Our Lending Criteria

Valuation and Offer validity X

Our standard offer is for 4 months. For New Build and Off Plan, initial offers are valid for 6 months. Extensions can be considered subject to a fresh credit search and affordability assessment. Where this is caused by delays on a New Build, offer extension may be considered on the same product

Valuation X

A surveyor may be asked to carry out a physical valuation or a remote valuation without visiting the property.

Valuations appeals can be considered. We must see a minimum of 3 comparable properties that have been sold in the last 6 months.

We will not accept re-typed valuations.

Valuation for mortgage purposes only. Fee free option available with Fee Saver products on properties valued at up to £500,000. Home Buyers Reports and Full Building Surveys are not available.

Minimum property value

£50,000 where LTVs up to 70% otherwise £70,000 for Standard BTL properties. £100,000 for HMOs £125,000 for MUBs (£175,000 in London & South East). Ex-LA flats £80,000 (£200,000 in Greater London).

Our minimum loan size or maximum LTV may at times require a higher minimum valuation.

All valuations are conducted for the purpose of the loan. We do not release valuation reports to intermediaries or customers. Where a physical valuation is conducted, a copy of the valuation report is sent to the solicitor upon completion of the loan.

Unsecured Credit Arrears X

Satisfied and unsatisfied unsecured credit arrears are acceptable for the following product ranges:

Number of missed unsecured payments ≥ £250 in the last 6 months:

Vida 36
1 Acceptable in 6 months

Vida 24
2 Acceptable in 6 months

Vida 6
3 Acceptable in 6 months

Packager
No Max number Considered

Unsecured Credit Arrears X

Satisfied and unsatisfied unsecured credit arrears are acceptable for the following product ranges:

Number of missed unsecured payments ≥ £250 in the last 6 months
Vida 36
1 Acceptable in 6 months

Vida 24
2 Acceptable in 6 months

Vida 6
3 Acceptable in 6 months

Packager
No Max number Considered

Unacceptable Applicants X

We do not accept the following applicants:

• Power of Attorney (POA)
• Diplomatic immunity
• Criminal records but can potentially accept where convictions are related to a minor traffic offence or spent under the Rehabilitation of Offenders Act of 1974.

Term X

Loan term can be between 5 and 45

Leasehold properties minimum lease term remaining: 40 years for Capital & Repayment and 70 years for Interest Only

Term X

Loan term can be between 5 and 45 years

Leasehold properties minimum lease term remaining: 40 years for Capital & Repayment and 70 years for Interest Only

Tenancy X

Acceptable Tenancies

AST, PRT (Scotland), Standard Occupation Contract (Wales), Non-Assured Tenancy Agreement (Corporate Let and Hign Value Rentals in England), shared households and student lets (children of the applicants may only reside in the property where they are full time students and occupying less than 40%, let out on AST basis only).

DWP (formally known as DSS)

The following tenancies are not acceptable: - Holiday Lets
- Regulated BTL
- Assured, Protected, Regulated, Statutory or common law tenants

Student Lets X

Student Lets up to 6 students that can either be on individual AST's or jointly and severally liable for the rent. It is acceptable for a family member to be one of the occupants of a Student Let. Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only

Special Purchase Vehicles (SPVs) Limited Company Lending X

Applications accepted from SPVs that have been formed for the sole purpose of holding residential Buy to Let properties as assets. Trading limited company lending is not permitted.

Acceptable SPV's SIC Codes: -

• 68100 Buying and selling of own real estate
• 68209 Other letting and operating of own or leased real estate
• 68320 Management of real estate on a free or contract basis
• 68201 Renting and operating of Housing Association real estate.

(Please note that the SPV must be registered in England, Wales or Scotland and all directors and all classes of shareholder are required to provide joint and several guarantees. The SPV must not be a holding company or subsidiary, or have any subsidiaries or holding companies.)

Government Schemes
Where lending to an SPV that has taken out a Coronavirus Bounceback Loan or Business interruption loan, the proceeds cannot be considered as income or used towards deposit funds

Co Directors based/working overseas Accepted.
The SPVs will need to be registered in England, Wales and Scotland and at least one Director/ Shareholder is resident overseas as an Expat. All directors can be overseas

Solicitors / Conveyancers X

Solicitors / Conveyancers X

The solicitor must be on our own panel. Please visit our Conveyancer Panel.

Self-employed X

Sole Trader, LLP, or Partnership. If trading for more than 2 years we will require the latest 2 years evidence of income.

If trading for less than 2 years we will require 1 years evidence of income plus projection for current year from a suitably qualified accountant OR latest 3 months business bank statements.

Limited Company

Treated as self employed when owning 25% or more of the shares.

We can use Net profit where the applicant(s) own 100% of the shareholding. Otherwise we will look at salary plus dividends.

If trading for less than 24 months, we can only take salary plus dividends.

Declining Profits

Where there is stable or increasing profits, we will use the latest year's figures. Where the previous 2 years shows a significant variance we may request information from prior years to enable a better view of the trend to be established.

Retained Profit

We will consider retained profit as a source of deposit however, it cannot be used as income towards affordability.

