Buy to Let Lending Criteria

ヰヱくヰΒく1Α/GR

ヱゲデ A┌ｪ┌ゲデ 201Α

Legal Charge

...about the loan

Fleet Mortgages will take an all monies 1st legal charge.

Loan Purpose Purchase or Re-mortgage (except Paying Tax and Gambling Debts).

Repayment Methods Capital & Interest Repayment.

Part Interest & Part Repayment.

Interest Only.

Mortgage Term Minimum 5 years, Maximum 30 years.

Loan Size

Loan-to-Value Aggregate Exposure (excluding fees)LTVSｷﾐｪﾉW Lﾗ;ﾐ┌ヮ デﾗ グΑヵヰがヰヰヰ 7ヵ%7ヵ%Up to £Αヵ0,000

グΑヵヰがヰヰヱ デﾗ グヱがヰヰヰがヰヰヰ Α0%ΑヰХUp to £ヱ,000,000

グヱがヰヰヰがヰヰヱ デﾗ グヲがヰヰヰがヰヰヰ ヶヰХ

Monthly Repayment Only Direct Debit allowed.

Deposits Documentary evidence of the source of deposit is required, for example, bank statements

ゲｴﾗ┘ｷﾐｪ ; H┌ｷﾉS ┌ヮ ﾗa ゲ;┗ｷﾐｪゲ ﾗヴ IﾗﾏヮﾉWピﾗﾐ ゲデ;デWﾏWﾐデゲ ゲｴﾗ┘ｷﾐｪ ゲ;ﾉW ﾗa ヮヴﾗヮWヴデ┞く Gｷｦゲ aヴﾗﾏimmediate family members (mother, father, sibling, or grandparent) are allowed but deposits

from overseas sources are not accepted.

OdWヴ V;ﾉｷSｷデ┞ Up to 3 months.

...about the applicant

Requirements Primary applicant must be a property owner for at least 12 months.

First Time Buyers No.

First Time Landlords

Limited Company (SPV)

SIC Codes: 68100 68209

68320 68201

Limited Companies must be Special Purpose Vehicles registered within England and Wales,

┘ｷデｴ ゲヮWIｷgI SIC IﾗSWゲくMax of 4 directors/shareholders.

Full personal guarantees, on a joint and several basis, from all directors and shareholders required.

All guarantors will require face-2-face independent legal advice.

All Directors must be resident and have full credit history in the UK.

Customer Age Minimum 25 years. Maximum 85 years at the end of the mortgage term.

Personal Income The Primary Applicant must be able to evidence income in excess of £25,000 pa.

Reducing future income unacceptable.

Fleet Mortgages will verify the income of the Primary applicant using one of the following:

- latest 3 months’ payslips

- latest SA302 (HMRC)

- latest Signed Accounts or latest Pension Statement

Bank Statements

Employment Status The Primary applicant must be:-

Self-employed & Contractors: Trading for at least 2 years in their current business.

All applicants must be resident in the United Kingdom for at least three years and have

permanent rights to reside. (Tier 1 and Tier 2 visas are unacceptable).

All applicants must be registered on the Electoral Roll at their current address and have a

ell as a full credit history at their current, previous or linked

addresses for the last three years.

Adverse Credit No.

Credit References A full consumer and limited company search (if applicable) will be completed on all applicants.

V;ﾉｷS aﾗヴ ヶ ﾏﾗﾐデｴゲ aヴﾗﾏ デｴW S;デW ﾗa ｷﾐゲヮWIピﾗﾐく Ia ; ┗;ﾉ┌;ピﾗﾐ W┝ヮｷヴWゲが デｴW I;ゲW ゲｴﾗ┌ﾉS HW ヴWﾆW┞WSゲﾗ ; ﾐW┘ ┗;ﾉ┌;ピﾗﾐ I;ﾐ HW ｷﾐゲデヴ┌IデWSく TｴW ﾐW┘ I;ゲW ﾏ;┞ ヴWケ┌ｷヴW ; ﾐW┘ ヮヴﾗS┌Iデ ;ﾐS ┘ｷﾉﾉ HWゲ┌HﾃWIデ デﾗ ┌ﾐSWヴ┘ヴｷピﾐｪ ;ﾐS ゲIﾗヴｷﾐｪく

...about the property

England and Wales.

