000 in Scotland Purchase Gifted deposits and HTB ISA (& bonus) accepted Builder incentives considered in addition to customers’ 5% deposit Remortgage – up to 80% LTV remortgage when staircasing New Build criteria – fast-tracked initial offer lasting 6 months, extendable by another 6 Minimum income £15,000 Gifted deposits accepted, builders incentives considered Impaired credit history considered – see product guide Self employed minimum 1-year trading Contractors & short work history Scotland First Home Fund – 80% LTV Availability – Up to £25k towards the purchase of both new build and existing stock. No upper limit on property value however, at least one applicant needs to be an FTB
Missed mortgage payments	Level 1 – 0 in last 3 months 1 in last 12 months (max 2 in last 24) 1 Months evidence of mortgage payments holiday required. Level 2 – Mortgage or secured loan arrears – 0 in last 18 months Level 3 – Mortgage or secured loan arrears – 0 in last 6 months	Based on worst status shown on credit search. Clear: – 0 in 13 – 24 months AAA: – 1 in 13 – 24 months AA: – 2 in 13 – 24 months A: – 3 in 13 – 24 months BBB: 4 in 13 – 24 months	No missed payments in last 12 months on any (previous or current) mortgage, other secured loan or rent, and no arrears in months 13-24 (counting backwards from the present date), where the cumulative amount overdue at any point reached three or more monthly payments; No current arrears	1 in last 12 months but 0 in last 6 months, 2 in last 36 months • Mortgage Payment holidays – for BTL need to make the next payment before completion	0 in 36; ignored after 36 months on all product ranges.	0 in last 6 months and must be up to date. Otherwise, refer.	Product range dependent: – Resi 0 48 months+ Resi 1 36 months+ Resi 2 (0) 0 – 24 months (1) 24 – 36 months Resi 3 (0) 0 – 12 months (2) 12 – 24 months Resi 4 (0) 0 – 6 months (3) 6 – 24 months	Can consider dependent on product selection. Applicant(s) must be up to date at the point of the application and must not have any arrears reported in the last 6 months.	Missed Mtg/Secured Arrears – Prime: Tiers 1 and 2 0 in 12 months, 1 in 36 months (worst status) Almost Prime: Tier 3 and 4 1 in 12 months, 3 in 36 months (worst status)	No more than two occurrences within the last 24 months	Max status 1 in last 12. Max status 2 in months 13-24.	RL0 – 0 in 36 months RL1 – 0 in 24 months RL2 – 1 in 24 months and 0 in last 12 RL3 – 2 in 24 months (0 in last 12) RL4 – 3 in 24 months (0 in last 12) RL5 – 4 in 24 months, 0 in last 12 months. Secured arrears will be assessed on missed payments ***** Worse status for example: 000010101011 = 1 missed payment.	UTB-0: 0 in 3 months. 0 in 12 months, 0 outstanding. UTB-1: 0 in 3 months. 1 in 12 months. Max 1 outstanding. UTB-2: 0 in 3 months. 2 in 12 months. Max 2 outstanding.	Vida 48, 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 0 in the last 36 months. Vida 36, 0 missed mortgage/secured loan payments in the last 36 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value – £500 Vida 24 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value – £500 Vida 12, 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value – £500 Vida 6, 0 missed mortgage/secured loan payments in the last 6 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value – £500
Ex-Bankrupts	Product range dependent – Level 1, 2 – Discharged for 6 years. Level 3 – 3 years	Sapphire Range: available: – 12 months discharged bankruptcy Current IVA’s cleared on completion See Bluestone Guide. Clear range: over 6 years discharge. All other ranges, over 3 years since discharge. If defaults and CCJ are wrapped up in a Bankruptcy or IVA they can be ignored and we will just apply the IVA/ Bankruptcy criteria – evidence of the bad debt wrapped up in the IVA/ Bankruptcy is key	Up to 80% LTV – Applicants should not have been subject to a Bankruptcy order within the last 3 years. **** Above 80% LTV – Must have been satisfied for at least 6 years and all credit conducted satisfactorily since then	Must have been discharged for 3 full years – Each case will be individually underwritten so should be referred before application.	Must be fully settled min 3+ years ago	90% LTV – Not considered if previously bankrupt. Unless 85% LTV – then it has to be clear for 6 years and discharged. 80% LTV – Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretion.	Both Bankruptcy and IVA – considered on Resi 3 + 4 = 60 months + (5 years) since expiry.	Discharged > 6 years ago	6 years from the date of discharge and off the credit file	Discharged 5 years ago, Check guide for Max LTV	Bankruptcy/IVA – Must be satisfied for at least 3 years. Max LTV 85% on Tandem One, Two & Three. Check product/criteria guide for up to date LTV cap	RL0 – None RL1-2: Discharged 72 months (6 years) RL3 – Discharged 36 months + (clean 36 months) RL4 – Discharged 24 – 35 months + (clean 12 months) RL5 – Discharged 12 – 23 months + (clean 12 months)	Yes – 6 years from discharge considered.	None in the last 6 years unless on Packager range: • 1 year bankruptcy instead of 3 years considered • Adverse within last 6 months considered
IVA’s	Product range dependent – Level 1 – Discharged for 3 years. Level 2 – 2 years Level 3 – 1 year	Sapphire Range: available: – 12 months discharged bankruptcy Current IVA’s cleared on completion. See Bluestone Guide. Clear range: over 6 years discharge. All other ranges, over 3 years since discharge. If defaults and CCJ are wrapped up in a Bankruptcy or IVA they can be ignored and we will just apply the IVA/ Bankruptcy criteria – evidence of the bad debt wrapped up in the IVA/ Bankruptcy is key	Must have been satisfied more than 3 Years ago and all credit conducted satisfactorily since the IVA completed	Must have been discharged for 3 full years – Each case will be individually underwritten so should be referred before application.	Must be fully settled min 3+ years ago	Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretion	Both Bankruptcy and IVA – considered on Resi 3 + 4 = 60 months + (5 years) since expiry.	Discharged > 6 years ago	Over 6 years from date of registration and off the register completely	Discharged 3 years ago, max LTV – Check guide for Max LTV – clean credit since with no exceptions.	Bankruptcy/IVA – Must be satisfied for at least 3 years. Max LTV 85% on Tandem One, Two & Three. Check product/criteria guide for up to date LTV cap	RL0 – None RL1-2: Discharged 72 months (6 years) RL3 – Discharged 36 months + (clean 36 months) RL4 – Discharged 24 – 35 months + (clean 12 months) RL5 – Discharged 12 – 23 months + (clean 12 months)	Will ignore IVA after 1 year satisfied as long as they haven’t had any adverse since the discharge date Otherwise, 6 years from discharge considered.	None in the last 6 years
Repossessions	Product range dependent. Level 1 – Not accepted.	Not acceptable	Must have been satisfied for at least 6 years	No but can refer if over 10 years ago.	Not accepted.	Not accepted	No	None in the last 6 years	6 years from the date of repossession and all settled	Satisfied 3 years, Max LTV	No.	RL0 – None RL1 – None RL2 – None RL3-5 – 6 years	No, not considered	No repossessions within the last 10 years
Historic CCJ’s & Defaults	Level 1 – CCJ’s – if 0 in last 36 months then CCJ’s do not need to be satisfied if none are recorded in this time. Over 36 months, needs to be satisfied for 36 months if total combined value is over £500. Defaults – 0 in last 12 – Max 1 recorded (up to £300) in last 36 months Level 2 – Defaults and CCJ’s – 0 recorded in last 18 months Unsecured loan arrears maximum status 2 in last 12 months – latest month up to date Level 3 – Defaults & CCJ – 0 recorded in last 6 months Unsecured loan arrears maximum status 3 in last 12 months – latest month up to date Level 1, 2 and 3. • Combined defaults & CCJs up to £300 ignored • All communication defaults ignored • Debt management plans considered when satisfactorily maintained for the last 12 months	Clear: – Defaults – 1 (satisfied) in 36 months Value < £300 or telecom ignored (even if in last 6 months) Recency: 0 in last 6 months; > 36 months ignored CCJ’s: – 0 in 36 months Value < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored AAA Defaults: – 1 in 36 months Value: < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored CCJ’s: – 1 settled in 36 months Value: < £300 or telecom ignored (even if in last 6 months) Recency: 0 in last 6 months; > 36 months ignored. AA Defaults: – 2 in 36 months Values: – < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored CCJ’s: – 1 in 36 months Value: – < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored A Defaults: – 3 in 36 months Value: – < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored CCJ’s: – 2 in 36 months Value: – < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored BBB Defaults: – 4 in 36 months Value: – < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored CCJ’s: – 3 in 36 months Value: – < £300 or telecom ignored (even if in last 6 months) Recency: – 0 in last 6 months; > 36 months ignored Defaults and CCJ’s ignored for product selection purposes if registered over 3 years ago or less than £300. Ignore all communications defaults / CCJs None allowed in last 6 months. All telecom CCJ/Defaults ignored All CCJ’s/Defaults below £300 ignored CCJ’s / Defaults ignored if > 36 months 0 missed payments on secured credit in months 0 – 12 and up to 4 missed for months 13 – 24 If defaults and CCJ are wrapped up in a Bankruptcy or IVA they can be ignored and we will just apply the IVA/ Bankruptcy criteria – evidence of the bad debt wrapped up in the IVA/ Bankruptcy is key	Applicant(s) must satisfy the following criteria: Mortgage applications up to 75% LTV: • No missed payments in last 12 months on any (previous or current) mortgage, other secured loan or rent, and no arrears in months 13-24 (counting backwards from the present date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears. • No more than 1 missed payment in last 12 months on any (previous or current) unsecured loan or credit card, and no arrears in months 13-24 (counting backwards from the current date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears. • A maximum value of CCJs registered more than three years prior to application (satisfied) of £5,000 and a maximum number of two instances. • A maximum value of defaults registered within three years of application (satisfied) of £1,000 and a maximum number of three instances. • A maximum value of defaults registered more than three years prior to application (satisfied) of £5,000 and a maximum number of three instances. Other than that: a) Three or fewer Communication supplier defaults of up to £150 each may be ignored for the purpose of calculation value under points 3 and 4 above (where an applicant has four or more, all of them will be taken into account). A satisfactory explanation for any adverse credit (including any disregarded under point (a) must always be obtained. For Mortgage applications above 75% LTV, applicant(s) must satisfy the following criteria: • No missed payments in last 12 months on any mortgage, other secured loan or rent and no more than 1 missed payments in the last 2 years. No current arrears. • No more than 1 missed payment in last 12 months on any unsecured loan or credit card and no more than 2 missed payments in last 2 years. No current arrears. • CCJ(s) with a total not exceeding £2,500 registered more than 3 years ago are acceptable if satisfied more than 12 months ago. • Defaults – one or more with a total value not exceeding £500 issued more than 12 months ago are acceptable, as long as satisfied by time of application.	We are not an adverse lender but can consider 1 CCJ satisfied under £500 in last 3 years. CCJ’s are generally ignored if over 3 years old AND satisfied over 3 years ago Defaults must have been satisfiied 3 years+ ago. 1 x Communication issue can be referred provided it is under £500.	DEFAULTS: F1: 0 in 36; Unsatisfied defaults within the last 36m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied. F2: 0 in 24; Unsatisfied defaults within the last 24m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied. F3: 0 in 12; Unsatisfied defaults within the last 12m are accepted where the cumulative value is below £250 and relates to mail order, comms and utility payments. All other defaults must be satisfied. CCJs: F1: 0 in 36; All CCJs must be fully satisfied at the time of application F2: 0 in 24; 1 unsatisfied (if older than 24m) to the value of £200 otherwise must be satisfied at application F3: 0 in 12; 1 unsatisfied (if older than 12m) to the value of £200 otherwise must be satisfied at application CREDIT CARDS, COMMS, MAIL ORDER, UTILITIES ARREARS (Must be up to date on application): F1: Worst status 2 in 36 per account; 0 in 12 F2: Worst status 2 in 24 per account F3: Worst status 2 in 12 per account UNSECURED LOAN ARREARS (Must be up to date on application): F1: 0 in 36 F2: Worst status 1 in 24 per account F3: Worst status 2 in 12 per account	All CCJs & defaults must be paid prior to the application or must meet the ignore CCJ/default criteria. For 90% – Defaults and CCJs – 0 in 24 months – not counted where registered over 24 months. Up to 2 defaults and 1 CCJ considered in last 2 years (not counted where registered over 24 months) Ignore CCJ/default criteria: <£300 in total & satisfied >12 months prior to application OR registered >24 months whether satisfied or not	Disregard communication and utility arrears up to £100 Resi 0 Registered Defaults: – 48 months+ Satisfied CCJs: – 48 months+ Resi 1 Registered Defaults: – 36 months + Satisfied CCJs: – 36 months+ Resi 2 Registered Defaults: – 24 months + Satisfied CCJs: – (0) 0 – 24 months (1) 24 – 36 months Max £2000 Resi 3 Registered Defaults: – (0) 0 – 12 months (2) 12 – 24 months Max £5000 Satisfied CCJs: – (0) 0 – 12 months (2) 12 – 24 months Max £2000 Resi 4 Registered Defaults: – (0) 0 – 3 months (2) 3 – 24 months Max £5,000 Satisfied CCJs: – (0) 0 – 6 months (2) 6 – 24 months Max £2000 Unsatisfied CCJs: Subject to further consideration. Maximum product available LI Resi 2 Unsecured Credit Arrears: – Resi 0 (0) 0 – 3 months (2) 3 – 24 months Resi 1 (0) 0 – 3 months (2) 3 – 24 months Resi 2 (0) 0 – 3 months (2) 3 – 24 months Resi 3 (0) 0 – 3 months (2) 3 – 12 months Resi 4 Underwriter Discretion	CCJs • Don’t need to be satisfied • Can be registered as recently as 12 months ago Defaults • Don’t need to be satisfied and no value limit • Can be registered as recently as 12 months ago • 2 individual utility, communication or mail order account defaults up to and including £150.00 each ignored (applicable to Pepper 24, 18 and 12 products – excluding DMP) Pepper 48 – Light: – CCJ’s – 0 Defaults – 0 in 48 months Pepper 48: – CCJ’s/Defaults: 0 in 48 months Pepper 36 – Light CCJs: 0 Defaults: 0 in 36 months Pepper 36: – CCJs: 0 in 36 months Defaults: 0 in 36 months Pepper 24 – Light CCJs: 0 Defaults: 0 in 24 months Pepper 24: – CCJs/Defaults: 0 in 24 months Pepper 18 – Light CCJs: 0 Defaults: 0 in 18 months Pepper 18: – CCJs/Defaults: 0 in 18 months Pepper 12 – Light CCJs: 0 Defaults: 0 in 12 Pepper 12: – CCJs/Defaults: 0 in 12 months	Prime: Tiers 1 and 2 Defaults 0 in 24 months CCJs 0 in 24 months Almost Prime: Tiers 3 and 4 2 in 24 months (max £1,500 in 12 months, unlimited thereafter) 1 in 24 months (max £1,000 in 12 months, or £2,500 in 24 months) Unsecured arrears Not counted but may affect customer’s credit score	CCJs and Defaults Unsettled CCJs/Defaults are allowed up the total of £100 and up to £500 at underwriter’s discretion.	Defaults: Under £350 for comms & utilities do not affect product tier. Although Tandem don’t count CCJs/defaults <£750, they are still considered for affordability. Is that just any committed payment or would we take the balance outstanding (if no payment agreed) – Tandem would include any monthly payment that the applicants are making to any CCJs or Defaults in the I&E. Also, if it’s within 2 years and they’re not making a payment, we would put 1% of the balance in as a payment for affordability. All other unsecured account missed payments ignored if total balance of credit agreement under £500 Communications, Mail Order, Utilities missed payments (considered for criteria, not affordability purposes) Mortgage and secured loan arrears are considered based on the product tier criteria Tandem Zero is for applicants with 0 defaults, CCJs or missed mortgage payments in the last 24 months Tandem One is for clients with up to 1 default, 1 CCJ and 1 missed mortgage payment per applicant. The same rationale applies to Tandem Two and Tandem Three tiers.	RL0 0 in 36 months – on ALL CCJ’s/Defaults/Unsecured/Secured RL1 0 in 36 months RL2 – 1 in 36 months (0 in 6) CCJ’s & Defaults Ignore CCJ <£300 RL3 – 3 in 36 months (0 in 6 months) Ignore CCJ < £300 Defaults: – 4 in 36 months (0 in 6 months) RL1-5 Maximum 2 missed payments in last 6 months allowed on each unsecured credit agreement. Arrears ignored if the current balance is under £500. No CCJ’s or defaults in last 6 months. Utility and Communications defaults are not considered adverse credit. Unsecured arrears ignored if the current balance is under £500. Unsecured arrears – Maximum 2 missed payments in the last 6 months allowed on each unsecured credit agreement. Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.	CCJ’s & Defaults: Note: must meet unsecured credit, secured lending and CCJ & default criteria to be considered, please refer to product guide. Assessed by number (whether satisfied or not) AND £-value. All CCJ’s and defaults will be ignored if under £300 Ignore if under £300 mail order or Communications. UTB-0 Range: 0 in last 2 years Max of 5 over 2 years old, providing total is less than £5,000 UTB-1 Range: 1 in last 12 months No max number over 1 year old, providing all in total less than £10,000 UTB-2 Range: 2 in last 12 months No max number over 1 year old, providing all in total less than £15,000 Ignore Mail Order and Comms Defaults regardless of size or when registered.	Vida 48, Registered CCJs: 0 in 72 months Registered Defaults: 0 in 48 months. No unsatisfied CCJ’s (unsecured arrears last 6 months – 0) Vida 36, Registered CCJs: 0 in 36 months Registered Defaults: 0 in 36 months. No unsatisfied CCJ’s (unsecured arrears last 6 months – 1) Vida 24, Registered CCJs: 0 in 24 months Registered Defaults: 0 in 24 months. Max £1000 unsatisfied CCJs (unsecured arrears last 6 months – 2) Vida 12, Registered CCJs: 0 in 12 months Registered Defaults: 0 in 12 months. Max £2,500 unsatisfied CCJs (unsecured arrears last 6 months – 2) Vida 6, Registered CCJs: 0 in 6 months Registered Defaults: 0 in 6 months. Max £5,000 unsatisfied CCJs (unsecured arrears last 6 months – 3)
Payday Loans	Applicants can be considered where the loan was in place over 6 months ago.	None active in last 12 months since the date of DIP – can consider exceptions but are case dependent. (*Bluestone will consider any loan as high-cost short term finance that is flagged in the client’s credit report by Experian or found on the customer’s bank statements that relate to lenders that offer loans for 12 months or under with an APR of at least 39%) Only one applicant can have had a Pay Day loan in the last 12 months	Lending to applicants where Payday lending has been a source of credit historically, the following terms apply: • No more than 2 agreements in the last 3 years – with a total of no more than 5% net income being raised; • No new loans taken in the last 6 months; • Loan should have been satisfied through repayment rather than rolled over into a new Payday loan. A suitable explanation will also need to be provided behind the purpose of the loans.	None in the last 3 Years	No active accounts or repaid loans within last 12 months	None in last 12, considered.	Resi 2 – 12 months + Resi 3 – 12 months + Resi 4 – Underwriter Discretion	None current and None in last 12 months	Can consider, even in last 12 months. Must not show in the last 3 months bank statements and if in last 6 months and a purchase, would want to see healthy bank statements ie no living in overdraft and saving new mortgage payment	None in the last 12 months – refer if over 12 months	Max 1, none taken in last 12 months but can be current.	RL0 – None RL1 – Payday loans must be satisfied 12 months prior to application. No defaulted payday loans in 12 months. RL2-5 – Current/recent loans considered	Considered – mostly on a case by case basis.	Refer – cannot show a reliance on them
Applicants (max.)	2	4	4	4 and can use all 4 incomes (Sometimes we will only use 3 incomes and treat 4th applicant as non dependant as this can improve affordability especially if applicant 4 has a modest income amount)	2 4, if there is a family tie between the applicants and the LTV is less than 80% Married/civil partnership applications can be considered in sole names.	4	2	2	2	4 (unless lending into retirement, then it’s 2)	2	2	2	4 applicants (all 4 incomes considered)
Countries	England, Scotland and Wales.	England, Scotland and Wales	England and Wales only.	England and Wales only.	England, Scotland and Wales.	England and Wales only. Isle of Wight considered	England, Isle of Wight and Wales.	England and Wales only	England, Scotland and Wales only	England and Wales only. Isle of Wight considered.	England and Wales.	Will lend in Mainland England, Scotland and Wales – Isle of Wight also considered	Will lend in England, Scotland (mainland) and Wales.	England, Scotland and Wales
Permanent rights to reside and remain	Yes	Yes – Can add an applicant to the loan and they don’t need to have permanent rights to reside – Additional applicants without permanent rights to reside now accepted if income not needed	Yes	Yes	Yes – Min 3 years in the UK with permanent rights to remain or enter	Yes – required. ** Tier 2 Visa – on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading. ******* If EEA national, will need to have been in the UK for a minimum of 36 months before able to apply for mortgage. EU Citizens Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card. Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.	Yes, required. Must be a UK resident and have been resident in the UK for the last 3 years, or have a 3 year UK residential history and a permanent right to reside in the UK.	Applicants who are non‐UK citizens must have been permanently resident in the UK for the past three years and must have indefinite leave to remain in the UK. **** UK citizens who are returning to the UK permanently are acceptable. Applications from Foreign Nationals are acceptable, however all applicants must: Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer). Be UK taxpayers (where income is being used in support of the application). Have resided in the UK for the last 3 years. Applicants residing in the Isle of Man and Channel Islands are not acceptable. Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK(where income is used in support of the application). Non‐European Union citizens must provide evidence confirming indefinite rights to remain in the UK and have a statutory right to work in the UK.	Yes. **** Non EEA Nationals must have been resident in the UK for the last 3 years and have permanent rights to reside in the UK. EU Citizens Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card. Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.	Yes, unless: – Accept skilled Worker, Health & Care Worker and Global talent Visas subject to: • Maximum LTV of 75% • Remaining term of visa exceeds fixed term period.	Yes, required for all applicants	Yes – UK and EEA nationals: – Full 3 years’ residential history required. Non-EEA nationals (considered on a case by case basis) Must be resident in the UK for the last 3 years and have the permanent right to reside. Diplomatic immunity is not allowed. Non UK Nationals For all non UK nationals a certified copy of a passport is required.	Yes, required.	All applicants must provide 3 years address history. The latest year must show continuous residency in the UK. However, Only 1-years’ UK residency required before application. If married at least one applicant must have permanent rights to reside or indefinite leave to remain, both would need to be applicants on the mortgage but affordability must fit on only the applicant with permanent rights to reside or indefinite leave to remain. All Non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK. Extended list of acceptable visas Foreign Nationals will need to provide evidence of their right to reside in the UK. Those with a permanent right to reside, EU/EEA/Swiss with settled status or indefinite leave to remain can borrow up to scheme limits. Where residency status is evidenced by one of the following, borrowing is available up to 75% LTV with at least 5% of the deposit coming from either savings or inheritance: EU/EEA/Swiss and Foreign Nationals EU/EEA/Swiss with pre-settled status Family visa Tier 1 (Entrepreneur Visa only) Tier 2 (Skilled Worker) UK Ancestry Visa British National (Overseas) Visa Senior or Specialist Worker Visa Health and Care Worker Visa
Repayment types	Capital and repayment. Help to Buy scheme is only Capital and repayment. Interest only – Maximum 75% LTV. Note: Proof of repayment plan required. Downsizing / sale of main residence – a minimum £175,000 equity (£300,000 in London and the South East) is required at the start of the mortgage.	Repayment only Interest Only on BTLs is only available on Clear Products – NOT residential.	Capital and Interest (Repayment) Interest only considered up to 75% LTV Repayments of loans either on capital and interest (a repayment mortgage) or by payment of interest only or a combination of both. LTV Limits Repayment 90% Interest Only 75% Part Interest Only / Part Repayment * 75% 75% of the loan to be taken on Interest-Only, with a further 10% on Capital and Interest, up to a maximum overall 85% LTV. For the following types of borrower the repayment method is restricted to repayment (capital & interest) regardless of loan to value:- • Right To Buy • Shared Ownership	Capital and repayment. Interest Only to 80% LTV – No min Income or Equity. The remaining equity should be sufficent to be able to downsize within a 5-10 mile radius. Other repayment vehicles can be used alternatively or to top up. These can include: BTL property equity surplus, Pension Pots (not being used as income on the application), Equities, Lump Sum Investments, Endowment Policy Part & Part (If loan is 50%+ on Repayment than the C & I term option can be used for the whole of the loan).	Interest only, Capital and repayment AND part and part. Interest Only The Borrower will pay interest only to Foundation Home Loans. No assignment of any repayment vehicle, such as a life assurance policy, will be required but the lending will be subject to Foundation Home Loans Interest Only Policy as documented in the Responsible Lending Policy. For Interest Only Mortgages: • Will assess affordability on a Capital Repayment basis; • The maximum loan size for an Interest Only loan may be smaller than for Capital Repayment; • Interest Only lending is reduced to a maximum of 70% LTV; Sale of Property will be accepted as a repayment method subject to there being at least £200,000 equity (to allow for sale costs); and Repayment methods, other than sale of property, will only be accepted as shown below and satisfactory documented evidence must be obtained for each loan that is agreed on this basis. Part and Part Loans: A borrower may choose to take a mortgage on a part repayment, part interest only basis. The Lending Policy, as stated, in relation to Interest Only loans will apply to the Interest Only element of the loan. Where a borrower wishes to have a mortgage of more than 70% LTV on a part and part basis, any borrowing over 70% LTV must be on a repayment basis. Part and part mortgages are subject to a maximum of 80% LTV.	Repayment or interest only or Part and part. Residential Interest Only products are designed for your clients who have sufficient background assets, such as equity in other property or investments that can be used to repay the capital in the future. This product is available for property values over £500,000	Capital & Interest, Interest Only and Part and Part Repayment Interest Only, and the Interest Only element of Part & Part, is restricted to a maximum of 70% of the LTV. Where sale of the securing property is the primary repayment strategy, this maximum is reduced to 50% of the LTV.	Capital and Interest (Repayment) OR Interest Only – Available to 60% LTV.	Capital and interest Interest only – 65% LTV. (£150,000 equity required) Part & Part up to 75% LTV (Interest only element must not exceed 50% LTV) Available on Tier 1 and 2 only – NOT ALLOWED ON Help to buy or Right to buy. Repayment vehicles allowed:- Sale of Security Sale of additional property Savings / Investments Pension	Capital and Interest only. Interest only accepted up to 70% LTV max, subject to satisfactory repayment vehicle criteria; Sale of financed residential property(ies): – Minimum of £250,000 equity in the property being financed if plan is to downsize in the future; Confirmation of customer’s future plans following the sale of the residential mortgaged property and that they will have sufficient equity/funds to carry out those future plans. *Where ‘Purchase a new residential property’ is stated as the future plan and the remaining loan term is less than ten years, additional information should be requested on the property location, type and size. Evidence of this information must be retained on the file for the life of the loan. Please view Saffron’s published criteria on their website for intermediaries for further repayment vehicles options.	Capital and Interest UP TO 75%, Interest only and part & part 60% LTV	Capital and Interest	Capital & Interest. £50,000 minimum income for Interest only repayment vehicle. Interest only – they assess the Interest only payment, not on C&I – 75% max LTV (70% for downsizing)	Capital & Interest loans up to 85% LTV. Interest Only max 70% across all tiers. ***** Acceptable repayment strategies include: • Cash ISA or other savings • Stocks, Shares, ISA or other liquid investment • Endowment policy • Pension (Personal, Executive or Employed pension plan) • Sale of another mortgaged property • Sale of the customer’s main residence (downsizing) – customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property: • £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England • £150,000 equity required at the start of the mortgage for securities located in the rest of the UK** • Other repayment strategies, including sale of other assets and occasional payments from income will be considered. Interest only Repayment Strategy Declaration Form will be required, clearly setting out the repayment strategy and amount(s) to be used.
Lenders completion fee	Can be added.	£1495 (referred to as arrangement fee)	Can be added up to max LTV.	Can be borrowed and deducted from the advance subject to max LTV.	Can be added	Can be added.	Can be added subject to affordability.	Can be added providing loan does not exceed 85% LTV	Can be added.	Can be added to the loan – loans must not exceed a maximum of 95% LTV	Can be added to loan but not included in LTV	Can be added for BTL only, NOT residential.	Can be added to loan.	£995 to £1,495 depending on scheme selected. Can be added to the loan above max LTV
Credit Scores	No	No	No	No	Yes	No	No, credit checks. Soft at dip stage, full at application.	No	Yes – On Experian only.	Yes – Experian score must be above 600	No – 1. Fair View Credit Assessment – we only assess client’s most recent 22 months credit history for product terms	No, including RL0. But do have a minimum credit score which is very low. Credit score will not be used to determine product rate, with the exception of 90% LTV where a minimum credit score of 450 is required for RL0 and 375 for RL1.	Not on all ranges – but do credit check No minimum credit score for First Time Buyers. 1 & 2 Status Criteria • 0 Status – No change, no minimum Credit Score • 1&2 Status – New minimum 300 Equifax Navigator Credit Score	Customer should achieve a low cutoff score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.
Type of credit search and who with	Soft, Experian search only.	Soft, Experian seach only.	Hard footprint and Call Credit.	Hard only on Application – Equifax.	Soft at DIP stage, hard at full mortgage application stage. Foundation use Equifax.	Soft, Equifax. On full mortgage application, a hard foot print is done, also Equifax.	Soft at DIP, Hard/Full at application.	Soft, Equifax, but hard foot print on application.	Soft, Experian at DIP stage. On full mortgage application, hard foot print on Experian	Experian and Equifax – Soft Footprint DIP stage, Hard Footprint FMA Stage	Soft Search DIP – Transunion. Hard foot print at application.	Soft, Equifax. On full application stage, this is a hard foot print and also on Equifax. Credit score will not be used to determine product rate, with the exception of 90% LTV where a minimum credit score of 450 is required for RL0 and 375 for RL1.	Hard search conducted. Equifax search only.	Soft, Experian and has to meet a minimum internal credit score. At full application stage this would be a hard foot print and also on Experian.
Affordability	Affordability based	Income multiples not used, Bluestone have their have own affordability calculator and must be used prior to DIP submission	Affordability based	Affordability based	Affordability based – has system calculator	Affordability based	Affordability based.	Affordability based	Affordability based – maximum of 5x income, case dependent. Precise Mortgages Affordability Calculator	No minimum income, affordability must be assessed prior to submission and can be done via Saffron’s website – Saffron Affordability Calculator	Yes, including using ONS statistics.	Yes. Electronically obtained data. Data is regionalised. Where an applicant has defaults, TML will not include the payment amount in the affordability calculation, except where the applicant is currently paying.	Affordability and ONS based.	Affordability based
Employment	Minimum 3 months employed in the same line of work with 12 months continuous.	Minimum 3 months in current position, continuous employment for last 12 months — Contractors with 3 months remaining on contract accepted CIS Contractors – Can use 12 months remittance slips instead of SA302 – Can still use SA302 if more favourable Fixed Term Day Rate & PAYE Contractors – Day 1 contract accepted – Must have 6 months industry experience which must be evidenced. – 3 months payslips required (from previous role if necessary) along with a copy of current contract. – We can allow a maximum 6 week gap between jobs Bonus/Overtime/Commission: 50% of income used to calculate affordability unless fully guaranteed where we can accept 100% Benefit income • Child benefit no longer accepted • To accept Child Tax Credits, the term of the mortgage may not exceed the 16th birthday of the eldest child • We can now accept 100% of Child Tax Credits, Working Tax Credits, Incapacity Benefit, Disability Living Allowance & Carers Allowance subject to a maximum of 30% of household income • Incapacity Benefit should be keyed into our broker portal as Universal Credit Maintenance income • Accepted to 100% if backed up with official documentation e.g. a court order Rental income • Portfolio Landlords (4 or more properties): 100% of Net Rental Income after the portfolio is stressed at 125% of 5.50% • Non-Portfolio Landlords: 75% of Net Rental Income	Permanently employed for the preceding 6 months and have been with their present employer for at least three months unless starting a new job with no probationary requirement; or • Employed on a contract of a minimum 6 months’ duration, or 3 months’ duration if the applicant can prove that they have had regular contracts over the last 2 years in the same line of work; or • Casual Employment – We do not accept applications from people employed on a casual basis. We do however accept zero-hours contracts.	Minimum 3 months employed in the same line of work with 12 months continuous. Furloughed Employees – We will use the 80% or 100% if topped up by employer subject to an employment reference confirming that they will be returning to their role. Extra caution will be taken with high risk sectors such as Aviation	No minimum requirement for current job but must haev minimum 3 months employment history Contractors: – Fixed Term Contracts: Fixed term contracts and contractors using an umbrella company considered Applicants must have 3 months remaining on their contract and must have been employed continually in the same industry for two years Contractors: Contractors must have at least 6 months remaining on their current contract, or proof of renewal, at time of offer	Minimum 6 months employed in current job with 12 months continuous. ******* Specific product range for – mortgages for young professionals, aimed at Chartered Accountants, Actuaries, Barristers, Commercial Pilots, Dentists, Doctors and Solicitors. ********* Must be out of probation period. If been in role for less than 3 months then we will require an employers reference that the bank will request. We would need to see a copy of the employment contract to verify out of probationary period. Will need 12 months continuous employment. We can only consider an applicant still in their probation period if the applicant is in the same line of work (e.g. hotel receptionist for one hotel chain, then hotel receptionist for another hotel chain) in which we would obtain an employment reference and request site of the employment contract. ********** 85% LTV for self-employed contractors trading for one year. 100% of income can be taken for clients with a second job Construction sub-contractors are now treated as employed customers when paid net of tax.	12 months continuous employment required – if small break, please refer. Zero hour contract – 12 months minimum also	Minimum 3 months in current employment with 6 months continuous. **** Employment gaps of up to 3 months in the last 24 months will now be accepted if not in a probation period. 3 months in the last 12 will be considered by referral Where the applicant has previous self‐employment within the last 12 months, evidence must be provided. ** Contract/Temporary Employees —- Applications will be accepted for contract or temporary workers, provided they have been in employment with the same employer for the last 12 months. Confirmation must also be provided that the contract will be on‐going and renewed. Income from seasonal work is unacceptable.	Can consider less than 3 months if same line of work and no probationary period. Max 4 weeks between jobs in last 12 months. Furloughed employees: – Can be considered; 80% of income to a maximum of £2,500, with the use of any evidenced employer top-up over and above this Bonus: – Reviewed on a case by case basis. If acceptable we will take 50% of regular bonus / commission Bounce back loans: – reviewed on a case by case basis. Not acceptable as a source of deposit Second jobs can be used (50% income taken but key 100% into DIP). Max hours between all jobs 60 hours and must have 12 months continuous employment in second job as well. Contractors. Umbrella companies or where the customer is paying their own tax and/or national ins will be treated as self employed. If Fixed term then will treat as employed and can be clients first contract as long as 12 months continuous min 6 months in same type of job. If less than 6 mths to run then letter of intent to extend is required. Zero contracts are NOT acceptable	Applicants who are in their probationary period can be considered providing they have 2 years’ experience in a similar role. Agency/Temp/Zero hour contracts – 2 years agency worker experience, must be the secondary income earner and maximum LTV – 80% Bonus – percentage used, Track record and proof required – 50% (non-guaranteed) – of additional / secondary income paid in the previous tax year. 100% (guaranteed) – evidence of track record of up to 3 years required. Overtime – percentage used, Track record and proof required See note 100% (guaranteed) – evidence of track record of up to 3 years required. 50% (non-guaranteed) – of additional / secondary income paid in the previous tax year. Second Job – 100% of income can be used if second job has been held for a minimum of 6 months and the applicant is not working more than 60 hours per week. Zero-Hour contracts: 100% of an applicant’s income, with only a minimum of 12 months zero hour contracting experience needed. If two applicants are both on zero hour contracts, Saffron will now consider using 75% of the second applicant’s income providing they have a minimum of nine months of experience as a zero hour contractor	Min 12 months continuous, 6 months in current employ. Evidenced by last 3 months salary & P60. 12 months minimum period required for Umbrella paid workers. Contractors/CIS/Agency permitted on Tandem One, Two & Three CIS contractors. How do we treat them if they work under an umbrella company? – If the umbrella company deals with the finance side for the applicant, i.e. the tax, national insurance, and pension contributions, then Tandem would be able to class them purely as an umbrella company.	Must be in current role for 3 months at the date of application where an applicant should have satisfied any probationary period. Additional evidence may be required including confirmation that any probationary period has been satisfied. Evidenced by 2 months’ payslips. Overtime, Employment Bonus, Commission, Car Allowance and Regional Allowance at 100% with Shift Allowance at 50% can be included if paid weekly, monthly or quarterly. Additional payslips or alternative income evidence may be required to justify the level of income component claimed. For any overtime component the monthly level of income to be evidenced in the payslips provided. The year to date summary should support the annualised figure declared. Additional payslips or alternative income evidence may be required to justify the level of income component claimed. 100% of annual bonuses if the applicant can demonstrate this has been paid during or after 2021 as evidenced by a payslip, or equivalent. Additional written confirmation may be requested from their employer with salary details being confirmed. Contractor highlights: Current contract must be for at least 6 months Available on RL1-6 Income calculated as Â£weekly rate x 48 weeks (maximum) Existing contractors considered Must have been contracting for a minimum of 12 months New contractors considered: Must have been contracting for a minimum of 3 months Previous experience in a similar role for a minimum period of 12 months See product guide for more information. A copy of the current contract will be required. RETIRED: – The most recent three monthly pension statements/payslips or an annual advice notification will be required to evidence all retired income and the most recent 3 full monthly bank statements showing the income credit as validation; or Latest letter from pension provider confirming current pension income and the most recent 3 full monthly bank statements. Lending into retirement: – Latest annual statement of pension(s) due on retirement or a recent letter from pension provider(s) confirming the pension due on retirement. Evidence of any additional post-retirement income will be required for the income to be considered. SEE MAIN COMPARE CRITERIA FOR ADDITIONAL INCOME DETAILS REGARDING BENEFITS.	Check product guide for Max LTV for Employed applicants. Please note: United Trust Bank currently will not consider: – • Travel – For example airlines, travel agents, tour operators or travel call centre sales staff • Hospitality – For example, hotel or B&B staff • Entertainment and Leisure – For example bar, restaurant or venue staff • Retail – For example, high street shop workers or online retail support staff Note: – Guaranteed income, such as Basic earnings and Car Allowances, accepted. Accept 50% of all regular Bonus, Overtime and Commission income for employed staff, including key workers and non-key workers Regular Bonus/Overtime payments will now not be accepted for most employees. For Key Workers listed on www.gov.uk regular Bonus/Overtime, including Shift Allowances, will be considered on an individual case basis, subject to the standard 18m history and evidence. As forms of employment. Contractor: – Gross Annual Income will now be calculated at the day rate x 5 days x 48 weeks. A minimum 12m contract history with at least one renewal is required, along with 24m in a similar role. If less than 3m remain on the current contract, evidence of a renewal must be provided and signed by both parties. Proof of Income: Applicants paid by Employer or via an Umbrella Company: Last 2m payslips, supported by the latest P60 and latest 3m bank statements. Umbrella Company fees/costs will be deducted from Gross income. Applicants paid via a pure income servicing Limited Company: Latest Accounts or Accountants Certificate, supported by the latest 3m personal and business bank statements. The company must be 100% owned by the Applicant and trading for a minimum of 12m. — 3 months in currently employed role with 12 months continuous or 6 months in the current job, neither can be in probation. Where a client has been in employment for 1 month (with 12 months continuous) in the same line of work as previous UTB can consider Overtime: – policy states 0% but UTB can use up to 100% if regular, consistent, intrinsic to roll and evidenced with 18 months proof. Annual bonus: – can take bonuses/ commission if it is monthly, bi-monthly or quarterly if an annual bonus is received UTB wouldn’t normally use it, with 2 years P60’s though we can refer to credit. Benefits – £25k earned income: – policy states that they can use benefits where the client is earning £25,000, UTB can look as low £20,000 Maintenance: – where there is no court order/ CSA in place – if we can evidence via 18 months of filtered bank statements UTB can look to refer to credit. Income over the age of 70: – employed income can’t be used passed 70, but where the client is self-employed but not actively working, I.e. just receiving salary or dividends whilst family run the business, UTB can consider.	Employed for at least 3 months with 12 months continuous employment required. Day 1 contractors considered where at least a 1 year track record of employment within same line of work Plus, reduced minimum time requirement in 2nd job down to 3 months 100% of the following; Income from trust funds, Rental Profit, Investment incomer supported by SA302, Occupational pension income, Second and other jobs providing 12 months record, Car allowance, shift allowance, London/Large Town Allowance, Housing allowance. 75% of the following; Regular annual/monthly bonus. 50% of the following; Non regular bonus & commission, Overtime or Profit related pay, Universal credit/ child/ working tax benefit, Income related employment and support allowance, Disability/Carers allowance.