Secured Credit Arrears X

No secured arrears allowed within the last 6 months

Satisfied and unsatisfied secured credit arrears are acceptable for the following product ranges:

Worst status Secured Payments* (months)

Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 24 months

Packager
No Max number Considered

*All historic secured arrears must have been made up to date for at least 6 months prior to application

Secured Credit Arrears X

No secured arrears allowed within the last 6 months
Satisfied and unsatisfied secured credit arrears are acceptable for the following product ranges:

Worst status Secured Payments* (months)
Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 24 months

Packager
No Max number Considered

*All historic secured arrears must have been made up to date for at least 6 months prior to application

Right To Buy / Right To Acquire X

Right To Buy / Right To Acquire

Available on purchase only applications from Local Authorities for Right to Buy and from Housing Associations for Right to Acquire. Available up to lower of 100% of discounted purchase price or 75% of the open market value.

We will need to see:
- Section 125 or RTA 3 from the Local Authority/Housing Association
- Last 12 months rental payments. Any missed rental payments will be treated as missed mortgage payments for tier allocation
All applicants must have a permanent right to reside, including EU/EEA/Swiss National Settled/Pre-Settled status or indefinite leave to remain.

Residential Adverse Tiers X

We currently offer 3 tiers of products for our Residential range based on varying levels of adverse and a Packager Tier.

Repossessions X

Previous repossessions are acceptable for the following product ranges:

Vida 36
6 years +

Vida 24
6 years +

Vida 6
6 years +

Packager
3 years +

Repossessions X

Previous repossessions are acceptable for the following product ranges:

Vida 36
6 years +

Vida 24
6 years +

Vida 6
6 years +

Packager
3 years +

Repayment Methods X

Capital and Interest repayment available up to product maximum LTV.

Interest Only is available up to 85% LTV

Sale of Property is an acceptable form of Repayment Vehicle.

Please see link to Interest Only Declaration form

Direct Debit Mandates - Loans can only be made by applicants who have UK bank Direct Debit payment facilities.

Repayment Methods X

Capital and Interest repayment available up to product maximum LTV.

Interest Only is available up to 75% LTV. And require one of the following repayment strategies:

• Cash ISA/Savings - 100% of current value.
• Stocks/Shares/ISA or other liquid investment - 100% of current value.
• Endowment policy -100% of the latest maturity level, using the medium growth rate (lower growth rate if only two rates are quoted).
• Downsizing (sale of the main residence) provided equity at completion of at least £250,000 for properties in London & South-East and £175,000 in the rest of the UK.
• Sale of another unencumbered or mortgaged property- current available equity held by applicant.
• Pension (Personal, Executive, Employed) - 75% of the latest projected value, using the medium growth rate (lower growth rate if only two rates are quoted).

Please see link to Interest Only Declaration form

Direct Debit Mandates - Loans can only be made by applicants who have UK bank Direct Debit payment facilities.

Rental calculation X

Rental Calculation / Stress Test / Interest Cover Ratio (ICR)

ICR at 125% for Basic Rate taxpayers and SPV's. 140% for Higher Rate taxpayers

2 year fixed products: assessed on initial rate + 2%, or a nominal rate of 5.5%, whichever is higher.

5 year fixed products: assessed on initial rate.

Remortgage applications with no additional borrowing: assessed on initial rate

Remortgage X

Remortgages considered within 6 months of purchase or remortgage subject to underwriter discretion.

Transfer of Equity allowed.

Remortgages will not be agreed for speculative investments, gambling debts, purchase of time share and to support failing businesses.

Bridging finance can be remortgaged within 6 months. Capital raising considered where there is clear evidence of works carried out to improve the value of the property in this time period. Repayment of a private bridge is not permitted.

Second charges secured on the property will need to be repaid on a remortgage of a first charge unless it is required for securing business overdraft facilities where a Deed of Postponement will be required

Remortgage X

Remortgage applications are accepted where applicant has been the registered owner(s) for the last 6 months and are allowed for any legal purpose.

Remortgages considered within 6 months of purchase or remortgage subject to underwriter discretion.

Bridging finance can be remortgaged within 6 months. Capital raising considered where there is clear evidence of works carried out to improve the value of the property in this time period. Repayment of a private bridge is not permitted.

Transfer of Equity allowed.

Second charges secured on the property will need to be repaid on a remortgage of a first charge unless it is required for securing business overdraft facilities where a Deed of Postponement will be required.

Remortgages will not be agreed for speculative investments, gambling debts, purchase of time share and to support failing businesses.

Purchase X

Considered where the vendor has owned the property less than 6 months subject to underwriter discretion

Property information X

Land Registry

Remortgages are considered within 6 months of purchase or remortgage subject to underwriter discretion.

