Mortgage Criteria
- Loan to Value Percentages ("LTV")
- Rental Income Cover Percentages (for Buy to Let properties)
- Fixed (Buy to Let)
- Minimum/Maximum Loan
- Minimum Income Requirement
- Minimum Valuation
- Arrangement Fee
- Valuation Fees
Loan to Value Percentages ("LTV")
LTV for individuals, companies and trusts are as follows
- Up to 70% for Buy to Let property located in the UK*
- Up to 70% for Buy to Let property located in the Isle of Man*
- Up to 60% for Buy to Let property located in Ireland*
- Up to 75% for Homeloans in the Isle of Man
* Please note that the Buy to Let LTV for resident nationals of the European Union (excluding the UK and the Republic of Ireland), Australia, Canada, New Zealand, Norway, South Africa, United Arab Emirates and United States of America is 65% maximum.
Rental Income Cover Percentages (for Buy to Let properties)
The amount the Bank will be prepared to lend will be subject to the monthly rental income, as confirmed by the Bank’s panel valuer, being a percentage of the gross monthly mortgage interest payment based on the prevailing interest rate of the loan (subject to a minimum interest rate of 5% for the purposes of this calculation).
The percentages are as follows
- UK and Isle of Man property – at least 125% based on an interest rate of minimum 5%
- Republic of Ireland – Other criteria apply, please contact us for details.
This calculation is not the only determinant in deciding underwriting acceptability and an assessment of the borrowers overall ability to repay will be undertaken.
Fixed (Buy to Let)
- Available to Individuals, Companies and Trusts
- Loans will be considered up to 70% LTV
Minimum/Maximum Loan
- Minimum loan £75,000.
Minimum Income Requirement
- Minimum permanent income of £25,000 (or currency equivalent) but overall proven affordability is the crucial determinant.
Minimum Valuation
£100,000
Arrangement Fee
Arrangement fees will be determined on a case by case loan offer basis
Valuation Fees
| Purchase Price | UK Valuation Fee | IOM Valuation Fee |
|---|---|---|
| Up to £60,000 | £185 | £235 |
| £100,000 | £205 | £235 |
| £150,000 | £225 | £265 |
| £200,000 | £265 | £325 |
| £250,000 | £305 | £355 |
| £300,000 | £345 | £385 |
| £350,000 | £385 | £415 |
| £500,000 | £445 | £510 |
| In excess of £500,000 | Please contact us | Please contact us |
The Valuation Fees are inclusive of £60 non-refundable Valuer Instruction Administration Fee