Rental Income

Acceptable Security

Shared Houses are acceptable on standard mortgage product providing: the property it is not a

HMO ;ゲ ヮWヴ FﾉWWデ Mﾗヴデｪ;ｪWゲ SWgﾐｷピﾗﾐき ｷゲ ﾗa ; ゲデ;ﾐS;ヴS ﾉ;┞ﾗ┌デ デｴ;デ ┘ﾗ┌ﾉS ゲWﾉﾉ ;ゲ ; a;ﾏｷﾉ┞ ｴﾗﾏW┘ｷデｴﾗ┌デ ;ﾉデWヴ;ピﾗﾐき ｴ;ゲ ;デ ﾉW;ゲデ ﾗﾐW Iﾗﾏﾏ┌ﾐ;ﾉ ヴﾗﾗﾏ デｴ;デ ┘ｷﾉﾉ HW ﾏ;ｷﾐデ;ｷﾐWS ;ﾐS ┗;ﾉ┌WS ;ゲ ゲ┌IｴきI;ﾐ ゲWﾉﾉ ;ゲ ; ゲｷﾐｪﾉW ヴWゲｷSWﾐピ;ﾉ ┌ﾐｷデき ;ﾐS ﾉWデ ﾗﾐ ; a┌ヴﾐｷゲｴWS H;ゲｷゲく

PヴﾗヮWヴピWゲ ┘ｷデｴ ┌ヮ デﾗ ヶ HWSヴﾗﾗﾏゲく Gヴﾗゲゲ W┝デWヴﾐ;ﾉ ｡ﾗﾗヴ ;ヴW; ｷﾐ W┝IWゲゲ ﾗa ンヵゲケﾏくFﾉ;デゲ ｷﾐ HﾉﾗIﾆゲ ┘ｷデｴ ┌ヮ デﾗ ヵ ゲデﾗヴWふPﾉW;ゲW ヴWaWヴ デﾗ ﾗ┌ヴ ﾉｷゲデ ﾗa ┌ﾐ;IIWヮデ;HﾉW ヮヴﾗヮWヴピWゲぶく

yゲ ふ┌ヮ デﾗ ヱヰ ゲデﾗヴW┞ゲ ;ヴW ;IIWヮデ;HﾉW ┘ｷデｴｷﾐ デｴW Mヲヵぶ

...other

Credit Scoring Yes.

Excluded づ Rｷｪｴデ デﾗ B┌┞ づ SWﾉa B┌ｷﾉS | Freehold Flats | Let to

Buy | Sub Sales | Back to Back Tr | Consumer Buy to Let | Conversions in Commercial

Party to this Mortgage づ E┝どP;デゲ | Unemployed | Temporary Employed

く PﾉW;ゲW ヴWaWr tﾗ FﾉWWデ Mﾗヴデｪ;ｪWゲ aﾗヴ a┌ﾉﾉ ﾉｷゲデ ﾗa W┝Iﾉ┌ゲｷﾗﾐゲくDecision to Lend

Features Excluded Portability づ FﾉW┝ｷHﾉW FW;デ┌ヴWゲ | Further Advances.

Conveyancers Panel All Conveyancers are to be regiゲデWヴWS ﾗﾐ ﾗ┌ヴ ヮ;ﾐWﾉが ﾏ;ﾐ;ｪWS H┞ LWﾐSWヴ E┝Iｴ;ﾐｪWく PﾉW;ゲW ヴWaWヴ デﾗ デｴW Cﾗﾐ┗W┞;ﾐIWヴゲ P;ﾐWﾉ ｷﾐ デｴW LｷデWヴ;デ┌ヴW ゲWIデｷﾗﾐ aﾗヴ ﾏﾗヴW ｷﾐaﾗヴﾏ;デｷﾗﾐく

Tenure

Commonhold is not accepted.

Rent Cover Please see product guide.

Acceptable Tenancies Aゲゲ┌ヴWS SｴﾗヴデどHﾗﾉS デWﾐ;ﾐIｷWゲ ふASTぶ WｷデｴWヴ ヶ ﾗヴ ヱヲ ﾏﾗﾐデｴゲくStudent Lets.

