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Lending Criteria.

Our criteria is split into residential and buy to let, so use the options below to find the criteria you need.

Energy Performance Rating (EPC) rating 'F' or 'G'

Indicates if we can potentially offer Buy to Let mortgages on properties that have an EPC rating of ‘F’ or ‘G’

We will not offer Buy to Let mortgages on properties that have an EPC rating of ‘F or ‘G’.

Escalating Ground Rents

Indicates if we can potentially lend on Buy to Let applications for leasehold properties that have an escalating ground rent clause.

We will not lend on leasehold properties where an escalating ground rent clause exists.

Estate Rentcharges

Indicates if we can potentially lend on Buy to Let applications for freehold properties where ‘Estate Rent Charge’ clauses exist.

We will not lend on freehold properties where any estate charge obligations against the purchaser.

EU Nationals with a ‘pre-settled status’

Indicates if we can potentially consider buy to let applications from EU Nationals with a ‘pre-settled status’ under the EU Settlement Scheme

We can potentially lend to EU, EEA (Including Iceland, Norway and Liechtenstein) and Swiss citizens if clients can evidence that they have successfully applied for pre-settled status. Maximum LTV 80%. Applicant must have been a resident in the UK for a minimum of two years (evidenced through passport stamp or other immigration documentation), have a valid UK work permit/visa (with at least 2 years left to run until expiry) and have been working in the UK for a minimum of 2 years, employed applicants only and subject to UK tax, and hold a UK Current Account. Because of the potential short term nature of residency, non-UK nationals will be assessed on an individual basis, the applicant(s) should be of professional standing and working in one of the following sectors – Education, Healthcare, Finance & Banking, IT or Legal. Applicants must have a minimum deposit of 20% (Gifted deposits are not acceptable). Consideration will be given to employment type and potential length of stay within the UK

EU Nationals with a ‘settled status’

Indicates if we can potentially consider buy to let applications from EU Nationals with a ‘settled status’ under the EU Settlement Scheme

We can potentially lend to EU Nationals with a ‘settled status’ under the EU Settlement Scheme

Ex MOD properties

Indicates if we can consider lending on an ex MOD property on a buy to let application.

We will not consider an application on an ex MOD property

Expat Buy to Let

Indicates if we can potentially consider Buy to Let applications from expats.

We are able to accept Expat BTL applications up to 80% LTV.

Where an applicant is an Expat, the UK taxpayer status will be used to determine the ICR required; where an applicant is a non UK taxpayer then 125% of the stressed mortgage payment will be used:

Where an applicant is a basic rate taxpayer the ICR required will be 125% of the stressed mortgage payment (either the pay rate + 2% (Min 5.5%) or the 5 year rate).
Where an applicant is a higher or additional rate taxpayer the ICR required will be 145% of the stressed mortgage payment (either the pay rate + 2% (Min 5.5%) or the 5 year rate).

Please note that we do not accept Self Employed Expat applicants.

ExPat Deposit source non-UK

Indicates if we can accept deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit for Expat Buy to Let applications.

We can consider ex-pat applications where the source of the deposit does not originate from the UK. It must originate from the country that the applicant is domiciled in and the funds must be in the UK prior to completion. The funds must be the client’s own savings, not a gift.

Expat minimum income

Indicates if we have a minimum income requirement when assessing expat applications and if so what is it

The minimum income requirement for Expat applicants is the equivalent of £40,000. This must form at least one applicant, not combined.

Expat Regulated Buy to Let (Let to Family Member)

Indicates if we can consider expat buy to let applications where the intention is to Let to a family member

We can accept ‘Regulated Buy to Let’ applications for Expat applicants. On regulated BTL’s we assess the applicant using our enhanced affordability rather then rental calculation and following the Expat BTL criteria. Acceptable currencies are: Sterling, Euro, Swiss Franc, Norwegian Krone, US Dollar, Canadian Dollar, Singapore Dollar, Hong Kong Dollar, UAE Dirham, Kuwaiti Dinar, Qatari Riyal, Australian Dollar, New Zealand Dollar, Danish Krone, Swedish Krona and Saudi Riyal.

Expat UK Credit Profile Required

Indicates if we require expats to have a UK credit profile

We do require Expat applicants to have a UK credit profile.

Expat: Holiday Lets

Indicates if we can potentially consider applications from expat borrowers that wish to Let the property on a Holiday Let basis.

We will accept ExPat Holiday Lets. Minimum income is £40,000 (or the equivalent to).

Clients must be employed and most countries are acceptable (excluding any UN sanctioned or war torn areas).

Where an applicant is an Expat, the UK taxpayer status will be used to determine the ICR required; where an applicant is a non UK taxpayer then 125% of the stressed mortgage payment will be used:

Where an applicant is a basic rate taxpayer the ICR required will be 125% of the stressed mortgage payment (either the pay rate + 2% (Min 5.5%) or the 5 year rate).
Where an applicant is a higher or additional rate taxpayer the ICR required will be 145% of the stressed mortgage payment (either the pay rate + 2% (Min 5.5%) or the 5 year rate).

AirBnb can be considered. Please contact the Business Development Team to discuss further.

Portfolio limits = maximum of 3 properties per applicant including properties held in a limited company or sole name. This also includes unencumbered properties as well as mortgaged properties.

Any restrictions/covenants in place on the property/lease are unacceptable to the Society.