Types of Properties considered:

• Ex-Council / Local Authority Houses accepted at LTVs up to scheme limits as long as there is no outstanding pre-emption requirement to repay a proportion of the discount and is a Wimpey No Fines houses or Laing Easiform (constructed prior to 1946 and not a bungalow)
• Flying Freehold accepted as long as does not exceed more than 25% of the total floor space
• Flat Roofs considered subject to valuers comments.
• Flats with 100% flat roofs accepted. For houses, if the property has >25% flat roof subject to underwriter discretion.
• Barn conversions
• Grade 1 and 2 Listed Buildings
• Properties with annexes are accepted for residential purposes. One Annex for family only.
• Property with Land / Acreage is acceptable up to three acres (more can be considered on a case by case basis). Must be for residential use, private paddocks and stables acceptable but not farms and smallholdings. Agricultural or similar restrictions are not acceptable.
• Adjoining Property - both properties must be single dwelling units and there can be no shared services other than a cesspit
• Japanese Knotweed is acceptable if present within the boundary of the property or neighbouring properties (Category C or D). Where the Japanese Knotweed is located close proximity to the building (Category A or B ) or is severe we will only consider lending where there is a an assignable treatment plan in place
• Lender exposure limits apply within development, postcode, or area
• Solar Panels - consent to lease of roof space is considered for the installation of solar panels
• Holiday Home only considered for capital raising purpose of purchasing a holiday home
• Unencumbered Properties are treated as a remortgage
• Maximum number of kitchens - property must have one kitchen with the exception of granny annexe providing no tenancies being created
• Minimum number of bedrooms - 1 bed (including studio flats)
• No maximum number of bedrooms
• No maximum property value

Types of constructions considered:

• Panellist Construction Systems Structural Insulated panels (SIPS)
• Insulating Concrete Form Work (ICF) / Permanent Insulated Form Works subject to BOPAS Accreditation, BPS2020 and UK Agreement Certificate. Also subject to a 60 years minimum design life assessment and must have outer skin of brick, block or stone.
• Non Standard Construction:
• Wimpey No Fines if constructed after 1946. Laing Easyform if constructed after 1966.
• Steel frame post 1987 and construction within BBA or WIMLAS Certification.
• Timber Framed acceptable with a brick or 'block and rendered' outer frame.
• Period Properties

Properties that have been underpinned in the last 10 years must have a 10 year guarantee warranting the works completed and must be placed with the title deeds. The Valuer must state no sign of new movement. The solicitors to confirm prior to completion that the Building's Insurer's are aware of the problem and willing to cover on normal terms.

Property Location:

We will lend in England, Wales, and the following postcodes in Scotland; AB (excluding 42-45, 56), DD, DG, EH (excluding 43-46), G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28), KY, ML, PA (excluding 20-80 and PH (excluding 20-42).

Estate Rent Charges

Cases are acceptable on the condition that following conditions are met:

1. The provisions under section 121 of the Law of Property Act have been excluded under the estate rent charge clause.
2. The estate rent charge clause includes a mortgagee protection clause, which states that notice of at least 28 days is to be given to the mortgagee prior to any enforcement action being taken by the owner of the estate rent charge.
3. The owner of the estate rent charge is a management company comprising of the residents, who are the shareholders of a private freehold development.
4. The current annual amount payable under any rent charge must not exceed £500 in present value.

Properties above or adjacent to commercial X

Accepted up to 75% LTV.

Properties situated next to restaurants, takeaways, dry cleaners, hairdressers, laundrettes, tattoo, piercing, nail parlours, public houses, petrol stations have a maximum LTV of 60%, subject to valuers comments on mortgageability and saleability.

Proof of ID X

We will carry out Electronic identification checks to identify an applicant(s) against a variety of public databases.

Electronic identification (EID) will be used to identify applicants. If applicants is not found or does not pass the EID verification process, proof of identity and proof of address will be required.

Please follow the link below for the full list of acceptable documents and certification requirements.

Proof of ID X

We will carry out Electronic identification checks to identify an applicant(s) against a variety of public databases.

Electronic identification (EID) will be used to identify applicant. If applicant is not found or does not pass the EID verification process, proof of identity and proof of address will be required.

Proof of current residential address X

Satisfactory proof of residency covering a minimum 2 year period is always required. If an applicant is not on the electoral roll at their current address proof of address will be required:

Valid UK driving licence, utility bill dated within the last 3 months ‚ bank / credit card statements dated within the last 3 months showing full name and address ), latest council tax bill, HM Revenue & Customs correspondence - relating to current tax year, latest mortgage / council rent statement

Proof of current residential address X

Satisfactory proof of residency covering a minimum 2 year period is always required. If an applicant is not on the electoral roll at their current address, proof of address will be required:

• Valid UK driving licence
• Utility bill dated within the last 3 months
• Bank / credit card statements dated within the last 3 months showing full name and address )
• Latest council tax bill, HM Revenue & Customs correspondence - relating to current tax year
• Latest mortgage / council rent statement

Product Transfer X

Product Transfer X

Product X

All products come with a non refundable application fee of £195. Our fee saver products have £0 application fees.

Overpayment Facility - Overpayments of up to 10% per annum are permitted without incurring ERC's.

Early Repayment Charges - ERC's are payable subject to the product. Please refer to the relevant product guide

Porting is not available.

Broker fees cannot be added.

Product X

All products come with a non refundable application fee of £195.

Overpayment Facility - Overpayments of up to 10% per annum are permitted without incurring ERC's.