Self Employed	1 years figures (Up to 90% LTV)/ SA302’s/ Accounts is accepted – however, they must meet the below: – 2 years is normally required, although an applicant with 1 year’s accounting information can be considered if the applicant: – Has no history of payment arrears, defaults, CCJs or other adverse information in the last 3 years on personal and business credit search; and – Has a track record in the trade; or is – Able to demonstrate guaranteed income within the next accounting period; or – The business is an ongoing concern and sustainable; or is – Able to provide management accounts for at least the first 6 months of the current financial year – If appropriate, VAT returns for the two previous quarters are to be supplied – Personal and business bank statements for at least the previous 3 months – Income will be based on the profit or salary/dividends for the first year of trading -Up to 85% LTV ** Always work off latest figure for self employed *** Contract workers: Contract who are based on a daily rate, are acceptable subject to the following: • The current contract must be for a period of at least 6 months • If the contract has more than 6 months to run the applicant must have been employed for a minimum of 12 months in the same line of work • If the contract has less than 6 months to run the applicant must have a 2 year track record of employment within the same line of work • It is acceptable for applicants to be paid via an umbrella company, which pays tax and NI for the applicant • Original or certified copies of the current and previous contracts will be required to confirm that contract period meets criteria.	Minimum 12 months trading required. Foster Care Income 12 month history and evidence of income required. Remittance slips or local authority reference used to evidence income Latest 12 months income figures will be used to calculate affordability. Self Employed Day rate contractors must have the contract in their personal name If trading longer than 1 year, average is taken over the last 2 – 3 years. Share of Dividends Yes Share of Directors remuneration Yes Share of directors car allowances Yes Share of directors pension contributions Yes Share of use of home as office Yes Share of private health insurance No Share of spouse’s income (sole app) No Operating profit No Retained net profit 100% • If income/profits are increasing year on year, the average of the last 2 years net profits will be used. • If income/profits are fluctuating, average of the last 3 years should be used or the latest year’s net profit, whichever is the lower. • If income/profits are decreasing, the lowest net profit figure should be used for the past 3 years, together with an explanation as to why profits are reducing. Rental income • Portfolio Landlords (4 or more properties): 100% of Net Rental Income after the portfolio is stressed at 125% of 5.50% • Non-Portfolio Landlords: 75% of Net Rental Income	1 years accounts accepted at 75% LTV. 2 & 3 years accounts required for all other products, exceptions by referral	All self employed cases are assessed on individual merit, however, below are examples which would be considered normally: – 1 years figures/ SA302’s/ Accounts is accepted – however, they must meet the below: – 2 years is normally required, although an applicant with 1 year’s accounting information can be considered if the applicant: Where possible we work off the latest years figures but reserve the right to use a 2 year average – Has a track record in the trade; or is – Able to demonstrate guaranteed income within the next accounting period; or Moved purely from ST to Ltd Co same sole Director Contract Workers – Min Contract £75,000 – Can then work of Contract income 46 weeks x Day rate.	1 years trading required. Consider retained profit Where a company director owns 20% or more of the company shares they will be classed as self-employed	Any self employed applicant will be reviewed upon DIP submission. Both 1 years trading and 3 years considered. For Standard range – Self employed applicants will need to have been trading for a minimum of 3 years, evidenced by 3 years’ SA302’s or audited accounts. We can accept both professionals (doctors, lawyers, teachers, etc.) and non-professionals that have been trading for 1 year with income needing to be based on finalised accounts prepared by the accountant acting for the business who must be suitably qualified. We would require a projection for the 2nd year income, also provided by the accountant, the applicant must have a minimum of 12 months previous track record in the same sector as their current business, which would need to be evidenced by proof of previous PAYE income. We will not be able to accept self-assessment tax returns or SA302’s as proof of income, and income would be verified by means of an accountants reference. Second year projection can be used if no more than 30% growth.	2 years self employed required – 2 years companies accounts also required. Please note: – 2 years company accounts (as provided by a qualified accountant) where available OR 1 years company accounts where they have been filed in the last 9 months OR if the applicant doesn’t maintain accounts, SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews	Self Employed (Sole Trader/Partnerships) • 1 Years final accounts plus 3 months personal and business bank accounts statements showing applicants share of net profit • SA302s can be provided as long as they are supported by 3 months personal and business bank statements For applicants who have been trading for less than two years, one year’s finalised accounts is acceptable. For applicants who have been trading for two years or more, two years’ accounts will be requested and the latest year’s figure will be used for affordability. ************* Company Director (Note: Shareholding = or < 25% treated as employed, shareholding >25% treated as s/employed) • 2 Years final accounts plus 3 months personal and business bank statements showing – this is required if more than 1 years trading. Add backs’ accepted for controlling Limited Co Directors, including pension contributions, car allowance, and use of home office, to boost affordability Share of Dividends Yes – minimum 25% shareholder Share of Directors remuneration Yes – named shareholder Share of directors car allowances Yes Share of directors pension contributions Yes Share of use of home as office Yes Share of private health insurance Yes Share of spouse’s income (sole app) No Operating profit No Retained net profit No Finalised accounts will be required where additional remuneration is to be added back.	Can consider up to ONE years figures regardless of how long trading up to 85% + lenders fee. Over 75% is subject to score so key one year, it will refer (check back in 2 hrs) if decline, then reduce to 75% LTV or copy DIP and add 2 years figures (then can consider up to 5 x income). Precise will work off the average or last year whichever is the HIGHER. Proof of Self employment: HMRC Tax Calc + Overview OR SA302 + Overview OR Accounts For Directors add together for total income 100% of: Salary + Dividends + Co. Car allowance + pension Contribution = Total that you key into the DIP Changes in trading style ie Sole to LTD Co treated as continuous self employment NOTE: underwriters reserve the right to ask for further information where necessary ******* Precise can also use the following in order to help affordability if they are declared on the accounts: – Rooms used as an office Use of spouse’s income Share of dividends Director’s car allowance and pension	2 years self-employed applicant has been trading for two years or more can qualify for Saffron’s full range of products. This allows for more affordable residential rates for experienced self-employed applicants, and also opens the door to Saffron’s self-build and Joint Borrower Sole Proprietor (JBSP) products for the first time. For applicants with a minimum of 12 months trading or for those who require more flexible underwriting, Self-employed with 100% Ownership can be considered on net profit after tax plus salary – for any other scenario, affordability assessed on salary plus dividend. Partnerships assessed as share of net profit Average or latest what ever is the lesser. If reasonable increase year on year over the last 3 years can take latest subject to underwriters discretion. – 3 years income rising or downward trend – the system will now use the latest years figures – 3 years fluctuating income – the system will use a 3 year average. – 1 or 2 years income – the system will use the latest and must go on the self-employed product range Contractor Applicants Specific product range for applicants who are deemed a contractor. Our policy has previously been silent on CIS workers and contractors working through an umbrella company so we have updated our policy to provide clarity to all our brokers. CIS Workers – A minimum of three months’ CIS contracting experience and one year’s industry experience. The Society takes the applicant’s average income from the last three months into account. – May require 6 month’s payslips and bank statements – A contract of employment if they have one – Will assess via the contract terms or if no contract available we will us an average of the last 6 months payslips. Contractors working under an umbrella company – Must have 2 years min – CV Required as evidence – Require 3 month’s invoice/payslips and bank statements – Evidence of a contract of employment – For affordability will use our day rate x days worked x 48 but factor in the deductions taken by the umbrella company. Rental income usage for professional landlords – 50% of surplus income considered	Latest years’ figures used for self-employed customers, potentially including retained profits for Ltd Co Directors but: – Must have been trading for 3 years – Evidenced by latest SA302, HMRC & Accts certificate. Contractors/CIS/Agency permitted on Tandem One, Two & Three When taking rental income into account does the applicant need to have been a landlord for 3 years? Or just the latest SA302? – If the use of rental income is being used as additional income, Tandem just need to see 1 years SA302’s/ tax calculations and the HMRC Tax overview statement but if it were the applicant’s sole income, it would refer to our self-employed criteria and they would need to have been trading for 3 years under same company name etc.	Trading 12-24 months: – • Maximum 85% LTV • Most recent year’s evidence required Trading >24 months • Maximum 85% LTV • Most recent 2 years’ evidence required Minimum trading time 12 months. Latest 3 months’ business bank statements and 1-month personal bank statement. Additional statements may be required. Evidenced using: • Most recent year’s certified accounts OR • Tax Calculation with corresponding Tax Year Overviews OR • SA302’s TML will not accept an accountant’s certificate/reference. If certified accounts are provided with these must be completed and returned from a qualified accountant with Acceptable accountant qualifications: ACA/FCA, ACCA/FCCA, ACCIMA/ FCIMA, CIPFA, ACMA. Accountant must hold a current practising certificate. Contractors: – Income calculation of up to a maximum of weekly rate x 48. Existing contractors: Must have been contracting for a minimum of 12 months. TML will only accept applications at present from existing contractors, not new contractors. Current contract must be for a minimum of 6 months. Payslips and/or invoices supporting the contract and bank statements are required. For any contract with a term less than 3 months remaining, confirmation to be provided from the applicants’ employer that their contract will be renewed and TML is satisfied with the applicant’s contracting history, if requested. Renewal of contracts: Where the current contract length is less than 6 months and there is a history of renewal covering a 6 month period, with the same company, then this can be considered on a case by case basis. Contractors do not qualify for RL7 and RL8 products.	Check Max LTV for all self-employed applicants Max 80% LTV for all self-employed applicants – only 0-Status, no other range. Contractor: – Gross Annual Income will now be calculated at the day rate x 5 days x 48 weeks A minimum 12m contract history with at least one renewal is required, along with 24m in a similar role. If less than 3m remain on the current contract, evidence of a renewal must be provided and signed by both parties. Proof of Income: Applicants paid by Employer or via an Umbrella Company: Last 2m payslips, supported by the latest P60 and latest 3m bank statements. Umbrella Company fees/costs will be deducted from Gross income. Applicants paid via a pure income servicing Limited Company: Latest Accounts or Accountants Certificate, supported by the latest 3m personal and business bank statements. The company must be 100% owned by the Applicant and trading for a minimum of 12m. Sole Traders: 100% of Net Profit. Partnerships/Limited Companies: 100% of all sustainable drawings or dividends in addition to any salary. Retained Profits and Directors Loans are not accepted. Pension/Maintenance – 100% of all regular income. Working Family Tax Credit, Child Benefit and Child Tax Credit – 100% of all income, providing there is a minimum of £25,000 total earned income across the application. Sole trader to limited company: – where the client has only had a limited company for a short time but changed from being a sole trader we can consider with an explanation from the accountant (normally for tax reasons).	One of: • Latest SA302, dated within 12 months • Accountants reference: one years accounts • Minimum 12 months accounts with 1 years accounts or SA302 Applications will be considered as long as there is a minimum of 1 years verified accounts or an Accountants reference. Where the applicant is a Sole Trader or LLP/Partnership, 1 years SA302’s and Tax Year Overviews will be acceptable. All self-employed income will be verified by accounts that must be certified by qualified accountant or where applicable, the SA302. Where the trading period is over 2 years, 2 years evidence of income will be required. **** Acceptable Income Sole traders and partnerships – most recent net profit if stable or increasing • Limited Co Directors – drawings and dividends. Net profit after tax can be considered. Last year’s net profit after tax can also be considered if 100% shareholders are on the mortgage. Enhanced affordability: 48x weekly rate for self-employed contractors CIS workers now only need to provide 1 year’s SA302 and tax year overview along with the last 3 months’ payslips or invoices All LTVs and Adverse Tiers available to contractors
Applicant(s) paid in cash			Consider on a case by case basis. As a minimum, the same amount paid into applicant’s bank account much match the payslips.	Refer	Will accept if deductions for tax and national insurance contributions on payslips.	Consider on a case by case basis. As a minimum, the same amount paid into applicant’s bank account much match the payslips.	No.	No.	Consider on a case by case basis. As a minimum, the same amount paid into applicant’s bank account much match the payslips.	No	Yes with last 3-6 months bank statements and wage slips.	No	Considered.	Consider on a case by case basis. As a minimum, the same amount paid into applicant’s bank account much match the payslips.
Valuation fees	Paid direct to lender at the lender fee scales.	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Paid direct to lender at the lender fee scales.	Paid direct to lender at the lender fee scales. Free Valuations on Residential Purchase and Remortgage cases up to £500,000 (Discount of £360 above that value)	Paid direct to lender at the lender fee scales.	Paid direct to lender at the lender fee scales	Paid direct to lender at lender fee scales	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc. A completion fee and Chaps fee is payable in all cases. The customer will have the option to pay their completion and/or Chaps fees up front or they can be added to the loan. However, any fees to be added to the loan must not exceed the hard cap rule of 85% as a maximum LTV for all Residential cases.	paid direct to lender at the lender fee scales	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Paid direct to lender at the lenders fee scales, found on both the lender website and product guide.	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid directly to the lender at the lenders valuation fee scale. AVM’s available up to £250k on remortgages and unencumbered properties only, not for purchases	Paid direct to lender and related to lender fee scales. £995 to £1,495 depending on scheme selected. Can be added to the loan above max LTV except at 90%.
Access	Access to Aldermore Mortgages is direct to lender with 3mc selected as your payment route	Access to Bluestone Mortgages is to a selective panel of mortgage packagers, of which 3mc are one.	Access to Dudley BS is available via selected packagers only.	Access to Family BS is available via selected packagers networks.	Access to Foundation Home Loans is available via selected packagers networks and mortgage clubs	Access to Kent Reliance is direct to lender with 3mc selected as your payment route	Access to LendInvest via Strategic Partners only as your packager, of which 3mc are one.	Access to Pepper Money can be direct to lender and also via a mortgage packager.	Access to Precise is direct to lender with 3mc selected as your payment route	Access to Saffron is available via selected packagers only	Access to Tandem available via 3mc as your mortgage packager.	Access to TML is available via selected packagers only	Access to United Trust Bank is via mortgage packagers currently, one of which is 3mc.	Access to Vida Homeloans is via a selection of mortgage packagers, including 3mc.


	Aldermore Commercial	Birmingham Bank	Cambridge & Counties Bank	CHL Mortgages	Family Building Society	Fleet Mortgages	Foundation (Solutions) Home Loans	Hampshire Trust Bank	InterBay Commercial	Kent Reliance	Landbay	LendInvest Mortgages	Paragon	Pepper Money	Precise Mortgages	Quantum Mortgages	Saffron Building Society	Shawbrook Bank	The Mortgage Lender	United Trust Bank	Vida Homeloans	Zephyr Homeloans
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Property Value (min)	£60,000 (single residential units) £75,000 (includes HMO, MUF, Commercial, Semi-Commercial and Commercial Owner Occupier assets)	£135,000	Commercial – Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation. ***** Residential – Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.	Standard property £75,000 Ex-Local Authority property £100,000 Studio flat 30sqm £100,000 Flat above/adjacent to Commercial £250,000 within M25 (£150,000 All other regions) Shared House (single unit rental) £75,000 Shared House (room-by-room rental) £250,000 within M25 (£150,000 All other regions) House of Multiple Occupancy £250,000 (£150,000 All other regions) Multi-unit Freehold Block £150,000	Minimum property value £120,000 (we have a little wiggle room here between £100-£120,000), Ex Pat BTL tends to be min value £165,000 as min loan is £100,000 but again a little bit of wiggle room available usually)	– Standard property £50,000. – HMO /MUFB £150,000 in LSE, £100,000 outside LSE. – Ex-local Authority £150,000 in LSE, £75,000 outside LSE. – Properties above or adjacent to commercial £100,000. – Freehold property conversions £150,000 in LSE, £100,000 outside LSE. – Other restrictions may apply.	£75,000	£133,333 – minimum loan has to be £100,000	£150,000	£75,000 min, £600,000 max	£65,000 Standard £120,000 HMOs & Multi Units £75,000 for HMO in qualifying areas – BB, BD, CA, CW, DH, DL, FY (Excluding FY1-FY4), HD, HX, L, LA, M, NE, OL, PR, SK, TS, WA, WF, WN, YO. £120,000 for postcodes not listed above . Min. loan size £1,500,000 million	£75,000 for single units £150,000 for HMO £250,000 for HMO in Greater London – £100,000 elsewhere.	£75,000 (Including HMO) Multi-Units – Min Val for; 2 -10 units is £100,000 11 – 20 units is £150,000	Minimum property value £70,000	£50,000 or £150,000 in London postcode districts HMO minimum property value now £100,000, or £250,000 in London postcode districts	Single Unit / MUB & HMO Range £125,000 Specialist Range £70,000	£100,000	£75,000 Exception is residential portfolios where min value is £50,000 for at least 2 properties. For properties under £100,000 – see specific product range	£62,500 (for products assumes max 80% LTV). £120,000 London & South East £120,000 for HMO £150,000 for properties above commercial premises	Houses Minimum value £100,000 with maximum value £5M Flats Minimum value £125,000.	Single Residential Units -£50,000 up to 70% LTV £70,000 minimum value above 70% LTV. HMO – £100,000 MUB £175,000 in London & South East. £125,000 in all other locations. Ex Local authority flats/maisonettes min £80,000 outside London, £200,000 in Greater London up to 80% LTV	£75.000 for single units. £100,000 for HMO, MUFB’s & Flats above commercial (60% LTV)
Advance (min)	£25,000 £50,000 for commercial	£100,000	£150,000 per property	£25,001	£45,000 including ex pat	£25,001	£50,000	£100,000	£150,000 for Semi-Commercial and Commercial units on Select range Buy To Let products: – £1,000,000.	£50,000	£30,000 £150,000 for 3mc exclusive	£50,000 including HMO	£30,000	£25,001	£75,000 for Individuals & Limited Company This includes single units, HMO’s & Multi units	Single Unit / MUB & HMO Minimum loan: £100,000 £25,001 on Specialist products and ex -pat	£30,000 £60,000 for HMO	£50,000	£75,000 minimum loan on current product range	£50,000	£100,000 – supersedes all minimum property values.	£50,000
Advance (max)	Maximum £35,000,000 to 75% LTV, £5,000,000 to 75% LTV on 1 unit. £25,000,000 to a single customer. Loans above 70% are subject to additional internal Aldermore criteria. Maximum aggregate exposure to a single customer £35,000,000. LTV restrictions will apply. Commercial Owner occupiers to borrow up to £1m on an interest only basis, for up to 10 years.	£2,000,000	£2,500,000 per property	Standard property £75,000 Ex-Local Authority property £100,000 Studio flat £100,000 £2,000,000 up to 70% LTV £1,000,000 up to 75% LTV £500,000 up to 80% LTV Aggregate exposure limits of £5,000,000 with no limit on the number of properties/mortgages. 80% LTV available against ‘standard’ freehold and leasehold properties. Any construction type highlighted by our valuer as non-standard will be restricted to a maximum 75% LTV. Non-standard property construction max LTV of 75% Above/adjacent to commercial property max LTV of 75% MUFB/HMO maximum LTV of 80% Larger MUFB’s – 75% Max LTV The minimum property value of £150,000 for properties located within the M25, £100,000 elsewhere At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property Maximum of 10 units in the block All units must have separate services Larger HMO’s – 75% Max LTV All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use, as well as properties requiring considerable alternation to sell as a family home At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property Maximum of 10 bedrooms No limit on the number of lettable rooms Minimum property value of £150k for properties located within the M25, £100k elsewhere Short term lets considered Flat above/adjacent to Commercial £250,000 within M25 (£150,000 All other regions) Shared House (single unit rental) £75,000 Shared House (room-by-room rental) £250,000 within M25 (£150,000 All other regions) House of Multiple Occupancy £250,000 (£150,000 All other regions) Multi-unit Freehold Block £150,000	65% to £1.25million loan amount 60% to £1.5 million loan amount 50% to £3 million loan amount and 50% above this	Up to £2,000,000 however restrictions do apply for certain property types	Currently max loan across all ranges if 75% up to £1,500,000 £100,000 on low loan range (Available to Portfolio landlords only) £2,000,000 on Large loan range up to 65% LTV £2,000,000 on loan for both individual units and HMO/MUB up to 65% £1,000,000 up to 75% LTV £500,000 up to 80% and 85% LTV Semi Commercial loans max £3,000,000	£15,000,000	£1,500,000 to 75%. for single units – £70% LTV for <7 bed HMO/MUFB 80% LTV Maximum on single units and HMO/MUFB’s Semi Commercial – 75% LTV Max Commercial unit – 75% LTV Max Exceptions and portfolios considered. Properties over £2,000,000 now considered.	No maximum loan up to 85% LTV £3,000,000 up to 80% LTV – if higher then it goes via BDM referral Max 80% LTV and £1.5m for 7-10 bedrooms/ units Up to 80% LTV to £3m on 1-6 bedrooms/units	£1,500,000 up to 75% LTV – HMO/MUFB £1,500,000 up to 75% LTV on Standard properties Large HMO – Max loan £1,500,000 up to 75% LTV £750,000 max loan on new build properties Large Loan range: – Min. loan size £1,500,000 million Max. loan size £2,000,000 million	Single units: – £500,000 up to 80% LTV £1,000,000 up to 75% LTV HMO – £500,000 up to 75% LTV 75% for HMO’s 7 – 10 bedrooms 80% for HMO’s up to 6 bedrooms MUFB up to 10 units – 75% LTV £3 million – 75% LTV Small HMO’s and MUFB up to £3mill, and up to £1,500,000 million for Large HMOs and MUFBs. Up to £5mill with a maximum of 25 properties aggregated.	£4,000,000 to 65% LTV £1,500,000 to 70% LTV £1,000,000 to 75% LTV £750,000 to 80% LTV both non-portfolio and portfolio landlords £10,000,000 per customer max lending	£2 million within the following LTV limits: Up to £750,000 available to 80% LTV Up to £1 million available to 75% LTV Up to £1.5million available to 70% LTV Up to £2 million available to 65% LTV Aggregated Exposure limit has increased from £3m to £4m.	£3,000,000 to 60% LTV £1,000,000 to 70% LTV £750,000 to 75% LTV HMO/Ltd Co: – Maximum loan: £1,000,000 to 70% LTV £750,000 to 75% LTV	Single Unit / MUB & HMO range £1,500,000 Specialist Range £1,000,000	£1,000,000 to 75% LTV (Anything above, referred) or product specific	£15,000,000 per client to 75% LTV. Loans over £750,000 have specialist rates Exceptions and portfolios considered.	£3,000,000 up to 70% for a single unit/MUB BTL (Ind / Ltd co) £2,000,000 up to 70% LTV for HMO £1,500,000 up to 75% LTV for ALL property types £2,000,000 up to 70% if New Build Flat / Above Commercial Aggregate lending limit to apply to any type of property	£500,000 up to 80% LTV Standard and Specialist. £1,000,000 up to 75% LTV – Non standard also. Total borrowing of up to £5M per individual with a 20 loans maximum.	£500,000 up to 85% LTV £750,000 to 80% LTV £1,000,000 to 75% LTV £1,500,00 to 65% LTV	STANDARD (single properties) Max Loan Amount – £1,500,000 @ 70% LTV. £1,000,000 @ 75% LTV (£2,000,000 in total) SPECIALIST HMOs & MUFBs: Max Loan Amount – £1,000,000 @ 75% LTV. Max Loan Amount – £1,500,000 @ 70% LTV. (£2,000,000 in total) Specialist New Build & Flats Above Commercial products available up to 75% LTV, with Max Loan size of £750,000 NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 75%. We will require proof of the source of deposits
Term (Min)	6 years	5 years	3 years	5 years	5 years	5 years	5 years	2 years	2 year term for all applicants	5 years	5 years	7 years	5 years	5 years	5 years	5 years	5 years	3 years	5 years	5 years	5 years	5 years
Term (Max)	35 years 20 years for commercial	25 years	Commercial Owner Occupier/Commercial Investor is 25 years, Residential Investor is 30 years.	30 years	40 years	30 years	30 years	30 years	30 years	35 years	30 years	30 years	25 years	35 years	35 years	40 years	40 years	30 years	35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 40 years).	40 years	40 years	35 years
Type / Commercial	HMO’s, student BTL. Multi-unit on 1 title – which could be considered under Aldermore Mortgages. Aldermore Commercial: -Semi commercial, commercial investments units plus owner occupied commercial units. Available to trading Ltd Co. SPV’s and individuals for both Aldermore Mortgages and Aldermore Commercial. Allow single name into a limited company name using a directors loan and must be at market value. Non-standard construction Wimpey No Fine and Laing Easiform, acceptability will be linked to valuers’ assessment – so can consider. No longer accept any buy to let property with an EPC rating of F or G Buy to let properties must have an EPC of E or above or a registered exemption certificate	Standard BTL, BTL Flats, Flats above commercial subject to valuers comments, Small HMO up to 6 rooms, Small MUFB up to 6 units	Freehold and long leasehold (min 40 years on expiry of loan) commercial only. Freehold and long leasehold (min 70 years on expiry of loan) residential only. HMO’s will be considered for licence holding operators with appropriate experience. Plus Lending to Trust’s, SIPP/SSAS Allow single name into a limited company name using a directors loan and must be at market value Must be UK registered First charges on land and buildings, personal guarantees from business owners/directors required.	Standard Freehold property max 6 bedrooms Standard Leasehold house/flat/maisonette 75% LTV Max for: Ex-local authority house Ex-local authority flat/maisonette. ————— Studio flats more then 30sqm Flat above/adjacent to Commercial subject to valuers comments Larger MUFB’s – 75% Max LTV The minimum property value of £150,000 for properties located within the M25, £100,000 elsewhere At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property Maximum of 10 units in the block All units must have separate services Larger HMO’s – 75% Max LTV All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use, as well as properties requiring considerable alternation to sell as a family home At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property Maximum of 10 bedrooms No limit on the number of lettable rooms Minimum property value of £150k for properties located within the M25, £100k elsewhere Will not consider properties where any of the following applies: • Where they are regarded as unsuitable by the Valuer on the grounds of noise, smell or danger to Health and Safety. • Where the Valuer advises that Anti-Social behaviour is possible due to the Commercial premises • Where a property is above or adjacent to hot-food outlets, Public Houses, Night Clubs, Takeaways, Pet Shops, Workshops and Petrol Stations) New Build house New Build flat/maisonette Shared House House of Multiple Occupancy max 6 bedrooms • Development exposure limits in any block increased to: o Blocks of up to 6 units: Maximum of 6 units per block o Blocks of 7 to 20 units: Maximum of 10 units per block; and o Blocks of more than 20 units: Highest of 10 units or 20% per block Short Term Lets Properties let as an AirBnb, holiday let or serviced apartment are acceptable providing the valuer confirms The security property is suitable for occupation under an AST; The ICR calculation fits on the market rent based on an AST; and There is demand for the property from both owner occupier and investor buyers. CHL – Light refurb range: – three products: Light Refurbishment, Cosmetic Improvement and EPC Improvement. The first two products are designed to increase the future asset/rental value of the property, with the latter a Green Mortgage option which is specifically designed to improve the energy efficiency of the property. Lending will be calculated on the pre-works value with a retention held based upon the post-works estimated valuation. 75% Max LTV: – – Cosmetic Improvement – designed for improvement works to improve the cosmetic appearance of a property, such as painting & decorating, replacement flooring, replacement fixtures and fittings – EPC Improvement – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off, with a requirement the collective works must improve the EPC rating of the property to a C or above – Light Refurbishment – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off.	Single units – including freehold and leasehold	Able to accept BTLs, HMOs and MUFBs in both personal and Ltd Co applications. These also include (but not limited too) ex-local, above/ adjacent to commercial and new builds.	F2 Range: Extra Large HMOs- 9 bedroom plus Semi Commercial- a combination of both residential and commercial use HMO product available where maximum number of permitted occupants is less than or equal to 6 If block of flats has over 3 storeys with cladding, it will not be considered. Large HMO products available where maximum number of permitted occupants is more than 6; up to a max of 8 bedrooms HMOs: up to 8 bedrooms and MUBs: up to 10 units All Multi Unit blocks are classed as Large HMOs up to 10 units First time buyer is defined as someone who has never owned a property. First time buyers are not acceptable as sole borrowers. First time landlord is defined as someone who has not operated a buy to let within the last 6 months. First time landlords are acceptable where the borrower is currently an owner occupier, the deposit is from own sources and not gifted and the property is not above commercial premises, Ex-Local Auth, MoD or Housing Association, an HMO or Multi-Unit, a property where the borrower owns adjacent land or access road.	Residential and semi commercial only – HMO, MUFB considered The value of the residential element can be up to 50% of the total valuation and should have its own separate access • Large and small portfolios • Holiday lets • HMOs • Development exits • Sitting tenants • New build flats Purpose Built Student Accommodation – Or PBSA for short. A general list of questions such as: • Location • University Ranking • Property Quality • Lease terms – If the property is leased then the key terms need to be understood including how any break clauses work. • Occupancy Levels – What are the historic occupancy levels • Competition – What does the PBSA pipeline for the University / City imply for future occupancy levels / rental expectations? • Overseas Students – What proportion at University / property? HTB also consider Vulnerable Tenants: The following types of properties and tenancies providing the property is let on a corporate agreement to a local authority, Housing Association, or strong corporate / charity and, where applicable, an experienced and reputable CQA-registered care provider is in place: • Properties where 24 hour or live-in care is provided • Properties providing emergency housing accommodation • Properties where housing is provided for rehabilitation or social transitional purposes” • For clarity direct lets to vulnerable tenants are outside of appetite. Care Homes are also outside of appetite. For semi-commercial cases where, following valuation, the residential aspect is less than 50% we will continue to lend up to 75% LTV and 1.25x interest cover. Note that where the residential aspect is less than 50%, we may need to reprice the application, which could impact serviceability. HTB accept cases where properties are let to a third party for emergency housing, rehabilitation or social transitional purposes, provided there is a credible professional operator providing appropriate management.	HMO’s, student BTL. Multi-unit on 1 title and semi commercial currently. – up to 20 bedrooms/units 70% Max for HMO/MUFB Available to trading Ltd Co. SPV’s, SIPPs, SASS’s, Family/Discretionary Trusts and individuals. HMO’s, student BTL. Multi-unit on 1 title, semi commercial and Commercial. – up to 20 bedrooms/units 70% Max for HMO/MUFB and Semi Commercial 65% LTV max for Commercial. Commercial: 65% LTV – Acceptable usage – selected retail (high street and suburban/neighbourhood precinct) – Offices – 3 stories, single tenant & period/modern buildings – Light Industrial / Storage / Distribution – post 1980s, max 20,000sqf, single or multi let, self-contained Semi commercial – 70% LTV – £2m value (larger by exception) – Acceptable usage – selected retail (high street and suburban/neighbourhood precinct) – office – takeaways and restaurants/cafes – pharmacies – ICR to primarily be based on the Residential rental income only. The Commercial rental income can be utilised subject to validate that: – the last 12 months rental payments have been paid, and – there is at least 12 months unexpired term on the current lease – No vacant commercial – Investor and Owner Occupiers allowed – Sales & Letting marketability of 12 months or less – Immediate occupation only – Lease review by solicitors	HMO’s up to 20 beds – must already own a HMO property. Broker must call into Kent Reliance’s team to discuss options for the Valuation. Standard properties will be considered up to 4 flats on 1 title, if its above 4, then it will be considered specialist. Kent Reliance can also lend on student lets, Up to 6 -10 flats on 1 title allowed. Available in SPV Ltd Co and individuals.	Above Commercial – considered up to 75% LTV Residential BTL properties in a condition to be let. No commercial properties. First Time Buyer First Time Landlord accepted with minimum employed income of £85,000. Property value must exceed £75,000 Must be suitable for letting at completion Must be in an area with strong rental demand as determined by our surveyor partners No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties. Large HMOs/MUFBs up to 12 units Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental Min. 1 years’ prior experience as a landlord for large HMO but Small Range HMO up to 6 bed, no experience required.	Houses New builds (with full certificates in place) Flats Maisonettes Apartments including new builds HMOs (up to 15 rooms) and Multi Unit Freehold – HMO product can be considered for first time landlords, and offer rental yield based valuations on small HMOs in Article 4 areas. Flats in blocks up to 5 storeys Flats up to 10 storeys In Greater London accepted subject to valuer’s commentary. Ex-local authority flats considered – If in a privately owned block (Greater London only) Small HMO – First time landlords considered. For LARGE HMO / Multi Unit – minimum 2 years experience as a property portfolio landlord. HMOs with kitchenettes will be limited to 70% LTV. -Commercial valuations on small HMO’s in article 4 -Commercial valuations on Large HMO’s between 7-15 beds -Multiple kitchens permitted at 75% LTV -Student lets for small HMOs (up to 6 beds) -MUFB/HMO combination acceptable Other acceptable property details: – -Ex local houses & Flats -Deck access flats -Properties next to/opposite commercial incl: pubs and places of worship -Properties near food outlets (must be a min of one property between security and food outlet, subject to valuers comments) -MUFBs, even if the client owns the Freehold and leasehold in separate legal entities	Standard BTL investment properties such as a house or Flat Multi Units HMO’s Student Lets	Houses: private and ex-local authority or social housing Flats & maisonettes: private only New build: – A property is to be considered new if it is a first sale by the builder However, properties which have not sold on physical completion will be considered on an individual basis Timber framed construction: Modern timber framed properties clad with masonry are considered as acceptable Timber framed properties which are not deemed to be of a modern type clad with masonry will be reviewed on an individual basis and will be considered on their merits Flying freeholds: Flying freeholds will only be considered up to 20% of the total property area Coal mining and other forms of extraction: Any properties with a coal mining or metalliferous mining entry/feature within 20m of any building will not be considered Electromagnetic fields: Any properties within 100m of above ground high voltage electrical supply apparatus will not be considered Contaminated land: Where there is potential for contaminated land, a pass certificate must be available from an appropriate body Japanese knotweed: Where a property has Japanese knotweed (or any other invasive weed) located within or immediately adjacent to the site defined as category 4, 3 or 2 in RICS paper IP 27/2012, it will not be considered Solar panels: Properties where solar panels have been installed and are subject to a lease agreement will not be considered If the solar panels are owned outright, the application will be reviewed on a case-by-case basis Do not consider non-standard construction 20% maximum flying freehold	SPV Limited Company Standard BTL investment properties such as a house or Flat HMO’s up to a maximum of 6 bed – can also consider HMO’ with 6 beds with more than 1 kitchen. Multi units up to 6 beds – up to 75% LTV Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages. For properties 11 – 20 LTV is capped at 70% and maximum exposure is £10m.	Flats including studios below 30sqm, New build flats, Ex local authority flats with deck access up to 12 floors, High Rise, MUB, HMO, Holiday Lets, Airbnb, Semi Commercial Units, BTL investor led developments, properties located above or adjacent to commercial except petrol stations and hazardous industrial units including food or alcohol	SPV Limited company and HMO accepted. Small HMO • Maximum number of tenants: 4 • Experience: Existing BTL property • First HMO mortgage: accepted Large HMO • Maximum number of tenants: 6 • Experience: Existing large HMO • First HMO mortgage: not accepted. HMO’s up to 6 bed rooms – defined as large HMO’s, 4 bed HMO’s are considered to be on “Small” range	Single Residential investment unit, HMO’s, student BTL. Multi-unit on 1 title, semi commercial, commercial investments units plus owner occupied commercial units. Available to trading Ltd Co. SPV’s and individuals. Maximum LTV 75% LTV on Industrial Units Retail assets as acceptable security, but subject to underwriting. Owner Occupied trading business considered – Nicknamed Opco/Propco. 2 years trading accounts required. 75% LTV Interest only available Check minimum loan amount! £25mill max loan The property value will be considered on a Vacant possession basis with reletting and resale demand within 12 months being required. Shawbrook require, as a minimum, the provision of 12 months trading accounts to support the application. The applicant must have a minimum 2-year trading history. 70% LTV IO, 75% with 5% amortisation max 5 years Individuals (UK and EU nationals residing in the UK) LTD Company (UK Incorporated) PLC (UK Incorporated) LLP (UK Incorporated) Trusts (Minimum Loan size £1m new loans, Refinances case by case) SIPPS (Minimum Loan size £1m) and SASS’s Ex-pats Offshore LTD Companies and Trusts considered – Minimum loan size must be £750,000. Maximum loan size of £1,000,000 applies when based in Gibraltar. Where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands then these would not be accepted. Flats in blocks exceeding five floors are considered by exception only. Consideration is given for highly experienced clients and where the valuation report provides strong commentary on sale & rental demand as well as location. Personal Guarantees: – As a minimum, a personal guarantee equal to 25% or £50,000 (whichever is higher) of the loan size will be required from all directors where they have more than a 25% shareholding. For Complex Commercial loans a personal guarantee equal to 100% of the loan size will be required. • Non-refurbishment STL • Specialist BTL (including large loans) • Commercial investment product ranges Complex commercial investments considered: – Including: Serviced offices, vacant commercial property, multi-unit lets on licenses and medium term planning gain projects. 2 years experience required AVM’s possibly available for Small HMO’s that are valued on single dwelling basis Thatched roofs have been added to ‘Non-Standard Construction’ types Cladded blocks are unacceptable without a satisfactory EWS1 form	Single Residential units, HMO’s (up to 6 beds), Student lets, and Multi units on 1 title (up to 6 on 1 title). Flats above commercial and ex local authority properties. Corporate lets: accept a maximum 6 month break clause on corporate lets.	Any applicant, either individually or in a Ltd. Company (SPV), owning other BTL properties. Ltd Co’s that have been formed for holding residential Buy to Let properties as assets. Trading companies are not permitted DIRECTORS OR SHAREHOLDERS Up to a maximum of 4 individuals. The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company. PERSONAL GUARANTEES All directors and shareholders are required to provide joint and several guarantees and take Independent Legal Advice. CONNECTED APPLICANT Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application. ACCEPTABLE SIC CODES 68100, 68209, 68320, 68201. High Rise Flats Over Commercial premises HMO’s Multi-Unit Freehold Blocks Holiday lets Consumer BTL: – Do not allow Consumer BTL. If the client is already a landlord with other rental property this is acceptable. Considered if the subject property is the client’s only BTL FLATS Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift). Studios at least 30 Sq.M in size. LEASE TERM – Minimum term 60 years left on the lease on completion. EXPOSURE LIMITS – Maximum of 25% exposure of a block of flats. MUB APPLICANTS At least 1 applicant must have 1 years letting experience. MINIMUM VALUATION £150,000. NUMBER OF UNITS Six self contained units with their own utilities on specialist and ten on non standard products HMO APPLICANTS At least 1 applicant must have 1 years letting experience. MINIMUM VALUATION £150,000. NUMBER OF LETTABLE ROOMS Six on specialist and ten on non standard products. LICENCE REQUIREMENTS Licence would be needed if required by the local authority. This will be confirmed by the solicitor. NEW BUILD DEFINITION Will only lend on new properties which are built and ready for occupation. WARRANTY A new build warranty should be in place confirmed by the solicitor	Flats LTV’s available up to scheme limits. High rise flats must have a lift if over 4 floors (Ground+ 3 floors). No lift required if the flat is on one of the first 3 floors above ground, irrespective of the number of floors in the block. – Will not lend on properties above a public house – Flat roofs considered on flats. High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability Flats above commercial Flats situated above commercial premises: Max 75% LTV Commercial element of mixed-use properties now allowed up to 40% Premises Flats situated above restaurants/ takeaways/ launderettes: Max 60% LTV Properties adjacent to public houses and petrol stations now considered Properties with Possessory Titles now considered Flat roofs on houses are based on valuers comments if greater than 25% of the roof area , and assessed on an individual basis on mortgageability & saleability. New Build Accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty Max LTV Up to scheme limits except where restrictions apply Flat Roofs Accepted Solar Panels Consent to roof space leases for the installation of photo-voltaic (solar) panels, can be agreed subject to the joint CML and BSA published minimum requirements being met Limited Companies & Partnerships Minimum & Maximum Number Minimum 1 of Shareholders/ Directors Maximum 4 Business Classification • 68100 Buying and selling of own real estate SIC Codes) for SPV’s only • 68209 Other letting and operating of ow n or leased real estate • 68320 Management of real estate on a free or contract basis • 68201 Renting and operating of Housing Association real estate Company Registration England & Wales Only Trading Companies Acceptable. If existing Limited Company trading under a different SIC code, 1 year’s Accounts & SA302 required	Single units HMO’s up to 6 bedrooms MUFB’s (Multi units) up to 6 flats on 1 title Flats above commercial – up to 70% (£750,000 max) HMO & MUFB properties will be valued on a ‘bricks and mortar’ basis only, Zephyr Homeloans will not undertake investment valuations.
