Lending Criteria.

This relates to the potential rental calculation a lender will apply in the following circumstances: 

• Type = Standard Purchase
• Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Standard Purchase 
• Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

145% at payrate – example rate above – please check our website or the sourcing system to see if we have a 5 year fixed available and at what rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Standard Purchase
• Tax Band Applied = Basic (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Standard Purchase
• Tax Band Applied = Basic (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

145% at payrate – example rate above – please check our website or the sourcing system to see if we have a 5 year fixed available and at what rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Standard Purchase
• Tax Band Applied = Higher (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Standard Purchase
• Tax Band Applied = Higher (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

145% at payrate – example rate above – please check our website or the sourcing system to see if we have a 5 year fixed available and at what rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage Balance Swap
• Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

When a straight balance switch is taking place we can look at this under Transitional Arrangements. There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.• The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let• The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party• Portfolio landlords are excluded• Loan amount can be lower.• Does not have to have been in place prior to April 2014• Not available to EXPATS – if your client does not meet this, then there must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage Balance Swap
• Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let. The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party. Portfolio landlords are excluded. Loan amount can be lower.Does not have to have been in place prior to April 2014. Not available to EXPATS – if your client does not meet this, then there must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of the Product Rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage Balance Swap
• Tax Band Applied = Basic (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

When a straight balance switch is taking place we can look at this under Transitional Arrangements. There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required. The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let.The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party. Portfolio landlords are excluded. Loan amount can be lower.Does not have to have been in place prior to April 2014. Not available to EXPATS – if your client does not meet this, then there must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage Balance Swap
• Tax Band Applied = Basic (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let.The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party. Portfolio landlords are excluded. Loan amount can be lower.Does not have to have been in place prior to April 2014. Not available to EXPATS – if your client does not meet this, then there must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of the Product Rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage Balance Swap
• Tax Band Applied = Higher (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

When a straight balance switch is taking place we can look at this under Transitional Arrangements. There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let.The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party. Portfolio landlords are excluded. Loan amount can be lower.Does not have to have been in place prior to April 2014. Not available to EXPATS – if your client does not meet this, then there must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage Balance Swap
• Tax Band Applied = Higher (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let. The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party. Portfolio landlords are excluded. Loan amount can be lower.Does not have to have been in place prior to April 2014. Not available to EXPATS – if your client does not meet this, then there must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of the Product Rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage with Extra Borrowing
• Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage with Extra Borrowing
• Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

145% at payrate – example rate above – please check our website or the sourcing system to see if we have a 5 year fixed available and at what rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage with Extra Borrowing
• Tax Band Applied = Basic (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage with Extra Borrowing
• Tax Band Applied = Basic (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

145% at payrate – example rate above – please check our website or the sourcing system to see if we have a 5 year fixed available and at what rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage with Extra Borrowing
• Tax Band Applied = Higher (based on the highest rate of all applicants)
• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = NO

There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• Type = Remortgage with Extra Borrowing
• Tax Band Applied = Higher (based on the highest rate of all applicants)
• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = NO

145% at payrate – example rate above – please check our website or the sourcing system to see if we have a 5 year fixed available and at what rate.

This relates to the potential rental calculation a lender will apply in the following circumstances:

• 5 Year Fix Product = YES
• HMO = NO
• Ltd Company Buy to Let = YES

We do not accept Limited Company Buy to Let applications

This relates to the potential rental calculation a lender will apply in the following circumstances:

• 5 Year Fix Product = NO
• HMO = NO
• Ltd Company Buy to Let = YES

We do not accept Limited Company Buy to Let applications

Indicates if we can potentially accept income where it is primarily made up of benefits. An example of this would be where benefit income exceeds earned income or represents more than 50% of total income.

We can potentially accept applicants whose income is made up primarily of benefits. Please note that some income is only taken at 50% or not at all, and your applicant would need to meet the minimum £25,000 per annum

Displays if we accept Buy to Let applications from borrowers who have had an IVA and if so how many years it must have been satisfied for. An IVA is satisfied when the payment plan has been completed. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.

This criteria displays how long ago it must have been satisfied so you should read the policy notes carefully to check if the lenders specifies how long ago it must have been registered.

We can consider applicants who have had an IVA. The IVA must have been satisfied for 3 years. Please note that a maximum LTV of 75% is applicable with a previous IVA.

Displays if we accept Buy to Let applications from borrowers who have had an IVA and if so how many years ago it must have been registered. An IVA is registered when a payment plan is agreed with the creditors. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered. 

This criteria displays how long ago it must have been registered so you must read the policy notes carefully to check if the lender specifies how long ago it must have been satisfied as well.

We can consider applicants who have had an IVA. The IVA must have been satisfied for 3 years. Please note that a maximum LTV of 75% is applicable with a previous IVA.

Specifies if we are able to potentially consider a Buy to Let application from an applicant who has previously had an Individual Voluntary Arrangement (IVA) registered against them. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.

This criteria displays if a person who has had an IVA can be considered on a general level but you should read the policy notes and related criteria carefully to dig deeper with regard your clients specific situation.

We can potentially consider applicants up to 75% LTV, as long as the IVA was satisfied at least 3 years ago.

Indicates if we can consider an inter-family buy to let application with no discount being offered

We can potentially consider an application from an inter-family sale with no discount being offered