Early Repayment Charges - ERC's may apply - please refer to the relevant product guide

Porting - Products are not portable

Broker fees cannot be added

Other Income X

Annual income of which we accept:

100% - regular monthly, quarterly or annual bonuses supported by P60 and payslips; income from trust funds; occupational pension (incl war widow/ disablement or widowers pensions); second  (3 months’ record of employment required), other job (providing 12 months record); car allowance; shift allownace; london/large town allowance; housing allowance (provided by an employer); mortgage subsidy; payments from armed forces compensation scheme; lodger income (for remortgages); foster care income; child benefit; child tax credit; guardian allowance.

75% - Commission; overtime commission; profit related pay (supported by P60 and relevant payslips).

50% - Disability Living Allowance (DLA); Carer’s Allowance; Industrial Injuries Disablement Benefit (IIDB) ; Personal Independence Payment (PIP); Employment and Support Allowance (ESA) - Income and Contribution; Incapacity Benefit ; Armed Forces Independence Payment ; Universal Credit; Working Family Tax Credits.

Offer validity X

Our standard offer is for 4 months. For New Build and Off Plan, initial offers are valid for 6 months. Extensions can be considered subject to a fresh credit search and affordability assessment. Where this is caused by delays on a New Build, offer extension may be considered on the same product.

Number Of Applicants X

Maximum Number of Applicants
4 applicants

Partner/2nd Applicant - With No Income
Yes, this would be considered

Number Of Applicants X

New Build X

New Build flats and Houses are accepted up to 90% LTV.

We define a new build property as a property that has never been occupied and must have suitable NHBC Warranty.

Valuation can be off plan. Initial offer is for 6 months and can be extended for a further 6 months on the same product subject to credit search, affordability and re-valuation (£120).

Flat and apartments with balcony/deck access can be considered

There is no restriction on the maximum number of storeys. High rise flats and those without a lift are acceptable subject to valuers comments on mortgagability and saleability. Balcony access is acceptable.

New Build Warranties

Acceptable warranty from one of the following (not exhaustive):-

• - ABC+ Warranty
• - Aedis Warranties Limited / HomeProof
• - Advantage/Advantage HCI
• - Build Assure
• - Building Life Plans (BLP)
• - Build Zone
• - Castle 10 (Checkmate)
• - Global Home Warranties Limited
• - ICW Warranty
• - Local Authority Building Control (LABC)
• - NHBC Certificates
• - Premier Guarantee
• - Protek‚
• - Q Assure Build Limited / The Q Policy
• - Zurich Municipal Policy

New Build/Builder Sales Incentives

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value. Maximum 5% of the total amount of the Incentives as declared on the UK Finance Disclosure Form. Can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

New Build Bulk Purchase Discount / Off Plan are not acceptable

New Build X

New Build flats and Houses are accepted up to scheme limits.

We define a new build property as a property that has never been occupied and must have suitable NHBC Warranty.

Valuation can be off plan. Initial offer is for 6 months and can be extended for a further 6 months on the same product subject to credit search, affordability and re-valuation (£120).

Flat and apartments with balcony/deck access can be considered

There is no restriction on the maximum number of storeys. High rise flats and those without a lift are acceptable subject to valuers comments on mortgagability and saleability. Balcony access is acceptable.

New Build Warranties

Acceptable warranty from one of the following (not exhaustive):-

• ABC+ Warranty
• Aedis Warranties Limited / HomeProof
• Advantage/Advantage HCI
• Build Assure
• Building Life Plans (BLP)
• Build Zone
• Castle 10 (Checkmate)
• Global Home Warranties Limited
• ICW Warranty
• Local Authority Building Control (LABC)
• NHBC Certificates
• Premier Guarantee
• Protek‚
• Q Assure Build Limited / The Q Policy
• Zurich Municipal Policy

New Build/Builder Sales Incentives

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value. Maximum 5% of the total amount of the incentives as declared on the UK Finance Disclosure Form. Can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

New Build Bulk Purchase Discount / Off Plan are not acceptable

Nationality, Residency and Visas X

All residential applicants to provide address history covering the last 3 years. The latest year must show continuous residency in the UK.

Foreign nationals will need to provide evidence of their right to reside in the UK.

Those with a permanent right to reside, EU/EAA/Swiss with Pre-Settled / Settled status or Indefinite leave to remain are able to apply for products from our Standard Residential range, available up to 97% LTV. Where residency status is evidenced by one of the following, products from our Foreign National range will apply;

• Skilled Worker Visa
• British National (Overseas) Visa
• Health and Care Worker Visa
• Family Visa – Spouse or Partner
• Family Visa – Parent
• Family Visa – UK Ancestry
• Family Visa – Skilled Worker Dependent
• Innovator Founder Visa
• Investor Visa
• Global Talent Visa
• Minister of Religion Visa
• Sportsperson Visa

The Foreign National product range is available up to 90% LTV subject to the highest earning applicant solely earning a minimum of £50,000. If no individual applicant earns £50,000 or more, borrowing is restricted to 75% LTV. The Foreign National product range requires 5% of the deposit to come from the applicant’s own funds (e.g. savings or inheritance).

Nationality and Residency X

All BTL applicants (including directors/ shareholders in SPVs) to provide address history covering the last 3 years. The latest 2 years must show continuous residency in the UK (this does not apply to Expatriates).