Rental calculation.	Commercial Investment / Semi Commercial – 140% cover required on C&I basis and 160% cover on Interest Only basis If 3 year fixed rate – then calculation is decided on the higher of product or revert rate For Limited Companies – use 125% Commercial Owner Occupier – 165% on both C&I and Interest Only. Net Operating Income (NOI) to provide coverage at 165% at the pay rate (higher of the product or revert rate if a fixed rate product if selected) Portfolio rental stress is at 5% – can consider a rental boost if falling short on rental income for portfolios. BTL rental calculation has a 10% rent increase on a 5 year fixed and can consider top slicing If the individual stress rate for the application is below the portfolio stress of 5%, the lower stress rate will be factored into the overall assessment of the portfolio. ************** Single unit properties Individuals: – 145% for a higher or additional rate tax payer (120% including use of surplus income). Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate – otherwise, pay rate. 125% for a basic rate tax payer (110% including use of surplus income). Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate – otherwise, pay rate. ************ HMO’s Individuals (higher or additional rate tax payer) – 185% or 160% including use of surplus income Companies or Individuals (basic rate tax payer) – 155% or 140% including use of surplus income Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate. Higher of pay rate, or reversion rate +0.75% if 5 year fixed ************ Multi-Unit Freehold** Individuals (higher or additional rate tax payer) – 145% or 120% including use of surplus income Companies or Individuals (basic rate tax payer) – 125% or 110% including use of surplus income Higher of the (initial pay rate + 2%) or 5.5% if less than 5 year fixed rate. Higher of pay rate, or reversion rate +0.75% if 5 year fixed.	Standard BTL single and multiple properties Basic Rate Tax payer & Limited Co = 125% Higher Rate Taxpayer = 145% HMO/MUFB single, multiple and mixed properties Basic Rate Tax payer/Ltd Co – 130% Higher Rate Taxpayer – 160%	For residential and commercial investment units 130% coverage at the pay rate on a 25 year capital and interest basis They have some flexibility on their DSCR or rental stress coverage	Basic rate tax payer and Ltd Co from 125% Higher rate tax payer from 145%. All 5 year fixes at pay rate	All cases are assessed as follows: Individual or Ltd Co 145% at 6.79% or variable rate if higher when the case is a purchase or capital raise remortgage. £4£ Remortgages are 130% at 6.79% or variable rate if higher. Cases on a 5 year Fixed can be assessed at Pay Rate x 145%/ 130% as before.	Standard products rental calculations, including standard HMO and MUBs, are based on 125% for standard rate tax payers and 145% for higher rate tax payers. All limited company rental calculations, including for HMO and MUB products, are based on 125%. Please refer to Fleet Mortgages Product Guide for more details on payrate calculations	For Individual and Limited Company products: – 145% of pay rate (5 year fixed products) or 5.50% notional rate for all other products	Limited company : BTL 125% HMO over 6 bedrooms – 140% Personal name: BTL 140% HMO over 6 bedrooms – 155% 5 year fixed – stressed at pay rate 2 year fixed – stressed at pay rate + 2% 5:2 – stressed at payrate	BTL/HMO: The required Interest Coverage Ratio (ICR) will depend on the property type and whether or not we are lending to a limited company. ICR will be calculated using a stressed rate of 5.5%, or the initial pay rate + 1.55%, whichever is higher. However, the following exceptions apply: if the case is a remortgage with no additional borrowing, ICR will be calculated using the initial pay rate + 1.05%, with no minimum stress rate. if the 5 year fixed rate is being used, ICR will be calculated using the initial pay rate, with no additional margin or minimum stress rate. Standard Property Single dwellings HMO/multi/student lets with up to 5 rooms. Freehold blocks/titles of land with up to 4 residential units. Personal Applicants 140% rental cover applies Limited Company 125% rental cover applies Specialist Property HMO/multi/student lets with 6 or more rooms Freehold blocks/titles of land with 5 or more residential units. Personal Applicants 160% rental cover applies Limited Company 145% rental cover applies Semi-Commercial/Commercial: The Debt Service Cover Ratio (DSCR) is 125% of pay rate	Use the lender calculator for the accurate result: – Kent Reliance Rental Calculator	For purchase and capital raising remortgage applications, the following underlying ICR rates will apply: Limited company applicants: 125% @ 5.50% Individual applicants: 140% @ 5.50% Expatriate applicants: 125% @ 5.50% For remortgage applications without a capital increase or purchases where the initial fixed rate is 5 or more years in duration, the following underlying ICR rates will apply: Standard properties up to 75% LTV: 125% @ pay rate Standard properties up to 80% LTV: 130% @ pay rate HMO/MUFB properties: 130% @ pay rate Expatriate and FTL applicants: 135% @ pay rate The underlying affordability of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5.5% to 125% @ 5.0% – where an application fails this test. We may consider and application using up to 10% of the declared income (subject to minimum income of £100,000). The Landbay affordability model will take into account a number of elements including other income.	Single Unit Properties: – Basic rate taypayers (20%) 125% Limited company or LLP 125% Higher rate taxpayer (40%) 140% Additional rate taxpayer (45%) 140% Refinance (no capital raised) 125% HMO / Multi units Basic rate taypayers (20%) 130% Limited company or LLP 130% Higher rate taxpayer (40%) 145% Additional rate taxpayer (45%) 145% Refinance (no capital raised) 135% @ 5.5% If 5 year fixed then use 4.19%	Limited Company: – <5 yr fix 125% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 125% @ 4% ***** Lower Rate Tax Payer: – <5 yr fix 125% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 125% @ 4% ******* Higher Rate Tax Payer: – <5 yr fix 140% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 140% @ 4% ********* Paragon HMO: – Ltd Co: <5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4% Lower Rate Tax Payer: – <5 yr fix 130% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 130% @ 4% Higher Rate Tax Payer: – <5 yr fix 145% @ 5.5%/pay rate + 2% if higher. 5 yr fix or more 145% @ 4%	Ltd company BTL – 125% of product rate for 2 years deals and pay rate for 5 year fixed deals Individual – 140% of product rate for 2 year deals and 5yr fixed deals available @ 140% of pay rate Individual – rental calculation is 140% x the highest of Pay rate or Reversion rate + 2%	Limited Company and HMO: – Tracker products – @ higher of pay/revert rate + 2% (min 5.5%) Please visit BTL calculator at Precise BTL Calculator <5 yr fix @ higher of pay/revert rate + 2% (min 5.5%) Please visit BTL calculator at Precise BTL Calculator 5year + fix 125% @ pay rate Simple refinancing assessment required where LTV is > 60% on a 5yr + fix ****** Lower Rate Tax Payer: – Tracker products – 125% @ higher of pay/revert rate + 2% (min 5.5%) <5 yr fix 125% @ higher of pay/revert rate + 2% (min 5.5%) 5year + fix 125% @ pay rate. Simple refinancing assessment required where LTV is > 60% on a 5yr + fix ******* Top slicing 110% of payrate even on 2 year rates	Basic Rate Tax Payer 125%, Higher Rate 145%, Limited Company 125% £ for £ remortgage none	Pound for pound remortgages – 125% of pay rate Limited Company – Rental cover 125% of pay rate + 2% or 5.5%, whichever is higher Limited Company – Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan HMO – 160% of either pay rate + 2% or 5.5%, whichever is higher. Rental Cover on debt for debt re-mortgage cases 160% of pay rate. 5 year fixed rate – New purchase or capital raising – 140% at Pay rate Any other scenario, either pay rate plus 2% x 140% or 5.5% by 140%, whatever is the higher. Based upon Interest only BTL mortgage payment. Rental assessment will be based on 1 single family	Semi Commercial/Commercial Rental Calculations: Semi-Commercial CI2 Personal 145% Limited Co 130% Stress rate – Pay rate only Commercial CI1 Personal 130% or 150%* * 150% applicable to serviced offices, or Multi Let units with licences Fixed rates stressed at the product pay rate All variable rates are stressed using the product pay rate plus 1% ******* BTL/HMO etc BTL, Multi-Unit Blocks & Portfolios Single BTL, Complex BTL: Personal 140% Ltd Co 125% Purpose Built, Student Accommodation, & Co-Living: Single BTL + Complex BTL Personal 150% Ltd Co 150% HMO & HMO Portfolios Complex BTL, Large HMO Personal 165% Ltd Co 130% Fixed Rates are stressed using the payrate. All Variable loans are stressed using the product pay rate + 2% Subject to a minimum 5.5% ******* NB .Top Slicing is not acceptable in the following circumstances: • On any Limited Edition products. • Where the customer is a developer (Either an “out of the ground” developer or carrying out large scale conversions – e.g. converting an office into residential). • For a portfolio landlord where they have more than 10 financed rental properties (both with Shawbrook and/or external Lenders).	Individuals: BRT – 125% / HRTP 140% Ltd Co/LLP: 125% ICR HMO/MUFH: 140% New Build Flat / Above Commercial: 125% BRTP / HRTP 140% 5 year fixed products @ pay rate All other products; nominal rate (5.5%) or the initial rate +2%, whichever is higher. ****** Minimum rental calculator for background portfolio is 125% @ 5.5%. No maximum LTV	Confirmed by the valuer or current rent if lower. Only exception is holiday lets where the rental income will be based on proven annual income or confirmed by a reputable letting agency averaging low/medium/high season for the year. See below for rental calculations: – For 2 year fixed rates the initial pay rate +2 or 5.5% For 5 year fixed rates the initial pay rate. 125% Basic Income Tax Rate 140% Higher Income Tax Rate 140% 130% Combined Basic and Higher Income Tax Rate 125% Ltd Companies	2 year fixed: Product rate + 2%, 5.5% minimum. 2 year fixed £ for £ re mortgage: Product rate, 5% minimum. 5 year fixed Product rate. 140% Higher Rate Taxpayer 125% UK Basic Rate 125% UK Ltd Co’s/SPV HMO/MUB – 130%, including Ltd Company HMO, 140% for higher rate tax payers.	Standard properties – Individuals: High rate taxpayers -140% based on higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. Basic rate taxpayers- 125% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. Limited Company: – 125% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. All MUFBs, HMOs and Flats above Commercial: – Individuals 150% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. Limited Companies 135% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.
Minimum years remaining on Leasehold property	• Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term). However, if the solicitor confirms a lease is shorter than 85 years at the start of the mortgage the valuation will be referred back to the valuer, as this may impact the property value.	85 years at the start of the mortgage term	Reviewed on a case by case basis	6 months providing there is reasonable uplift in the property which can be explained by development works.	50 plus mortgage term	75 years	50 years remaining on the lease at the end of the mortgage term	50 years at the end of the mortgage	50 years remaining for BTL, 65 years remaining for Commercial at the end of the proposed mortgage term.	50 years remaining on the lease at the end of the mortgage term If the lease has less than 85 years remaining, then the maximum LTV is capped at 75%	60 years at completion of mortgage with 55 years remaining at end of term	65 years at the end of the mortgage term.	85 years minimum – although Paragon will refer if below 85 years. Paragon can consider a lower lease if this is being extended upon completion.	Must have a minimum unexpired term of 85 years at the time of application.	Minimum remaining lease term is 70 years at completion.	Min year remaining at the end of the term is 35 years	50 years remaining on the lease at the end of the mortgage term	55 years remaining at term expiry *********** If less than 85 years remaining, then Shawbrook will require further commentary from the valuer in addition to the standard reports	50 years remaining at the end of the term.	LEASE TERM – Minimum term 60 years left on the lease on completion.	C&I loans minimum of 40 years lease remaining. I/O or part and part, 70 years remaining	Leasehold properties must have a minimum lease of 70 years remaining at the end of the mortgage term. Ground rent and Service Charges must be included in cash flow projections (portfolio landlords only) for leasehold properties Applicants for leasehold properties should not hold a controlling interest in the Freehold.
Portfolio Landlords Requirements	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – A minimum rental stress of 145% at 5% Portfolio Landlord Criteria – No limit on the amount of lending with Aldermore Bank – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Cashflow Statement – All cases with 11 or more mortgaged BTL’s with Aldermore – Asset & Liability Statement – All cases with 11 or more mortgaged BTL’s with Aldermore * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio Requirements – Minimum ICR or 125% – Minimum overall LTV of 75% Portfolio Landlord Criteria – Up to an aggregate borrowing of £2m with Birmingham Bank – No limit on the size of existing portfolio with other lenders Additional Document Requirements Portfolio Schedule – All cases – Business Plan – On some cases – Asset & Liability Statement – On some cases – Cashflow Statement – On some cases * Lender will accept client versions for all documents	Accepted.	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio or properties – Minimum landlord experience of 12 months. Portfolio Landlord Criteria – Maximum portfolio lending held with CHL group £2.5m for the first 12 months then £5m. – No limit on the size of existing portfolio with other lenders -Background Portfolio should stress at a minimum of 125% on the higher of current mortgage payments or 5% Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases – Cashflow Statement – All cases * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted – Yes Background Portfolio Requirements – Maximum – No Maximum Portfolio or LTV size if we are not lending on them – A minimum rental stress – The portfolio should just be making a profit as a whole Portfolio Landlord Criteria – No maximum limit with us but looked at on a case by case basis – Each property that is brought to us must meet our criteria as a rule of thumb. We have internal limits so any Portfolio’s should be discussed with us first to assess our current appetite – No limit on the size of existing portfolio with other lenders – Correct Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – Required – Cashflow Statement – Not required – Asset & Liability Statement – Required * Lender will accept client versions so long as covers the lenders minimum requirements.	Portfolio Landlords Accepted (Landlords are considered Portfolio Landlords if they have 4 or more mortgaged properties.) Background Portfolio Requirements – 75% max LTV for the overall portfolio. – Currently stressed at 125@5%. – Currently no limit on the size of the background portfolio, either in terms of number of properties or loan amounts. Additional Document Requirements – Portfolio Schedule to be submitted on the BTL Hub. – Portfolio Landlord Questionnaire.	Portfolio Landlords Accepted Background Portfolio Requirements – Maximum 75% LTV for the overall aggregate portfolio – A minimum rental stress of 100% at 5.5% across the portfolio with at least 100% coverage for each mortgaged property Portfolio Landlord Criteria – FHL to an aggregate borrowing of £5m – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – Not required – Cashflow Statement – Not required – Asset & Liability Statement – Not required * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio Requirements (Example) – No maximum LTV for the overall portfolio Portfolio Landlord Criteria (Example) – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases – Cashflow Statement – All cases * Lender will accept client versions for all documents NB – Portfolio assessment will be valid for 12 months to reduce requirements on subsequent applications providing there are no material changes.	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – A minimum rental stress of 125% at 5% Portfolio Landlord Criteria – No limit on the amount of lending with One Savings Bank – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – A minimum rental stress of 125% at 5% Portfolio Landlord Criteria – No limit on the amount of lending with One Savings Bank – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – A minimum rental stress of 125% at 5% Portfolio Landlord Criteria – No maximum on number of properties with Landbay to an aggregate borrowing of up to £2.5m – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases – Cashflow Statement – Not required * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – A minimum rental stress of 125% at 5.5% Portfolio Landlord Criteria – Maximum of 20 loans to £5 million total BTL borrowing with Lendinvest – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – Not required – Asset & Liability Statement – Not required – Cashflow Statement – Not required * Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – No minimum rental stress requirements Portfolio Landlord Criteria – Aggregate borrowing of £10m (Paragon Premier) & £5m (Paragon Core) – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – Case by case – Asset & Liability Statement – Case by case – Cashflow Statement – Case by case * Lender will accept client versions for all documents NB – Portfolio assessment will be valid for 6 months when using the Forward Funding Facility	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – The overall portfolio will be assessed to ensure affordability is present to support it moving forward . Portfolio Landlord Criteria – Up to 3 with Pepper Money to an aggregate borrowing of £3m – Maximum of 9 Buy to Let properties, including the application property(s) Additional Document Requirements – Portfolio Schedule – All cases – Asset & Liability Statement – All cases (within the lender application form) – Business Plan – All cases (within lender application form) – Cashflow Statement – Not required	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – Click here to complete the online viability check Portfolio Landlord Criteria – Up to 20 mortgages with Precise Mortgages – please check product guide for further information. – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases – Cashflow Statement – Not required * Lender will accept client versions for all documents. NB – Portfolio assessment will be valid for 12 months to reduce requirements on subsequent applications providing there are no material changes.	Portfolio Landlords Accepted Yes Background Portfolio Requirements (Example) – No maximum LTV for the overall portfolio – Unlimited number of properties – Stressed at 100% @ 5% Portfolio Landlord Criteria (Example) – Up to 20 mortgages with Quantum Mortgages to an aggregate borrowing of £5m – No limit on the size of existing portfolio with other lenders Additional Document Requirements (Example) – Portfolio Schedule – All cases, can use the client’s own format to upload for packaging.	Portfolio Landlords Accepted Background Portfolio Requirements – Maximum 75% LTV for the overall portfolio both individually & collectively – A minimum rental stress of 125% at pay rate both individually & collectively – If shortfall – Income must be earned income, paid in GBP and liable for UK tax, must be an experienced landlord Portfolio Landlord Criteria – Up to 10 properties with Saffron to an aggregate borrowing of up to £1.5m – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Business Plan – All cases – Asset & Liability Statement – All cases – Cashflow Statement – All cases * Lender will not accept client versions of the documents	Portfolio Landlords Accepted Background Portfolio Requirements – Maximum 75% LTV for the overall portfolio – A minimum rental stress of 100% at 8% (for individuals) & 7% (for Limited Companies) Portfolio Landlord Criteria – No limit on the amount of lending with Shawbrook Bank – No limit on the size of portfolio with other lenders Additional Document Requirements – Portfolio Schedule – All cases – Asset & Liability Statement – All cases – Business Plan – Not required – Cashflow Statement – Not required *Lender will accept client versions so long as covers the lenders minimum requirements	Portfolio Landlords Accepted Background Portfolio required rental calculation is 125% @ 5.5% No current maximum LTV – It is calculated on a case by case basis. Eligibility window for portfolios – Multi App product – 6 months for Portfolio landlords and 3 months for Non-Portfolio.	Portfolio Landlords Accepted Background Portfolio Requirements – Total borrowing of up to £5M per individual with a 20 loans maximum. – The portfolio ICR must be at least 125% at a mortgage rate of 5%. UTB may request further assurance over the mortgage serviceability for portfolios that are highly geared. Portfolio Landlord Criteria – 20 loans maximum, £5,000,000 exposure with the Bank. Additional Document Requirements – Portfolio Schedule – All cases – Asset & Liability Statement – All cases (within the lender application form) – Business Plan – All cases (within lender application form) – Cashflow Statement – Not required	Defined by Vida as having 4 or more mortgaged BTL properties at application • Requires at least 1 year’s experience of owning a BTL property • Up to 20 properties with a maximum of £4,000,000 in a Vida portfolio • Overall portfolio, including current application and any Vida borrowing, no maximum number of properties including unencumbered properties. Average LTV up to 80% • Rental stressing as stated in ‘Rental Calculation’ above will only be applied to mortgages held with Vida. Other properties will be assessed by comparing their rental income to the mortgage payment. • Top Up from surplus income is not available for portfolios	Portfolio Landlords Accepted Background Portfolio Requirements – No maximum LTV for the overall portfolio – A sample check of a portfolio will be concluded at a minimum of 25%. Rental coverage on the overall portfolio will need to meet 100% of any contractual monthly payment. Portfolio Landlord Criteria – No limit on the amount of lending with Zephyr Homeloans – No limit on the size of existing portfolio with other lenders Additional Document Requirements – Portfolio Schedule (overview) – All cases – Business Plan – All cases – Cashflow Statement – All cases – Asset & Liability Statement – All cases * Lender will accept client versions so long as covers the lenders minimum requirements
Income (min)	There is no minimum level of outside income required save for First Time Landlords (FTL), where the minimum income level is £25,000. Applicants are required to demonstrate they have sufficient income to cover their existing expenditure. Personal credit commitments, including any unsecured debt, credit cards (calculated at 3% of outstanding balance annualised), HP liabilities and mortgage/domestic rent payments, will be annualised and cross referenced to the individual’s annual income to establish their Debt to Income Ratio (DTIR). The DTIR should not ideally be more than 40%. Surplus rental income over that required to meet our stressed affordability requirements can be included in personal income.	No minimum income	No Minimum Income	£20,000 combined income per application.	No income assessment carried out. Applicants should be able to cover a minimum of 3 month rental voids and confirm this on the application form. Where a client does not have an income then proof may be sought of a reasonable amount of savings in the background. Rental income is a form of income though.	£15,000 (£25,000 for first time landlords).	No requirement – any income must be from a legal source, and will be assessed on the bank statements used to support the BTL application. Where income was previously required to be evidenced by the last three months’ bank statements, it can now be evidenced through: Last month’s payslips and last P60 for employed applicants OR Last year’s accounts or SA302 for self-employed applicants OR Evidence of pension income for retired applicants (pension income statement, payslip) OR Trust funds, investment and rental income as additional income (SA302 or income statement) Where none of the above is available, bank statements, showing activity over the last three months, will be accepted.	No minimum income	No Minimum Income	No minimum income except for Expatriates – £50,000, verifiable income. 2 years income is required for all self-employed applicants for income-backed products. Require no proof of income for portfolio landlords, whether they’re employed or self-employed (please note, this is still a requirement for non-portfolio landlords).	£25,000 combined for UK based applicants. For time buyer and first time landlords the applicant must be employed and earning £85,000. £15,000 (Combined) for experienced landlords with more than 24mnths rental experience. Proof of rental and income is required on all cases.	£30,000 across all applicants. ** Incomes considered: Rental/Portfolio ** Consider re-invested funds that have gone back into the portfolio OR investment projects.	£25,000 minimum – however, non-portfolio landlord income requirements differ to portfolio landlord. Paragon can consider retained profit as long as the business does not required it for continued business. Such as an antique dealer. Non-portfolio: – Applicants should have a minimum combined gross annual income of £25,000 per annum. Applicant’s income can include: – gross employment income – taxable self employed income – Occupational or private pension income Income from renting property, state benefits, state pensions and investment income will not be considered, but may be taken into account when calculating the tax band applicable to an applicant. There is no minimum income requirement for expatriate applications, but details of all income must be provided. Portfolio landlord income: – Applicant(s) should have a minimum combined gross annual income of £25,000 per annum. All income must be evidenced and can include: -Gross employment income -Taxable self-employed income Income from state benefits, state pensions and investments will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.	£18,000 per application (no foreign currency income and rental income cannot be the principal income source. Rental income from the security property must also be excluded). Rental income can be taken into account, as long as it is not more than 50% of their income. UNLESS: – Rental Income as an allowable and standalone income stream for professional landlords with 11 properties or mor only.	No Min income however must be able to cover rental voids for 3-4 months based on EDI. No proof of income is usually required except where basic rate tax payer and then ONE piece i.e latest payslip is required (nothing if buying through a LTD Co.). Min time in employment, 12 months continuous, 12 months trading if self-employed including professional landlords. To qualify as a professional landlord clients need to own min 5 props. Bank statements are not usually required however if Tiers 2 or 3 then 3 month’s salary and bank statements are required.	No min income for UK applicants Foreign National or Expat need min income of £35k GBP equivalent	£25,000	No Minimum Income	No minimum income	£50,000	No minimum income	No minimum income requirement with two exceptions: At least one applicant to be earning £50,000 if using earned income to make up a rental shortfall; £25,000 gross income required if the applicant’s employment is “professional landlord”. Gross income is the amount of verified income that a limited company director or individual receives
DWP Tenants	Refer for consideration	No	Accepted	Housing Association/ Local Authority – By referral	No	Yes	Acceptable	Yes	Consider DSS/DWP – but case will refer, subject to location and surrounding area.	No	Yes	Yes, can consider	Yes DSS tenants Housing association tenants Corporate tenants Single family lets Sharers Students All above considered.	No	Considered. Sub letting agreements direct with the council will not be accepted.	Yes – please note the AST must be in the tenants name.	Yes	Accepted	Yes	Refer	DSS Tenants are considered if in receipt of a top up on the rent payable.	Yes, as long as the AST agreement is between the individual & not the local authority.
