Loan to Value Percentages ("LTV")

LTV for individuals, companies and trusts are as follows

• Up to 80% for Buy to Let property located in the UK*
• Up to 80% for Buy to Let property located in the Isle of Man*
• Up to 80% for Buy to Let property located in Ireland*
• Up to 80% for Homeloans in Ireland
• Up to 75% for “Non Recourse” loans on Buy to Let property located in the UK and Isle of Man
• Up to 80% for Homeloans in the UK
• Up to 80% for Homeloans in the Isle of Man
• Up to 75% for Cross Currency loans on Buy to Let and Homeloan property located in the UK, Isle of Man and Republic of Ireland

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.

The percentages are as follows

Fixed (Buy to Let)

Term Trackers

• Available to Individuals, Companies and Trusts
• Loans will be considered up to 80% LTV
• Rate above base applies for the life of the loan
• See individual products for fee and redemption terms

Corporate Home Loan (UK Property only)

• Available to Offshore Companies
• Beneficial owner(s) are required to be employed applicants who are nationals of the UK, Isle of Man, Republic of Ireland, European Union, Australia, Canada, New Zealand, South Africa, United Arab Emirates and United States of America.
• A Personal Guarantee will be required from the beneficial owner(s) of the Company.
• Loans will be considered up to 80% LTV to £5 million, 75% LTV thereafter; up to 75% LTV for Cross Currency Loans.
• Minimum loan £500,000 (or currency equivalent for Cross Currency Loans).
• Applications will be assessed on an affordability basis with the monthly mortgage payment not to exceed 40% of Net Income (and 50% if the loan rate is stressed by 2%). For calculation purposes the Bank will use 100% of salary (together with 30% of the average of the last 3 years bonus subject to the amount not exceeding the last years bonus figure).

Cross Currency Loan

• Available to Individuals, Companies and Trusts
• Loans will be considered up to 75% LTV

Self Certification Loan

• Available to Offshore Companies, Offshore Trusts and UK Trusts, where the underlying borrower is self employed in the UK
• Loans will be considered up to £2 million
• Applicants must have a 3 year work history

"Non Recourse"* Loan

• Available to Offshore Companies or Trusts where a personal guarantee may not be available
• Loans will be considered up to 75% LTV
• All “non recourse” loans will be underwritten on a full status basis (self certification not available)
• Confirmation is required from a tax advisor that the provision of a personal guarantee will adversely affect the tax planning of the structure

Minimum/Maximum Loan

• Minimum loan £75,000, maximum loan £750,000 per property for advertised products. For individual property loans in excess of £750,000 and client exposure in excess of £3,000,000 please contact us to discuss rates and criteria.
• Corporate Home Loan - miniumum loan £500,000 (or currency equivalent for Cross Currency Loans).

Minimum Income Requirement

• Loans up to £500,000 - Minimum permanent income of £20,000 (or currency equivalent).
• Loans over £500,000 - Income reviewed on a case by case basis.
• Corporate Home Loan - see individual terms above.

Minimum Valuation

£75,000, £625,000 for Corporate Home Loan.

Completion Fee

• Discounted Flexi Tracker – 1.25% of advance (minimum £938)
• Flexi Tracker – 1% of advance (minimum £750)
• Base + 0.69% Term Tracker – 1.5% of advance (minimum £1,125)
• Base + 0.99% Term Tracker – 1% of advance (minimum £750)
• "Non Recourse" Discounted Flexible Tracker – 1% of Advance (minimum £750)
• "Non Recourse" Flexible Tracker – 1% of Advance (minimum £750)
BTLF003 – 1.5% of advance (minimum £1,125)

(Applies to UK and Isle of Man mortgages only)