Applicants must be either a/an:

• UK National residing in the UK
• Foreign National living in the UK with permanent rights to reside
• EU/EEA/Swiss National (Settled or Pre-Settled Status)
• Expatriate (all applicants must be Expatriate if multiple individual applicants)

Multi Unit Blocks X

MUBs accepted up to 6 units on a single freehold title.

Applications considered where no previous landlord experience.

Min Valuation £175,000 for the freehold block in London and SE, £125,000 in all other regions.

Rental assessment = 125% for basic rate tax payers or Limited Companies, 140% for higher rate taxpayers.

Minimum income X

Marital status X

Cases should be submitted in joint names where applicants are married, in civil partnership, co-habiting or where there is a financial dependency.

Fully justified reasons must be provided where married customers are not applying jointly and will be considered on a case by case basis.

LTV X

LTV

We offer up to 97% LTV. ( 75% up to £2m / 80%, 85% and 90% up to £1.5m / 97% up to £750k) .

Product Fees

Product fees can be added to loan above max LTV, without affecting LTV calculations. Where fees are added to the loan then affordability will be calculated on the gross amount. Fees cannot be added above 97% LTV.

Interest Only Repayment term

Interest Only is acceptable on all tiers up to 75% LTV. Fees cannot be added above 75% LTV

Higher LTV Credit Requirements

• All LTVs above 90% require the customer’s credit file to be up to date with no current arrears on major unsecured items*.
• For Vida 24 and Vida 6 products, any LTV above 85% requires the customer’s credit file to be up to date with no current arrears on major unsecured items*.

*Unsecured includes unsecured loans, hire purchases, store cards, credit cards and current accounts

Loan to Value X

We offer up to 85% LTV

Fees can be added to the loan without affecting LTV calculations. Where fees are added to the loan then affordability will be calculated on the gross amount. Fees cannot be added above 85% LTV

Loan Size X

Minimum Loan £50,000

Max Loan : £2m (Interest Only max loan £1m)

Please refer to our residential product guide for further information.

Loan Size X

Minimum Loan £50,000

Max Loan: £2m

Please refer to our BTL product guide for further information.

Loan Purpose X

We accept most loan purposes, including capital raising, but excluding injection into a business, speculative investments, gambling debts and purchase of time share.

Loan Assessment X

Each loan needs to pass affordability tests with a general upper limit of 6x income.

The following monthly outgoings will be included in the assessment:

• Childcare
• School and/or University Fees
• Ground rent and service charges
• Maintenance
• CCJ's, Default and Debt Management Plan payments
• Council Tax
• Fees and attachment of earnings
• Student loan repayments
• NHS Fleet Solutions / Car Scheme / Salary Sacrifice
• Interest Only repayment strategy
• Payslip Deductions
• Travel costs/Rail Cards/Travel season tickets

Credit commitments to remain after completion. Total monthly repayments for credit commitments to remain after repayment of any debt to be consolidated (only if remortgage):

• Credit card /Store card balances (3% of existing credit balance)
• Personal loans
• Residential mortgages to remain in the background
• Car finance / Hire purchase

Lending in or into retirement X

Accepted. Maximum age at end of the mortgage term cannot exceed an applicant’s 85th birthday.

Lending in or into retirement X

The maximum retirement age for any applicant is 70 years. Plausibility for working to loan maturity should be evidenced in all cases.

Lending into retirement can be considered for those applicants who are aged under 50 and are more than 10 years away from their stated retirement age:

Affordability assessment will consider their current credit commitments, with the applicant to provide the following:

• Fully completed Later Life Lending Declaration.
• Evidence that they have pension provisions in place.

The maximum retirement age for any applicant is 70 years. Plausability for working to loan maturity should be evidenced in all cases. Any mortgage subject to Lending into retirement criteria is restricted to Capital & Interest Repayment type only.

Lending Across the UK and eligible Postcode X

We will lend in England, Wales and selected postcodes in Scotland.

The following locations will be accepted:
AB (excluding 37-38, 55, 99), DD, DG, EH (excluding 77, 91, 95, 99), FK (excluding 19-21), G (excluding (9, 58, 70, 79, 90), IV (excluding 4, 13, 21-23, 26, 27, 29, 33-35, 37-63, 99), KA (excluding 27, 28), KW (excluding 1-7, 11+), KY (excluding 99), ML, PA (excluding 20-38, 41-80), PH (excluding 17, 20-50) and TD.

Lending Across the UK and eligible Postcode X

We will lend in England, Wales and selected postcodes in Scotland.

The following locations will be accepted:
AB (excluding 37-38, 55, 99), DD, DG, EH (excluding 77, 91, 95, 99), FK (excluding 19-21), G (excluding (9, 58, 70, 79, 90), IV (excluding 4, 13, 21-23, 26, 27, 29, 33-35, 37-63, 99), KA (excluding 27, 28), KW (excluding 1-7, 11+), KY (excluding 99), ML, PA (excluding 20-38, 41-80), PH (excluding 17, 20-50) and TD.