Air BnB / Holiday Let / Short Term Let	Not considered.	No	Yes, up to 70% LTV Minimum income is not required, however, must be able to prove resilience to loan payments. Personal guarantees are required from Directors for Ltd company deals, but on a case by case basis, may consider exceptions. Affordability of application will be assessed in one of 2 ways Where more than 1-year holiday rental income can be evidenced by accounts, the gross annual rental income should be equal to or exceed the Debt Service Cover Ratio (DSCR) at 130% after deducting the operating costs of the holiday let. There will be a secondary calculation to ascertain that market rental income can also cover a minimum of 100% of the DSCR to provide a satisfactory exit route Where there are no accounts available, using the DSCR that can be achieved on a monthly Assured Shorthold Tenancy (AST) for the property, calculated at 130% DSCR (less 10% operating costs)	No	No	No	Yes, considered.	Yes, considered but should be talked through first.	Considered – If restriction placed on property, then its unlikely to be considered. 70% LTV with Ltd Company structures also accepted.	No	No	AirBnb/Holiday lets – Valued as single dwelling house ICR based on single AST rental income There can be no title restrictions Customer must own 2 other BTLs (with one having been held for more than 12 months) with application income of £30,000 No HMOs/MUFBs can be considered Max 5 bedroom house at 75% LTV	No	No	No	Yes, refer if Air BnB but generally, yes.	No	Single dwelling houses and flats only, multi-unit blocks of serviced apartments are not allowed Property must be in a location with a letting demand for an assumed 6-month AST, specialist holiday lets in remote locations where there is no long term tenant demand are unacceptable Assumed AST rental income will be used for affordability and viability of exit assessment	No	Refer	No	No
Family cash Gift deposit	Yes – also, intercompany loans are accepted as deposit.	Acceptable unless the property is being purchased from the family member from which the gift originates. The gift must not be repayable and the person providing the gift cannot have a financial or legal interest in the security.	Yes – ‘Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.	Parent/ grandparent/ grandchildren/ siblings/ children/ spouses/ civil partners/ uncles and aunts – including step/ half/ in-laws	Yes	Accepted – immediate family only.	A gifted deposit (100%) is acceptable from immediate family members if accompanied by a declaration from the family member/s confirming no repayment required and that they hold no interest in the property which will be purchased using the gifted funds.	Yes, considered	Yes – from a direct relative	Yes	Refer – case by case	Accepted.	Yes	No	Yes – including aunties and uncles.	Yes, any family member	Yes – they require a letter stating no repayment will be made and no interest in property – Grandparents, parents, siblings, children and grandchildren	Yes, must go through at full market value – Gift letter should be completed. Has to include copy of donor’s identity and a bank statement showing funds in a UK bank account. Deposit coming from family member abroad: – Must be held in a UK bank account for 30 days untouched with an audit trail of where the monies have come from.	Gifted deposits are allowed from family members i.e. parents, grandparents, spouse, gifts from wider family members and non – family members will be considered on a case by case basis by the underwriter. All gifted deposits will be subject to a gift letter from deposit provider including an explanation for the gift. Identification and evidence of funds will be required in these instances. Gift letter required from deposit provider. ID will be required and evidence of funds. ********* Cash in the Bank/Available · Savings – provided from applicants own resources · Limited Company/LLP – Reserves, working capital · Other – case by case basis Cash Not Yet in the Bank/Available · Sale of property or Pending sale – evidenced for example by a letter from solicitor · Sale of Shares/investment – evidenced for example by a contract note · Inheritance – evidenced for example letter from solicitor · Equity from another Property – evidenced for example by a Mortgage offer	Gifted deposits considered from close/blood relatives: Parents, Child, Grandparents, Brother, Sister, Step Parent, Spouse. OVERSEAS DEPOSITS: These can be considered by referral (FATF and EEA only). CONCESSIONARY PURCHASE: Considered if purchasing from a close relative (as above).	Accepted from close relatives, ie parents, grandparent, sibling, step relatives, child etc	Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Family Gift of Equity deposit	Yes – also, intercompany loans are accepted as deposit.	Acceptable unless the property is being purchased from the family member from which the gift originates. The gift must not be repayable and the person providing the gift cannot have a financial or legal interest in the security.	Yes – ‘Deed of Gift’ required from the family member to ensure there is no potential prior equitable charge.	Parent/ grandparent/ grandchildren/ siblings/ children/ spouses/ civil partners/ uncles and aunts – including step/ half/ in-laws	Yes	We do not accept gifted equity, but we are able to consider gifted deposit where there is no money changing hands.	Yes	Yes, considered	Yes – Family members credit needs to be checked	Yes	Refer – case by case	Accepted Deed of Gift Intercompany Loans Directors Loans Issue of share capital (for Incorporations only)	No	No	No for gift of equity from family members Ltd Co: – Equity gifts accepted from personal to Ltd Company. (Director’s loan) – unless the minimum deposit has been met. Example: – will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000 then Precise will allow that but they would lend at 80% of the £100,000 and the 20% deposit would need to come from the clients own sources. Will also consider Directors Loan Account(DLA) for LTD Company where selling BTL to their own LTD Co	Yes, any family member	Yes – Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full price. Grandparents, parents, siblings, children and grandchildren.	Yes, must go through at full market duty with regards to stamp duty – evidence of payment conduct is required for any borrowings the parents may have secured on the property to ensure they are not shifting bad debt to the applicant while still managing the asset. A Gift letter is also required	Considered, up to 75% LTV. Must NOT be a consumer BTL.	Gifted deposits considered from close/blood relatives: Parents, Child, Grandparents, Brother, Sister, Step Parent, Spouse. OVERSEAS DEPOSITS: These can be considered by referral (FATF and EEA only). CONCESSIONARY PURCHASE: Considered if purchasing from a close relative (as above).	Considered when the property is being purchased from a close relative only. ***** Where the purchase price is a discount of 2.5% or more from the Vida valuation and the borrower is buying a property from a close relative, or a long standing tenant is buying from the landlord. The mortgage can be up to 75% of the OMV report and up to 95% o the purchase price with the applicant providing at least a 5% deposit Where the property is being purchased from a family member at a discounted price they may not continue to reside in the property and must relinquish all rights to the property	Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Landlord Experience Requirements	As long as they have current BTL experience, whether it be residential BTL or Commercial.	First time buyers / landlords are not accepted	2 years current experience is required.	Minimum landlord experience of 12 months.	BTL experience is required – 1 property for at least 12 months.	Main applicant must have a minimum 1 year residential landlord experience	BTL experience is required, but can also do First time landlord.	Must have current rental property.	Generally 2 years experience required, first time landlords considered on case by case basis by exception.	Must own a BTL currently.	For HMO and Multi units – Min. 1 years’ prior experience as a landlord for large HMO but Small Range HMO up to 6 bed, no experience required.	Must demonstrate experience with managing a buy-to-let property portfolio over a period of at least 2 years. For Large HMO cases, a minimum of 12 months of this experience must have included managing HMO’s.		For an individual applicant: – Must have owned a residential property for 12 months, if not, must have owned at least 1 BTL for 12 months. For a limited company, you do not need to be a homeowner. But must own a BTL.	For HMO’s require min of one years BTL experience – does not need to be a HMO and can be the subject property.	We cannot lend to First time buyer first time landlords, however they can go as applicant 2,3, or 4 if the first applicant has 1 BTL in the background for 12 months. Specialist range we need x 2 BTL’s in the background for 24 months	For a single BTL, no experience required. For HMO, current experience required.		At least one applicant or director must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months. ***** HMO: At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months. First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable	For single properties, first time landlords are considered. Note for: MUB APPLICANTS At least 1 applicant must have 1 years letting experience. HMO APPLICANTS At least 1 applicant must have 1 years letting experience.	For HMO and MUB properties, at least one applicant must have a minimum of 1 years experience as a landlord.	Landlord Experience: Standard • At least one applicant or director must have owned and still own at least one property, residential or buy to let, for a minimum of 12 months. Landlord Experience: HMOs & MUFBs • At least one applicant or director must have owned, let and still own one or more BTL properties for a minimum of 12 months. If this is not evident on a credit search, then verification from the applicant or director will be needed.
First Time Landlord	Yes, one applicant needs to be a homeowner, Minimum age 25 at start of application, £500k maximum loan. If have not been a landlord in the last 6 months then considered to be a FTL. Applicants are required to demonstrate they have sufficient income to cover their existing expenditure. Personal credit commitments, including any unsecured debt, credit cards (calculated at 3% of outstanding balance annualised), HP liabilities and mortgage/domestic rent payments, will be annualised and cross referenced to the individual’s annual income to establish their Debt to Income Ratio (DTIR). The DTIR should not ideally be more than 40%. Surplus rental income over that required to meet our stressed affordability requirements can be included in personal income. Max loan is £600k	No	No	No	No (exception can be sought for high quality applicants)	Subject to strict lending criteria and underwriting, no exceptions are permitted. Single titles only.	Yes. A first time landlord can be defined as someone who has not operated a buy to let property within the last 6 months. If the applicants are currently non owner occupiers, evidence they have previously owned a property will be required at full mortgage application. If they are unable to provide evidence of this, the applicant will be classed as a first time buyer which is not acceptable. *** First Time Landlords are acceptable where: o The borrower is currently an owner occupier** o The deposit coming from own resources and not gifted o The property is not either: – Above commercial premises – Ex-local Authority, MoD or Housing Association – A property where the borrower owns adjacent land or access road – A House in Multiple Occupation (HMO) or a Multi-Unit Block / property (MUB)		Refer – by exception only.	Yes – Unless HMO, then they need another HMO in their portfolio. Must already their own a residential property.	Can be considered if a single unit is being purchased. Must be earning £25,000 and be able to evidence it. First time buy and first time landlord is considered but must be employed and earning £85,000 and be buying a single unit property.	First time Landlords -75% LTV -One applicant must be owner occupier for 6+ months – other applicants can be first time buyer -Minimum income – £30,000 per application -Standard let properties & small HMO’s (max 6 beds) Experienced landlords – where one applicant holds 2 BTL with 12+ months rental experience – Other applicants can be FTB/FTL – 80% Loan to value – No minimum income -No requirement for any applicant to be owner occupier. Small HMO only HMO product can be considered for first time landlords, and offer rental yield based valuations on small HMOs in Article 4 areas.	Yes, only Single units	Individual – Yes, as long as the applicant(s) is a homeowner. Ltd company: – not required to be a homeowner but is required to be a BTL landlord and own a current BTL.	Yes, for Ltd company, but HMO requires current experience for a minimum of 12 months. Note for First Time Buyer and First time landlord: – 75% LTV for FTB FTL – must fit on the ICR rental calc as normal but also fit on residential affordability capped at 3.5x income.	We cannot lend to First time buyer first time landlords, however they can go as applicant 2,3, or 4 if the first applicant has 1 BTL in the background for 12 months. Specialist range we need x 2 BTL’s in the background for 24 months	Yes	No	No, must have current BTL property and experience. ***** £350,000 to max LTV for First Time Landlords At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.	Considered for only single BTL properties. Must own residential.	Yes – will also consider FTB/FTL however will be assessed for affordability on both a residential and BTL basis. See Type/ Commercial tab above for property restrictions.	First Time Landlord (FTL) describes any applicant or Limited Company (SPV) that have never previously purchased a buy-to-let property. We will lend to FTL’s where the applicant or at least one Director (if a Limited Company) currently owns a residential property with no arrears history for at least 1 year.
Restrictions	Max LTV varies at LTV and Term and mortgage type. Check product guide and term length on product guide. Up to 70% LTV on all commercial products (up to 75% LTV is exception only) – the following criteria is applied: – 1. City Centre Location 2. High location demand 3. Strong tenant potential 4. Top quality property (most properties build 1960s will be kept at 70% LTV). Restrictions on numbers with other lenders – maximum. Interest only considered on Residential property types. *********** Aldermore Commercial’s minimum experience required for HMO products is 3 years as a landlord. Each case is considered on it’s own merits. *** Property with Planning Use Classes Order other than: – C3(a)(b)(c) – C4 (including – HMO with an ‘Article 4 direction’ in place) – HMO with Sui Generis planning use Property subject to a shared ownership deed Property with preemption clauses in existence Mobile homes Houseboats Property held on a Common hold basis Freehold flat or freehold maisonette Property where a flying freehold exists and affects more than 15% of the total floor space Property with restrictive covenants or sale ability; e.g. retirement homes/houses or apartments found within a holiday park and sheltered housing schemes Farms, smallholdings or properties with agricultural restrictions in place Newly built or newly converted flat Serviced flats/apartments Studio flat and/or flat with a total floor area of less than 30sq meters Flat in a block with more than three floors above ground floor and which does not have a lift Notes: top floor and attic can be considered as one floor, if they are part of the same flat No exposure limit on percentage within the block Bespoke student accommodation Prefabricated building and un-repaired PRC construction Property listed as defective under the 1984 and 1985 housing acts unless rebuilt to NHBC standards and with appropriate guarantees. The adjoining properties must also have been repaired to the same standard. Wimpey No-Fines (if constructed prior to 1946 or bungalow or flat) Laing Easiform construction (if constructed prior to 1966 or bungalow or flat) Property where high alumina or Mundic block cement has been used in the construction. Timber framed property that does not have a brick or “block and rendered” outer skin Steel framed constructions except post-1987 construction within BBA or WIMLAS certification Property constructed using concrete Large Panel Systems (LPS) Property on which there is a local authority grant outstanding Live/work units (unless part of Tailored BTL transaction) Property with an anticipated lifespan of less than twenty-five years beyond the end of the mortgage term and/or where the condition significantly affects marketability Property with no kitchen Single residential investment property with more than two kitchens. Property with no bath/shower room Property which has shared access where a relative of the applicant resides in the other property Property which has any shared services with any adjoining or adjacent property which does not form part of our security Property which is being bought from the applicant’s own limited company (unless Tailored BTL transaction) Grade 1 listed or Scottish equivalent Grade A listed security Where satisfactory tenant demand does not exist or the proposed security is considered unsuitable for private renting.	Property subject to planning or occupancy restrictions are not permitted.	No restrictions on numbers with other lenders. Consider Public Houses, Healthcare and hospitality Interest only considered on all property types on a 10 Yr. Term	LLP’s and LTD Co considered. Applicants:- One applicant must be either: Employed Self-employed A contractor Retired CHL will not accept any applicant who is under any employment furlough scheme. Development exposure limits in any block increased to: o Blocks of up to 6 units: Maximum of 6 units per block o Blocks of 7 to 20 units: Maximum of 10 units per block; and o Blocks of more than 20 units: Highest of 10 units or 20% per block	Clients should ideally have a current Uk mortgage (exceptions can be made for good quality applicants/applications) No limit on the size of their portfolio elsewhere. No Ex Local Authority Flats (sometimes considered within M25) Standard BTL’s only, no HMO’s, Students, DSS etc) Multi Unit Freehold (max 3 units in the freehold) – Client must not live in one part – Will lend on the Freehold value. No Studio flat and/or flat with a total floor area of less than 30sq meters No agricultural restrictions.	Not accepted (minor restrictions considered refer to BDM)	Exposure limits – Maximum of three properties holding a Foundation Home Loans mortgage in any one full postcode per borrower. Foundation Home Loans’ maximum portfolio size is £3 million with no limit on number of properties. *********** Where multiple applications in the same location are received, underwriters should consider: Property location, i.e. are the properties in a location where multiple lets could easily be obtained and whether there is any relationship between the applicant and the vendor/developer of new properties, i.e. is the applicant genuinely trying to create a personal portfolio, or does he have an interest in the properties and is this an attempt to obtain a cheap source of commercial finance, in which case the application should be declined * The Company will review concentration risk across the whole of the lender portfolio (Foundation Home Loans) where over exposure may necessitate a decline of the application. ****** Acceptable SIC Codes for SPV Ltd companies are: 68100 68209 68320 ******** All properties with Foundation Home Loans must achieve a minimum EPC rating of E. Properties that do not meet this standard will be subject to further underwriting with all offers made on condition of full remediation so it meets min E rating prior to receipt of Certificate of Title. Debt consolidation is considered up to 80% LTV for BTL’s.	Cases are considered on a case by case basis – contact sales team to discuss criteria if outside of the norm.	No restrictions on numbers with other lenders- maximum £15,000,000 to a single customer. (InterBay/OneSavings Bank/ Kent Reliance Building Society) Interest only considered on all property types up to a 10 years. There is a 0.50% loading for Interest Only terms for 11-30 years. 36 month tenancies can now be considered: • The AST provides for a rent review every 12 months or less • A minimum Debt Service Coverage ratio of 125% • A maximum LTV of 75% HMO’s, student BTL. Multi-unit on 1 title, semi commercial and Commercial. – up to 20 bedrooms/units 70% Max for HMO/MUFB and Semi Commercial 65% LTV max for Commercial. Holiday lets considered up to 70% LTV on a residential investment basis available for Ltd company also. Commercial: 65% LTV – Acceptable usage – selected retail (high street and suburban/neighbourhood precinct) – Offices – 3 stories, single tenant & period/modern buildings – Light Industrial / Storage / Distribution – post 1980s, max 20,000sqf, single or multi let, self-contained Semi commercial – 70% LTV – £2m value (larger by exception) – Acceptable usage – selected retail (high street and suburban/neighbourhood precinct) – office – takeaways and restaurants/cafes – pharmacies – ICR to primarily be based on the Residential rental income only. The Commercial rental income can be utilised subject to validate that: – the last 12 months rental payments have been paid, and – there is at least 12 months unexpired term on the current lease – No vacant commercial – Investor and Owner Occupiers allowed – Sales & Letting marketability of 12 months or less – Immediate occupation only – Lease review by solicitors	HMOs up to 20 bedrooms and MUFBs accepted up to 10 units. No restrictions on numbers with other lenders. No minimum requirements to have current BTL’s. Unless HMO, then they require the applicant to already own a HMO property. Tenancy: – For all Buy-to-Let lending, the property must be let on an Assured Shorthold Tenancy or a contractual tenancy. 36 month tenancies can now be considered: • The AST provides for a rent review every 12 months or less • A minimum Debt Service Coverage ratio of 125% • A maximum LTV of 75% A fixed term of 12 months can be considered up to 85% LTV. Director Loans: A non-interest bearing director loan is acceptable subject to: • The individual is transferring a current/purchasing a new property into a company structure; • Purchase price is at full market value to ensure tax liabilities are paid in full; • The individual providing the director loan is a shareholder within the business; • They are investing in the company by way of a directors loan and it will be included in the subsequent company accounts; • The difference between the mortgage and the purchase price is covered by the director loan.	PG’s required from all directors, also from shareholders with over 25% shares. Property value must exceed £75,000 Must be suitable for letting at the completion Must be in an area with strong rental demand as determined by our surveyor partners No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties HMO /MUFB – Maximum loan £750,000. Maximum Loan to Value 70%. Large HMOs/MUFBs up to 12 units Properties above commercial. Maximum loan £750,000. Maximum Loan to Value 70%. Min. 1 years’ prior experience as a landlord	Residential Investment properties only, HMO’s up to 15 rooms, Multi Unit Freeholds up to 10 units (15 units in Greater London). For Large HMO’s/MUFB cases, a minimum of 12 months experience managing a similar size property. No first time HMO operators. Ltd Companies (Limited Companies must be NON-Trading SPV’s); SPV, property trading companies and layered companies ********* Maximum of 25 loans to £5 million total BTL borrowing with Lendinvest. Above £3m of borrowing the aggregated LTV on the portfolio will be restricted with a maximum exposure on any Buy-to-Let portfolio of loans with LendInvest of £5,000,000 at a maximum LTV of 60%. ****** First time landlords considered for standard properties (£30,000 income needed): 2 years experience of managing a buy to let portfolio required for HMO. HMOs with kitchenettes will be limited to 70% LTV The Bank will consider lending on the following property types: Houses, Flats (including HMO Flats), Maisonettes, Apartments. Including New Build (with full certificates in place) Studio Flats – (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary. For Flats in a block up to 5 storeys (must have a lift if over 3 storeys). Flats up to 10 storeys accepted in Greater London. Ex Local Authority flats if in a privately owned block (Greater London only) Leasehold properties must have at least 65 years remaining at the end of the mortgage term. Commonhold and Shared Ownership are not accepted. Existing HMO’s must have all appropriate licences in place. New HMO’s must meet all local authority licensing requirements prior to completion and an HMO licence must be obtained within 90 days post completion. ** Concentration No more than 4 units (must have lift if above 4) or 25% of total units allowable in one block (blocks of flats is 25% or 4 units whichever is the lower). -Day 1 remortgage, borrow against the enhanced value post works at any time -Borrow on 75% of flats in a block with a max of 5 units in a single block. Maximum of 15 properties in one post code location (eg BH15 1) Exposure in block – 4 or below units = 50%, 5-10 units = 40% or max 4, 10 or more units = 25% or max 5. ********** Property above Commercial: Flats above public houses or food premises are not accepted – refer if not. Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application. Company structures – up to 3 layers as long as the same directors and shareholders are constant throughout. Holding company must have property SIC code or holding company related and hold no more than 5 companies inc Lendinvests.	No restriction on other mortgages with other lenders. Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier). Paragon no longer require a floating charge on all portfolio applications for limited companies, (required if purchasing / remo in Scotland) incorporated solely for the activity of holding and letting residential properties	Directors loan – accept deposits into the SPV, as cash or property transfer, from another Limited Company. Portfolio landlords accepted as both individual or Ltd company ownership. All shareholders whether 1% or more – Pepper will want to know who they are and what the relationship is – must be over the age of 21. Ltd co has to be active Must have no disqualified directors All directors must be natural persons No minimum trading period No debentures to be present No current adverse credit SIC codes allowed: – 68100, 68201, 68209, 68320 Sales of main residence acceptable repayment with no minimum. Maximum of 9 Buy to Let properties, including the application property(s) unless Limited Company then it’s 16, including the application property(s). This is per individual and will include any joint or limited company loans held that the applicants are party to. It will therefore not be possible to exceed the maximum stated above if applications are made jointly. Where a client holds a portfolio of loans with other lenders these will be disregarded for portfolio maximum purposes. However the conduct of those loans will be taken into consideration and they must be conducted satisfactorily over the last 12 months. ******* Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper. ******* Studio flats considered over 35sqm	Will allow clearing of tax bills: – – The bill must be repaid in full on completion including penalties – Satisfactory explanation as to why not paid – Copy of the latest tax bill. Directors do not need 12 months experience unless HMO. ** Maximum of 20 buy to let loans per individual 5 @ 80% LTV and 5 @ 75% LTV (including buy to let loans which the individual has guaranteed), with Precise Mortgages up to a combined value of £10,000,000. Unlimited with other lenders. — HMO Licensing: – Any application for a HMO license required by the Local Authority, must have been made prior to completion. ** HMO. Can consider student lets up to 8 bedrooms with locks on doors (no bedsits and must have communal area), single or multiple ASTs. On traditional BTL criteria student lets can be considered, where max 4 students on ONE AST, NO locks on doors, No communal areas used as bedrooms i.e. 4 friends renting a 4 bed house together otherwise put on HMO.	12 months ownership of x 1 BTL – Specialist range 2 BTL’s fo 2 years We do not allow any restrictions on properties including agricultural. Can consider the following: – Flats including studios below 30sqm, New build flats, Ex local authority flats with deck access up to 12 floors, High Rise, MUB, HMO, Holiday Lets, Airbnb, Semi Commercial Units, BTL investor led developments, properties located above or adjacent to commercial except petrol stations and hazardous industrial units including food or alcohol	No restrictions on number of BTL’s with other lenders. No minimum requirements to have current BTL’s. Must be a Home-owner. AST term 6 – 24 months	No restrictions on numbers with other lenders- maximum £10,000,000 to a single customer. Interest only considered on all property types on a 10 Yr. Term. ********* For light refurbishment deals we now only need clients to be able to demonstrate either relevant property sector experience (this could be on an employed basis) or 1 similar completed project within the last 5 years. ********* Do not accept consider where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands (BVI). Can consider: – Individuals (UK and EU nationals residing in the UK) LTD Company (UK Incorporated) PLC (UK Incorporated) LLP (UK Incorporated) Trusts (Minimum Loan size £1m new loans, Refinances case by case) SIPPS (Minimum Loan size £1m) Ex-pats Minimum personal guarantee is 25% of the loan amount: – • Non-refurbishment STL • Specialist BTL (including large loans) • Commercial investment product ranges. AVM’s possibly available for Small HMO’s that are valued on single dwelling basis Thatched roofs have been added to ‘Non-Standard Construction’ types Cladded blocks are unacceptable without a satisfactory EWS1 form. Tenure Freehold and Feuhold (in Scotland) acceptable Leasehold with minimum 50 years remaining at the end of the mortgage term is acceptable Tenancy An assured shorthold tenancy agreement (AST) for a period of between 6 to 12 months is required. Protected tenancies are considered subject to demand for resale as confirmed by the valuer. See also “Other” for Holiday Lets, Serviced Apartments and Airbnb and Local Authority and Vulnerable Tenants. Demand for Sale Unless stated differently below by asset type 75% LTV Interest Only is permitted on all security when sales are achievable within 12 months Demand for Letting Unless stated differently below by asset type 75% LTV Interest Only is permitted on all security when letting is achievable within 0-3 months AST re-letting demand is classified as follows Expected 0-3 months – 75% LTV Interest Only is permitted unless stated differently by asset type. Moderate 3-6 months – LTV reduced by 5%to 70% LTV Weak 6+ months – Not acceptable.	75% LTV max for capital raising. Maximum of a single unit in developments of up to 7 properties, or 25% of units in developments of between 8 and 50 properties and 15% where the development comprises of 50 properties or more. A maximum of 20% of properties within any individual full postcode area. Exceptions to this may be considered on a case by case basis.	Ltd Co’s that have been formed for holding residential Buy to Let properties as assets. Trading companies are not permitted DIRECTORS OR SHAREHOLDERS Up to a maximum of 4 individuals. The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company. PERSONAL GUARANTEES All directors and shareholders are required to provide joint and several guarantees and take Independent Legal Advice. CONNECTED APPLICANT Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application. ACCEPTABLE SIC CODES 68100, 68209, 68320, 68201. High Rise Flats Over Commercial premises HMO’s Multi-Unit Freehold Blocks Holiday lets Consumer BTL: – Do not allow Consumer BTL. If the client is already a landlord with other rental property this is acceptable. Considered if the subject property is the client’s only BTL FLATS Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift). Studios at least 30 Sq.M in size. LEASE TERM – Minimum term 60 years left on the lease on completion. EXPOSURE LIMITS – Maximum of 25% exposure of a block of flats. MUB APPLICANTS At least 1 applicant must have 1 years letting experience. MINIMUM VALUATION £150,000. NUMBER OF UNITS Six self contained units with their own utilities on specialist and ten on non standard products HMO APPLICANTS At least 1 applicant must have 1 years letting experience. MINIMUM VALUATION £150,000. NUMBER OF LETTABLE ROOMS Six on specialist and ten on non standard products. LICENCE REQUIREMENTS Licence would be needed if required by the local authority. This will be confirmed by the solicitor. NEW BUILD DEFINITION Will only lend on new properties which are built and ready for occupation. WARRANTY A new build warranty should be in place confirmed by the solicitor MORTGAGE REPAYMENT Capital repayment can be applied for with the same ICR as interest only mortgages. The actual mortgage payment must be covered by the assessed rental income. An amount of 10% of the outstanding balance of the mortgage can be repaid as a lump sum in any year without penalty.	Maximum 20 properties up to a maximum portfolio of £4 million exposure with Vida per borrower. No maximum number of properties over the whole portfolio, but overall portfolio average of 80% LTV, regardless of lender. No restriction on number of storeys in a block of flats No requirement for a lift above 4th floor Flats near to or above bars, pubs and petrol stations considered Multi-Unit Blocks (MUB) now available up to 6 units Landlords considered with no experience when purchasing HMO or MUB Flats situated above commercial premises: Max 75% LTV Flats situated above restaurants/ takeaways/ public houses/ launderettes: Max 60% LTV Ltd Co (including trading companies), and SPVs acceptable across standard range with no extra rate loadings or fees. Ltd Company trading under a different SIC code, 2 years trading, 1 years accounts & SA302 required. **** Directors Loans accepted for deposit purposes – Vida will require a fixed and floating charge for Trading Limited Companies. Vida can also consider using retained profit for deposit purposes. HMO: – At least one of the applicants must have a minimum of 12 months landlord experience. Up to 8 bedrooms considered. Minimum value £100,000. Multi Units: – Up to 5 self-contained units on a single freehold. Minimum value £175,000 for the freehold block in London & South East, £125,000 in all other regions. From 130% rental cover. Corporate lets: It is acceptable for a customer to create a corporate let providing they are in the name of our customer and include the ability to terminate the lease within the lease period. Vida will accept SPV applications where a Bounce Back loan (BBL) or a Coronavirus Business Interruption Loan (CBIL) remains active – subject to underwriter discretion	• One single unit in developments of up to 4 properties, 2 units in developments of between 5 and 8 properties and up to 25% units in developments of between 8 and 50 properties. May apply lower limits to new build developments. • 25% of units in developments of between 8 and 50 properties • 15% where the development comprises 50 properties or more • To a maximum of 20% of properties within any individual full postcode The exception would not relate to MUFBs where we may lend on the whole unit which may comprise up to 6 individual units. For LTD Co’s – Directors must own 60% of shares of the company. 1 year experience required as a landlord for HMO properties (except when HMO has 4 beds, 1 AST with all named and non mandatory licence) Can consider above a food outlet, but is down to valuers comments. Do not consider inherited properties as security if they have been previously lived in by relatives of the borrower Director experience for Limited Company: – accept any applicant or director that has never previously purchased a buy-to-let property where that applicant or director currently owns a residential property with no arrears history for at least 1 year. Where the application is to purchase or remortgage – Houses in Multiple Occupation (HMOs), Multi-Unit Freehold Blocks (MUFBs), New Builds or Flats above Commercial premises, at least 1 applicant or Director must have at least 1 years’ experience of letting residential properties.
Minimum Ownership Period	Remortgages within the first six months of the original purchase date are not normally acceptable. Remortgage from short term finance Remortgaging out of short term finance provided by other lenders will be subject to the length of ownership. Less than 6 months: restricted to the amount required to repay existing facility plus 100% of documented improvement cost, subject to ownership period of at least 1 month. Greater than 6 months: capital raising allowed over and above the sum required to redeem the short term finance, based on any enhanced value of the property. Remortgage from a cash purchase Remortgage when the property was purchased as a cash transaction can be considered subject to ownership period of at least 1 month and is restricted to 100% of documented improvements costs. This does not include the initial cash amount to purchase the property. Greater than 6 months, capital raising allowed based on the enhanced value of the property Capital raising • For property related purposes can be considered up to a maximum LTV of 80% • For non-property related can be considered, up to a maximum LTV of 75% • Capital raising for payment of taxes and consolidation of debts that have not been maintained satisfactorily is not permitted	Remortgages are not acceptable where the security property has been owned, or the existing mortgage has been in place, for less than 6 months. The exception to this rule is where the application is to exit a Bridging facility. In these circumstances, the existing Bridging loan must have been in place for at least one month and any increase in capital value from the original purchase price must be validated by evidence that improvement works have been completed. If no improvements have been undertaken lending should be based on the original purchase price.	No minimum ownership period before remortgage considered. Will lend against OMV within 6 months subject to criteria. Happy to consider a remortgage to 100% of funds spent and cost price on refurbished properties.	6 months providing there is reasonable uplift in the property which can be explained by development works.	Property owned for less than 6 months. Will consider within 6 months if repaying a bridging loan or obtained from family death (probate)	Able to accept properties purchased within 6 months, provided land registry has been updated.	Properties must be owned for a minimum of 6 months before being considered for re-mortgage. Where bridging was involved this will be reduced to 3 months – product dependent!	None	No minimum ownership period before remortgage considered. All cases considered on own merits	6 months minimum ownership required No First Time Buyers ******* Remortgages prior to 6 months are considered if clearing bridging finance like for like. ***** Day 1 remortgage accepted on the following basis: – • Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price • Maximum 75% LTV • Standard pricing to apply • Customer(s) to be on the voters roll for residential applications • Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.	No minimum	A valid explanation is required if the property has been owned for less than 6 months,	No minimum ownership period before remortgage. Applicants need to own the property if it is a mortgage.	6 months minimum ownership required before remortgage Applicants without an existing residential mortgage are now acceptable subject to underwriting criteria which will include a plausibility assessment.	6 months minimum ownership required before remortgage. No minimum ownership where property inherited or exiting a Precise bridge. If property was converted from a Residential into a let property, it must have been owned for a minimum of 12 months prior to remortgage.	Can consider less than 6 months ownership. 12 months ownership of x 1 BTL – Specialist range 2 BTL’s for 2 years. Also: – – Single Unit / MUB & HMO upto 6 units, Expat & Foreign Nationals – 1 BTL for 12 months – Specialist Range – 2 BTL’s for a min of 24 months ownership – DO NOT have to be owner occupier.	Minimum time previously owned by vendor AND minimum time owned before remortgage is: – 6 months. Views can be taken on certain circumstances such as inheritence.	No minimum ownership period before remortgage considered. Will lend against OMV within 6 months subject to criteria.	6 months minimum ownership required before remortgage, unless bought cash or on a bridge, then can consider under 6 months ownership	Property must have been owned for at least 3 months and must be registered in the borrower’s name at Land Registry	6 months minimum ownership required	6 months minimum ownership.