Corporate Lets (prior approval reケ┌ｷヴWSぶく

Sデ;ﾐS;ヴS aﾗヴﾏ;デ ﾗa Pヴｷ┗;デW SWIデﾗヴ LW;ゲW ;ゲ ヮWヴ デｴW CML ｴ;ﾐSHﾗﾗﾆく

Types

New Builds

ｴ;┗W ﾐW┗Wヴ HWWﾐ ﾗII┌ヮｷWSく Uヮ デﾗ ΑヰХ LTV ﾗﾐ ﾐW┘ H┌ｷﾉS ｡;デゲく Uヮ デﾗ ΑヵХ LTV ﾗﾐ ﾐW┘ H┌ｷﾉS ｴﾗ┌ゲWゲく

Converted Freehold Mｷﾐｷﾏ┌ﾏ ┗;ﾉ┌;ピﾗﾐ グヱヰヰがヰヰヰ ﾗ┌デゲｷSW LﾗﾐSﾗﾐ わ Sﾗ┌デｴ E;ゲデ ヴWｪｷﾗﾐゲが ﾗヴ グヱヵヰがヰヰヰ ┘ｷデｴｷﾐ LﾗﾐSﾗﾐわ Sﾗ┌デｴ E;ゲデ ヴWｪｷﾗﾐゲく TｴW WﾐピヴW aヴWWｴﾗﾉS ヮヴﾗヮWヴデ┞ ﾏ┌ゲデ aﾗヴﾏ ヮ;ヴデ ﾗa デｴW FﾉWWデ Mﾗヴデｪ;ｪWゲ SWI┌ヴｷデ┞く

Recent Conversions RWIWﾐデ Iﾗﾐ┗Wヴゲｷﾗﾐゲ ┘ｷﾉﾉ HW ヴWｪ;ヴSWS ;ゲ ｴﾗ┌ゲWゲ Iﾗﾐ┗WヴデWS ｷﾐデﾗ ｡;デゲ ┘ｷデｴｷﾐ デｴW ﾉ;ゲデ ヱヲ ﾏﾗﾐデｴゲく Uヮ デﾗ ヶヰХ LTVくAﾉﾉ ﾗデｴWヴ Iﾗﾐ┗Wヴゲｷﾗﾐゲが ヮヴﾗ┗ｷSWS デｴW┞ ;ヴW IﾗﾏヮﾉWデWS H┞ ; ヮヴﾗaWゲゲｷﾗﾐ;ﾉ ;ﾐS ヴWヮ┌デ;HﾉW SW┗WﾉﾗヮﾏWﾐデIﾗﾏヮ;ﾐ┞ ┘ｷﾉﾉ HW デヴW;デWS ;ゲ けNW┘ B┌ｷﾉSゲげく

Occupancy (HMO) & Pヴｷﾏ;ヴ┞ ;ヮヮﾉｷI;ﾐデ ﾏ┌ゲデ ｴ;┗W ﾗ┘ﾐWS ; ゲデ;ﾐS;ヴS H┌┞ デﾗ ﾉWデ ヮヴﾗヮWヴデ┞ aﾗヴ ;デ ﾉW;ゲデ ン ┞W;ヴゲ ﾗヴ ; HMOヮヴﾗヮWヴデ┞ aﾗヴ ヲ ┞W;ヴゲく Uヮ デﾗ ΑヵХ LTVく Mｷﾐｷﾏ┌ﾏ ┗;ﾉ┌;ピﾗﾐ グヱヰヰがヰヰヰ ﾗ┌デゲｷSW LﾗﾐSﾗﾐ わ Sﾗ┌デｴ E;ゲデヴWｪｷﾗﾐゲが ﾗヴ グヱヵヰがヰヰヰ ┘ｷデｴｷﾐ LﾗﾐSﾗﾐ わ Sﾗ┌デｴ E;ゲデ ヴWｪｷﾗﾐゲく

HMOゲ ﾏ┌ゲデ HW ﾉｷIWﾐIWS ┘ｴWヴW ヴWケ┌ｷヴWSくDevelopments Uヮ デﾗ ヲヰХ W┝ヮﾗゲ┌ヴW デﾗ ; SW┗WﾉﾗヮﾏWﾐデくEx-local authority Uヮ デﾗ ΑヰХ LTVく Mｷﾐｷﾏ┌ﾏ ┗;ﾉ┌;ピﾗﾐ グヱヰヰがヰヰヰ ﾗ┌デゲｷSW LﾗﾐSﾗﾐ わ Sﾗ┌デｴ E;ゲデ ヴWｪｷﾗﾐゲが ﾗヴ グヱヵヰがヰヰヰ