Joint Borrowers / Sole Proprietor X

Joint Borrowers / Sole Proprietor

Our Helping Hand proposition will allow Parents (including stepparents and parents of a spouse) and children (including step or adopted), siblings, grandparents, aunts, uncles, cousins and nieces/nephews) to support each other in purchasing or remortgaging a property, being party to the mortgage and having their income taken into account as part of the affordability assessment without the need to go onto the title deeds.

Income & Evidence X

Evidence of income is not required for BTL mortgages however employment or self-employment details must be declared.

Houses of Multiple Occupancy (HMOs) X

HMOs accepted up to 6 bedrooms.

Applications considered where no previous landlord experience. Min Valuation £100,000.

Vida solicitors to confirm that if required, any applicable Local Council HMO license is either in force, or applied for.

Rental assessment = 125% for basic rate tax payers or Limited Companies, 140% for higher rate taxpayers.

Flats X

Flats are acceptable at LTVs up to scheme limits.

Flat / Apartments with deck or balcony access can be considered.

High rise flats
High rise flats and those without a lift are acceptable subject to valuers comments on mortgageability & saleability. There is no restriction on the maximum number of storeys.

Ex Council/LA flats/maisonettes
Considered up to a max 80% LTV where predominantly still council owned and would be subject to valuers comments on mortgagability and saleability. Flats require a minimum valuation of £80,000 (£200,000 in Greater London). Balcony access can be accepted.

Flats above and/or adjacent to commercial premises
Accepted up to of 75% LTV. Properties situated above and/or adjacent to restaurants, takeaways, dry cleaners, hairdressers, laundrettes, tattoo, piercing, nail parlours, public houses, petrol stations have a maximum LTV of 60% subject to valuers comments on mortgageability and saleability.

Studio Flats
Minimum internal floor area is 30 sqM and 35sqM external

Freehold Flats / Maisonettes
Acceptable in Scotland or if a Coach House Flat in England & Wales. Otherwise not acceptable in England and Wales.

Freehold Houses with Self Contained Flats (granny annexes)
Consideration will be given to properties with only one annex as long as it has shared services. Occupants of annex can only be family members on a long term basis or on a short term / holiday let basis.

Leasehold Flat / Apartment where applicant/s own part or all of the Freehold
Acceptable. Vida will register their charge on the Leasehold and the freehold title where the customer owns this solely.

Flats X

Flats are acceptable at LTVs up to scheme limits.

Flat / Apartments with deck or balcony access can be considered.

High rise flats

High rise flats and those without a lift are acceptable subject to valuers comments on mortgageability & saleability. There is no restriction on the maximum number of storeys.

Ex Council/LA flats/maisonettes

Considered up to a max 80% LTV where predominantly still council owned and would be subject to valuers comments on mortgagability and saleability. Flats require a minimum valuation of £80,000 (£200,000 in Greater London). Balcony access can be accepted.

Flats above and/or adjacent to commercial premises

Accepted up to of 75% LTV. Properties situated above and/or adjacent to restaurants, takeaways, dry cleaners, hairdressers, laundrettes, tattoo, piercing, nail parlours, public houses, petrol stations have a maximum LTV of 60% subject to valuers comments on mortgageability and saleability.

Studio Flats

Minimum internal floor area is 30 sqM and 35sqM external

Freehold Flats / Maisonettes

Acceptable in Scotland or if a Coach House Flat in England & Wales. Otherwise not acceptable in England and Wales.

Freehold Houses with Self Contained Flats (granny annexes)

Consideration will be given to properties with only one annex as long as it has shared services. Occupants of annex can only be family members on a long term basis or on a short term / holiday let basis.

Leasehold Flat / Apartment where applicant/s own part or all of the Freehold

Acceptable. Vida will register their charge on the Leasehold and the freehold title where the customer owns this solely.

First Time Buyers X

First Time Buyer X

Expat X

Our Expat range is designed to help UK Nationals living and working abroad purchase or remortgage a rental property in the UK.

For the full list of acceptable countries please see our Expat Guide

Expatriates / Ex Pats PO Box Address

If the only available overseas address is a PO Box number, this will be acceptable where supported by confirmation from their employer via proof of address template and last 3 months payslips showing the salary credit into the bank account

Ex-LA Flats / Houses X

Ex Council/LA flats/maisonettes are considered up to a max 80% LTV where predominantly still council owned and would be subject to valuers comments on mortgagability and saleability. Balcony access can be accepted. Flats require a minimum valuation of £80,000 and £200,000 in Greater London.

Ex-Council/Local Authority Houses are considered up to scheme and LTV limits as long as there is no outstanding pre-emption requirement to repay a proportion of the discount and is confirmed by our valuer to be a suitable security.

Wimpey No Fines houses (constructed after 1946 and not a bungalow) or a Laing Easiform house (constructed after 1946 and not a bungalow), are acceptable.

Ex-LA Flats / Houses X

Ex Council/LA flats/maisonettes are considered up to a max 80% LTV where predominantly still council owned and would be subject to valuers comments on mortgagability and saleability. Balcony access can be accepted. Flats require a minimum valuation of £80,000 and £200,000 in Greater London.