Ex-Patriates (Acceptable regions)	• Non-commercial only – available to British Citizens residing in a FATF member country or confederation. Exclusions apply • No minimum personal income requirements except for first time landlords • Available for up to 6 Bed HMO’s • Available for up to 4 units on 1 title • First Time Landlords considered for single residential investment units only. Applicants must be at least 25 years of age, able to evidence that they have owned their own home for a minimum of 12 months, and earn in excess of £25,000 per annum. Consumer Buy-to-let not currently accepted • Expat applicants are required to hold a UK Passport and have been resident in the UK within the last 5 years, but there is no requirement for them to have been born in the UK. Aldermore Can consider remortgages of previous residential properties, they will consider this as a consumer BTL.	No	Yes – The Ex-Pat product from CCB retains the standard criteria that applies to all existing residential lending but have added additional benefits to enhance the service. Namely, clients can elect to use a “legal 500” firm in the country where they reside to undertake both the legal paperwork and the KYC requirements, plus a client can use the Bank solicitor on a dual representation basis for both purchase and refinance requests.	Not acceptable	Yes, will consider	No	Ex Pat applications will be considered for both individuals and Limited Company (All Directors to provide a personal guarantee for full loan amount) applications where the applicant: Has a credit footprint in the UK Pays UK tax or has declared income for UK tax purposes Has at least one Buy to Let property in the UK Is employed by a multi-national employer or Sovereign entity Has written confirmation from their employer of their residential address in the foreign country and period of residency Has a UK bank account Provides the last two years’ SA100 and tax calculations Ex Pat Acceptable Areas for Expats Foundation Homeloans will consider lending where the applicant is based in the EEA, including Iceland, Lichtenstein and Norway. Also allowed for EU/EEA/Switzerland can be accepted but only if the offer documentation can be signed/executed in the UK. Foundation Home Loans will not consider lending where the expatriate is resident in, or funds originate from, the following countries: Afghanistan Algeria Bosnia and Herzegovina Democratic People’s Republic of Korea (DPRK) Ecuador Ethiopia Guyana Iran Iraq Loa PDR Myanmar Sri Lanka Switzerland – can be accepted but only if the offer documentation can be signed/executed in the UK. Syria Trinidad and Tobago Tunisia Uganda Vanuatu Yemen **** Where the applicant is resident in a country which is both outside the EEA and not on the above exclusion list (eg Switzerland, USA, Canada, United Arab Emirates) then Foundation Homeloans will consider lending on a case by case basis.	Yes, also Foreign Nationals based in over 110 countries acceptable	UK nationals only. Limited company/LLP applicants acceptable. Minimum loan £125,000. Minimum UK equivalent income of £50,000. Employed applicants must work for a UK, EU, UK agency, or for a recognised and traceable company abroad. Self-employed applicants must be professional, such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant. Self-employed applicants who only have a PO Box Address are not acceptable. Applicants must have at least two years of UK commercial property ownership experience. Applicants, including Directors and Shareholders of limited companies, must have a UK credit footprint, with a clean credit history for a minimum of three years. If an applicant resides in Australia or Monaco, the property must be held in a limited company. Applicants who live in Saudi Arabia, or who work/reside in any country on a banned or watch list, are not acceptable. Additional requirements may apply depending on the country of residence, and these will be made clear in any offer document. Mortgage payment must be by Direct Debit, in sterling from a UK bank.	Max Loan 75% Proof of income required (Minimum verifiable income of £25,000) Applicants must be British passport holders and ID required Have to be professionals living & working abroad not retirees who have moved abroad permanently. They cannot accept Self employed applicants. Applicants must have a completely clean credit history Applicants must own at least one UK property (either residential or Buy to let) Applicants must not be working or residing in a country on any banned or watch list (check with the KRBS directly). Australia based ex pats are not permitted to lend with KRBS. The applicants must have a UK bank account and the mortgage payment must be Direct Debit from a UK Bank **** Ex-pat standard mortgage – this is geared towards two types of borrower who want to purchase a property in London or the South East: • a professional applicant who is employed in a senior position by a UK, EU or US agency or by a recognised and traceable company abroad; or • a self-employed applicant such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant. ***** Ex-pat non-standard mortgage – also offer an ex-pat non-standard mortgage. This is for customers who may not fit our standard mortgage or may not be purchasing in London or the South East but who present compelling reasons to lend. Applications for this product will be looked at on a case-by-case basis and bespoke underwriting will be applied. *********** Cannot accept HMO Ex – Pat enquiries	No	No	Yes Up to 70% LTV – max loan of £750,000 Up to 65% LTV – max loan of £1,000,000 Any fees that may be added to the loan are excluded from the LTV calculation Affordability All calculations will be based on either the current reference rate published on our website, or the product charging rate plus 2%, whichever is the greater. The affordability will be assessed as follows: • For individual and joint applicants and for limited liability partnerships (LLPs) with expatriate members, the gross rental income should be equal to, or exceed, the Interest Coverage Ratio (ICR) of 140%. • For limited company applications, the gross rental income should be equal to, or exceed, the ICR of 130% Applicant type: Expatriate applicants and LLP’s with expatriate members 140% Limited company with expatriate directors 130% Single self-contained units only with no restrictive covenants in place. The services of a managing agent must be engaged to oversee the property, and details of the agent must be provided prior to completion of the loan. For purchase applications, proof of the source of deposit will be required in all instances. Applications will be considered from limited companies / LLPs registered and trading in England, Wales or Scotland and whose directors /members are expatriates. • All applicants must have held a UK bank account for a minimum of three years. • All applicants must provide a certified copy of their current UK passport, together with three separate proof of residency documents. • A UK credit search will be undertaken wherever possible. Applications will not be considered where there is evidence of poor credit history. • There is no minimum income requirement, but applicants must provide details of all income. • All employment statuses are accepted and full details must be provided as part of the application. • We cannot accept applications that qualify as Consumer buy-to-let from expatriate applicants. Applications will be considered for Expatriates, who must hold a current UK passport and are residing outside of the UK in one of the following countries: Austria Belgium Bulgaria Canada Cyprus Czech Republic Denmark Finland France Germany Greece Hungary Iceland Ireland Italy Japan Kingdom of the Netherlands Luxembourg Malta New Zealand Norway Poland Portugal Singapore Slovak Republic Slovenia Spain Sweden Switzerland United States	No	No	Yes	Max LTV 75%. No adverse in the last 3 years. Applicants must be UK national (British passport holders) Must hold a UK bank account and the mortgage direct debits must be paid form this account. Saffron will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the Society can serve notice in the event of default. First time buyers and first time landlords accepted.	75% LTV, applicants must own 2 properties within the UK with 1 of them have a UK mortgage on. Income MUST equal £50,000. Any proof of address and ID must be countersigned as true originals by a notary within their country of residence or from the UK embassy. Proof of income will also be required. *** EU Nationals can be considered on the basis that: – When they reside in the UK They meet standard experience criteria, i.e. experience within the last two year in the UK and property investments. * Ex-pat applications when the security is the client’s previous residential property. ********** Do not accept consider where the parent company ownership structure is incorporated in the Cayman and British Virgin Islands (BVI)	Yes Minimum income is £40,000 GBP equivalent for employed and retired. Minimum Income is £60,000 GBP equivalent for self-employed and contractors. First time landlords are not permitted, all Expat applicants must have an existing BTL for 12 months. HMO: Expats must already own a HMO or a MUB and we require evidence of the existing HMO/ MUB properties. UK property management: – Must be able to demonstrate family member or management company who can oversee the property. Provide company name & address (if a property company) or family member name, address & relationship. Full list is available on TML’s listed Ex pat criteria guide.	No	Yes – British Citizens living or working in FATF member countries or confederations Up to 75% LTV applies with the exception of Australia (70% LTV) – Applications considered for SPV’s registered in England, Wales or Scotland where one or more directors or shareholders is resident overseas as an expat. – Non EEA landlords require a min property value of £150k Must currently own a UK property and have at least 3 active credit records. First time landlords acceptable but must own a UK property Mortgage payments to be made by direct debit from a UK bank account.	No
Regulated BTLs	No	No	No	No	No	No	No	No	No	No	No	No	No	No	No	No	Yes. Affordability based Everyday BTL; Either now or in the future, you or an immediate family member will occupy the premises or be a tenant. (The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.) Ex Pat BTL; As above but regulated BTL accepted from non-EEA countries.	Let to a family member can only be considered for Limited company applications, this is on a case by case basis.	No	No	No	No
Consumer Buy To Let		No		No	No	No	No	Case by case basis	No	Yes, can consider, must be on AST.			Yes, but only on non-portfolio range	No		No	Can consider consumer BTLs on everyday BTL product range however the applicants must not be reliant on the rental income to support their lifestyle.	No	No	Refer.		No
Permanent rights to reside and remain	Yes, unless ex expatriate. Residential investment only. Applicants must normally be UK or EU nationals and continuously resident in the UK for the past 2 years. Applications can be accepted from non-UK/EU nationals providing they have been a UK resident for the past 2 years and they have non-conditional and permanent rights to reside (i.e indefinite leave to enter/remain or right to abode)	Yes, required.	Yes (unless Ex-Pat)	All applicants must have permanent rights to remain in the UK	Yes, required	Yes	No, Foreign Nationals with 3 years or more in the UK and permanent rights to reside – Yes. **** Can consider Tier 2 Visa’s on a case by case basis.	Not required	Yes – (unless Ex-Pat). **** Tier 2 Visa – on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.	Yes – (unless Ex-Pat). **** Tier 2 Visa – on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading. EU Citizens Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card. Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.	Yes.	All parties must have 3 year UK residential history and permanent right to reside (tier 1 Product pricing)	Yes	Applicants who are non‐UK citizens must have been permanently resident in the UK for the past 3 years and must have indefinite leave to remain in the UK. UK citizens who are returning to the UK permanently are acceptable. Applications from Foreign Nationals are acceptable, however all applicants must: Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer). Be UK taxpayers (where income is being used in support of the application). Have resided in the UK for the last 3 years. Applicants residing in the Isle of Man and Channel Islands are not acceptable. Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK (where income is used in support of the application). Non‐European Union citizens must provide evidence confirming indefinite rights to remain in the UK and have a statutory right to work in the UK.	Yes EU Citizens Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card. Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.	Yes, required unless Ex Pat or Foreign national	Yes (unless Ex-Pat)	Yes (unless Ex-Pat) **** Can consider Tier 2 Visa’s on a case by case basis.	Yes	Yes, required.	Yes. All applicants must provide 3 years address history. The latest year must show continuous residency in the UK. However, Only 1-years’ UK residency required before application. If married at least one applicant must have permanent rights to reside or indefinite leave to remain, both would need to be applicants on the mortgage but affordability must fit on only the applicant with permanent rights to reside or indefinite leave to remain. All Non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK. Extended list of acceptable visas Foreign Nationals will need to provide evidence of their right to reside in the UK. Those with a permanent right to reside, EU/EEA/Swiss with settled status or indefinite leave to remain can borrow up to scheme limits. Where residency status is evidenced by one of the following, borrowing is available up to 75% LTV with at least 5% of the deposit coming from either savings or inheritance: EU/EEA/Swiss and Foreign Nationals EU/EEA/Swiss with pre-settled status Family visa Tier 1 (Entrepreneur Visa only) Tier 2 (Skilled Worker) UK Ancestry Visa British National (Overseas) Visa Senior or Specialist Worker Visa Health and Care Worker Visa	Permanent rights to reside is required, no to ex pats. Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
New Builds / Renovations	New Build Houses considered. Flats – New Build/newly converted flats accepted. **** Builder gifted accepted deposits up to a maximum of 5% of the purchase price of the property. No to new build commercial premises.	Considered.	All new builds considered.	Yes – Max LTV 75% Houses and 75% Flats/maisonettes	New Build houses accepted Flats – No New build is defined as built in the last 12 months, or has not previously been occupied.	Yes	New Build House accepted, New Build Flats can be considered up to 70% of the re-sale value.	Yes, considered	All new builds considered. HMO and New Build Flats up to max 75%	New Build houses max 75% LTV New Build Flats max 75% LTV Renovation/conversion max 70% LTV	Maximum Loan to value 60%. Maximum advance on a new build is £750,000 within the M25 and £500,000 outside of the M25	Accepted – Flats are capped to 70% LTV. New builds are defined as a property that has never been occupied or has been constructed or converted within the last 12 months.	Yes	Houses – Yes Flats/Maisonettes – No	New build flats and houses accepted to product max LTV **** Flats in blocks up to 20 storeys, with a commercial ground floor accepted 80% LTV available for buy to let new build houses and flats S106 obligations considered Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months New Build flats with a commercial ground floor are considered	Yes, both houses and flats.	Saffron’s definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties – since the conversion has been undertaken), being sold/ marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society. Saffron recognise two forms of new build properties for security purposes: max LTV: • New Build Houses, max LTV is product specific. • New Build Flats, only in East Anglia, South East and London. Max LTV is 75% on C&I repayment and 60% LTV on Interest only. No Shared Ownership new build properties are acceptable.	All new builds considered.	New Builds flats and houses – considered up to 75%. Conversions also up to 75% LTV.	NEW BUILD DEFINITION Will only lend on new properties which are built and ready for occupation. WARRANTY A new build warranty should be in place confirmed by the solicitor	Houses and Flats both considered. Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion. Builder’s or Vendor’s deposit: – Acceptable on new build purchases only providing incentive does not exceed 5% of the purchase price. Mortgage offers valid for 6 months from data of issue and if required we may extend for a further 6 months on the same product	New build and flats above commercial premises: Max Loan size of £750,000 – including New Build properties within the M25 only Max Loan size for New Build properties outside the M25 is £500,000
Studio Flats (including conversions)	30sqm or more will be considered.	No		Minimum floor area for each individual unit 30 sqm	No	Refer	Studio flats with a separate bathroom, natural light and minimum size of 30 Sq M considered.	Yes, but must be 30sqm or more. Location needs to be checked.	30sqm minimum		Minimum of 30 square metres, must have separate bathroom.	Studio Flats – (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary.	30sqm minimum	Gross external floor area of 35 sqm minimum.	30 sqm minimum	Can consider less than 30 SQM.	Studio flats with a minimum size of 35 Sq M and subject to valuation considered. Converted flats are accepted.		Minimum sizes as follows: – 40 sqm if outside of London. 30 sqm if inside of London – can consider smaller but it is by exception, property address will be needed. Same rule applies if it is a converted studio flat. Please note, the minimum value to be considered will be £120,000 and will need to be in a city centre location and the valuer will have to confirm demand for this type of property.	Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift). Studios at least 30 Sq.M in size. LEASE TERM – Minimum term 60 years left on the lease on completion.	30sqm or more considered.	30 sqm or more.
Ex-Local Authority properties	Can be considered up to 75% LTV (for BTL range only, not commercial), subject to the following conditions: • Minimum property value of £100,000 (£200,000 in Greater London) • No outstanding pre-emption requirement to repay a proportion of the discount • Maximum of 3 floors above the ground floor • Secure communal access with no balcony access arrangements • Valuer indicating that there is evidence of a meaningful level of private ownership within the estate • The property being of standard construction • Private access (not via balcony) • Good location (i.e. close to local amenities and close to transport locations). • Evidence of good demand ( i.e. what percentage of the block is privately owned, at the very least 25%) • No large panel/concrete constructions.	Ex Local Authority Houses Acceptable where the house is currently in private ownership and the surrounding area has a well-established and significant proportion of private ownership. The property should be judged to have good ‘kerb appeal’. Ex Local Authority Flats Not accepted.	Houses and flats considered – Up to 70%	Minimum value £100,000. EX- Local Authority House max LTV 75% EX-Local Authority Flat/Maisonette LTV 75% New Build Flats 75% LTV Max	FLATS – No (inside M25 maybe considered by exception) Houses – Yes	Yes	Ex-local authority built houses (where the borrower is not a First time Landlord) and the valuation indicates good marketability are fine. ***** Ex Local Authority Flats/ Maisonettes /MOD will be considered on a case-by-case basis (where the borrower is not a First time Landlord) and will also be subject to construction type, location with no balcony access (an exception may be considered for high value properties in London) and confirmation of a minimum of 75% private ownership from the local authority. If block of flats has over 3 storeys with cladding, it will not be considered. Subject to valuer’s comments and an EWS1 If valuer asks for it.	Yes, will consider	Consider both houses and flats. Flats are considered providing more than 80% of the block is privately owned/owner occupied. 50-79% private/owner occupied would need to be assessed as an exception to criteria. Cannot consider if less than 50% of the flats owner occupied.	Houses accepted to 75% LTV. 75% LTV flats, block must be 80% privately owned	Houses (Yes) Flats (Case by case basis). The majority of the block/immediate surrounding area should be privately owned.	Accepted	Yes – Refer	Houses – 75% LTV Max Flats – 75% LTV Max – see below for types of flats considered. Leasehold Flats with a lease term < 85 years unexpired (such cases will each be considered on their own merits). 4 storeys or less accepted Flats/maisonettes: – NOT ACCEPTED Flats in local authority or ex local authority owned blocks New build flats/maisonettes Flats with a gross external floor area less than 35m2 Flats above commercial premises Studio flats Freehold flats Balcony access	Houses Max 80%, with adverse max 75%. No Flats/Maisonettes. Exceptions can be considered where the following apply; Block in majority private ownership, no balcony access in block, good curb appeal, standard construction.	We do not allow any restrictions on properties including agricultural. Ex local authority flats with deck access up to 12 floors, High Rise, BTL investor led developments, properties located above or adjacent to commercial except petrol stations and hazardous industrial units including food or alcohol.	Can be considered at a max LTV of 70% and subject to underwriting and valuation	Ex-local houses considered Ex-local flats considered	Yes, up to 75% on houses and flats Ex-Local Authority Flats (England and Wales) Will consider lending on Ex-Local Authority properties in England and Wales, subject to: • Minimum valuation of £50,000 outside of London and the South East • Minimum valuation of £120,000 in London and the South East • Maximum 75% LTV • Traditional construction only (as opposed to core criteria where non-traditional properties are allowed) • Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10 Ex-Local Authority Flats (Scotland) Will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria: • Minimum valuation of £50,000 • Maximum 75% LTV • Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed) • Maximum 5 floors in block	Yes, accepted.	Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, subject to conditions. Flats/Maisonettes, minimum property value of £80,000 (£200,00 in Greater London).	Yes to both, houses and flats. At least 50 % of properties within the block are privately owned and we require valuer commentary to satisfy us on this point. Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans. Deck access considered.
Let to Buy/ Remortgage residential into a BTL	Remortgage of residential into a BTL accepted	No	Considered	Considered so long as evident not a Consumer Buy to Let and suitable due diligence undertaken	Yes but only at 145% of Payrate on a 5 Year Fixed or 5.50 if not. 130% rule does not apply.	No	No	No	Considered	Remortgage of Residential into BTL accepted.	No	No	Yes – Will consider let to buys with no onward purchase as long as the client has already moved out of the property upon the time of application – Consent to let is NOT required. Must have credit at new address.	No.	Yes can consider must have a simultaneous completion for the onward purchase. If not onward purchase, property must be rented out for a min of 3 months (proof of 3 months rent required) and on the voters roll at their new residence.	No	Yes, after 6 months ownership for Residential to Buy to Let conversion	Remortgage of residential into a BTL accepted	Yes, consider Let-To-Move/ Let-to-Buy Applications on a case by case basis subject to TML being satisfied it is not a Consumer BTL application.	No	Accepted, providing customer confirms that the property is being let out for investment purposes. Vida can lend on both the BTL and/or residential loan If BTL is with another lender, we require a copy of the offer. Vida requires a simultaneous completion of a new residential for a Let to Buy. If this is not the case then the applicant is required to be out of the property with consent to let from their current lender.	Yes. Only when the applicant / director already has rental properties in the background prior to approaching Zephyr.
Credit Scores	No	No	No	3 years voter roll history CHL will not accept any unsecured credit that has been more than a status 2 in the last 24 months and will only accept one instance of status 1 in the last 12 months, but this cannot have been in the last six months.	No	Soft footprint on DIP hard at full app Equifax	Yes	Yes, but only small part of case review and decision	No	No	No – currently the credit insight data is reviewed as oppose to score	No credit scoring, check only.	Yes – Equifax	No, just credit check	Yes – Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.	No, just credit check with Experian.	Yes – 600+ Experian score required.	No	No – except for Lumi RL0/ Top range. But do have a minimum credit score which is very low.	No, credit check.	Credit check with minimum score needed. Vida credit search with their own internal minimum score.	No, but if score is low then overall case is reviewed at application stage.
Missed mortgage payments	0 in last 3 months, 1 in last 12 months, No more than 2 months in last 24 months. Arrears over 24 months ago considered	Max 2 in last 36 months	Considered on a case by case basis	Secured arrears: 0 in 6 months, Status 1 in 24 months (Max. 1 instance	Missed mortgage payments, 1 in last 12 months but none in last 6 months with a suitable explanation	Refer.	Considered, Product specific, refer to product guide. Assessed on worst status and not missed payments.	Case by case basis	No Adverse in the last 2 years	Missed mortgage payments over 3 years considered	None allowed	Tier 1 – none in 3 years. Tier 2 – None in past year. 1 in past 3 years	None with last 24 months.	Can consider dependent on product selection. Applicant(s) must be up to date at the point of the application and must not have any arrears reported in the last 6 months.	Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.	Late payments considered subject to a reasonable explanation. Refer if any.	None in last 12 – 2/3 years considered by exception	Adverse considered on a case by case basis. Missed mortgage payments over 12 months ago considered.	Secured arrears – 0 in 12 months, 1 in 24 months	UTB Status 0 criteria: Active unsecured credit – All accounts currently up to date (mail order and communications ignored).	Vida 1 – 0 missed payments in the last 36 months Vida 2 – 0 missed payments in the last 12 months, 1 in the last 24 months Vida 3 – 0 missed payments in the last 12 months, 2 in the last 24 months Vida 4 – 0 missed payments in the last 6 months, 2 in the last 24 months.	No late or missed payments in last 36 months.
Historic CCJ’s & Defaults	None registered in last 36 months , CCJs registered over 36 months ago considered , Over 36 months, does not need to be satisfied if total combined value is up to £500. Over 36 months, needs to be satisfied for 36 months if total combined value over £500 For commercial enquiries, up to 2 unsatisfied CCJs in the last 24 months up to a maximum value of £5,000. Allowed up to 5 CCJ’s with the last 5 years will be considered subject to underwriting. Defaults considered on case by case basis.	CCJs None in last 36 months Defaults None in last 36 months Secured arrears None in last 12 months Maximum 2 in last 36 months Unsecured arrears Maximum 2 in last 36 months Bankruptcy/Debt Relief Order None (6-year history) IVA/Debt Management Plan None (6-year history) Repossession None (6-year history)	Defaults and CCJ’s are considered on a case by case basis. ******** No bankruptcy or IVA	Unsecured Arrears: 0 in 6 months, Status 1 in 12 mths (Max. 1 instance), Status 2 in 24 months Secured arrears: 0 in 6 months, Status 1 in 24 months (Max. 1 instance) Defaults: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months CCJ’s: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months	No defaults in last 3 years and any over 3 years must have been satisfied 3 years ago CCJ’s – will conisder 1 satisfied under Â£500 in last 3 years, all other CCJ’s must have been satisfied over 3 years ago 1 commnication supplier issue may be consider if under Â£500 and satisfied subject to a suitable explanation.	No CCJs or defaults (either satisfied or unsatisfied) greater than £250 within the last three years. No credit file to be, at any point within the last three years, more than two payment (>2months) in arrears If within the last 3 years, we are able to accept status 1 and 2, as well as any CCJs and defaults under £250.	Range Dependent: Standard Range: No CCJs/defaults registered in the last 24 months, regardless of whether they have been satisfied. All CCJs/defaults must be satisfied and brought up to date at time of application. Unsecured arrears – for Mail order, Utility accounts, communication contracts & credit cards. Underwriter can consider up to 4 missed/late payments on 1 individual account or 4 missed/late payments (4 individual accounts) across a combination of accounts where combine value is less than £500 ****** No missed mortgage payments in the last 24 months. Unsecured loans and credit cards – Worst status of 2 in the last 24 months with 0 in the last 12 Other Unsecured (mail order, utility, communication contracts) – Worst status of 4 in the last 24 months No IVA or Administration Order registered against any borrower. No Bankruptcy Order against any borrower. Debt Management Plans: Applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable. ** All accounts must be up to date at the time of application, All CCJ’s and Defaults must be satisfied at the time of application *** Standard Plus Range – CCJs & Defaults: – No CCJs/Defaults registered in the last 72 months, regardless of whether they have been satisfied. All defaults and CCJs must be satisfied irrespectiveof when they occurred. Unsecured loan arrears: A worst status of 0 in the last 72 months. Credit card arrears: A worst status of 0 in the last 72 months. Mail Order, Communications & Utilities: A worst status of 4 in the last 24 months per account provided all accounts are up to date on application. Mortgage arrears: A worst status of 0 in the last 72 months.	Case by case basis	All CCJ’s & Defaults must be satisfied and registered over 24 months ago – exceptions can be made on case by case basis.	Ignored IF – registered more than 3 years ago and satisfied prior to application. Ignored if registered and satisfied prior to 12 months prior to application. Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application	No defaults OR CCJ’s (Any CCJ any that are over 6 years must be satisfied/repaid), for 6 years	Adverse credit – Available to all applicants/properties: Unsecured arrears – max status 2 (can have multiple status 1&2) & communications disregarded. CCJ’s – disregarded over 3 years ago Adverse credit – (Tier 2) – Available for standard properties, HMO’s & MUFBs Unsecured arrears – not counted CCJ’s – None in last 12 months, 1 in last 12-24 months and not counted over 24 months Defaults – None in last 12 months, 2 in last 12-24 months and not counted over 24 months	A comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants. Paragon Premier will undertake a credit score in order to ascertain the acceptability of the application and will not normally consider any application where there is evidence of poor credit history, such as defaults or arrears on any loan. Paragon Premier will not consider applications with historic or current county court judgments. The lender reserves the right to obtain a new credit search at any time and any change in the applicants credit history could lead to the application being reviewed.	Maximum allowable adverse: – (Non-default/CCJ) 2 individual utility, communication, or mail order account defaults up to and including £200.00 each ignored (Applicable to Pepper 24 & 24 Light products downwards, but excluding Bankruptcy range products) None in last 12 months Total combine CCJ value of £2,500 accepted Check product range for further information. ** Unsecured credit: – Fixed Term – None in the last 6 months. Revolving credit – Missed payments considered if none in the last 12 months On Pepper 24, 18 and 12 products we will ignore 2 individual defaults (per application) up to and including £150.00 each where these defaults relate to utilities, communications or mail order providers. All other unsecured must be up to date in the last 6 months Unsecured can be no more than 2 months in arrears in months 7 to 12 Unsecured arrears are ignored after 12 months i.e, month 13 onwards Bankruptcy Discharged > 6 years ago Max Loan Size IVA Discharged > 6 years ago Debt Management Plan – None current and None in last 12 months. We will consider applicants whose debt management plans completed or finished more than 12 months ago. Repossession None in the last 6 years ** Doorstep Loans/Payday Loans – None current and None in last 12 months Any applicant who currently has a payday or doorstep loan will be declined. We will consider applicants whose payday or doorstep loan finished more than 12 months ago.	Adverse BTL Dependent upon product plan – Tier 1 highest range and Tier 3 lowest. ** Defaults 0 in last 12 months,2 in 24 months (max £5k) CCJ’s 0 in 12 months, 1 in 24 months (max £2.5k). Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months. Unsecured arrears – Not counted but can affect customers credit score. Tier 1 – only adverse accepted is 1 unsecured in 12 months, 2 in 36 months (worst status). Must pass credit score. ** Payday loans can be considered 0 in last 3 months. Unsecured arrears can have been in last 3 months all other adverse 0 in 3 months.	We can accept x 2 maximum CCJ’s or Defaults, they need to be under the value of £500 and satisfied in full with an explanation of why they occurred	All CCJ’s and defaults must be satisfied, small amounts of adverse can be considered. Other adverse is to be considered on a case by case basis – will be referred.	Unsatisfied CCJ’s/Defaults in last 24 months unacceptable. A1 credit profile on secured and unsecured lending. Will also look at the credit profile of any businesses that clients are associated with. Will take a pragmatic view of any small blemishes in their credit conduct, but any missed mortgage payments are likely to lead to rejection	CCJs – maximum 1 (max £250) in 36 months, 0 in 12 months. Must be satisfied at time of application. Unsecured arrears – 0 in 6 months, 1 in 24 months Defaults – 0 in 24 months Pay day loans – 0 in 6 years	CCJs and Defaults – None in the last 2 years with a maximum of 5 totalling £5,000 whether satisfied or not (less than £300, mail order and communications ignored).	Vida 1, No registered CCJs or Default in last 48 months. No Unsatisfied CCJs Vida 2, No registered CCJs or Default in the last 36 Months. No Unsatisfied CCJs Vida 3, 1 Registered CCJ or Default in last 24 months (includng unsecured defaults) (0 in last 18 months of £250 or more). Max £5000 unsatisfied CCJs Vida 4, 2 Registered CCJ’s or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more) Max £5000 unsatisfied CCJs	Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 24 months. CCJ’s: – Maximum 1 up to £250 in the last 3 years and satisfied. None in last 12 months. Defaults: – No defaults must have been registered within the last 24 months Payday loans – None in last 6 years Credit Cards: – No more than 1 month in arrears in last 24 months and no arrears in the last 6 months
Valuation Fees	Paid direct to lender at the lender fee scales, for commercial properties, it is subject to a quotation.	Paid direct to lender at the lender fee scales. Decided at DIP stage.	Paid direct to lender at the lender fee scales	Paid direct to lender at the lender fee scales	Valuation fees paid direct to lender at the lender fee scales.	Free valuation fees offered on standard BTL properties valued under £500,000. For properties over £500,000 or for HMO/MUFB, please see the Fleet Mortgages Product Guide for further information as this is subject to change. (Jan 2023)	Valuation fees paid direct to lender at the lender fee scale.	Valuation fees paid direct to lender at the lender fee scale	Paid direct to lender at the lender fee scales	Paid direct to lender at the lender fee scales	£150 admin fee payable with valuation fee. Please see product guide for further details on valuation fees.	Paid direct to lender at the lender fee scales	Paid direct to lender at the lender fee scales	Valuation fees paid direct to lender	Valuation fees paid direct to lender at the lender fee scales	Paid direct to lender at the lenders fee scales, found on both the lender website and product guide.	Paid direct to lender at the lender fee scales	Paid in accordance with Lender Fee Scale. Instructed via Panel Operator	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid directly to the lender at the lenders valuation fee scale.	Valuation fees paid direct to lender at the lender fee scales.	Valuation fees paid direct to lender at the lender fee scales.
Maximum Age	85 years at end of the mortgage term.	85 years	No maximum age	85, mortgage term must end before the oldest applicants’ 86th birthday	Maximum age at application is 89	95 years at end of term, 89 years at application	Maximum age is 85 years at the end of the mortgage term. No maximum age for Limited Company applications	No maximum age	85 at the end of the mortgage term	85 years at end of the mortgage term	95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage term	85 years old	80 years old – up to 85 years old by exception only.	85 years old	80 years at time of application, 115 maximum age limit	Single Unit, MUB / HMO 85 years Specialist Range – NO maximum age	No maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end: From the point of retirement, or 75th birthday, whichever is due first, only ‘retirement’ income will be permitted from that day for the purpose of evidencing affordability – no ‘working’ income will be allowed All actual or projected retirement income must be evidenced No projected income will be allowed where retirement (or age 75) is still more than 15 years away A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application: A maximum LTV of 80% will apply to borrowing on a Capital & Interest repayment basis All applicants will be required to receive Independent Legal Advice	80 years at end of the mortgage term.	80 years at application, 95 at the end of the term.	At least one applicant must be under 85 years old at the end of the term.	85 at the end of the term as standard (not a company structure). 95 at the end of the term for company BTL	89 years at application, 95 years old at completion.
Minimum Age	21 years (for existing landlords) 25 years for first time landlords	21 years	18 years	Primary applicant 21 Secondary applicant 18	19 years old	21 years (25 years for first time landlords).	21 years old (primary applicant). 18 for other applicants.	21 years old	18 years	25 years	21 years	21 years	21 years	21 years old	21 years (No limit on Directors dependant shareholders under the age of 25)	21 years old	21 years or product specific.	21 years	21 years	25 years	21 (Primary applicant), 18 for all other applicants if a direct family member	21 years
Location	Will lend in England, Scotland (mainland) and Wales	England and Wales only.	Will lend in England, Scotland and Wales	Mainland England, Isle of Wight and Wales only	Will lend in England and Wales	England and Wales only.	Will lend in England, Scotland and Wales.	England and Wales	Will lend in England and Wales	Will lend in England and Wales.	Will lend in England and Wales	Will lend in England, Scotland and Wales.	Will lend in England, Scotland and Wales	Will lend in England and Wales	Will lend in England, Wales and restricted postcodes in Scotland	England, Scotland, Wales and Northern Ireland. Any country with a Basel AML risk score below 6 where the applicant is based	Will lend in England and Wales.	Will lend in England, Wales and Scotland	Will lend in England, Scotland and Wales (Islands of Anglesey and Isle of Wight accepted)	Will lend in England, Scotland (mainland) and Wales.	Will lend in England, Wales and Scotland – currently lending in postcodes AB (excluding 42-45,56). DD, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28) KY, ML and PA (excluding 20-80).	Will lend in England and Wales, including Isle of Wight
Number of Applicants	6 for BTL, no max for commercial.	4	No maximum	4	4 applicants	4 applicants	2 applicants for individual cases 4 applicants within Ltd Company	10 applicants 4 Directors for Ltd Company	No maximum	Maximum 4 Applicants. Including SPV Limited Company	4 applicants	2 Individual. 4 Company Directors. Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.	4	4 directors for ltd company 2 for individuals	4	4 individual or limited company directors.	Maximum 4	No maximum	4 applicants. In the event that the application is from a limited company, details of up to four directors/shareholders as applicants will be captured.	4 applicants or Directors of Ltd Co. The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company. Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application.	4 applicants	4 applicants / Directors. Zephyr Homeloans allows up to a maximum of 4 Directors providing at least 60% of shares are held and the company has been set up for the sole purpose of buying, selling or managing residential property. The company details quoted can be verified by reference to Companies House or via an Equifax search.
