Accepted for personal expenditure, acquisition of an asset or providing a cash gift.
Residential = 60% LTV.
Buy to Let = 75% LTV.
Buy for Uni =100% LTV
Retirement Interest-Only = 50%.
Part Capital & Interest and part Interest-Only = 80% (at least 50% of the total loan must be on Capital & Interest. If the LTV is 60% or below there is no minimum percentage requirement for Capital & Interest).
Accepted subject to:
- Business/commercial use does not exceed 50% of floor area
- Independent access to the residential area and (where deemed appropriate for letting use and/or saleability) with residential parking provision
- Rent from residential area should be a minimum of 75% of the stressed ICR (on an Interest-Only basis)
Loan purposes accepted:
- Purchase
- Re-mortgage
- Capital Raising
Accepted but must fit residential affordability calculator, considering existing commitments/living costs.
- Plans and elevations
- Detailed costings
- Copy of planning permission
- Copy of Building Regulation approval
- Schedule of works including dates
- Details of the structural warranty
- Evidence of capital the applicant has available
- Details of residence during the project (rent/mortgage/caravan etc.)