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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.

Remortgage purpose: Balance Swap (maximum LTV)

Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised).

The maximum loan to value we can accept is 90% where the remortgage purpose is a simple balance swap (no additional monies being raised).

Remortgage purpose: Buy out (maximum LTV)

Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is to raise funds to buy out a partner or other borrower.

The maximum loan to value we can accept is 90% where the remortgage purpose is to raise funds to buy out a partner or other borrower.

Remortgage purpose: Buy to Let Purchase (maximum LTV)

Indicates the maximum loan to value (LTV) we will accept when the reason for capital raising is to raise funds to fund or part-fund a buy to let purchase.

The maximum loan to value we will accept when the reason for capital raising is to raise funds to fund or part fund a buy to let purchase is 90%. This would be subject to individual underwrite.

Remortgage Purpose: Buy to Let to Residential

Indicates if we can potentially allow a residential remortgage application for owner occupation where the existing mortgage is on a Buy to Let basis.

We can potentially consider remortgage residential applications for owner occupation on properties where the existing mortgage is a Buy to Let.

Remortgage purpose: Capital raise for BTL where property not yet found

Indicates if we can potentially consider remortgage applications with capital raising for a BTL property where the property has not yet been found. Essentially they want to put themselves in the position of a cash buyer with the funds accessible ready for when they find their property.

We will not consider remortgage applications with capital raising for a BTL property where a property is not yet found

Remortgage purpose: Debt Consolidation (maximum LTV)

Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application. For example, Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%.

We will accept debt consolidation up to 80% LTV. Consolidating a Second Charge: Accepted as long as the second charge wasn’t taken for debt consolidation

Remortgage purpose: Extending a lease

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

We can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

Remortgage Purpose: For Business Purposes

Indicates if we can potentially consider lending when the reason for capital raising is considered for ‘Business Related Purposes’.

We do not allow capital raising on a remortgage where the purpose of the funds is for business purposes.

Remortgage purpose: Gift Money (Maximum LTV)

Indicates if we are able, and if so to what loan to value, accept remortgages where the purpose is to raise money to make a gift (for example to children to help with school fees etc or where parent(s) might want to help their children buy their first home).

We are able to accept remortgages where the purpose is to raise money to make a gift up to 90% LTV.

Please note: if there is any element of debt consolidation then LTV will be capped at 80%.

Remortgage purpose: Home Improvements (maximum LTV)

Indicates if we are able to and if so to what loan to value, accept remortgages where the purpose is to raise money for home improvements.

We are able to accept remortgages up to 95% LTV (product permitting) where the purpose is to raise money for home improvements. Please note, if the remortgage also includes any debt consolidation then we would have a cap of 80% LTV.

Remortgage Purpose: Home Improvements (other property)

Indicates if we will allow capital raising for the purpose of home improvements on a property which is NOT the security property on residential applications.

Remortgage purpose: Land Purchase (maximum LTV)

Indicates if we will allow capital raising for the purpose to purchase land and if so up to what loan to value for residential applications.

We can consider remortgage applications with capital raising for ‘Land Purchase’

Remortgage purpose: Lifestyle (holidays, car's, non essential spending etc)

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car’s, non essential spending etc)

We will not consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car’s, non essential spending etc)

Remortgage purpose: Medical expenses

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses

We can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses, subject to underwriter’s approval

Remortgage Purpose: Pay Tax Bill

Indicates if we can potentially consider lending when the reason for capital raising is to raise funds to pay a tax bill.

We do not allow capital raising on a remortgage where the purpose of the funds is for payment of a tax bill.

Remortgage purpose: Personal investments (not property related)

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is personal investments

We will not consider capital raising on a remortgage where the purpose of the funds is personal investments

Remortgage Purpose: Purchase Commercial Property

Indicates if we will allow capital raising for the purpose of purchasing commercial property on residential applications.

We will not consider remortgage applications with capital raising to purchase a commercial property.

Remortgage Purpose: Purchase Overseas Property

Indicates if we will allow capital raising for the purpose of purchasing overseas property on residential applications.

We can consider remortgage applications with capital raising to purchase a property overseas.

Remortgage Purpose: Repay Help to Buy

Indicates if we will allow capital raising for the purpose of repaying (IN FULL) their Help to Buy Equity Loan to take their ownership to 100% on residential applications.

We can consider remortgage applications with capital raising to repay a Help to Buy equity loan in full.

Remortgage purpose: School/Education fees

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

We can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Remortgage Purpose: Shared Ownership Staircasing to 100% ownership (maximum LTV)

Indicates if we will allow capital raising for the purpose of staircasing to 100% ownership on residential applications that are currently a shared ownership property.

To staircase to 100% ownership will be treated as a standard purchase.

Remortgage waiting period

Indicates the number of months we state a person must have owned a property before it can be considered for a remortgage application. For example, John purchased a property at auction 3 months ago and now wishes to remortgage the property to raise some funds.

The property must have owned the property for 6 months before it can be considered for a remortgage application.

Restricted Sale Price

Indicates if we can potentially offer a residential mortgage on a property that has a ‘Restricted Sale Price’ clause.

We will not consider applications on properties that have a restricted sale price clause.

Retentions (Minor retentions potentially ignored)

Indicates if we will ignore valuers small suggested retentions below a certain figure. For example, a lender might ignore any suggestions that are for £2,000 or less.

We will not ignore small suggested retention’s and if one is made a retention will be made regardless of retention amount.

Retirement Interest Only (RIO) Enhanced Terms Where Lasting Power of Attorney (LPA) Exists?

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so if we can offer enhanced terms (better interest rate, etc) if a ‘Lasting Power of Attorney’ is in place before completion of the proposed mortgage.