Access	Access to Aldermore commercial is available via selected packagers only	Access to Birmingham Bank is available via selected packagers only.	Access to Cambridge Counties is available via selected packagers only.	Access to CHL is available via selected packagers only.	Access to Family BS is available via selected packagers networks.	You can gain access to Fleet Mortgages via 3mc as your packager.	Access to Foundation Home Loans is available via selected packagers networks and mortgage clubs	Access to HTB is available via selected packagers networks and mortgage clubs	Access to InterBay commercial is available via selected Key Partners only	Access to Kent Reliance is direct to lender with 3mc as your payment route	Access to Landbay is available via selected packagers only, of which 3mc are one	Access to LendInvest is available via selected packagers only	Access to Paragon Premier is available via selected packagers only	Access to Pepper Money is available via packagers & distributors.	Access to Precise Mortgages is direct to lender with 3mc as your payment route, unless specialist products are to be used which is via 3mc as your mortgage packager	Access to Quantum Mortgages is direct to lender with 3mc as your mortgage packager as well as direct as a mortgage club.	Access to Saffron is available via selected Key Partners only.	Access to Shawbrook Bank is available via selected packagers only.	Access to TML is available via selected packagers only	Access to United Trust Bank is via mortgage packagers currently, one of which is 3mc	Access to Vida is available via selected packagers only	Access to Zephyr is available via selected packagers only
Type of Credit Search conducted at AIP stage	Hard foot print	Soft search	Hard foot print upon full application		Hard on Application with Equifax.	Soft footprint on DIP hard at full app Equifax	Soft foot print at DIP, hard foot print at FMA	Hard credit search	Soft foot print only	Soft foot print, hard foot print upon full application	Hard credit search	Soft at DIP – Hard at application stage.	Soft print at DIP/AIP stage, hard foot print on application.	Soft, with Equifax	Soft footprint with Experian at AIP stage and then full credit search conducted on Experian. Equifax search will also be carried out on any remortgage applications.	Soft, Experian.	Soft foot print	Experian, Soft foot print on DIP and Hard foot print on application	Soft, Equifax. On full application stage, this is a hard foot print and also on Equifax.	Soft search conducted only	Soft foot print	DIP will be a soft footprint with a hard footprint left at FMA – Equifax


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Property Value (min)	£60,000 (single residential units) £75,000 (HMO’s, Multi Unit Freeholds and other properties)	£135,000	Minimum property value £75,000	Minimum property value £50,000	Standard property £75,000 Ex-Local Authority property £100,000 Studio flat £100,000 80% LTV available against ‘standard’ freehold and leasehold properties. Any construction type highlighted by our valuer as non-standard will be restricted to a maximum 75% LTV. Non-standard property construction max LTV of 75% Above/adjacent to commercial property max LTV of 75% MUFB/HMO maximum LTV of 80% Larger MUFB’s – 75% Max LTV The minimum property value of £150,000 for properties located within the M25, £100,000 elsewhere At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property Maximum of 10 units in the block All units must have separate services Larger HMO’s – 75% Max LTV All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use, as well as properties requiring considerable alternation to sell as a family home At least one applicant must be able to evidence they currently own, and have owned for at least 2 years, a minimum of one BTL property Maximum of 10 bedrooms No limit on the number of lettable rooms Minimum property value of £150k for properties located within the M25, £100k elsewhere Short term lets considered Flat above/adjacent to Commercial £250,000 within M25 (£150,000 All other regions) Shared House (single unit rental) £75,000 Shared House (room-by-room rental) £250,000 within M25 (£150,000 All other regions) House of Multiple Occupancy £250,000 (£150,000 All other regions) Multi-unit Freehold Block £150,000	Minimum property value £75,000	Minimum property value £120,000 (we have a little wiggle room here between £100-£120k), Ex Pat BTL tends to be min value £165,000 as min loan is £100,000 but again a little bit of wiggle room available usually)	– Standard property £50,000. – HMO /MUFB £150,000 in LSE, £100,000 outside LSE. – Ex-local Authority £150,000 in LSE, £75,000 outside LSE. – Properties above or adjacent to commercial £100,000. – Freehold property conversions £150,000 in LSE, £100,000 outside LSE. – Other restrictions may apply.	Minimum property value £75,000	£133,333 – minimum loan has to be £100,000	£75,000 min	£65,000 Standard £120,000 HMOs & Multi Units £75,000 for HMO in qualifying areas – BB, BD, CA, CW, DH, DL, FY (Excluding FY1-FY4), HD, HX, L, LA, M, NE, OL, PR, SK, TS, WA, WF, WN, YO £120,000 for postcodes not listed above.	£75,000 excluding London £150,000 London (excl. rest of UK) £250,000 for HMO in Greater London – £100,000 elsewhere.	£75,000 HMO – £100,000 (Up to 10 rooms) £150,000 if 20 rooms or more Multi-Units – Min Val for; 2 -10 units is £100,000 11 – 20 units is £150,000	Minimum property value £70,000	£50,000 or £150,000 in London postcode districts.	Single Unit, MUB/HMO £125,000 Specialist Range £70,000	Minimum property value £100,000	£62,500 (for products assumes max 80% LTV). £120,000 London & South East £120,000 for HMO £150,000 for properties above commercial premises	Houses Minimum value £100,000 with maximum value £5M Flats Minimum value £125,000.	Single Residential Units -£50,000 up to 70% LTV £70,000 minimum value above 70% LTV. HMO – £100,000 MUB £175,000 in London & South East. £125,000 in all other locations. Ex Local authority flats/maisonettes min £80k outside London, £200k in Greater London up to 80% LTV Ex – Pat: – Non EEA landlords require a minimum property value of £150,000	£75.000 for single units. £100,000 for HMO, MUFB’s & Flats above commercial (60% LTV)
Advance (min)	£25,000	£100,000	£50,000	£25,001	£25,001	£25,001	£45,000 including ex pat	£25,001	£50,000	£100,000	£50,000	£30,000 £150,000 for 3mc Exclusive	£50,000 including HMO	£30,000	£25,001	£75,000 for Individuals & Limited Company This includes single units, HMO’s & Multi units	Single Unit, MUB/HMO £100,000 Specialist Range £25,001	£30,000	£75,000 on current product range	£50,000	£100,000 – supersedes all minimum property values.	£50,000
Advance (max)	£1,000,000 to 70% LTV £600,000 at 75% For non-property related can be considered, up to a maximum LTV of 75%	£2,000,000 Max 75% up to £2m (portfolio of properties,) Max 75% up to £1m for single property (standard or HMO/MUFB) Max 70% >£1m- £2m for single property (standard or HMO/MUFB)	£1,000,000 to 80% (C&I) £750,000 up to 75% LTV (If Interest only) £500,000 up to 80% LTV on Interest only.	£1,000,000 to 75% LTV	£2,000,000 up to 70% LTV £1,000,000 up to 75% LTV £500,000 up to 80% LTV Aggregate exposure limits of £5,000,000 with no limit on the number of properties/mortgages. 6 bed maximum for standard properties.	£1,000,000 to 80% Applicants will be required to own their residential property.	65 % to £1.25million loan amount, 60% to £1.5 million loan amount, 50% to £3 million loan amount and 50% above this	Up to £2,000,000 however restrictions do apply for certain property types	£1,500,000 on loan for both individual units and HMO/MUB up to 75% £1,500,000 up to 75% LTV. £500,000 up to 80% LTV and 85% LTV – not currently available £100,000 on low loan range – portfolio landlords only	£15,000,000	No maximum loan up to 85% LTV £3,000,000 up to 80% LTV – if higher then it goes via BDM referral Max 80% LTV and £1.5m for 7-10 bedrooms/ units Up to 80% LTV to £3m on 1-6 bedrooms/units	£1,000,000 up to 75% LTV – HMO/MUFB £1,500,000 up to 70% LTV on Standard properties Large HMO – Max loan £1,500,000 up to 70% LTV £750,000 max loan on new build properties Large Loan range: – Min. loan size £1,500,000 million Max. loan size £2,000,000 million	Single units : – £500,000 up to 80% LTV £1,000,000 up to 75% LTV HMO – £500,000 up to 80% LTV 75% for HMO’s 7 – 10 bedrooms 80% for HMO’s up to 6 bedrooms MUFB up to 10 units – max 75% LTV £1 million – 70% LTV £1.5 million – 65% LTV £3 million – 60% LTV £1 million at 70% LTV for standard properties and small HMOs, and up to £1 million for Large HMOs and MUFBs. Up to £5mill with a maximum of 20 properties aggregated.	£4,000,000 to 65% LTV £1,500,000 to 70% LTV £1,000,000 to 75% LTV £750,000 to 80% LTV both non-portfolio and portfolio landlords £10,000,000 per customer max lending	£2 million within the following LTV limits: Up to £750,000 available to 80% LTV Up to £1 million available to 75% LTV Up to £1.5million available to 70% LTV Up to £2 million available to 65% LTV Aggregated Exposure limit has increased from £3m to £4m.	£3,000,000 to 60% LTV £1,000,000 to 70% LTV £750,000 to 75% LTV HMO/Ltd Co: – Maximum loan: £1,000,000 to 70% LTV £750,000 to 75% LTV	Single Unit, MUB/HMO £1,500,000 Specialist Range £1,000,000	£1,000,000 to 75% LTV	£3,000,000 up to 70% for a single unit/MUB BTL (Ind / Ltd co) £2,000,000 up to 70% LTV for HMO £1,500,000 up to 75% LTV for ALL property types £2,000,000 up to 70% if New Build Flat / Above Commercial Aggregate lending limit to apply to any type of property	£500,000 up to 80% LTV Standard and Specialist. £1,000,000 up to 75% LTV – Non standard also. Total borrowing of up to £5M per individual with a 20 loans maximum.	£850,000 to 85% LTV £750,000 to 80% LTV £1,000,000 to 75% LTV on Ltd Edition products £1,500,00 to 65% LTV	Max Loan Amount – £1,500,000 @ 70% LTV. £1,000,000 @ 75% LTV (£2,000,000 in total) SPECIALIST HMOs & MUFBs: Max Loan Amount – £1,000,000 @ 75% LTV. Max Loan Amount – £1,500,000 @ 70% LTV. (£2,000,000 in total) Specialist New Build & Flats Above Commercial products available up to 75% LTV, with Max Loan size of £750,000 NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 75%. We will require proof of the source of deposits
Income (min)	No minimum income except for time first landlords (£25,000) Self employed – minimum 1 years accounts	No minimum income.	£18,000 for the primary applicant. Interest only available for FTB / FTLL investing in a BTL – however, full income and expenditure calculation will be completed on C&I basis. Bluestone allow use of non-property income to top up the shortfall in rental income (min rental coverage is 112.5% Basic Rate Taxpayer & 112% coverage for Higher Rate Taxpayer). Background income may be considered to support any ICR shortfall down to a floor of 100% rental coverage. This is subject to prior approval with access bank and will only apply where the loan size is a minimum of £350,000	No minimum income for non portfolio landlords £30k income required for portfolio based landlords. ******* 5 year stress rate of 4.5% is available for customers with a qualifying credit score only and subject to a minimum income of £30,000 per application. Customers who have their application accepted but do not meet one or both of the qualifying criteria will revert to the original stress rate of 5.25%. ***** Will consider affordability using personal income for applicants Evidence must be retained of income and source of deposit for all applications You must ensure that you ask for and retain evidence of personal income and deposits for applicants. ******** For IT contractors on any income and other contractors whose income is more than £500 per day or £75,000 per year, BM accept the gross value of the contract as evidence of income. * This applies to all Buy to Let and Let to Buy applications whether client is employed, self-employed, or operating as an umbrella company. All apps must have: * 12 months or more continuous employment in their current contract with 6 months of the contract remaining, or 2 years continuous service in the same type of employment (within the last 2 years). Please key the following details on the Point of Sale (POS) system: * Employment status as ‘Employed’ * Type of employment as ‘Fixed, short term or rolling contract’ * Occupation type as ‘Professional’ * Job title as either ‘IT Contractor’ or ‘High Value Contractor’ * Income as the gross value of the contract. If the contract isn’t available, please follow the existing process for verifying income, including keying employment status as ‘Self-employed’ and using SA302s where appropriate. * Evidence of the contract value and duration for all cases and only submit if income verification is requested. When submitting documentation, the following information should be provided: * Full value of contract or rate of pay and contracted hours / days Customer name and / or their company names, and evidence of ownership * Name of the company the applicant is contracted to, if applicable * Start and end date of the contract Customer signature / electronic signature. * For non-IT contractors earning less than £500 per day or £75,000 per year, the existing policy applies as follows: * If the customer pays their own tax contributions they should be treated as self-employed. * If tax is paid by the company they work for, the customer can be treated as employed as long as they can confirm: 12 months or more continuous employment with their current employer, with six months of the contract remaining, or * Two years continuous service (for the last two years as at the date of application) in the same type of employment.	£20,000 combined income per application.	£15,000 minimum income (non-rental) required.	No income assesment carried out. Applicants should be able to cover a minimum of 3 month rental voids and confirm this on the application form. Where a client does not have an income then proof may be sought of a reasonable amount of savings in the background. Rental income is a form of income though.	£15,000 (£25,000 for first time landlords).	No minimum income required. Last payslip for employed and last years accounts or SA302 for self-employed – where no such proof is available bank statements showing activity over the last three months. Debt consolidation is considered up to 80% LTV for BTL’s. All income must be evidenced.	No minimum required	No minimum income except for Expatriates – £50,000, verifiable income. 2 years income is required for all self-employed applicants for income-backed products. Require no proof of income for portfolio landlords, whether they’re employed or self-employed (please note, this is still a requirement for non-portfolio landlords).	A minimum combined annual income of £25,000 for UK based applicants. Must be evidenced on either accounts or SA302’s – verified, not gross rental received. £15,000 (Combined) for experienced landlords with more than 24 months rental experience.	£30,000 across all applicants including FTLL ** Incomes considered: Rental/Portfolio ** Consider re-invested funds that have gone back into the portfolio OR investment projects.	£25,000 minimum – however, non-portfolio landlord income requirements differ to portfolio landlord. Paragon can consider retained profit as long as the business does not required it for continued business. Such as an antique dealer. Non-portfolio: – Applicants should have a minimum combined gross annual income of £25,000 per annum. Applicant’s income can include: – gross employment income – taxable self employed income – Occupational or private pension income Income from renting property, state benefits, state pensions and investment income will not be considered, but may be taken into account when calculating the tax band applicable to an applicant. There is no minimum income requirement for expatriate applications, but details of all income must be provided. Portfolio landlord income: – Applicant(s) should have a minimum combined gross annual income of £25,000 per annum. All income must be evidenced and can include: -Gross employment income -Taxable self-employed income Income from state benefits, state pensions and investments will not be considered, but may be taken into account when calculating the tax band applicable to an applicant.	£18,000 per application (no foreign currency income and rental income cannot be the principal income source. Rental income from the security property must also be excluded). Rental income can be taken into account, as long as it is not more than 50% of their income. UNLESS: – Applicant owns 11 properties or more. Allow Rental Income as an allowable and standalone income stream for professional landlords.	No Min income however must be able to cover rent voids for 3-4 months based on EDI. No proof of income is usually required except where basic rate tax payer and then ONE piece ie latest payslip is required (nothing if buying through a LTD Co.). Min time in employment, 12 months continuous, 12 months trading if self employed including professional landlords. To qualify as a prof landlord clients need to own min 5 props (ring for exceptions). Bank statements are no usually required however if Tiers 2 or 3 then 3 months salary fed bank statements are required.	None for UK applicants – £35k GBP equivalent for foreign nationals and expats.	£25,000	No minimum income required.	£50,000	No minimum income	No minimum income. £25,000 for professional landlords required.
Minimum age	21 years (FTB 25 years)	21 years	20 years	21 years	Primary applicant 21 Secondary applicant 18	18 years old	19 years old	21 years (25 years for first time landlords).	21 years old (Primary Applicant). 18 for other applicants.	21 years old	25 years	21 years	21 years	21 years old	25 years	21 years (No limit on Directors dependant shareholders under the age of 25)	21 years old	21 years.	21 years	25 years	21 (Primary applicant), 18 for all other applicants if a direct family member. If First time buyer and first time landlord, the client must be 25 years old.	21 years old
Age (max)	Maximum age is 85 years at end of the mortgage term.	85 years	65 at the start of the mortgage term	Maximum age is 80 years at the end of the mortgage term.	85, mortgage term must end before the oldest applicant 86th birthday	The upper age limit has been removed and will be available on all products. Dudley will look at each case individually.	Maximum age at application is 89	95 years at end of term, 89 years at application.	Maximum age is 85 years at the end of the mortgage term. No maximum age for Limited Company applications	No maximum age	Maximum age is 85 years at the end of the mortgage term	95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage term	85 years	80 years old – up to 85 years old by exception only.	Maximum age is 85 years old at the end of the mortgage term	80 years at time of application cannot turn 81 before completion , 115 maximum age limit	Single Unit, MUB / HMO 85 years. Specialist Range – NO maximum age	No maximum age, however, the following criteria will apply where any applicant will be beyond their 75th birthday at term end: From the point of retirement, or 75th birthday, whichever is due first, only ‘retirement’ income will be permitted from that day for the purpose of evidencing affordability – no ‘working’ income will be allowed All actual or projected retirement income must be evidenced No projected income will be allowed where retirement (or age 75) is still more than 15 years away A maximum LTV of 50% will apply to any borrowing on an Interest Only repayment basis Sale of the residential property (i.e. downsizing) will not be permitted as a repayment strategy for any Interest Only lending, irrespective of the LTV A single asset may not be suitable as a means of both servicing and repaying the mortgage e.g. a SIPP drawdown may be used for servicing, but this would reduce the fund so unsuitable as a repayment vehicle The maximum term allowable will be assessed on an individual basis using all appropriate information and data available to us i.e. Interim Life Tables published by the ONS The following additional criteria will apply where any applicant is beyond their 75th birthday at point of application: All applicants will be required to receive Independent Legal Advice	80 at application; 95 at the end of the mortgage term.	At least one applicant must be under 85 years old at the end of the term.	85 at the end of the term as standard (not a company structure). 95 at the end of the term for company BTL.	89 years at application, 95 years old at completion.
Term (Min)	6 years	5 years	5 years	5 years	5 years	1 years	5 years	5 years	5 years	2 years	5 years	3 years	7 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years
Term (Max)	35 years	25 years	35 years	40 years	30 years	40 years	40 years	30 years	30 years	30 years	35 years	30 years	30 years	25 years	35 years	35 years (Including HMO’s and Ltd Co’s)	35 years	40 years	35 years (subject to there being a minimum unexpired leasehold term remaining at the end of the mortgage of 50 years).	40 years	40 years	35 years
Restrictions	No minimum requirements to have current BTL’s. Maximum of £35,000,000 with Aldermore. No limit on the size of their portfolio elsewhere. Flats in a block without a lift are acceptable, as long as our security is not more than 3 floors above ground level (this doesn’t apply for ex-public sector flats). Property where a flying freehold exists and affects more than 25% of the total floor space Studio flat and/or flat with a total floor area of fewer than 30sq meters Flats in a block without a lift are acceptable, as long as our security is not more than 3 floors above ground level (this doesn’t apply for ex-public sector flats) Can consider Coach houses, usually built above garages and/or an access way. ****** LTV restrictions could apply if lending above 40% – when it comes to exposure limits within a block. Property with Planning Use Classes Order other than: C3(a)(b)(c) C4 (including – HMO with an ‘Article 4 direction’ in place) HMO with Sui Generis planning use Property subject to a shared ownership deed Property with pre-emption clauses in existence Mobile homes Houseboats Property held on a Commonhold basis Freehold flat or freehold maisonette (freehold coach houses are acceptable subject to survey) Property where a flying freehold exists and affects more than 25% of the total floor space Property with the following restrictive covenants: Property restricted to agriculture or equestrian use Purchaser(s) must be living and/or working in a small geographical area (e.g. specific parish), which is not in the list of acceptable areas Purchaser(s) must be in housing need Purchaser(s) cannot afford to purchase on the open market Purchaser(s) having income less than a certain amount Property ownership restricted to specified age group e.g. retirement homes Limit on mortgage payment as a proportion of income Fixed capital values CAPITAL RAISING ACCEPTED FOR THE BELOW REASONS: – – Onward property purchases 70% LTV – Debt con 75% LTV – Reducing other mortgage balances 75% LTV – Home improvements to our property 75% LTV Non-standard construction Wimpey No Fine and Laing Easiform, acceptability will be linked to valuers’ assessment – so can consider. No longer accept any buy to let property with an EPC rating of F or G Buy to let properties must have an EPC of E or above or a registered exemption certificate	Property subject to planning or occupancy restrictions are not permitted.	Do not lend to Portfolio landlords. No limited companies, HMOs, company lets or holiday lets	5 allowed to £3,000,000 across ALL LBG lenders (Lloyds Banking Group) ******* Freehold flats are unacceptable mortgage security in most circumstances. Where the flat is within a building of no more than 4 units it may be acceptable subject to the following requirements: Freehold – acceptable subject to: The applicant must be the sole freeholder/landlord of the other flats which must be held on a long lease (70 years or more) Our mortgage must be registered on the freehold title Leasehold and the applicant owns the freehold of the building – acceptable subject to: The applicant must be the sole freeholder/landlord of the other flats which must be held on a long lease (70 years or more) BM mortgage must be registered on both the freehold and leasehold title and these must be in the same name Leasehold and the applicant owns a share of the freehold (whether within a management company or not) – acceptable subject to: The other freehold owners must be unrelated to the BM mortgage must be registered on the leasehold title Where the tenure is leasehold and the freehold is owned by a landlord or management company this is acceptable whether the applicant has a share in the management company or not. The conveyancer/solicitor will ensure arrangements in connection with the Management Company are acceptable. BM mortgage must be registered on the leasehold title. Please note – the three properties does NOT include a residential property. ** HMO ** Properties subject to Local Authority HMO licensing may be acceptable, subject to the valuer’s assessment of suitability based on the following requirements: ● Letting arrangements must be via a single tenancy agreement. Multiple-tenancy arrangements, i.e. where individual tenants agree separate tenancies with the landlord, are not acceptable ● Maximum of five unrelated tenants ● The property must be suitable for standard residential occupation ● Institutional type properties, for example hostel accommodation / bedsits / shared accommodation comparable to halls of residence, remain unacceptable ● Large properties, i.e. where there are more than five lettable rooms, in an area where letting arrangements are predominantly multiple-tenancy, remain unacceptable.	LLP’s and LTD Co considered. Applicants:- One applicant must be either: Employed Self-employed A contractor Retired CHL will not accept any applicant who is under any employment furlough scheme. 80% LTV – 80% LTV available against ‘standard’ freehold and leasehold properties. Any construction type highlighted by our valuer as non-standard will be restricted to a maximum 75% LTV. Non-standard property construction max LTV of 75% Above/adjacent to commercial property max LTV of 75% MUFB/HMO maximum LTV of 80% Flat above commercial: – Will not consider properties where any of the following applies: • Where they are regarded as unsuitable by the Valuer on the grounds of noise, smell or danger to Health and Safety. • Where the Valuer advises that Anti-Social behaviour is possible due to the Commercial premises • Where a property is above or adjacent to hot-food outlets, Public Houses, Night Clubs, Takeaways, Pet Shops, Workshops and Petrol Stations) Development exposure limits in any block to: Blocks of up to 6 units: Maximum of 6 units per block Blocks of 7 to 20 units: Maximum of 10 units per block; and Blocks of more than 20 units: Highest of 10 units or 20% per block. CHL – Light refurb range: – three products: Light Refurbishment, Cosmetic Improvement and EPC Improvement. The first two products are designed to increase the future asset/rental value of the property, with the latter a Green Mortgage option which is specifically designed to improve the energy efficiency of the property. Lending will be calculated on the pre-works value with a retention held based upon the post-works estimated valuation. 75% Max LTV: – – Cosmetic Improvement – designed for improvement works to improve the cosmetic appearance of a property, such as painting & decorating, replacement flooring, replacement fixtures and fittings – EPC Improvement – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off, with a requirement the collective works must improve the EPC rating of the property to a C or above – Light Refurbishment – designed for non-structural and modernisation works which can be signed off under the Competent Person Scheme without the need for building control sign off	ONLY CONSIDERING HOLIDAY LETS CURRENTLY Dudley will not consider BTL applications from “Portfolio Landlords”. *Definition- A portfolio landlord is a landlord with four or more mortgaged buy-to-let properties across all lenders. This figure would also include the proposed mortgage being applied for with the Society. ** No more than 25% exposure in blocks of 4 flats or more. For blocks of 3 flats or less, will only lend on one property. Storeys in a flat: If a flat is built in or after year 2000 we can now go above 5 storeys. Applicant(s) should ordinarily be existing owner occupiers. Consideration will be given where an applicant does not own their own home, subject to the underwriter being satisfied with the underlying rationale.	Clients should ideally have a current Uk mortgage (exceptions can be made for good quality applicants/applications) No limit on the size of their portfolio elsewhere. No Ex Local Authority Flats (sometimes considered within M25) Standard BTL’s only, no HMO’s, Students, DSS etc). Multi Unit Freehold (max 3 units in the freehold) – Client must not live in one part – Will lend on the Freehold value. No Studio flat and/or flat with a total floor area of less than 30sq meters No agricultural restrictions	Not accepted (minor restrictions considered refer to BDM)	Exposure limits – Maximum of three properties holding a Foundation Home Loans mortgage in any one full postcode per borrower. Foundation Home Loans’ maximum portfolio size is £5 million with no limit on number of properties. Acceptable SIC Codes for SPV Ltd companies are: 68100; 68209; 68320 All properties with Foundation Home Loans must achieve a minimum EPC rating of E. Properties that do not meet this standard will be subject to further underwriting with all offers made on condition of full remediation so it meets min E rating prior to receipt of Certificate of Title. If block of flats has over 3 storeys with cladding, it will not be considered.	Residential and Semi commercial only. HMO, MUFB considered Purpose Built Student Accommodation – Or PBSA for short. A general list of questions such as: • Location • University Ranking • Property Quality • Lease terms – If the property is leased then the key terms need to be understood including how any break clauses work. • Occupancy Levels – What are the historic occupancy levels • Competition – What does the PBSA pipeline for the University / City imply for future occupancy levels / rental expectations? • Overseas Students – What proportion at University / property? HTB also consider Vulnerable Tenants: The following types of properties and tenancies providing the property is let on a corporate agreement to a local authority, Housing Association, or strong corporate / charity and, where applicable, an experienced and reputable CQA-registered care provider is in place: • Properties where 24 hour or live-in care is provided • Properties providing emergency housing accommodation • Properties where housing is provided for rehabilitation or social transitional purposes” • For clarity direct lets to vulnerable tenants are outside of appetite. Care Homes are also outside of appetite.	HMOs up to 20 beds and MUFBs up to 10 units are accepted. No minimum requirements to have current BTL’s. Unless HMO, then they must already own a HMO property. No maximum, however must be all self funding and anything over 2m in portfolio will refer for an underwriter to assess. Tenancy: – For all Buy-to-Let lending, the property must be let on an Assured Shorthold Tenancy or a contractual tenancy. 36 month tenancies can now be considered: • The AST provides for a rent review every 12 months or less • A minimum Debt Service Coverage ratio of 125% • A maximum LTV of 75% A fixed term of 12 months can be considered up to 75% LTV. Director Loans: A non-interest bearing director loan is acceptable subject to: • The individual is transferring a current/purchasing a new property into a company structure; • Purchase price is at full market value to ensure tax liabilities are paid in full; • The individual providing the director loan is a shareholder within the business; • They are investing in the company by way of a directors loan and it will be included in the subsequent company accounts; • The difference between the mortgage and the purchase price is covered by the director loan.	Above Commercial – considered up to 75% LTV PG’s required from all directors, also from shareholders with over 25% shares. Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental Property value must exceed £75,000 Must be suitable for letting at the completion Must be in an area with strong rental demand as determined by our surveyor partners No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties HMO /MUFB – Maximum loan £750,000. Maximum Loan to Value 70%. Large HMOs/MUFBs up to 12 units Properties above commercial. Maximum loan £750,000. Maximum Loan to Value 70%. Min. 1 years’ prior experience as a landlord for large HMO but Small Range HMO up to 6 bed, no experience required.	Residential Investment properties only. Acceptable properties: – -Ex local houses & Flats -Deck access flats -Properties next to/opposite commercial incl: pubs and places of worship -Properties near food outlets (must be a min of one property between security and food outlet, subject to valuers comments) -MUFBs, even if the client owns the Freehold and leasehold in separate legal entities HMO’s -Commercial valuations on small HMO’s in article 4 -Commercial valuations on Large HMO’s between 7-15 beds -Multiple kitchens permitted at 75% LTV -Student lets for small HMOs (up to 6 beds) -MUFB/HMO combination acceptable HMO’s up to 15 rooms, Multi Unit Freeholds up to 10 units (15 units in Greater London). HMO product can be considered for first time landlords, and offer rental yield based valuations on small HMOs in Article 4 areas. For Large HMO’s/MUFB cases, a minimum of 12 months experience managing a similar size property. No first time HMO operators. Ltd Companies (Limited Companies must be NON-Trading SPV’s); SPV, property trading companies and layered companies ********* Maximum of 25 loans to £5 million total BTL borrowing with Lendinvest. Above £3m of borrowing the aggregated LTV on the portfolio will be restricted with a maximum exposure on any Buy-to-Let portfolio of loans with LendInvest of £5,000,000 at a maximum LTV of 60%. ****** First time landlords considered for standard properties (£30,000 income needed): 2 years experience of managing a buy to let portfolio required for HMO. HMOs with kitchenettes will be limited to 70% LTV The Bank will consider lending on the following property types: Houses, Flats (including HMO Flats), Maisonettes, Apartments. Including New Build (with full certificates in place) Studio Flats – (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary. For Flats in a block up to 5 storeys (must have a lift if over 3 storeys). Flats up to 10 storeys accepted in Greater London. Ex Local Authority flats if in a privately owned block (Greater London only) Leasehold properties must have at least 65 years remaining at the end of the mortgage term. Commonhold and Shared Ownership are not accepted. Existing HMO’s must have all appropriate licences in place. New HMO’s must meet all local authority licensing requirements prior to completion and an HMO licence must be obtained within 90 days post completion. ** Concentration No more than 4 units (must have lift if above 4) or 25 % of total units allowable in one block (blocks of flats is 25% or 4 units whichever is the lower). Maximum of 15 properties in one post code location (eg BH15 1) Exposure in block – 4 or below units = 50%, 5-10 units = 40% or max 4, 10 or more units = 25% or max 5. ********** Property above Commercial: Flats above public houses or food premises are not accepted – refer if not. Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application. Company structures – up to 3 layers as long as the same directors and shareholders are constant throughout. Holding company must have property SIC code or holding company related and hold no more than 5 companies inc Lendinvests.	No restriction on other mortgages with other lenders. Maximum of £10,000,000 of lending with Paragon (Both Mortgages and Premier). Paragon no longer require a floating charge on all portfolio applications for limited companies, (required if purchasing / remo in Scotland) incorporated solely for the activity of holding and letting residential properties.	The maximum portfolio of Buy to Let or residential loans per applicant(s) held at any one time with Pepper Money, is limited to a maximum of 3. Portfolio landlords accepted as both individual or Ltd company ownership. Ltd co has to be active Must have no disqualified directors All directors must be natural persons No debentures to be present No current adverse credit SIC codes allowed: – 68100, 68201, 68209, 68320 Sales of main residence acceptable repayment with no minimum. Maximum of 9 Buy to Let properties, including the application property(s) unless Limited Company then it’s 16, including the application property(s) This is per individual and will include any joint or limited company loans held that the applicants are party to. It will therefore not be possible to exceed the maximum stated above if applications are made jointly. Where a client holds a portfolio of loans with other lenders these will be disregarded for portfolio maximum purposes. However the conduct of those loans will be taken into consideration and they must be conducted satisfactorily over the last 12 months. ********* Pepper will consider Wimpey No Fine and Lang Easy Form even though no they are non-standard construction. This is on a case by case basis and is referred to an internal property team within Pepper.	HMO/Multi-Unit – both purchase and remortgage. Will allow clearing of tax bills: – – The bill must be repaid in full on completion including penalties – Satisfactory explanation as to why not paid – Copy of the latest tax bill. Clients/Directors must have at least 1 years experience as a landlord and own a current BTL ** Multi Units: • Available on all HMO products: Personal Ownership HMO and Limited Company HMO • Maximum of 6 self-contained flats/ units within a single block • Available for Tier 1 adverse only • Available to max LTV of 75% LTV (75% to £750k; 70% to £1m) • Max Loan size £1,000,000 • Available in England and Wales only • Minimum floor space of 30 meters squared for each Unit • Not available for first time landlords • Other criteria applies as per standard personal ownership HMO/ limited company BTL ******* Maximum of 20 buy to let loans per individual 5 @ 80% LTV and 5 @ 75% LTV (including buy to let loans which the individual has guaranteed), with Precise Mortgages up to a combined value of £10,000,000. Unlimited with other lenders	12 months ownership of x 1 BTL – Specialist range 2 BTL’s fo 2 years We do not allow any restrictions on properties including agricultural. Can consider the following: – Flats including studios below 30sqm, New build flats, Ex local authority flats with deck access up to 12 floors, High Rise, MUB, HMO, Holiday Lets, Airbnb, Semi Commercial Units, BTL investor led developments, properties located above or adjacent to commercial except petrol stations and hazardous industrial units including food or alcohol	£1.5m max portfolio with Saffron Building Society Must be let on an AST with a term of 6 – 24 months Only allow 3 people not family related to share on a property on one single AST. Rental assessment will be based on 1 single family. Exposure – 1 Flat in 1 block in 1 building. No limit on a number of properties in the portfolio, however; All other BTL assets in the portfolio (not financed by the society) must meet rental cover of at least 125% of pay rate both individually and collectively. Max allowed with Saffron – 10 or max borrowing of £1.5m. BTL Light Refurb is also available • If the amount of lending required is the maximum percentage of end value, state this clearly on the application form • Rental Cover based on after works rental assessment o Rental cover 140% of either pay rate + 2% or 5.5%, whichever is higher • Evidence of savings to support 3 months mortgage payments whilst refurbishment works undertaken • Work must be completed within 3 months of completion and prior to letting out • Additional funds released after a satisfactory re-inspection and confirmation of improved end value and rental income • Property must be let on an AST • Rental assessment is based on occupation by 1 family on an unfurnished let • Limited Company accepted • LTV not to exceed figure stated at any stage • For portfolio landlords the maximum LTV INCLUDING fees is 75% • Interest only or repayment • Maximum loan size £1,000,000. Loans over this are priced on a bespoke basis and have restricted LTV’s • Regulated buy to let accepted – either now or in the future, you or an immediate family member will occupy the premises or be a tenant. (The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.)	75% LTV Maximum if capital raising on BTL. TML will normally restrict the coverage on individual developments and buildings to: • Maximum of a single unit in developments of up to 7 properties, or 25% of units in developments of between 8 and 50 properties and 15% where the development comprises of 50 properties or more. • A maximum of 20% of properties within any individual full postcode area. Exceptions to this may be considered on a case by case basis *** At least one applicant or director must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months. * HMO: At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months. HMO Leasehold flats accepted First Time Buyers applicants who have never owned a property are not allowed, First Time Landlords are acceptable. Eligibility window for portfolios – Multi App product – 6 months for Portfolio landlords and 3 months for Non-Portfolio. Can consider remortgages up to 75% LTV, however: The amount of capital raising cannot exceed 10% of the overall loan We will require proof of funds (eg estimates / invoices for home improvements). ** Can consider remortgages up to 75% LTV, however: The amount of capital raising cannot exceed 10% of the overall loan We will require proof of funds (eg estimates / invoices for home improvements) Corporate lets: accept a maximum 6 month break clause on corporate lets.	Ltd Co’s that have been formed for holding residential Buy to Let properties as assets. Trading companies are not permitted DIRECTORS OR SHAREHOLDERS Up to a maximum of 4 individuals. The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company. PERSONAL GUARANTEES All directors and shareholders are required to provide joint and several guarantees and take Independent Legal Advice. CONNECTED APPLICANT Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application. ACCEPTABLE SIC CODES 68100, 68209, 68320, 68201. High Rise Flats Over Commercial premises HMO’s Multi-Unit Freehold Blocks Holiday lets Consumer BTL: – Do not allow Consumer BTL. If the client is already a landlord with other rental property this is acceptable. Considered if the subject property is the client’s only BTL FLATS Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift). Studios at least 30 Sq.M in size. LEASE TERM – Minimum term 60 years left on the lease on completion. EXPOSURE LIMITS – Maximum of 25% exposure of a block of flats. MUB APPLICANTS At least 1 applicant must have 1 years letting experience. MINIMUM VALUATION £150,000. NUMBER OF UNITS Six self contained units with their own utilities on specialist and ten on non standard products HMO APPLICANTS At least 1 applicant must have 1 years letting experience. MINIMUM VALUATION £150,000. NUMBER OF LETTABLE ROOMS Six on specialist and ten on non standard products. LICENCE REQUIREMENTS Licence would be needed if required by the local authority. This will be confirmed by the solicitor. NEW BUILD DEFINITION Will only lend on new properties which are built and ready for occupation. WARRANTY A new build warranty should be in place confirmed by the solicitor MORTGAGE REPAYMENT Capital repayment can be applied for with the same ICR as interest only mortgages. The actual mortgage payment must be covered by the assessed rental income. An amount of 10% of the outstanding balance of the mortgage can be repaid as a lump sum in any year without penalty.	Maximum 20 properties up to a maximum portfolio of £4 million exposure with Vida per borrower. No Maximum on number of properties over the whole portfolio, but overall portfolio average of 80% LTV, regardless of lender. No restriction on number of storeys in a block of flats No requirement for a lift above 4th floor Flats near to or above bars, pubs and petrol stations considered Multi-Unit Blocks (MUB) now available up to 6 units Landlords considered with no experience when purchasing HMO or MUB Flats above commercial Flats situated above commercial premises: Max 75% LTV Commercial element of mixed-use properties now allowed up to 40% Premises Flats situated above restaurants/ takeaways/ launderettes: Max 60% LTV Properties adjacent to public houses and petrol stations now considered Properties with Possessory Titles now considered Ltd Co (including trading companies), and SPVs acceptable across standard range with no extra rate loadings or fees. Ltd Company trading under a different SIC code, 2 years trading, 1 years accounts & SA302 required. Directors Loans accepted for deposit purposes – Vida will require a fixed and floating charge for Trading Limited Companies. Vida can also consider using retained profit for deposit purposes. HMO: – Up to 8 bedrooms considered. Minimum value £100,000. Multi Units: – Up to 5 self-contained units on a single freehold. Minimum value £175,000 for the freehold block in London & South East, £125,000 in all other regions. From 130% rental cover. Corporate lets: It is acceptable for a customer to create a corporate let providing they are in the name of our customer and include the ability to terminate the lease within the lease period. Vida will accept SPV applications where a Bounce Back loan (BBL) or a Coronavirus Business Interruption Loan (CBIL) remains active – subject to underwriter discretion	• One single unit in developments of up to 4 properties, 2 units in developments of between 5 and 8 properties and up to 25% units in developments of between 8 and 50 properties. May apply lower limits to new build developments. • 25% of units in developments of between 8 and 50 properties • 15% where the development comprises 50 properties or more • To a maximum of 20% of properties within any individual full postcode The exception would not relate to MUFBs where we may lend on the whole unit which may comprise up to 6 individual units. For LTD Co’s – Directors must own 60% of shares of the company. 1 year experience required as a landlord for HMO properties (except when HMO has 4 beds, 1 AST with all named and non mandatory licence) Can consider above a food outlet, but is down to valuers comments. Do not consider inherited properties as security if they have been previously lived in by relatives of the borrower Director experience for Limited Company: – accept any applicant or director that has never previously purchased a buy-to-let property where that applicant or director currently owns a residential property with no arrears history for at least 1 year. Where the application is to purchase or remortgage – Houses in Multiple Occupation (HMOs), Multi-Unit Freehold Blocks (MUFBs), New Builds or Flats above Commercial premises, at least 1 applicant or Director must have at least 1 years’ experience of letting residential properties.
Maximum number of applicants	2 applicants	4	2-4 applicants	4 applicants	4	4 applicants	4 applicants	4 applicants	2 applicants 4 applicants within Ltd Company	10 applicants	4 applicants. Including SPV Limited Co.	4 applicants	2 Individual. 4 Company Directors. Where a shareholder with less than 25% shareholding or a director who can be defined as having a significant controlling role in the business we will require personal guarantees and these officers to be added to the application.	4 applicants	2 applicants	Traditional BTL 2 Ltd Co BTLs 4	4 individuals and limited company directors	4 applicants and directors (individual credit checks will be undertaken).	4 applicants. In the event that the application is from a limited company, details of up to four directors/shareholders as applicants will be captured.	4 applicants or Directors of Ltd Co. The application must include all directors and sufficient shareholders who own a combined total of at least 80% of the company. Where the property is registered in the name of one of the applicants, at least one of the owners must be a shareholder of the Ltd Co application.	4 applicants	4 applicants / Directors
Minimum Ownership	Property owned for less than 6 months Remortgage available to repay existing facility, plus 100% of the improvement costs i.e. a bridge or short term loan only. Otherwise, property must be owned for over 6 months. The customer will have the ability to capital raise monies over and above the sum required to redeem the bridging loan based on any enhanced value of the subject property.	Remortgages are not acceptable where the security property has been owned, or the existing mortgage has been in place, for less than 6 months. The exception to this rule is where the application is to exit a Bridging facility. In these circumstances, the existing Bridging loan must have been in place for at least one month and any increase in capital value from the original purchase price must be validated by evidence that improvement works have been completed. If no improvements have been undertaken lending should be based on the original purchase price.	6 months minimum before remortgage	6 months minimum ownership before remortgage can be considered. Will lend against OMV no restrictions on maximum advance.	6 months providing there is reasonable uplift in the property which can be explained by development works.	6 months minimum ownership before remortgage can be considered.	Property owned for less than 6 months Will consider within 6 months if repaying a bridging loan or obtained from family death (probate)	Able to accept properties purchased within 6 months, provided land registry has been updated.	<6 months ownership product dependent! 6 months minimum ownership required before remortgage. Can consider lending on a property where it has been their residential home previously – proof is required that it has been rented out for the last 12 calendar months (AST) and with consent from the current mortgage lender. If the property has been converted as a result of a bridging loan we are unable to consider a remortgage until 2 years after conversion. ******* Foundation Home Loans stance on Experienced landlords and first time landlords: – Experienced Landlords are defined as someone who has been the registered owner of a self-financing buy to let property in the last 6 months. A First Time Landlord** is someone who has not operated a buy to let property within the last six months. Can do day 1 remortgages as long as it’s not on specials range.	None	6 months minimum ownership. No First Time Buyers HMO’s up to 8 beds (9 or more is a refer – The client MUST already own a HMO property), Kent Reliance can also lend on student lets, Up to 4 flats on 1 title allowed. Available in SPV Ltd Co and individuals. ****** Remortgages prior to 6 months are considered if clearing bridging finance like for like. ***** Day 1 remortgage accepted on the following basis: – • Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price • Maximum 75% LTV • Standard pricing to apply • Customer(s) to be on the voters roll for residential applications • Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.	No minimum ownership required – can consider under 6 months ownership.	A valid explanation is required if the property has been owned for less than 6 months, -Day 1 remortgage, borrow against the enhanced value post works at any time -Borrow on 75% of flats in a block with a max of 5 units in a single block	No restriction – refer. Applicant / Company must own the property if it is a remortgage.	6 months minimum ownership required before remortgage Applicants without an existing residential mortgage are now acceptable subject to underwriting criteria which will include a plausibility assessment.	6 months minimum ownership required before remortgage. No minimum ownership where property inherited or exiting a Precise bridge. If property was converted from a Residential into a let property, it must have been owned for a minimum of 12 months prior to remortgage.	12 months ownership of x 1 BTL – Specialist range 2 BTL’s fo 2 years	Minimum time previously owned by vendor – 6 months	Minimum time previously owned by vendor – 6 months, unless bought cash or on a bridge then can consider under 6 months ownership. (24 months of being BTL landlord required)	Property must have been owned for at least 3 months and must be registered in the borrower’s name at Land Registry	6 months minimum ownership required	6 months minimum ownership required
Layered Limited Company Ownership (Ltd Co owned by another LTD company)	Yes, provided the directors of the originator LTD company are the same as entity to which they are lending.	Refer.	No	No	Must refer the scenario – all owners must be the same before referral to start with	No	No	Refer.	Yes, provided they can understand the ownership structure	Case by case basis	Yes, provided there are no more than 2 layers and the directors / shareholders are the same.	Yes, provided that the director / shareholders of the holding company are all on the application. If different to this, discuss with Landbay with a view to exception.	Yes, as long as they understand the ownership. -Sic code must be property related, we accept trading companies (letting agents, development, construction etc) -Option to waiver independent legal advice reducing costs and time -Layered companies acceptable, individuals do not need to mirror -Parent and subsidiaries can have any sic code	No	No – but they accept deposits from other limited companies, the form of cash, or property transfer from another owned limited company.	No	Refer.	No	No	No	No	No – unless exceptional circumstances.