Ex-Council/Local Authority Houses are considered up to scheme and LTV limits as long as there is no outstanding pre-emption requirement to repay a proportion of the discount and is confirmed by our valuer to be a suitable security.

Wimpey No Fines houses (constructed after 1946 and not a bungalow) or a Laing Easiform house (constructed after 1946 and not a bungalow), are acceptable.

Employment and Income Proof X

Employment Current / History

No minimum time is required in current job. A new job can be accepted from Day 1,however the applicant must provide a minimum 3 months employment history.

Employed - Proof of Income

• Latest 3 months payslips.
• Last 3 months payslips & P60 must be provided for regular bonuses, overtime or commissions.

Hand-written document and online payslips will be accepted with the corresponding bank statement to show the salary credit being made to the customer. If the customer provides online bank statements, these will need to be verified by the broker.

Future pay rise is considered on a case by case basis. Supporting evidence will be required with pay rise due within 1 month.

Employment X

We will accept the following types of employed applicants.

• Future pay rise pending/confirmed (supporting evidence will be required with pay rise due within 1 month)
• Employed Director - Where a director has a shareholding of 25% or above, or joint borrowers holding a combined 25% or more, they will be classed as self-employed.

Annual income of which we accept:

• 100% - regular monthly, quarterly or annual bonuses supported by P60 and payslips; income from trustfunds; occupational pension (incl war widow/ disablement or widowers pensions); second and other job providing 12 months record; car allowance; shift allowance; london/large town allowance; housing allowance (provided by an employer); mortgage subsidy; payments from armed forces compensation scheme; lodger income (for remortgages); foster care income; child benefit; child tax credit; guardian allowance.
• 75% - Commission; overtime commission; profit related pay (supported by P60 and relevant payslips).
• 50% - Disability Living Allowance (DLA); Carer’s Allowance; Industrial Injuries Disablement Benefit (IIDB) ; Personal Independence Payment (PIP); Employment and Support Allowance (ESA) - Income and Contribution; Incapacity Benefit ; Armed Forces Independence Payment ; Universal Credit; Working Family Tax Credits

Discount Purchase X

Only permitted when the vendor is:
Family member (see our Gifted Deposit form for acceptable family members) confirmed as the current owner.

Maximum advance 100% of discounted purchase price (DPP) or 75% of open market valuation (whichever is the lower)

Where purchasing from a family member, they may not continue to reside in the property and must relinquish all rights to the property. Evidence of satisfactory mortgage for the family member will be required.

If there is a current mortgage on the property, proof of payments will be required to ensure it’s not a distressed sale.

Not acceptable if the purchaser is an SPV Ltd Co.

Gifted Equity is not acceptable.

You can download our Purchase at Undervalue Declaration, here

Discount Purchase X

Purchase at Undervalue

Only permitted when the vendor is:

• Family member (link to Gifted Deposit form for acceptable family members) confirmed as the current owner.
• Landlord (minimum 5% deposit, minimum 12-month tenancy)

Maximum advance 100% of discounted purchase price (DPP) or 75% of open market valuation (whichever is the lower) unless long-term tenant buying from their landlord the maximum advance is 95% of DPP or 75% of market valuation (whichever is lower).

Where purchasing from a family member, they may not continue to reside in the property and must relinquish all rights to the property. Evidence of satisfactory mortgage for the family member will be required.

Landlord/tenant transactions satisfactory evidence of the tenancy should be obtained.

If there is a current mortgage on the property, proof of payments will be required to ensure it’s not a distressed sale.

Gifted Equity is not acceptable.

You can download our Purchase at Undervalue Declaration, here

Deposit X

Proof of Deposit is required in any purchase where the deposit is not being funded by use of equity release from the sale of the customer's current property.

We will consider the following sources of deposits:

• Family gifted deposit (Please refer to the Gifted Deposit form )
• Deposits from overseas can be considered on a case by case basis
• First time buyers - full gifted deposits
• Builder cash incentives up to 5%
• Deposits sourced from outside of the UK

You can download the Gifted Deposit form here

Deposit X

Proof of Deposit is required in any purchase where the deposit is not being funded by use of equity release from the sale of the customer's current property.

We will consider the following sources of deposits:

• Family gifted deposit (Please refer to the Gifted Deposit form )
• Deposits from overseas can be considered on a case by case basis
• First time buyers - full gifted deposits
• Builder cash incentives up to 5%
• Deposits sourced from outside of the UK

Defaults X

Satisfied and unsatisfied defaults are acceptable for the following product ranges:

Months since last default ≥ £250

Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 6 months

Packager
Considered if less tha 6 months old

Defaults X

Satisfied and unsatisfied defaults are acceptable for the following product ranges:

Months since last default ≥ £250
Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 6 months

Packager
Considered if less tha 6 months old

Debt Management Plan/Debt Arrangement Schemes X

Debt Management Plan/Debt Arrangement Schemes may be considered at Underwriter discretion - subject to satisfactory affordability and conduct checks.

Debt Management Plan/Debt Arrangement Schemes X

Debt Management Plan/Debt Arrangement Schemes may be considered at Underwriter discretion - subject to satisfactory affordability and conduct checks.

