Loan limits BTL criteria
Lending criteria
Loan limits
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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):
| New build | ||||
|---|---|---|---|---|
| Borrower type | Loan up to £500k | £500k - £1m | Flats | Houses |
| First time landlords | 80% (Excl. unsecured debt consolidation) | 75% | 75% | 75% |
| Existing landlords | 80% (Excl. unsecured debt consolidation) | 75% | 75% | 75% |
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.
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.
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NEW BUSINESS - ACCORD MSO
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ONLINE PRODUCT TRANSFERS
Switch existing Accord clients to a new deal - create an illustration, then apply and accept a product transfer online: