The new markets we’re entering are:

  • Furnished Holiday Lets 
  • Expat Furnished Holiday Lets
  • First Homes Scheme England

To support you with our launch, I’ve listed our key criteria below so you’re able to update any lender notes or criteria grids you hold for us. I’ve also attached a Holiday Let case study. Please feel free to use this in any e-newsletters you offer.

 

Furnished Holiday Lets

 

  • Maximum LTV 70%: interest only or repayment. Please note, there is a 60% LTV restriction on flats
  • No personal affordability assessment
  • Interest coverage ratio up to 145% at 5.5%
  • We take 30 weeks’ rental income using an average of weekly high, medium and low season
  • Minimum personal income requirement of £25,000 per application
  • Minimum property value of £125,000
  • Applicants must be owner occupiers
  • First-time landlords accepted
  • Whole properties listed for Air BnB accepted
  • Applicants can reside in the property for up to 90 days a year
  • Applicants must have no more than three mortgaged holiday lets or buy to lets (including their current application)

 

Expat Furnished Holiday Lets

 

  • Applicant must reside in an acceptable country – please see our criteria
    • Maximum LTV 70%: interest only or repayment. Please note, there is a 60% LTV restriction on flats
    • No personal affordability assessment
    • Interest coverage ratio up to 145% at 5.5%
    • We take 30 weeks’ rental income using an average of weekly high, medium and low season
    • Minimum personal income requirement of £25,000 per application
    • Minimum property value of £125,000
    • Applicants must be owner occupiers
    • First-time landlords accepted
    • Whole properties listed for Air BnB accepted
    • Applicants can reside in the property for up to 90 days a year
    • Applicants must have no more than three mortgaged holiday lets or buy to lets (including their current application)

 

First Homes Scheme S106

  • Product specifically designed for First Homes Scheme England – not available for standard new build applications
  • LTV is based on discounted value. We’ll lend up to 95% of the discounted market price
  • New build houses acceptable but flats not accepted
  • Minimum property value of £100,000
  • Maximum property value of £357,000 or £600,000 for London
  • Maximum price after discount of £250,000 or £420,000 for London
  • Minimum income of £17,500
  • Maximum income of £80,000 – £90,000 London
  • Repayment & first-time buyers only