Min/max loan term

The maximum loan term is 40 years
The minimum loan term is 5 years.

This applies to new business and remortgaging. 

For product transfers, the minimum term remaining on the mortgage in order to take a product is dependent on the products available at the time and the term remaining on the mortgage.
   

Loan and LTV limits

The following table outlines our current loan limits for both Interest only and repayment (capital and interest):

Portfolio lending limits

Maximum portfolio lending
Maximum Group BTL exposure to an individual is £1,000,000 for a first time landlord and £3,000,000 for an experienced landlord.

Maximum total exposure - no limit to the total number of properties (max. 10 with mortgages).

Maximum number of Group BTL loans is 3 for first time landlords and 5 for experienced landlords. 

Maximum properties in portfolio
We do not have a maximum number of properties allowed in a portfolio. However, no more than 10 properties in the portfolio can be mortgaged.

Is there a maximum LTV applied on individual units in the portfolio?
We won't assess the LTV on any portfolio properties, only the new loan being applied for. We'll look at LTVs in respect of the overall quality of an application.

Maximum LTV on portfolio
We don't assess the LTV at portfolio level.

Are inflight applications included in the total allowable number of portfolio properties?
No, we only count inflight applications when assessing whether the applicant is a portfolio landlord or not. Inflight applications will not count towards the total number of properties you are allowed and won’t be included in our rental calculation.

Exposure limits

Maximum exposure to any block of flats or development is limited to 25%. 
A maximum of 1 flat/unit will be acceptable as security in all buildings made up of 4 or less flats/units. The 25% exposure limit will also continue to apply for blocks greater than 4. 


 

Loan and LTV limits for foreign nationals

All applicants must be resident in the UK at the time of application.  

 

EU citizens
Applicants from member countries can be accepted within normal lending criteria. 

Member countries are: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

European Economic Area
Applicants from countries, which are members of the European Economic Area, can also be accepted within normal lending criteria. 

These include: Iceland, Liechtenstein, Norway and Switzerland.

Indefinite leave to remain

Evidence of indefinite leave is required for over 75% LTV lending. This should be evidenced either by a stamp in the applicant's passport, or by a letter from the Home Office.

Settled/pre-settled status
Evidence of settled/pre-settled status is required.  The share code, which is provided as part of the EU Settlement Scheme, should be provided.



Joint applications where one applicant has indefinite leave to remain
Where at least one applicant on a joint application has indefinite leave to remain or is a British citizen then we can now offer up to 80% LTV lending subject to standard product and eligibility criteria.


No settled/pre-settled status or indefinite leave to remain not granted
This is acceptable at a maximum LTV of 75%.
All applicants must have evidence that they can currently reside in the UK e.g. immigration documentation or passport stamp.

Pre offer/offer validity