Consumer Buy To Let	Standard Criteria applies unless the applicant is a FTL or the transaction is a Let to Buy – see relevant sections. Please refer to your Business Development Manager for more information.	No	Yes, on C&I	Can consider.	No	Yes, but on residential affordability.	Yes	No	No	Case by case basis	Yes, can consider. Must be on AST.	Do not consider	No	Yes, but only on non-portfolio range			No	Can consider consumer BTLs on everyday BTL product range however the applicants must not be reliant on the rental income to support their lifestyle.	No	No: – Do not allow Consumer BTL. If the client is already a landlord with other rental property this is acceptable. Considered if the subject property is the client’s only BTL If regulated, please refer.	No	No
Permanent rights to reside and remain	Yes	Yes, required.	Yes	Yes	All applicants must have permanent rights to remain in the UK	Yes (unless Ex-Pat)	Yes	Yes	All borrowers must be resident in the UK at the time of application and have indefinite right to remain or indefinite right of entry. Proof of three years residential history is required Non EEA Foreign Nationals: Where indefinite leave to remain in the UK is not granted, applications can be considered subject to meeting the following criteria: Minimum 25% deposit which must be from the borrower’s own resources; Borrowers must have been legally resident in the UK for at least the last 3 years. Borrowers must have either Tier 1 or Tier 2 immigration status.	Not required.	Yes – required. **** Tier 2 Visa – on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading. EU Citizens Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card. Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.	Yes.	Yes, minimum of 3 years in the UK – Tier 1: UK/EU/EEA only. Residential status: – Tier 1: Must be a UK resident and have been resident in the UK for the past 3 years. Tier 2: Must have 3 year UK residential history and a permanent right to reside in the UK.	Yes	Applicants who are non‐UK citizens must have been permanently resident in the UK for the past 3 years and must have indefinite leave to remain in the UK. UK citizens who are returning to the UK permanently are acceptable. Applications from Foreign Nationals are acceptable, however all applicants must: Live and work in the UK (UK citizens working abroad are acceptable where their main residence is in the UK and they are a UK taxpayer). Be UK taxpayers (where income is being used in support of the application). Have resided in the UK for the last 3 years. Applicants residing in the Isle of Man and Channel Islands are not acceptable. Non‐UK citizens (UK & European Union (EU) Nationals and Non‐European Union Nationals) must provide evidence of a minimum employment history of 3 continuous years in the UK (where income is used in support of the application). Non‐European Union citizens must provide evidence confirming indefinite rights to remain in the UK and have a statutory right to work in the UK.	Yes. EU Citizens Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card. Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.	Yes for UK applicants no for foreign nationals	Yes (unless Ex-Pat) Foreign nationals: – Must have at least 3 years UK address history and have rights to reside. VISA’s: – Accept skilled Worker, Health & Care Worker and Global talent Visas subject to: • Maximum LTV of 75% • Remaining term of visa exceeds fixed term period.	Yes.	Yes, required	Yes (see also Ex-Pat) All applicants must provide 3 years address history. The latest year must show continuous residency in the UK. However, Only 1-years’ UK residency required before application. If married at least one applicant must have permanent rights to reside or indefinite leave to remain, both would need to be applicants on the mortgage but affordability must fit on only the applicant with permanent rights to reside or indefinite leave to remain. All Non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK. Extended list of acceptable visas Foreign Nationals will need to provide evidence of their right to reside in the UK. Those with a permanent right to reside, EU/EEA/Swiss with settled status or indefinite leave to remain can borrow up to scheme limits. Where residency status is evidenced by one of the following, borrowing is available up to 75% LTV with at least 5% of the deposit coming from either savings or inheritance: EU/EEA/Swiss and Foreign Nationals EU/EEA/Swiss with pre-settled status Family visa Tier 1 (Entrepreneur Visa only) Tier 2 (Skilled Worker) UK Ancestry Visa British National (Overseas) Visa Senior or Specialist Worker Visa Health and Care Worker Visa	Permanents right to reside is required. No to ex pat. Accept applications from non-UK nationals who have Indefinite Leave to Remain (ILR) in the UK.
First Time Landlord	Yes (minimum £25,000 income) FT Landlords max 75% LTV £600,000 loan Will consider a First Time Landlord subject to:- The Bank’s definition of a First Time Landlord (FTL) is an applicant who has not owned an investment property, with or without a mortgage on that property, in the last 12 months. * The Bank will accept applications from single or joint FTL, with the applicant(s) having a minimum age of 25 years old. In a joint application where one of the applicants is not a FTL, a minimum age of 21 will apply to that applicant. The following criteria apply to FTL: • FTL applications must have a minimum income of £25,000; one applicant HAS to be a homeowner, can considered where one isn’t. • FTL applications will be capped at a maximum loan size of £600,000; and • FTL applications will be capped at a maximum loan to value of 75%. Also, will only consider single unit properties and not multi units.	No	Calculated on personal affordability and 80% of the net rent to be received on the BTL.	Yes (Must have current property)	Minimum landlord experience of 12 months.	Yes (must have current residential)	No (exception can be sought for high quality applicants)	Yes, but must have £25,000 income and own a residential.	Yes. A first time landlord can be defined as someone who has not operated a buy to let property within the last 6 months. Gifted deposits not considered for FTLs. First Time Buyers: A first time buyer is defined as someone who has never owned a property. First time buyers are not acceptable as sole borrower.	No	Yes – 75% Max LTV. Must own a residential property.	First time buyer and first time landlord can be considered, applicant must be on £85,000 income (employed) in order to be considered. Please note, at least one years experience is required for a Multi unit property or HMO. *********	Small HMO only. HMO product can be considered for first time landlords, and offer rental yield based valuations on small HMOs in Article 4 areas. -75% LTV -One applicant must be owner occupier for 6+ months – other applicants can be first time buyer -Minimum income – £30,000 per application -Standard let properties & small HMO’s (max 6 beds) Experienced landlords – where one applicant holds 2 BTL with 12+ months rental experience -Other applicants can be FTB/FTL -80% Loan to value -No minimum income -No requirement for any applicant to be owner occupier	Yes – must be a home owner and a standard property, cannot lend to a FTL who wants a HMO/Multi Unit property	Yes – as long as they have held a mortgage on their main residence for the previous 12 months.	Acceptable unless HMO where 12 months BTL ownership is required. Note for First Time Buyer and First time landlord: – 75% LTV for FTB FTL – must fit on the ICR rental calc as normal but also fit on residential affordability capped at 3.5x income.	The applicant must have owned at least 2 buy to lets for a minimum of 1 year.	Considered for single BTL. Can consider a regulated BTL but it is assessed on affordability not rental income.	No, must have current BTL experience and own a rental property. *** £350,000 to max LTV for First Time Landlords **** At least one applicant or director must have owned, let and still own one or more BTL property for a minimum of 12 months.	Considered	Yes. Borrowers who do not currently own a residential or rental property are acceptable, but or First Time Landlords will be assessed for affordability on both the residential and BTL affordability basis	Must have a residential property and have owned it for 1 year.
Student Lets	Considered for up to 4 individuals as long as they are on a single AST and are jointly liable for the rent.	No	Single AST only	Yes (Maximum number of students on 1 AST is 5)	Yes, will consider. See criteria guide for more information	No	No	Yes	Yes, as long as its a single AST and it’s a max of 4 students on the AST	Yes, but run past bank.	Yes (Max 6 Bed)	Yes	Student HMO’s considered	No	No	HMO. Can consider student lets up to 6 bedrooms with locks on doors (no bedsits and must have communal area), single or multiple ASTs. On traditional BTL criteria student lets can be considered, where max 4 students on ONE AST, NO locks on doors, No communal areas used as bedrooms ie 4 friends renting a 4 bed house together otherwise put on HMO	Where the property is let to students, will only lend if there is a single tenancy covering all occupants whereby all occupants are jointly and severally liable. Will only lend when the property is let to family members if the property is a student let, whereby the family makes up no more than 40% of the occupancy.	No		No	Yes, considered.	Yes, consider. Including deck access Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans.
Family cash Gift deposit	Yes	Acceptable unless the property is being purchased from the family member from which the gift originates. The gift must not be repayable and the person providing the gift cannot have a financial or legal interest in the security.	Yes	Yes – Must be evidenced	Parent/ grandparent/ grandchildren/ siblings/ children/ spouses/ civil partners/ uncles and aunts â€“ including step/ half/ in-laws	Yes, Deed of Gift. Direct family only	Yes	Accepted – immediate family only.	A gifted deposit (100%) is acceptable from immediate family members if accompanied by a declaration from the family member/s confirming no repayment required and that they hold no interest in the property which will be purchased using the gifted funds. Not available to FTLs.	Yes, considered	Yes	Refer	Accepted	Yes	Yes, considered. Accepted from a close relative	Yes – they require a letter stating no repayment will be made	Yes, any family member.	Yes – they require a letter stating no repayment will be made and no interest in property	Gifted deposits are allowed from family members i.e. parents, grandparents, spouse, gifts from wider family members and non – family members will be considered on a case by case basis by the underwriter. All gifted deposits will be subject to a gift letter from deposit provider including an explanation for the gift. Identification and evidence of funds will be required in these instances. Gift letter required from deposit provider. ID will be required and evidence of funds. ******* Cash in the Bank/Available · Savings – provided from applicants own resources · Limited Company/LLP – Reserves, working capital · Other – case by case basis Cash Not Yet in the Bank/Available** · Sale of property or Pending sale – evidenced for example by a letter from solicitor · Sale of Shares/investment – evidenced for example by a contract note · Inheritance – evidenced for example letter from solicitor · Equity from another Property – evidenced for example by a Mortgage offer	Gifted deposits considered from close/blood relatives: Parents, Child, Grandparents, Brother, Sister, Step Parent, Spouse. OVERSEAS DEPOSITS: These can be considered by referral (FATF and EEA only). CONCESSIONARY PURCHASE: Considered if purchasing from a close relative (as above).	Accepted from close relatives, ie parents, grandparent, sibling, step relatives, child, spouse etc	Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Family Gift of Equity deposit	No	Acceptable unless the property is being purchased from the family member from which the gift originates. The gift must not be repayable and the person providing the gift cannot have a financial or legal interest in the security.	Yes	No	Parent/ grandparent/ grandchildren/ siblings/ children/ spouses/ civil partners/ uncles and aunts â€“ including step/ half/ in-laws	Yes – direct family member only.	Yes	We do not accept gifted equity, but we are able to consider gifted deposit where there is no money changing hands.	Yes	Yes, considered	Yes	Refer	Considered – Will accept but client needs to put in 10% of their own deposit funds with an explanation for the transaction required. -Deed of Gifts -Inter company loans -Directors loan -Issue of share capital (for incorporations only)	No	Yes, considered. Accepted from a close relative	No for gift of equity from family members Ltd Co: – Equity gifts accepted from personal to Ltd Company. (Director’s loan) – unless the minimum deposit has been met. Example: – will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 80% of the £100,000 and the 20% deposit would need to come from the clients own sources.	Yes, any family member.	Yes – Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full price	Considered, up to 75% LTV. Must NOT be a consumer BTL.	Gifted deposits considered from close/blood relatives: Parents, Child, Grandparents, Brother, Sister, Step Parent, Spouse. OVERSEAS DEPOSITS: These can be considered by referral (FATF and EEA only). CONCESSIONARY PURCHASE: Considered if purchasing from a close relative (as above).	Considered – Must be from close relative. The max mortgage will be based on purchase value and will be limited to 75% of the market value and no more than 95% of the purchase price with the customer to provide at least 5% deposit of their own. **** Purchase at Undervalue Where the purchase price is a discount of 2.5% or more from the Vida valuation and the borrower is buying a property from a close relative, or a long standing tenant is buying from the landlord. The mortgage can be up to 75% of the OMV report and up to 95% o the purchase price with the applicant providing at least a 5% deposit. Where the property is being purchased from a family member at a discounted price they may not continue to reside in the property and must relinquish all rights to the property	Yes, considered. It is acceptable for part or all of a deposit to be gifted by a party unconnected to the transaction
Rental calculation	Applicant type – Minimum interest cover ratio Single residential unit & Multi unit freehold Individuals Higher tax payers – 145% ICR or 120% using personal income. Basic tax payers – 125% or 110% using personal income *********** Companies or Individuals (basic rate tax payer) 125% or 110% including use of surplus income 5 year fixed products are stressed at the higher of (i) initial pay rate or (ii) reversion rate + 0.75% HMO: Individuals (higher or additional rate tax payer) 185% or 160% including use of surplus income Companies or Individuals** (basic rate tax payer) 155% or 140% including use of surplus income Portfolio rental stress is at 5% – can consider a rental boost if falling short on rental income for portfolios. If the individual stress rate for the application is below the portfolio stress of 5%, the lower stress rate will be factored in to the overall assessment of the portfolio.	Standard BTL single and multiple properties Basic Rate Tax payer & Limited Co = 125% Higher Rate Taxpayer = 145% HMO/MUFB single, multiple and mixed properties Basic Rate Tax payer/Ltd Co – 130% Higher Rate Taxpayer – 160%	ICR Basic rate tax payers – 125% High rate tax payers – 140% Top slicing with income available on Interest only loans with a minimum ICR of 112% Do not lend to Portfolio landlords, i.e. 4 or more BTL Properties	Basic rate tax payers will require 125% rental cover. For higher and additional rate tax payers, based on current products, the majority of cases will require a rental cover below 140% On 5 year products 125 @ 5.25% for basic rate tax payers ****** A minimum of £30k earned income is needed on the application. A maximum aggregate LTV 75%, and minimum rental cover 145% at 5.5% is required across the portfolio (unencumbered BTLs will be taken into account for this).	Basic rate tax payer and Ltd Co from 125% Higher rate tax payer from 145%. All 5 year fixes at pay rate	Purchase: Basic-rate tax payers: 125% x 5.5%. Higher-rate tax payers: 140% x 5.5%. Remortgage: Pound for Pound remortgages (regardless of tax band): 130% x 5.5%. If a remortgage with capital raising; Basic-rate tax payers: 130% x 5.5% Higher-rate tax payers: 140% x 5.5% For Consumer BTL’s a full affordability assessment will be required. Valuer must confirm the gross monthly rent achievable (based upon unfurnished figure).	All cases are assessed as follows: Individual or Ltd Co 145% at 6.79% or variable rate if higher when the case is a purchase or capital raise remortgage. £4£ Remortgages are 130% at 6.79% or variable rate if higher. Cases on a 5 year Fixed can be assessed at Pay Rate x 145%/130% as before.	Standard products rental calculations, including standard HMO and MUBs, are based on 125% for standard rate tax payers and 145% for higher rate tax payers. All limited company rental calculations, including for HMO and MUB products, are based on 125%. Please refer to Fleet Mortgages Product Guide for more details on payrate calculations	For Individual and Limited Company products: – 145% of pay rate (5 year fixed products) or 5.50% notional rate for all other products	Limited company: BTL 125% HMO over 6 bedrooms – 140% Personal name: BTL 140% HMO over 6 bedrooms – 155% 5 year fixed – stressed at pay rate 2 year fixed – stressed at pay rate + 2% 5:2 – stressed at payrate	Use the lender calculator for the accurate result: – Kent Reliance Rental Calculator	For purchase and capital raising remortgage applications, the following underlying ICR rates will apply: Limited company applicants: 125% @ 5.50% Individual applicants: 140% @ 5.50% Expatriate applicants: 125% @ 5.50% For remortgage applications without a capital increase or purchases where the initial fixed rate is 5 or more years in duration, the following underlying ICR rates will apply: Standard properties up to 75% LTV: 125% @ pay rate Standard properties up to 80% LTV: 130% @ pay rate HMO/MUFB properties: 130% @ pay rate Expatriate and FTL applicants: 135% @ pay rate The underlying affordability of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5.5% to 125% @ 5.0% – where an application fails this test. We may consider and application using up to 10% of the declared income (subject to minimum income of £100,000) The Landbay affordability model will take into account a number of elements including other income.	Single Unit Properties: – Basic rate taypayers (20%) 125% Limited company or LLP 125% Higher rate taxpayer (40%) 140% Additional rate taxpayer (45%) 140% Refinance (no capital raised) 125% HMO / Multi units Basic rate taypayers (20%) 130% Limited company or LLP 130% Higher rate taxpayer (40%) 145% Additional rate taxpayer (45%) 145% Refinance (no capital raised) 135% @ 5.5% Unless 5 year fixed then use 4.19%	Basic rate tax payer (20%) 125% Higher rate tax payers (40%) 140% Additional rate tax payers (45%) 140% Please see rate guide for calculator use	Ltd company BTL – 125% of product rate for 2 years deals and pay rate for 5 year fixed deals Individual BTL – 140% of new mortgage payment, calculated upon product range and LTV Please see product guide for clarification. ****** 5yr fixed deals available, 140% of pay rate Pepper Money Rental Affordability Calculator	Limited Company and HMO: – Tracker products – @ higher of pay/revert rate + 2% (min 5.5%) Please visit BTL calculator at Precise BTL Calculator <5 yr fix @ higher of pay/revert rate + 2% (min 5.5%) Please visit BTL calculator at Precise BTL Calculator 5 year + fix 125% @ pay rate Simple refinancing assessment required where LTV is > 60% on a 5yr + fix ****** Lower Rate Tax Payer: – Tracker products – 125% @ higher of pay/revert rate + 2% (min 5.5%) <5 yr fix 125% @ higher of pay/revert rate + 2% (min 5.5%) 5year + fix 125% @ pay rate. Simple refinancing assessment required where LTV is > 60% on a 5yr + fix **** *** 110% Top slicing of payrate even on 2 year rates.	Basic Rate Tax Payer 125%, Higher Rate 145%, Limited Company 125% £ for £ remortgage none	Pound for pound remortgages – 125% of pay rate Limited Company – Rental cover 125% of pay rate + 2% or 5.5%, whichever is higher Limited Company – Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan HMO – 160% of either pay rate + 2% or 5.5%, whichever is higher. Rental Cover on debt for debt re-mortgage cases 160% of pay rate. 5 year fixed rate – New purchase or capital raising – 140% at Pay rate Any other scenario, either pay rate plus 2% x 140% or 5.5% by 140%, whatever is the higher Based upon Interest only BTL mortgage payment. Rental assessment will be based on 1 single family.	Individuals: BRT – 125% / HRTP 140% Ltd Co/LLP: 125% ICR HMO/MUFH: 140% New Build Flat / Above Commercial: 125% BRTP / HRTP 140% 5 year fixed products @ pay rate All other products; nominal rate (5.5%) or the initial rate +2%, whichever is higher. ***** Minimum rental calculator for background portfolio is 125% @ 5.5%. No maximum LTV	Confirmed by the valuer or current rent if lower. Only exception is holiday lets where the rental income will be based on proven annual income or confirmed by a reputable letting agency averaging low/medium/high season for the year. See below for rental calculations: – For 2 year fixed rates the initial pay rate +2 or 5.5% For 5 year fixed rates the initial pay rate. 125% Basic Income Tax Rate 140% Higher Income Tax Rate 140% 130% Combined Basic and Higher Income Tax Rate 125% Ltd Companies	2 year fixed: Product rate + 2%, 5.5% minimum. 2 year fixed £ for £ re mortgage: Product rate, 5% minimum. 5 year fixed Product rate. 140% Higher Rate Taxpayer 125% UK Basic Rate 125% UK Ltd Co’s/SPV HMO/MUB – 130%, including Ltd Company HMO, 140% for higher rate tax payers	Standard properties – Individuals: High rate taxpayers -140% based on higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. Basic rate taxpayers- 125% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. Limited Company: – 125% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. All MUFBs, HMOs and Flats above Commercial: – Individuals 150% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix. Limited Companies 135% higher of Payrate + 2 or 5.5%, or just Payrate for the 5 year fix.
Let to Buy (Turning Residential into Buy to Let)	Considered – Max 75% LTV anx max loan of £600,000	No	Yes	LTB will only be available when the applicant is buying a Residential property They will require evidence of the Residential property purchase for LTB mortgages.	Considered so long as evident not a Consumer Buy to Let and suitable due diligence undertaken	Yes – considered on a referral basis	Yes but only at 145% of Payrate on a 5 Year Fixed or 5.50 if not. 130% rule does not apply.	No	No	No	Considered (they require sight of a mortgage offer on new property)	Not considered	No	Yes – Will consider let to buys with no onward purchase as long as the client has already moved out of the property upon the time of application – Consent to let is NOT required. Must have credit at new address.	No – only the forwarding purchase.	Yes can consider must have a simultaneous completion for the onward purchase. If not onward purchase, property must be rented out for a min of 3 months (proof of 3 months rent required) and on the voters roll at their new residence. Considered up to maximum 80% for Remo to BTL.	No.	Remortgage of a residential into a BTL accepted as long as there is an onward residential purchase. Max LTV 75%	Yes, consider Let-To-Move/ Let-to-Buy Applications on a case by case basis subject to TML being satisfied it is not a Consumer BTL application	No	Yes Accepted, providing customer confirms that the property is being let out for investment purposes. Vida can lend on both the BTL and/ or residential loan If BTL is with another lender, we require a copy of the offer. Vida requires a simultaneous completion of a new residential for a Let to Buy. If this is not the case then the applicant is required to be out of the property with consent to let from their current lender.	Yes – Only when the applicant/ director already has rental properties in the background prior to approaching Zephyr.
Minimum years remaining on Leasehold property	• Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term). However, if the solicitor confirms a lease is shorter than 85 years at the start of the mortgage the valuation will be referred back to the valuer, as this may impact the property value.	85 years at the start of the mortgage term	Residential to 40 years and 50 years for BTL remaining.	At least 70 years unexpired term at the time of application.	Minimum unexpired lease of 75 years at application	For Capital and Interest 85 years from the start of the mortgage term Interest only below 50% LTV 85 years from the start Interest only above 50% is 85 years the end of the term	50 plus mortgage term	75 years at the end of the term	Tenure may be Freehold or Leasehold with unexpired lease (already in existence) term no less than 50 years at the end of the mortgage term	50 years at the end of the mortgage term	Unexpired term of the lease must be at least 50 years at the end of the mortgage term.	60 years at completion of mortgage with 55 years remaining at end of term	65 years at end of term	Freehold or leasehold (subject to a minimum of 85 years unexpired term at the commencement of the mortgage and 65 years unexpired term at the end of the mortgage). Can consider a lower lease if this is to be extended on completion.	Must have a minimum unexpired term of 85 years at the time of completion.	Minimum remaining lease term is 70 years at completion. Can extend lease on completion.	35 years remaining at the end of the term.	Must have 50 years remaining at the end of the mortgage term	Minimum unexpired leasehold term remaining at the end of the mortgage of 50 years.	Minimum term 60 years left on the lease on completion.	Capital & Interest loans minimum of 40 years lease remaining at the end of the term. Interest Only, 70 years remaining at the end of the term	Leasehold properties must have a minimum lease of 70 years remaining at the end of the mortgage term. Ground rent and Service Charges must be included in cash flow projections (portfolio landlords only) for leasehold properties Applicants for leasehold properties should not hold a controlling interest in the Freehold.
Repossession	None	No.	None in 6 years	Not accepted	Not accepted	None in 6 years.	None	No	Not accepted	Not considered unless by exception	None in 6 years	No proceedings pending and must have been discharged within the last 6 years	Not accepted	Not accepted	None in 6 years	None in last 6 years	Will consider if this was over 5 years ago and have no residual debt.	Must be satisfied at least 5 years ago	None in last 6 years	Check with lender	None in 10 years	Company Liquidations, Administration, Winding Up Orders & Receivership’s: None in last 3 years. Bankruptcy, Sequestration, IVA’s, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years. Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
Debt Management Plan (DMP)	Considered	No.	Accepted	No	0 in 36 months and satisfied	None in last 3 years	No	No	None in last 24 months	Not considered unless by exception	Considered if over 3 years old	None in 6 years	No	No	None in 12 months	None in last 6 years	Refer	Must be satisfied for at least 3 years ago	Case by case basis.	Check with lender	Considered	Company Liquidations, Administration, Winding Up Orders & Receivership’s: None in last 3 years. Bankruptcy, Sequestration, IVA’s, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years. Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
DWP Tenants	Yes to DWP and DSS tenants.	No.	No	Yes (any kind of benefits)	Minimum value £100,000. EX- Local Authority House max LTV 75% EX-Local Authority Flat/Maisonette LTV 70%	Considered on a case by case basis	No	Yes	No, this includes DSS tenants.	Yes	No	Yes, considered. Full scenario required, i.e. how is the rental income derived, who from etc.	Yes, can consider.	Yes DSS tenants Housing association tenants Corporate tenants Single family lets Sharers Students All above considered.	Considered.	Considered	Yes, but AST must be in the tenants name.	Yes	Yes	Refer	DSS Tenants are considered if in receipt of a top up on the rent payable.	Yes – as long as the AST agreement is between the individual & not the local authority.
Studio Flats (including converted)	No.	No. But Multi units must be minimum 30sqm			Minimum floor area for each individual unit 30m2	Considered but subject to valuers comments	No	Refer.		Yes, but 30sqm minimum. Location needs to be checked.			Studio Flats – (in London only; max 70% LTV) with a minimum gross internal floor area of 30 sq. metres. Accepted subject to underwriting & valuers commentary.	30sqm minimum	Gross external floor area of 35 sqm minimum.	30 sqm minimum	Can consider 30sqm and under, but it must be self contained facilities.	Studio flats with a minimum size of 35 Sq M and subject to valuation considered. Converted flats are accepted.	Minimum sizes as follows: – 40 sqm if outside of London. 30 sqm if inside of London. Same rule applies if it is a converted studio flat. Please note, the minimum value to be considered will be £120,000 and will need to be in a city centre location and the valuer will have to confirm demand for this type of property.	Various types of flats up to 30 floors (Where the security is on the 4th floor or above the block needs to have a lift). Studios at least 30 Sq.M in size. LEASE TERM – Minimum term 60 years left on the lease on completion.	30sqm or more considered.	30 sqm or more required – 70% LTV max
Holiday Let / Short Term Let	Not considered.	No			Not considered	Considered – they have a specific product range – see product guide. Available for both Purchase and Remortgage. Will require a rental estimate, provided by an ARLA approved lettings agent, as well as a breakdown of any expected maintenance costs	Not considered	No	Yes, considered.	Yes – see specialist criteria table for more information.	No		Yes, can consider. ICR based on single AST rental income Valued as a single dwelling house There can be no title restrictions Min income of £30k Must meet our acceptable property type criteria Customer must own 2 other BTLs (with one having been held for more than 12 months) Must meet Tier 1 criteria No HMOs/MUFBs can be considered Max 5 bedroom house	No		No	No	No		Considered	No	No
Air BnB	No	No	No	No	Not considered	No	No	No	Yes, Single unit only. No AST required however Short-term letting is only acceptable where the property is suitable for occupation under an assured shorthold tenancy and the standard rental coverage can be met. Serviced apartments not considered.	Considered	No	No	-Valued as single dwelling house -ICR based on single AST rental income -There can be no title restrictions -Customer must own 2 other BTLs (with one having been held for more than 12 months) with application income of £30,000 -No HMOs/MUFBs can be considered -Max 5 bedroom house at 75% LTV	No	No	No	No	No	No	Refer	No	No
New Builds	New Build houses accepted Flats – Accepted. – 75% LTV max. New build is defined as built in the last 12 months, or has not previously been occupied. ** 80% LTV Max Builders deposit accepted up to 5% of purchase price. *** Consider if equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit.	New Build (previously unoccupied) Applications can be considered. The lenders conveyancer will be required to obtain a completed Disclosure of Incentives Form (DIF). New Build Incentives: Any cash-based incentives, e.g. discounted purchase price, stamp duty paid, legal fees paid, cash-back after completion, mortgage paid etc. must be deducted from the lower of the purchase price / valuation, and the LTV calculated from this net figure. If considered reasonable by the Underwriter non-cash incentives (to include white goods and soft furnishings only) can be ignored.	Only for Residential help to buy scenarios	New Build flats and Houses accepted to 75% LTV	Yes – Max LTV 75% Houses and 75% Flats/maisonettes	Houses – Yes up to product maximum Flats – Yes, up to max LTV	New Build houses accepted Flats – No New build is defined as built in the last 12 months, or has not previously been occupied. ****	Yes	“New Build Properties are defined as properties that have been built or significantly converted in the last two years. Significant changes are changes that are either structural or planning significant enough to change occupation or use of the property. New build houases are acceptable subject to contruction and the presence of an adequate structural defects warranty New build flats are acceptable subject to: Standard marketability, with no restriction on occupation and a valuation the reflects resale of the property; A maximum loan to value of 70% based on the resale value of the property; Interest rate coverage reflecting ground rent and service charges where these are deemed to be onerous by the valuer; The presence of an adequate structural defects warranty.	Yes	New Build Houses to 75% and flats accepted to 75% LTV	Maximum Loan to value 60%. Maximum advance on a new build is £750,000 within the M25 and £500,000 outside of the M25	Accepted – Flats are capped to 70% LTV. New builds are defined as a property that has never been occupied or has been constructed or converted within the last 12 months.	Yes	Houses – 75% LTV Max Flats – 75% LTV Max – see below for types of flats considered. Leasehold Flats with a lease term < 85 years unexpired (such cases will each be considered on their own merits). 4 storeys or less accepted Flats/maisonettes: – NOT ACCEPTED Flats in local authority or ex local authority owned blocks New build flats/maisonettes Flats with a gross external floor area less than 35m2 Flats above commercial premises Studio flats Freehold flats Balcony access	New build flats and houses accepted to product max LTV **** Flats in blocks up to 20 storeys, with a commercial ground floor accepted 80% LTV available for buy to let new build houses and flats S106 obligations considered Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months	Yes houses and flats	Saffron’s definition of new build properties is defined as a property built within the last 12 months (based on the date of the completion certificate), has not been previously occupied (for converted properties – since the conversion has been undertaken), being sold/marketed by a builder or developer with a valid new build warranty from a warrantor acceptable to the society. We recognise two forms of new build properties for security purposes: max LTV: • New Build Houses, max LTV is product specific. • New Build Flats – Max LTV is 75% on C&I repayment and 60% LTV on Interest only. No Shared Ownership new build properties are acceptable.	Houses and flats up to 75% – if 75% required then max loan is £600,000. Up to 70% then max loan £1.5mill. *** Vendor/ Builder Gifted deposit New Build – First time occupation, up to 5%, greater than 5% considered on a case by case basis. ***	Considered: – DEFINITION: Will only lend on new properties which are built and ready for occupation. WARRANTY A new build warranty should be in place confirmed by the solicitor	Houses – Yes Flats – Yes Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion. Mortgage offers valid for 6 months from data of issue and if required we may extend for a further 6 months on the same product. ***** Builder’s or Vendor’s deposit: – Acceptable on new build purchases only providing incentive does not exceed 5% of the purchase price.	New build and flats above commercial premises: Max Loan size of £750,000 – including New Build properties within the M25 only Max Loan size for New Build properties outside the M25 is £500,000
Ex-Patriates (acceptable regions)	• Available to British Citizens residing in a FATF member country or confederation. Exclusions apply • No minimum personal income requirements except for first time landlords • Available for up to 6 Bed HMO’s • Available for up to 4 units on 1 title • First Time Landlords considered for single residential investment units only. Applicants must be at least 25 years of age, able to evidence that they have owned their own home for a minimum of 12 months, and earn in excess of £25,000 per annum. Consumer Buy-to-let not currently accepted • Expat applicants are required to hold a UK Passport and have been resident in the UK within the last 5 years, but there is no requirement for them to have been born in the UK. Aldermore Can consider remortgages of previous residential properties, they will consider this as a consumer BTL.	No	No	No	Not acceptable	The maximum loan to value is 70% The minimum loan is £25,000 Dudey will calculate the sterling equivalent by applying the exchange rate on the day of assessment. Foreign Currency – Income (where some or all of the borrower’s income is denominated in a foreign currency, regardless of where their day to day work activities occur). Foreign Currency – Repayment Strategy (where the borrower will repay part or all of a mortgage which is partially or wholly conducted on an Interest Only basis, utilising monies or other assets which are denominated in a foreign currency e.g. the sale of a foreign holiday home). Applicants must be UK citizens who are temporarily resident abroad. For Residential Properties; it must be the customer’s intention to return back to the UK with this property being their main residence. Lending can only be secured upon property in England and Wales only. The applicant must own one existing property in the UK at which we can trace them (this can be either their residential property or a BTL property). Mortgage payments must be paid via direct debit from a UK bank account.	Yes • No minimum personal income requirements All applications to be on Interest Only (Overpayments can be made of 10% of original loan) • Expat applicants are required to hold a UK Passport Consumer BTL is acceptable	No	Ex Pat applications will be considered for both individuals and Limited Company (All Directors to provide a personal guarantee for full loan amount) applications where the applicant: Has a credit footprint in the UK Pays UK tax or has declared income for UK tax purposes Has at least one Buy to Let property in the UK Is employed by a multi-national employer or Sovereign entity Has written confirmation from their employer of their residential address in the foreign country and period of residency Has a UK bank account Provides the last two years’ SA100 and tax calculations Ex Pat Acceptable Areas for Expats Foundation Homeloans will consider lending where the applicant is based in the EEA, including Iceland, Lichtenstein and Norway. Also allowed for EU/EEA/Switzerland can be accepted but only if the offer documentation can be signed/executed in the UK. Foundation Home Loans will not consider lending where the expatriate is resident in, or funds originate from, the following countries: Afghanistan Algeria Bosnia and Herzegovina Democratic People’s Republic of Korea (DPRK) Ecuador Ethiopia Guyana Iran Iraq Loa PDR Myanmar Sri Lanka Switzerland – can be accepted but only if the offer documentation can be signed/executed in the UK. Syria Trinidad and Tobago Tunisia Uganda Vanuatu Yemen **** Where the applicant is resident in a country which is both outside the EEA and not on the above exclusion list (eg Switzerland, USA, Canada, United Arab Emirates) then Foundation Homeloans will consider lending on a case by case basis.	Yes, also Foreign Nationals based in over 110 countries acceptable	Max Loan 75% Proof of income required (Minimum verifiable income of £50,000) Applicants must be British passport holders and ID required Have to be professionals living & working abroad not retirees who have moved abroad permanently. They cannot accept Self employed applicants. Applicants must have a completely clean credit history Applicants must own at least one UK property (either residential or Buy to let) Applicants must not be working or residing in a country on any banned or watch list (check with the KRBS directly). Australian, France and Monaco expat applications now accepted where the property is held within a UK Ltd Co The applicants must have a UK bank account and the mortgage payment must be Direct Debit from a UK Bank **** Ex-pat standard mortgage – this is geared towards two types of borrower who want to purchase a property in London or the South East: • a professional applicant who is employed in a senior position by a UK, EU or US agency or by a recognised and traceable company abroad; or • a self-employed applicant such as an equity partner in a law firm, professional contractor or a business owner with an internationally recognised accountant. ***** Ex-pat non-standard mortgage – also offer an ex-pat non-standard mortgage. This is for customers who may not fit our standard mortgage or may not be purchasing in London or the South East but who present compelling reasons to lend. Applications for this product will be looked at on a case-by-case basis and bespoke underwriting will be applied.	No	No	Yes Up to 70% LTV – max loan of £750,000 Up to 65% LTV – max loan of £1,000,000 Any fees that may be added to the loan are excluded from the LTV calculation Affordability All calculations will be based on either the current reference rate published on our website, or the product charging rate plus 2%, whichever is the greater. The affordability will be assessed as follows: • For individual and joint applicants and for limited liability partnerships (LLPs) with expatriate members, the gross rental income should be equal to, or exceed, the Interest Coverage Ratio (ICR) of 140%. • For limited company applications, the gross rental income should be equal to, or exceed, the ICR of 130% Applicant type: Expatriate applicants and LLP’s with expatriate members 140% Limited company with expatriate directors 130% Single self-contained units only with no restrictive covenants in place. The services of a managing agent must be engaged to oversee the property, and details of the agent must be provided prior to completion of the loan. For purchase applications, proof of the source of deposit will be required in all instances. ******* Consumer BTL – Ex pat An application will be considered a consumer buy-to-let mortgage contract if: • Either the borrower or a relative has lived in the property since it was purchased; or • At the time of purchase, the intention was not for the property to be let out; or • The property was inherited, rather than purchased ******* Applications will be considered from limited companies / LLPs registered and trading in England, Wales or Scotland and whose directors /members are expatriates. • All applicants must have held a UK bank account for a minimum of three years. • All applicants must provide a certified copy of their current UK passport, together with three separate proof of residency documents. • A UK credit search will be undertaken wherever possible. Applications will not be considered where there is evidence of poor credit history. • There is no minimum income requirement, but applicants must provide details of all income. • All employment statuses are accepted and full details must be provided as part of the application. • We cannot accept applications that qualify as Consumer buy-to-let from expatriate applicants. Applications will be considered for Expatriates, who must hold a current UK passport and are residing outside of the UK in one of the following countries: Austria Belgium Bulgaria Canada Cyprus Czech Republic Denmark Finland France Germany Greece Hungary Iceland Ireland Italy Japan Kingdom of the Netherlands Luxembourg Malta New Zealand Norway Poland Portugal Singapore Slovak Republic Slovenia Spain Sweden Switzerland United States	No	No	Yes Not required to own a property in the UK for lower LTV applications.	Max LTV 75%. No adverse in the last 3 years. Applicants must be UK national (British passport holders) Must hold a UK bank account and the mortgage direct debits must be paid form this account. We will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the Society can serve notice in the event of default. First time buyers and first time landlords accepted. Not available to applicants living in an EEA country Restricted countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.	Yes Minimum income is £40,000 GBP equivalent for employed and retired. Minimum Income is £60,000 GBP equivalent for self-employed and contractors. First time landlords are not permitted, all Expat applicants must have an existing BTL for 12 months. HMO: Expats must already own a HMO or a MUB and we require evidence of the existing HMO/ MUB properties. UK property management: – Must be able to demonstrate family member or management company who can oversee the property. Provide company name & address (if a property company) or family member name, address & relationship	No	Yes – British Citizens living or working in FATF member countries or confederations • Up to 75% LTV applies with the exception of Australia (70% LTV) • Non EEA landlords require a minimum property value of £150,000 • Spouses who are non British Citizens can be party to the mortgage • Applications considered for SPV’s registered in England, Wales or Scotland where one or more directors or shareholders is resident overseas as an expat Must currently own a UK property and have at least 3 active credit records First time landlords acceptable but must own a UK property Mortgage payments to be made by direct debit from a UK bank account	No – must have permanent rights to reside. All applicants, including directors of SPV applications, must be UK nationals and have 3 years continuous residency in the UK with the exception of the armed forces. This will be validated either from mortgage statements, CRA output or a Land Registry search.
