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).
Purchase only accepted.
Re-mortgage not accepted.
No additional security is required below 80% LTV.
A cash charge or a charge over the parental borrower’s property is required above 80% LTV.
We will always take a first legal charge (mortgage) over the property being purchased.
If cash is provided then this needs to be equivalent to the amount of loan that exceeds 80% of the value/price of the property being purchased
If a charge over property is provided then this must be equivalent to the amount of loan that exceeds 75% of the value/price of the property being purchased
Affordability is based on the rental income.
If the rental income does not fully support the loan, an affordability assessment will be conducted on the parental borrowers.
Student maintenance grants can be included and considered as income.
Maximum of 3 lodgers accepted in addition to the applicant.
- Customer into retirement declaration
- ESIS
- Affordability calculator
- Proof of deposit
- Evidence of repayment vehicle (Interest-Only)
- Right to Buy notice
- Building work estimates and planning permission approval
- AST and lender approval to let (where Buy to Let exist)
- Payment of fees
Minimum 2 bedrooms.
Maximum 4 bedrooms.
The property must be within 10 miles of the University being studied at.
Flats and HMOs are not acceptable.
The student will be a sole property owner but on a joint borrower basis.
The joint borrower(s) (non-property owning) must be the parent(s) or step-parent(s) of the primary borrower.
The youngest borrower (property owner) must be in full time higher education, with at least one year remaining on their university course. Details of the course must be disclosed.
100%.
Any LTV exceeding 80% will require additional security from a parent.
Not accepted.
Not accepted.
£500,000.
The maximum cash sum that can be accepted as collateral/additional security is limited to £80,000, with the maximum loan consequently being restricted to £400,000.
We accept a minimum rating of E (Buy to Let only).
Up to 4 applicants.
<30 years old at application.
Joint family borrowers - No maximum age – mortgage term to not extend beyond the earlier of : Selected Retirement date or Age 75 (i.e. term maturity before age 76)
18 years old.
5 years.
25 years.
£125,000.
£125,000.