Contractors X

Contractor types considered:

• Sole Trader & Partnership/Employed (Day 1 & short-term renewable contracts considered)
• Umbrella (Day 1 considered, latest agency or employment contract confirming income and most recent payslips as a minimum)
• Limited Company/Multiple or third party contracts (Day 1 not acceptable, income to be verified as per self-employed requirements)
• Fixed term contractors
• Day 1 contractors with a minimum of 1-years track record of employment within the same line of work. Minimum 3 months remaining on current contract. For self employed, weekly rate x48 weeks.
• Where paid via an umbrella company or where employer pays both tax and NI, income verified via last 3 months payslips and most recent P60 if applicable.

Consumer Buy to Let X

Vida Homeloans does not accept applicants classed as a Consumer Buy to Let (CBTL)

We will only accept borrowers who are intending to invest for capital growth or receive income from rental yield

For more details, here is a guide to understanding Consumer Buy to Let mortgages, which are regulated as residential mortgages and are aimed at ‘accidental’ or non-professional landlords.

CIS X

Construction Industry Scheme (CIS) contractors considered using latest year’s SA302 / Tax calculations with corresponding TYOs, along with the latest 3 months pay-slips /invoices; OR the latest 12 months CIS payslips / invoices.

CCJs X

Satisfied and unsatisfied CCJs are acceptable for the following product ranges:

Months since last default ≥ £250

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 6 months

Packager
Considered if less than 6 months old

CCJs X

Satisfied and unsatisfied CCJs are acceptable for the following product ranges:

Months since last default ≥ £250
Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 6 months

Packager
Considered if less than 6 months old

Capital raising X

Remortgage allowed for any legal purpose. Capital Raising excludes business finance, speculative investments, gambling debts and purchase of time share.

We are currently unable to offer Consumer BTL, Second Charges and Further Advances.

Buy to Let adverse tiers X

We currently offer 3 tiers of products for our Buy to Let range based on varying levels of adverse and a Packager Tier

Benefit Income X

We will take benefit income into consideration as long as one of the applicants is employed/self-employed and is earning a minimum of £15,000 per annum. Additional applicants may have all income derived from acceptable benefits.

The following benefit income are accepted at 100%:

• Child benefit
• Child tax credit

The following benefit incomes are accepted at 50%:

• Employment & Support Allowance (ESA) - Income and Contribution
• Disability Living Allowance
• Working tax credit
• Personal Independance Payment (PIP)
• Industrial Injuries Disablement Benefit (IIDB)
• Incapacity benefit
• Armed forces
• Universal credit

Please note:

Child Benefit Income considered as per below conditions :-

• None of the applicants can earn more than £60k per annum (assessed per applicant and not per application).
• Only benefit income for children aged 11 or younger, at the time of application, can be included. To clarify, in cases where some of the children are 12 years or older, their respective child benefits must be excluded from the income considered.

Bankruptcy / IVA / DRO / Trust Deed X

Bankruptcy / IVA / DRO / Trust Deed are acceptable for the following product ranges:

Vida 36
3 years +

Vida 24
3 years +

Vida 6
3 years +

Packager
1 year +

Bankruptcy / IVA / DRO / Trust Deed X

Bankruptcy / IVA / DRO / Trust Deed are acceptable for the following product ranges:

Vida 36
3 years +

Vida 24
3 years +

Vida 6
3 years +

Packager
1 year +

Arrears X

Satisfied and unsatisfied unsecured payments are acceptable for the following product ranges:

Number of missed unsecured payments ≥ £250 in the last 6 months

Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 6 months

Packager
Considered (no max)

Arrears X

Satisfied and unsatisfied unsecured payments are acceptable for the following product ranges:

Number of missed unsecured payments ≥ £250 in the last 6 months
Vida 36
Acceptable if older than 36 months

Vida 24
Acceptable if older than 24 months

Vida 6
Acceptable if older than 6 months

Packager
Considered (no max)

Age X

Minimum age at application – 21

 Maximum age to apply – 64 (minimum mortgage term is 5 years).

 The term must not exceed the oldest applicant’s 70th birthday, unless they meet the criteria for lending into retirement.

To be able to lend to age 79 (term to be finished by 80th birthday) they must meet the following criteria:

• Be aged under 50
• Is contributing regularly to a pension
• Is more than 10 years away from their anticipated retirement age.
• Must be on a Capital and Interest basis. (interest only not acceptable when lending beyond aged 70)

 Any applicants who do not meet the above criteria can still be considered as part of the application, but no income can be used for affordability. The term would still need to be finished by the oldest applicants 80th birthday.

Age X

Minimum age at application: 21 years

Minimum age of second applicant: 18, as long as direct family member. 21 otherwise

Maximum age at application: 79 years

Maximum age at end of term/loan to age: the mortgage must end before the 85th birthday of oldest applicant

Affordability X

We will take the following into consideration for affordability:

• Childcare
• School and/or University Fees
• Ground rent and service charges
• Maintenance
• CCJ's, Default and Debt Management Plan payments
• Council Tax
• Fees and attachment of earnings
• Student loan repayments
• NHS Fleet Solutions / Car Scheme / Salary Sacrifice
• Payslip Deductions
• Travel costs/Rail Cards/Travel season tickets