Ex-Local Authority	Flats – Yes, up to 75% LTV Houses – Accepted up to 75% LTV, subject to the following conditions: No outstanding pre-emption requirement to repay a proportion of the discount. Valuer indicating that there is evidence of a meaningful level of private ownership within the estate. The property being of standard construction. Minimum value £100k outside London. Inside Greater London minimum value is £200k.	Ex Local Authority Houses Acceptable where the house is currently in private ownership and the surrounding area has a well-established and significant proportion of private ownership. The property should be judged to have good ‘kerb appeal’. Ex Local Authority Flats Not accepted.	Houses only, no to flats	Houses and flats considered – Subject to valuers comments	Minimum value £100,000. EX- Local Authority House max LTV 75% EX-Local Authority Flat/Maisonette LTV 75%	We cannot accept a local authority or av ex-local authority flat and maisonette unless located within the M25, a maximum LTV of 65%, minimum £200k valuation and satisfactory valuer comments regarding demand and re-saleability. Houses – Yes	FLATS – No (inside M25 maybe considered by exception) Houses – Yes	Yes	Ex-local authority built houses (where the borrower is not a First time Landlord) and the valuation indicates good marketability are fine. ***** Ex Local Authority Flats/ Maisonettes /MOD CAN be considered – (where the borrower is not a First time Landlord) and will also be subject to construction type, location with no balcony access (an exception may be considered for high value properties in London) and confirmation of a minimum of 75% private ownership from the local authority. Subject to valuer’s comments and an EWS1 If valuer requires this. If block of flats has over 3 storeys with cladding, it will not be considered.	Yes, considered	Houses accepted to 75% LTV. 75% LTV for flats, block must be 80% privately owned	Refer case by case – majority privately owned in the block, low percentage private ownership is not acceptable.	Accepted, houses and flats	Refer	Houses – 75% LTV Max Flats – 75% LTV Max Leasehold Flats with a lease term < 85 years unexpired (such cases will each be considered on their own merits). 4 storeys or less accepted Must not have deck access	Houses Max 75%, with adverse max 75%. No Flats/Maisonettes. Exceptions can be considered where the following apply; Block in majority private ownership, no balcony access in block, good curb appeal, standard construction.	Standard Range: – The expiry of any pre-emption period – Maximum of 5 floors – At least 50% of the block is owner occupied – A minimum value of £200,000 – No deck access – Valuer to confirm the property is suitable security and, in an area, where demand for this type of property is not falling. Specialist Range: Deck Access Flats Ex local Authority houses and flats where the area owner occupation is less than 50% Ex local Authority flats valued below £200,000 (subject to minimum £100,000) Ex local Authority flats over 5 floors up to a maximum of 12 floors	Can be considered at a max LTV of 70% and subject to underwriting and valuation.	Yes, up to 75% on houses and flats. Ex-Local Authority Flats (England and Wales) Will consider lending on Ex-Local Authority properties in England and Wales, subject to: • Minimum valuation of £50,000 outside of London and the South East • Minimum valuation of £120,000 in London and the South East • Maximum 75% LTV • Traditional construction only (as opposed to core criteria where non-traditional properties are allowed) • Maximum 5 floors in block, except in London and the South East, where the maximum allowed is 10 Ex-Local Authority Flats (Scotland) Will consider lending on Ex-Local Authority properties in Scotland, subject to the following criteria: • Minimum valuation of £50,000 • Maximum 75% LTV • Traditional Construction only (as opposed to Core Criteria where non-traditional properties are allowed) • Maximum 5 floors in block	Yes, accepted.	Houses are considered up to scheme and LTV limits, and flats/maisonettes up to max 80%, with minimum property value of £80,000 (£200,00 in Greater London).	Yes, to both houses and flats. Consider deck access. Flats or maisonettes in blocks exceeding 10 stories are acceptable subject to mandated approval by Zephyr Homeloans
Historic CCJ’s & Defaults	None registered in last 36 months unless settled defaults 13-36 months now accepted up to £500 CCJs registered over 36 months ago considered, Over 36 months, does not need to be satisfied if the total combined value is up to £500. Over 36 months, needs to be satisfied for 36 months if total combined value over £500 Communication defaults are ignored. Missed mortgage payments Amend – 0 in the last 3 months, 1 in the last 12 months, No more than 2 months in the last 24 months. Arrears over 24 months ago considered	CCJs None in last 36 months Defaults None in last 36 months Secured arrears None in last 12 months Maximum 2 in last 36 months Unsecured arrears Maximum 2 in last 36 months Bankruptcy/Debt Relief Order None (6-year history) IVA/Debt Management Plan None (6-year history) Repossession None (6-year history)	Defaults and CCJ’s ignored for product selection purposes if registered over 3 years ago or less than £300 or a communications default. ONLY ALLOWED ON CLEAR RANGE None allowed in last 6 months (except Communications) No pay day loans in last 12 months Secured arrears – Based on worst status shown on credit search. Status for last 12 months must be 0. Can consider arrears in months 13-24	CCJs Criteria (Unsatisfied or Satisfied) 1 or more CCJs registered in the last 2 years and the total value of CCJs is more than £100 – Decline 1 or more CCJs registered in the last 2 years and total value of CCJs is less than £100 – Accept 1 CCJ totaling more than £5000 in the last 6 years – Decline 2 or more CCJs registered in the last 6 years totaling more than £1000 – Decline 2 or more CCJs registered in the last 6 years totaling less than £1000 – Accept (as long as it also meets criteria point number one) Default Criteria (Unsatisfied or Satisfied) 1 or more defaults registered in the last 2 years and the total value of defaults is more than £100 – Decline 1 or more defaults registered in the last 2 years and total value of defaults is less than £100 – Accept 1 default totaling more than £5000 in the last 6 years – Decline 2 or more defaults registered in the last 6 years totaling more than £1000 – Decline 2 or more defaults registered in the last 6 years totaling less than £1000 – Accept (as long as it also meets criteria point number one) Unsecured Arrears: • No more than 2 missed payments in last 24 months	Unsecured Arrears: 0 in 6 months Status 1 in 12 mths (Max. 1 instance) Status 2 in 24 months Secured arrears: 0 in 6 months, Status 1 in 24 months (Max. 1 instance) Defaults: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months CCJ’s: Unsatisfied max. £250 in 36 months. Satisfied max. £500 in 36 months	Applicant(s) must satisfy the following criteria: Mortgage applications up to 80% LTV: • No missed payments in last 12 months on any (previous or current) mortgage, other secured loan or rent, and no arrears in months 13-24 (counting backwards from the present date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears. • No more than 1 missed payment in last 12 months on any (previous or current) unsecured loan or credit card, and no arrears in months 13-24 (counting backwards from the current date), where the cumulative amount overdue at any point reached three or more monthly payments. No current arrears. • A maximum value of CCJs registered more than three years prior to application (satisfied) of £5,000 and a maximum number of two instances. • A maximum value of defaults registered within three years of application (satisfied) of £1,000 and a maximum number of three instances. • A maximum value of defaults registered more than three years prior to application (satisfied) of £5,000 and a maximum number of three instances. Other than that: a) Three or fewer Communication supplier defaults of up to £150 each may be ignored for the purpose of calculation value under points 3 and 4 above (where an applicant has four or more, all of them will be taken into account). A satisfactory explanation for any adverse credit (including any disregarded under point (a) must always be obtained. For Mortgage applications above 80% LTV, applicant(s) must satisfy the following criteria: • No missed payments in last 12 months on any mortgage, other secured loan or rent and no more than 1 missed payments in the last 2 years. No current arrears. • No more than 1 missed payment in last 12 months on any unsecured loan or credit card and no more than 2 missed payments in last 2 years. No current arrears. • CCJ(s) with a total not exceeding £2,500 registered more than 3 years ago are acceptable if satisfied more than 12 months ago. • Defaults – one or more with a total value not exceeding £500 issued more than 12 months ago are acceptable, as long as satisfied by time of application.	No defaults in last 3 years and any over 3 years must have been satisfied 3 years ago CCJ’s – will conisder 1 satisfied under £500 in last 3 years, all other CCJ’s must have been satisfied over 3 years ago 1 commnication supplier issue may be consider if under £500 and satisfied subject to a suitable explanation Missed mortgage payments, 1 in last 12 months but none in last 6 months with a suitable explanation	If within the last 3 years, we are able to accept status 1 and 2, as well as any CCJs and defaults under £250. No CCJs or defaults (either satisfied or unsatisfied) greater than £250 within the last three years. No credit file to be, at any point within the last three years, more than two payment (>2months) in arrears	Range Dependent: Standard Range: No CCJs/defaults registered in the last 24 months, regardless of whether they have been satisfied. All CCJs/defaults must be satisfied and brought up to date at time of application. Unsecured arrears – for Mail order, Utility accounts, communication contracts & credit cards. Underwriter can consider up to 4 missed/late payments on 1 individual account or 4 missed/late payments (4 individual accounts) across a combination of accounts where combine value is less than £500 ****** No missed mortgage payments in the last 24 months. Unsecured loans and credit cards – Worst status of 2 in the last 24 months with 0 in the last 12 Other Unsecured (mail order, utility, communication contracts) – Worst status of 4 in the last 24 months No IVA or Administration Order registered against any borrower. No Bankruptcy Order against any borrower. Debt Management Plans: Applicants who have entered into, or are still repaying, a debt management plan in the last 24 months are not acceptable. ** All accounts must be up to date at the time of application, All CCJ’s and Defaults must be satisfied at the time of application *** Standard Plus Range – CCJs & Defaults: – No CCJs/Defaults registered in the last 72 months, regardless of whether they have been satisfied. All defaults and CCJs must be satisfied irrespectiveof when they occurred. Unsecured loan arrears: A worst status of 0 in the last 72 months. Credit card arrears: A worst status of 0 in the last 72 months. Mail Order, Communications & Utilities: A worst status of 4 in the last 24 months per account provided all accounts are up to date on application. Mortgage arrears: A worst status of 0 in the last 72 months.	Case by case basis	Historic CCJ or Default – Ignored if registered more than 3 years ago satisfied prior to application. Ignored if registered and satisfied prior to 12 month prior to application. Ignored if less than £300 regardless of date of registration. Must be satisfied prior to application. Missed mortgage payments over 3 years considered.	No adverse within the past 24 months at all. In excess of 24 months we will look at on a case by case basis – subject to a max of £500	Adverse credit – Available to all applicants/properties: -Unsecured arrears – max status 2 (can have multiple status 1&2) & communications disregarded. -CCJ’s – disregarded over 3 years ago Adverse credit – (Tier 2) – Available for standard properties, HMO’s & MUFBs -Unsecured arrears – not counted -CCJ’s – None in last 12 months, 1 in last 12-24 months and not counted over 24 months -Defaults – None in last 12 months, 2 in last 12-24 months and not counted over 24 months	A comprehensive review of the credit history for each applicant will be undertaken, which will include a credit search on all applicants. Paragon Premier will undertake a credit score in order to ascertain the acceptability of the application and will not normally consider any application where there is evidence of poor credit history, such as defaults or arrears on any loan. Paragon Premier will not consider applications with historic or current county court judgments. The lender reserves the right to obtain a new credit search at any time and any change in the applicants credit history could lead to the application being reviewed.	Maximum allowable adverse: – Unsecured missed payments: – 2 individual utility, communication, or mail order account defaults up to and including £200.00 each ignored (Applicable to Pepper 24 & 24 Light products downwards, but excluding Bankruptcy range products None in last 12 months Total combine CCJ value of £2,500 accepted Check product range for further information. ** Unsecured credit: – Fixed Term – None in the last 6 months. Revolving credit – Missed payments considered if none in the last 12 months On Pepper 24, 18 and 12 products we will ignore 2 individual defaults (per application) up to and including £150.00 each where these defaults relate to utilities, communications or mail order providers. All other unsecured must be up to date in the last 6 months Unsecured can be no more than 2 months in arrears in months 7 to 12 Unsecured arrears are ignored after 12 months i.e, month 13 onwards Bankruptcy Discharged > 6 years ago Max Loan Size IVA Discharged > 6 years ago Debt Management Plan – None current and None in last 12 months. We will consider applicants whose debt management plans completed or finished more than 12 months ago. Repossession None in the last 6 years ** Doorstep Loans/Payday Loans – None current and None in last 12 months Any applicant who currently has a payday or doorstep loan will be declined. We will consider applicants whose payday or doorstep loan finished more than 12 months ago.	Tier 1 – Defaults 0 in 72 months CCJs 0 in 72 months Tier 2 – CCJs and defaults accepted if over 24 months	Max x 2, must be satisfied and under £500 with an explanation.	Unsettled CCJs/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion. Do not consider arrangement to pay.	CCJs – maximum 1 (max £250) in 36 months, 0 in 12 months. Must be satisfied at time of application. Secured arrears – 0 in 12 months, 1 in 24 months Unsecured arrears – 0 in 6 months, 1 in 24 months Defaults – 0 in 24 months Pay day loans – 0 in 6 years	CCJs and Defaults – None in the last 2 years with a maximum of 5 totalling £5,000 whether satisfied or not (less than £300, mail order and communications ignored). UTB Status 0 criteria: Active unsecured credit – All accounts currently up to date (mail order and communications ignored)	Vida 1, No registered CCJs or Default in last 48 months. No Unsatisfied CCJs Vida 2, No registered CCJs or Default in the last 36 Months. No Unsatisfied CCJs Vida 3, 1 Registered CCJ or Default in last 24 months (includng unsecured defaults) (0 in last 18 months of £250 or more). Max £5000 unsatisfied CCJs Vida 4, 2 Registered CCJ’s or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more) Max £5000 unsatisfied CCJs Missed Secured/Mortgage Payments Vida 1 – 0 missed payments in the last 36 months Vida 2 – 0 missed payments in the last 12 months, 1 in the last 24 months Vida 3 – 0 missed payments in the last 12 months, 2 in the last 24 months Vida 4 – 0 missed payments in the last 6 months, 2 in the last 24 months	Unsecured Loan Arrears & Credit Cards: No late or missed payments in last 24 months. CCJ’s: – Maximum 1 up to £250 in the last 3 years and satisfied. None in last 12 months. Defaults: – No defaults must have been registered within the last 24 months Payday loans – None in last 6 years Credit Cards: – No more than 1 month in arrears in last 24 months and no arrears in the last 6 months
Bankruptcy/IVA	None in last 6 years	None	Product dependent: – Clear range – None in 6 years. All other ranges, none in 3 years.	Discharged more than 6 years ago	Satisfactorily completed and discharged over 6 years	Bankruptcy up to 80% – Applicants should not have been subject to a Bankruptcy order within the last three years Bankruptcy above 80% – must have been discharged more than 6 years ago and all credit conducted satisfactorily since then ************ IVA up to 80% – Applicants should not have been subject to an IVAs within the last three years IVA above 80% – must have been discharged more than 3 years ago and all credit conducted satisfactorily since then	Once satisfied 3 years can be considered	No	Not considered for either.	Case by case basis	Considered if over 3 years since completion.	Considered if over 3 years since completion. *** IVA – not within last 6 years	Not considered	Not accepted	Considered if discharged over 6 years	None in last 6 years	Bankruptcy – considered – to applicants who have been discharged from bankruptcy/sequestration, providing the bankruptcy/ sequestration was discharged in full more than 3 years ago. IVA – Considered. Applicants who have previously entered into an individual voluntary arrangement (IVA), providing the IVA was completed satisfactorily more than 3 years ago.	Must be satisfied at least 5 years ago	None in last 6 years	Check with lender	Discharged for over 6 years	Company Liquidations, Administration, Winding Up Orders & Receivership’s: None in last 3 years. Bankruptcy, Sequestration, IVA’s, Trust Deed Corporate Voluntary Arrangement (CVA), Debt Relief Order (DRO): None in the last 6 years. Forced or Voluntary Possessions or Assisted Voluntary Sale: Not Accepted.
Fees	Valuation fees paid direct to lender at the lender fee scales.	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid direct to lender at the lender fee scales	Valuation fees paid direct to lender at the lender fee scales and a processing fee of £95 at application to 3mc.	Valuation fees paid direct to lender at the lender fee scale.	Valuation fees paid direct to lender at the lender fee scales.	Free valuation fees offered on standard BTL properties valued under £500,000. For properties over £500,000 or for HMO/MUFB, please see the Fleet Mortgages Product Guide for further information as this is subject to change. (Jan 2023)	Valuation fees paid direct to lender at the lender fee scale.	Valuation fees paid direct to lender at the lender fee scale.	Valuation fees paid direct to lender at the lender fee scales	£150 admin fee payable with valuation fee. Please see product guide for further details on valuation fees.	Valuation fees paid direct to lender at the lender fee scales.	Valuation fees paid direct to lender at the lender fee scales.	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid direct to lender at the lender fee scales	Paid direct to lender at the lenders fee scales, found on both the lender website and product guide.	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid direct to lender and a processing fee of £95 at application to 3mc	Valuation fees paid directly to the lender at the lenders valuation fee scale.	Valuation fees paid direct to lender at the lender fee scales. Product fee varies as per product guide.	Valuations fees are paid Via DPR – £199 booking fee and a selection of arrangement fees. See product guide for details. Products not portable.
Countries	Will lend in England, Scotland and Wales	England and Wales.	England and Wales	Will lend in England, Scotland, Northern Ireland and Wales.	Mainland England, Isle of Wight and Wales only	Will lend in England and Wales only (N.B. We can consider lending in the Isle of Wight)	Will lend in England and Wales.	England and Wales only.	Will lend in England, Scotland and Wales.	Will lend in England and Wales only	Will lend in England and Wales. Isle of Wight considered, no to Isle of Man.	Will lend in England and Wales	Will lend in England, Scotland and Wales.	Will lend in England, Scotland and Wales	Will lend in England and Wales only.	Will lend in England, Scotland (restricted Postcodes) and Wales.	England, Wales and Northern Ireland. Any country with a Basel AML risk score below 6 where the applicant is based. Can consider Northern Ireland Single Units only on the specialist range with max LTV 70%.	Will lend in England and Wales only. Isle of Wight considered	Will lend in England, Scotland and Wales. (Islands of bit Anglesey & Isle Of Wight)	Will lend in England, Scotland (mainland) and Wales.	Will lend in England, Wales and Scotland – currently lending in postcodes AB (excluding 42-45,56). DD, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28) KY, ML and PA (excluding 20-80).	Will lend in England and Wales only.
Type of credit search and who with	Soft, Experian search only.	Soft search	Soft, Experian seach only.	Soft at DIP stage with Equifax, Call credit and Experian. Hard foot print is then done via the same 3 upon full application.		Hard footprint and Call Credit	Hard on Application with Equifax	Soft footprint on DIP hard at full app Equifax	Soft at DIP stage, hard at full mortgage application stage. Foundation use Equifax.	Hard credit search	Soft, Equifax. On full mortgage application, a hard foot print is done, also Equifax.	Hard credit search conducted	No search done at DIP currently, but hard search is done at full application stage with Equifax.	Soft print at DIP/AIP stage, hard foot print on application with Equifax.	Soft, Equifax, but hard foot print on application.	Yes – Soft footprint with Experian at AIP stage and then full credit search conducted on Experian. Equifax search will also be carried out on any remortgage applications	Soft search on DIP on Experian	Soft footprint at DIP stage and Hard at FMA Stage. Experian.	Soft, Equifax. On full application stage, this is a hard foot print.	Soft search conducted only	Soft, Experian. At full application stage this would be a hard foot print and also on Experian. Customer should achieve a low cutoff score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency	DIP will be a soft footprint with a hard footprint left at FMA – Equifax
Credit Score	Aldermore Mortgages do not credit score.	No.	No	BM Solutions Credit score		Dudley BS – Credit check, do not credit score.	No	No	Foundation HL do credit score on AIP stage.	Yes, but only a small part of the overall decision.	Kent Reliance do not credit score	No – currently the credit insight data is reviewed as oppose to scored.	Check, not score	Yes – Equifax	Pepper Money credit check, not credit score	Precise Mortgages do credit score. Each case also receives a manual assessment by an underwriter.	No credit score only.	Yes – 600+ Experian score required.	No – except for Lumi RL0/ Top range. But do have a minimum credit score which is very low.	No, credit check only	Customer should achieve a low cut off score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.	No, but if score is low then overall case is reviewed at application stage.
Access	Access to Aldermore Mortgages is direct to lender with 3mc selected as your payment route	Access to Birmingham Bank is available via selected packagers only.	Access to Bluestone Mortgages is to a selective panel of mortgage packagers, of which 3mc are one.	Access to BM Solutions is direct to the lender with 3mc as your payment route	Access to CHL Mortgages is available via selected packagers only	Access to Dudley BS is available via selected packagers only.	Access to Family BS is available via selected packagers networks.	Access to Fleet Mortgages via 3mc as your packager.	Access to Foundation Home Loans is available via selected packagers, networks and 3mc as a mortgage club.	Access to HTB is available via selected packagers, networks and 3mc as a mortgage club.	Access to Kent Reliance is direct to lender with 3mc selected as your payment route	Access to Landbay is available via selected packagers only, of which 3mc are one	Access to LendInvest is available via selected packagers only.	Access to Paragon Premier is available via selected packagers only	Access to Pepper Money is available via selected packagers only	Access to Precise Mortgages is direct to lender with 3mc selected as your payment route	Access to Quantum Mortgages is direct to lender with 3mc as your mortgage packager as well as direct as a mortgage club.	Access to Saffron is available via selected packagers only	Access to TML is available via selected packagers only	Access to United Trust Bank is via mortgage packagers currently, one of which is 3mc	Access to Vida is available via selected packagers only	Access to Zephyr Homeloans is available via selected packagers only


	Cambridge & Counties Bank	Hampshire Trust Bank	InterBay Commercial	Lendinvest Mortgages	Precise Mortgages	Shawbrook Bank	United Trust Bank
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Property Value (min)	Commercial – Loan to value maximum 60% based on the lower of the purchase price or acceptable vacant possession valuation. ***** Residential – Loan to value maximum 70%, based on the lower of purchase price or acceptable valuation.	£133,333 – minimum loan has to be £100,000	£133,333	£100k – lower considered	Single units – £75,000 £100,000 London postcodes HMO – £100,000 £250,000 for London postcodes. Multi-units: £75,000 or £150,000 in London (applies to each unit).	£54,000	£166,666 for single securities. £100,000 for multiple securities
Advance (min)	£150,000 per property	£100,000	£100,000	£75k Bridging/Auction, £200k refurb £250k Dev Exit £500k Development	£50,000 – 1st Charge £25,001 – 2nd Charge	£50,000 for Regulated bridging £40,000 for Resi/Commercial Investment bridging.	£125,000
Advance (max)	£2,500,000 per property	£15,000,000	•Loans above £2,000,000 require transactional credit committee (TCC) approval	70% Commercial/ land – up to £30m	No maximum but max LTV is 75% £3,000,000 (£1m HMO) for buy to let element.	£15,000,000 per client. Higher is considered by exception.	£15,000,000 to max 75% LTV – above by exception only.
Term (Min)	1 Month	1 month or less	Minimum one month interest payable	1 month	1 Month	No min term, no minimum interest charge	1 month
Term (Max)	Up to 18 months	12 months – any longer is an exception	18 months	Bridging – 18 months Dev exit – 12 months Development – 24 months	Regulated 12 months Non regulated 18 months Refurbishment BTL – 6 months (from the date of the valuation)	18 months	Regulated: up to 12 months Unregulated: up to 36 months
Income (min)	ALIE evidence – Audited accounts; short form accounts; tax return (2 years); Bank statements (6 months) for all loan commitments and current accounts of the borrower; passing rental income for asset offered as security or total customer rental income if available.		No minimum income is required – proof of income is required to make sure the exit is realistic.	No minimum income.	Client has to be registered in the UK and source of income should normally be within the UK. Employed applicants must of been inside of their current job for a minimum of 6 months with 12 months of continuous employment.	Clients to evidence independent material income which must support their personal and business commitments. Where the exit is refinance onto an investment mortgage we will need to ensure the rental income is sufficient to service the debt. Where the client is servicing the interest, we will need to be provided with details of income to validate affordibility	Must be able to afford monthly repayment or have suitable repayment vehicle. 3. If sale is the exit then no income require. (Unless back up exit will be refinance then income will be needed)
Refurbishment Restrictions		Extent of works: The works should not exceed more than £350,000. Refurbishment – Suitable uses Decoration, light central heating and electrical work, internal re-configuration of non-load bearing nature, replacement windows/doors/flooring, full rewiring, installation of new bathrooms/kitchens Refurbishment – Unsuitable uses No works requiring planning permission, building regulations or re-configuration of load-bearing walls	Medium/light refurbishment Secured on a residential investment property where planned refurbishment works do not require planning permission or building regulations, and there’s no change to the overall use or nature of the property – e.g., internal refurbishment/reconfiguration, such as redecoration, replacement of bathrooms, kitchens, replacement doors, windows, flooring, and non-load bearing re-configuration The refurbishment works shouldn’t exceed more than 30% of the day one value/purchase price, or £200,000; whichever is lower *Heavy refurbishment* Secured on residential investment property where planned refurbishment works require planning permission or building regulations e.g. structural works and extensions/loft conversions Applicants without a two year proven track record of refurbishment properties aren’t acceptable The refurbishment works should not exceed more than 40% of the day one value/purchase price, or £300,000; whichever is lower.	Light refurbishment only. Refurbishment work that requires either building regulations approval or planning permission is not allowed: unless the planning permission is required for the change of use of a building from a dwelling house (Planning Use Class C3) to a small HMO (Planning Use Class C4) in a designated area where the local planning authority is operating an Article 4 direction.	Listed below are some of the works acceptable using Refurbishment Buy to Let: Light refurbishment products – works permitted up to and including work carried out under building regulations > Change of use of a property to or from a HMO > Change the use of a garage to a habitable room > Properties needing work to meet minimum EPC rating > Properties purchased at auction that require light refurbishment work > Landlords choosing to refurbish to maximise rental yield. Note loft conversions and extension works are not included under the permitted development rights refurbishments. Precise Mortgages Refurbishment BTL Calculator	Light refurbishment products available. Heavy Refurbishment products (HR1, HR2) up to 75% LTV Regulated and Non-reg available.	– Initial advance of up to 60% of current market value – Interest is not deducted from the initial advance – Interest and works costs are rolled up into the facility up to a maximum facility of 60% of Gross Development Value (GDV) – Term of up to 18 months – The maximum facility of £1,500,000 Funded Works Improvement Loan – Provides the borrower with up to 100% of the improvement works – Maximum improvement costs of £500,000 or 50% of initial market value, whichever is lower – Interest charged at 0.95% per month and will be added to the loan Unfunded Works Improvement Loan – Provides an initial LTV of 60% plus interest roll-up and the borrower funds the work themselves – Interest charged at 0.75% per month and will be added to the loan Suitable for: – Extensions – Conversions – Planning – Permitted development – Heavy refurb – Structural
Restrictions	Experienced landlords and property companies. Not first time landlords or property investors i.e. minimum 2 properties for a minimum of 2 years or suitable professional property experience,	Short Term Lending Secured against residential security where there is no element of refurbishment or construction. Developers Exit Secured against recently completed and compliant residential security where the construction phase has completed – pending a sale.	Land requiring commercial development in order to be fit/suitable for occupation. Land without any form of planning consent. Property identified as having onerous restrictions or covenants. For full details, please see criteria guide on the lender information page. Buy to let/HMO (standard) – 50 years at end of loan term Commercial – 65 years at end of loan term	1st charge only Bridge to let option available – designed to secure the purchase of a run-down property and allow time for repairs and to make available for rent. To refinance an existing property that needs modernisation to add value, or to meet the Minimum Energy Efficiency Standard. To purchase or refinance a HMO that needs improvement to meet licensing rules.	3 loans at any one time with Precise. HMO – 10 bedrooms accepted on standard bridging, 6 bedrooms maximum where there is an element of refurbishment.	Applicants should have at least one of the following; be experienced investor with at least 2 investment properties detailed within their property schedule OR have completed at least 2 or more projects of similar scale in last 5 years OR have the relevant industry experience. ** Up to 75% LTV Loans from £50k to £15m Heavy refurbishment options including residential to commercial conversions Minimum personal guarantee of 25% of the loan amount (non-refurb bridging only) Bridge to term available *********** For light refurbishment deals we now only need clients to be able to demonstrate either relevant property sector experience (this could be on an employed basis) or 1 similar completed project within the last 5 years.	65% LTV for standard and light refurbishment Bridging Consider Ex pats and Foreign Nationals,
CCJ’s & Defaults	No current bankruptcy or IVA	Considered on a case by case basis.	Unsatisfied CCJ’s with acceptable reasons for occurrence will be settled from advance in the event that the borrower proceeds with the facility (i.e. post loan advance, the customer would have a clean credit profile). Genuine creditor disputes or specific short term cash flow difficulties. Maximum 2 unsatisfied CCJ’s to the value of £15k incurred in the last 12 months	Considered on a case by case basis	Considered on a case by case scenario (up to date credit search is required for consideration)	Would need to be discussed with a member of 3MC
Completion Fees	2% Arrangement fee 0.50% Application fee, subtracted from Arrangement fee on drawdown 1% Exit fee	2% which can be added to the loan without increasing the rate/LTV banding	Arrangement fees of 2% – can be added to loan but cannot exceed LTV threshold Exit fee 0%	Arrangement Fee is 2%	2% Arrangement Fee. £295 Administration Fee, £25 Telegraphic Transfer Fee all payable on completion.	1.95% arrangement fee.	Daily interest after first month Rolled-up interest option Completion fee 2% on drawdown Admin fee £295 on drawdown
Minimum Age	18 years old	21 years old	18 years old	21 years	25 years old	21 years old
Maximum Age	No maximum age	No maximum	No maximum age	75 at end of term	75 years old – They have flexibility up to 85 years old – case dependent.	80 years old	No upper age limit Mature borrowers: No upper age limit.
Ltd Companies/Trading Companies	Sole traders, Partnerships, LLP, Limited companies, Charities & PLC’s. Commercial loans – no Trusts or Pensions.	Yes, will considered.	All loans are eligible for individuals, UK Ltd Companies.	Individual/SPV / LLP Limited Company.	Company has to be a Special Purpose Vehicle (SPV) – do not lend to trading Ltd companies.	All loans are eligible for individuals, LLP’s, UK Ltd Companies . Customers that have been party to previous transactions will be eligible for our existing client discount.	UK companies and trusts Offshore companies and trusts SPVs
Countries	UK registered	England & Wales	England and Wales	Will lend in England, Scotland and Wales	England and Wales, limited areas of Scotland.	England, Wales and Scotland	England and Wales • Scotland – selected postcodes: – G – All EH – All PA – 1-19 PH – 1-18 DD – All FK – All KY – All ML – All KA – 1-18
Condition	Residential – All residential property types must be suitable to be let on AST terms only. Commercial – Commercial investments only to be let on commercial terms only. Excludes trading assets.	Wind and watertight as a minimum	Open market value – Bricks and mortar, non trading, vacant possession.	All conditions considered.	All conditions considered subject to the property being wind and watertight.	Shawbrook always lends on the Bricks and Mortor value. We will consider both light and heavy refurbishment which is defined by the cost of the works and whether these works require planning permission so we understand the condition of the property will vary. If they are not planning any refurbishment we want the condition of the property to be good.
Property Type and Commercial properties	Freehold & long leasehold (residential – min. 70 years on expiry of loan, commerical – min. 40 years on expiry of loan) Residential – HMO’s considered.	Residential and Semi Commercial only	Residential , Commercial, Semi-Commercial & Industrial OR A mixture of all.	Individual/SPV / LLP Limited Company Standard BTL investment properties such as a house or Flat HMO’s up to a maximum of 15 bed – MUFBs. Semi-Commercial/pure commercial Land with and without planning Residential developments, max single unit GDV £1m. Portfolio limit for landlords of up to 20 properties allowed with LendInvest, unlimited outside of LI.	All residential property considered including HMO’s up to 10 bedrooms and flats on one title. Lending to trading companies acceptable on bridging finance	All residential property considered, including HMO and student lets. For full commercial properties a suitable long lease will need to be in place and works must be limited to the residential parts only. Mixed use properties will be dependent on valuers comments on the viability of the residential parts if a lease on the commercial element is needed. Refurbishment properties considered. Please check with 3MC with regard to your specific requirements.	#NAME?

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