┘ｷデｴｷﾐ LﾗﾐSﾗﾐ わ Sﾗ┌デｴ E;ゲデ ヴWｪｷﾗﾐゲく

A a┌ﾉﾉ ┗;ﾉ┌;デｷﾗﾐが ｷﾐゲデヴ┌IデWS H┞ FﾉWWデ Mﾗヴデｪ;ｪWゲ ｷゲ ヴWケ┌ｷヴWS ﾗﾐ ;ﾉﾉ ヮヴﾗヮWヴデｷWゲく TｴW ヮヴﾗヮWヴデ┞ ┗;ﾉ┌W ┘ｷﾉﾉ HW ┗;ﾉ┌WS ﾗﾐ ; comparable evidence basisが ﾐﾗデ ﾗﾐ ; ヴWﾐデ;ﾉ ┞ｷWﾉS H;ゲｷゲ ふヴWﾐデ ﾏ┌ﾉピヮﾉｷI;ピﾗﾐぶく PヴﾗヮWヴピWゲ ┗;ﾉ┌WS HWデ┘WWﾐ グΑヵがヰヰヰ ;ﾐS グヵがヰヰヰがヰヰヰく V;ﾉ┌;ピﾗﾐゲ ;ヴW ┗;ﾉｷS aﾗヴ ヶ ﾏﾗﾐデｴゲ aヴﾗﾏ デｴW S;デW ﾗa ｷﾐゲヮWIピﾗﾐく Iﾐ ゲﾗﾏW W┝IWヮピﾗﾐ;ﾉ ｷﾐゲデ;ﾐIWゲ ┘W ﾏ;┞ ヴWケ┌ｷヴW ; ゲWIﾗﾐS ;┌Sｷデ ┗;ﾉ┌;ピﾗﾐ ふ;デ ﾐﾗ W┝デヴ; Iﾗゲデ デﾗ デｴW Hﾗヴヴﾗ┘Wヴぶく

HMO & MUB Buy to Let

£500

£500

£585

£745

£895

£950

£1100

£1200

£1300

£1400

£1500

£1650

£2100

Please refer

£100,000

£150,000

£200,000

£300,000

£400,000

£500,000

£600,000

£700,000

£800,000

£900,000

£1,000,000

£1,500,000

£2,000,000

£2,000,000+

Buy to Let

£325

£350

£395

£475

£525

£600

£695

£795

£845

£900

£1000

£1350

£1695

Please refer

•

•

• •

Consent to second charges.

Agreement to deeds of priority.

Further advances.

Product switches.

Transfer of equity.

In each case it will be necessary for the borrower

to remortgage to achieve any of these outcomes.

Primary Income For the employed: Primary income is 100% of basic salary.

For the contractor: Primary income is 100% of basic salary.

Full Credit History

current, previous or linked addresses.

Adverse Credit

HMO

Freehold property split into 3 or more self-contained units.

First Time Landlord An individual who does not currently own a Buy-to-Let property.

£150

Telegraphic transfer fee £35

Please see individual product details.

£150

Shared House / HMO Buy to Let

£250

£20

For further fees, please refer to our

T;ヴｷd ﾗa Mﾗヴデｪ;ｪW Cｴ;ヴｪWゲく

- A property with a non-standard layout.e.g. sinks in bedrooms or

- A property claゲゲｷgWS as a HMO by our Panel Valuer.

THIS DOCUMENT IS FOR INTERMEDIARY USE ONLY.

•

Consumer Buy to Let

D┘Wﾉﾉｷﾐｪゲ デｴ;デ ｴ;┗W ﾐﾗデ HWWﾐ ゲｷｪﾐｷgI;ﾐデﾉ┞ ;ﾉデWヴWSが ┘ｷデｴ ;デ ﾉW;ゲデ ﾗﾐW Iﾗﾏﾏ┌ﾐ;ﾉ ヴﾗﾗﾏ デｴ;デ ┘ｷﾉﾉ HW ﾏ;ｷﾐデ;ｷﾐWS ;ﾐS ┗;ﾉ┌WS ;ゲ ゲ┌Iｴく TｴW ヮヴﾗヮWヴデ┞ ﾏ┌ゲデ HW ゲ;ﾉW;HﾉW ;ゲ ; a;ﾏｷﾉ┞ ｴﾗﾏWく SWW ヮヴW┗ｷﾗ┌ゲ ヮ;ｪW ろAIIWヮデ;HﾉW SWI┌ヴｷデｷWゲろ aﾗヴ a┌ヴデｴWヴ SWデ;ｷﾉゲく

A further fee may be charged if