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Criteria Lookup

Choose between Residential, Buy to Let or Bespoke lending criteria below or use the search bar.

 

If you can't find what you're looking for, our FAQs page might be able to help.

 

You can also try getting in touch with us via our Intermediary Live Chat with your pre-application queries. We’re unable to answer case specific queries over Live Chat.

Filter Criteria

A

  • Freehold
  • Commonhold
  • Leasehold - Minimum 85 years remaining at application
  • Simple/Absolute
  • Commonhold. 

We’re a clean credit lender. We won’t lend to any applicant who has ever:

  • been bankrupt
  • been subject to an Individual Voluntary Arrangement (IVA)
  • owned a previous property which has been taken into possession or who has surrendered voluntary possession to the lender.

We will not lend if, in the last 3 years, an applicant has had:

  • a County Court Judgement (CCJ) registered or settled within this time, or has an outstanding CCJ registered outside the 3 years
  • any arrears at all on a mortgage, fixed payment loan and/or rent
  • more than two consecutive missed payments on credit and/or store cards.

We will not usually lend if the applicant has defaulted or settled a past defaulted account on any credit agreement in the last 3 years, or has an outstanding default.

Communications and mail order records can be ignored, unless the scale and/or frequency of missed payments indicate cause for concern.

As part of our underwriting process we must assess the applicant’s income, credit commitments and cost of living expenses to ensure their ability to pay.

We need confirmation of the applicant’s committed expenditure including credit cards, overdraft, loans, hire purchase, maintenance, school fees and child care. General household expenditure, for example food and utilities, are automatically accounted for in our affordability calculator.

Any mortgage (other than a formal Buy to Let mortgage) must be included in our affordability calculator.

To do this, you’ll need to:

  1. calculate the cost of interest on the non redeemed balance at a nominal rate of 9.04%
  2. enter the monthly equivalent cost in the monthly outgoings field of our affordability calculator.

Applicants obtaining ‘consent to let’ or a ‘let to buy’ loan must include this mortgage in the affordability assessment unless they can provide evidence of a mortgage offer which proves that the retained property is being remortgaged into a formal Buy to Let.

You can use our affordability calculator to estimate what your client may be able to borrow based on their income and financial commitments.

  • The minimum age is 18
  • The maximum age is 75 years for the eldest applicant at the expiry of the mortgage term.

B

  • A ‘Back to Back’ transaction, where a property has been owned for less than 6 months, is not acceptable and will be declined.
  • Assignable contracts are not acceptable and will be declined.
Check our 5 golden rules
  • Must pass our credit score
  • Must meet our minimum income and loan size requirements*
  • Income to support the loan must be paid in GBP
  • Up to 90% LTV for residential and up to 75% LTV for Buy to Let 
  • Must meet our standard property criteria.

For further information, take a look at our Bespoke information page or search our dedicated Bespoke Lending Criteria to see how we can meet the needs of your clients with complex income.

 *The minimum loan size is £150,000 and the minimum income requirements are:
Residential: Repayment mortgage - At least one applicant must earn £40,000. Interest only mortgage - £50,000 for sole applicants and £75,000 for joint applicants. Buy to Let: At least one applicant must earn £40,000 for a repayment or interest only mortgage. 

Builders’ incentives are accepted up to 5% of purchase price with no adjustment to the purchase price or loan. We don’t accept guaranteed rental income schemes.

 

C

Applicants can remortgage to raise additional capital up to 85% LTV (excluding fees) or 75% if there is any element of debt consolidation.

Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for;

  • business or speculative purposes (e.g. investment, replacing savings)
    payment of tax
    gambling debts
    a timeshare
    payment of care fees

Applicants can remortgage up to 90% LTV on a like for like basis or if they're repaying a Help to Buy loan in full, purchasing the final staircase on shared ownership or buying out someone from the title of the property (transfer of Equity).

Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable. There are some circumstances where we can consider these applications (such as when an applicant has inherited the property or where a developer has taken the property as part exchange) so please contact us to provide details.

We’ll base our lending on the lower of the purchase price or value, except where the discount is at least 25% of the mortgage valuation. In these circumstances we’ll exclusively use the valuation figure.

Where the valuer identifies a flat with potentially combustible cladding and/or stacked balconies which could facilitate the spread of fire, we'll require the Fire Risk Assessment report (FRA) and Fire Risk Assessment External Walls (FRAEW) for the building, together with the names and qualifications of the authors of these documents. Once we have all of this information, our Property Risk team will assess and advise if it is acceptable to proceed.

We do not accept EWS1 forms for properties with cladding/stacked balconies.

All properties 10 storeys or higher must be referred to our Property Risk Team prior to application so please contact us.

We won’t accept any applications where the broker has a financial interest in the property being mortgaged. Put simply, the broker submitting the case can’t also be the buyer/owner.

The term contractors covers contractors trading as self employed, limited companies and contractors working through an umbrella firm. Contractors have the option to apply as self employed, requiring 3 years trading and 2 years income figures, or as employment type contractor.

Our contractor lending criteria:

  • Maximum 90% LTV, exclusive of fees
  • Applicants must have a minimum gross contracting income of £50,000pa for the contractor (not the household)
  • Affordability is based on 80% of gross contract income
  • Minimum contracting period is 12 months in current occupation. The contract does not have to be with the same agency/employer
  • Current contract is required for income assessment. This can be either the original or a certified copy. We will also need copies of all other contracts held in the past 12 months
  • We will not accept contractors who have had cumulative contract gaps of 1 month or more in the last 12 months
  • Eligible for Interest Only, subject to our interest only lending criteria
  • Where contractors use an umbrella company to manage their payroll, please refer to our umbrella companies income criteria
  • We won’t lend to Construction Industry Scheme (CIS) contract workers under our contractor criteria. But we will consider them under our self employed income criteria.

We will not normally accept applications from applicants with a criminal record unless the conviction is for a minor traffic offence, or is spent under the Rehabilitation of Offenders Act 1974.

D

Applicants with diplomatic status in the UK are not acceptable.

Payment by Direct Debit mandate is compulsory for all loan types.

When assessing applications we consider the level of debts the customer(s) is committed to relative to their income, how they've paid these and how much credit they have left available.

When a full application has been submitted, visit the ‘Actions’ tab in our online application system to see which documents are needed for assessment.

You'll need to certify all documents when you upload them. You can do this online.

If we need any additional documents we'll let you know.

Proof of identity

We need proof of ID to help protect against fraud. Anti Money Laundering regulations (AML) require us to check the names and addresses of all our customers. We'll attempt to do this electronically, but if this fails then each applicant must supply 1 document as proof of identity.

Proof of residency

If the applicant isn't on the Voters' Roll, proof of residency will be needed for all the addresses resided at within the past 12 months.

Proof of income

Employed

Latest P60 and latest payslip(s) covering a full month*

Or

Employer’s reference - we'll only ask for this if the above is not available.

*Paid monthly = 1 payslip

Fortnightly = 2 payslips

Weekly = 4 payslips

Contractors

If the contract is arranged directly with the client or via an agency, with no umbrella company involved:

  • Original or certified copy of the current contract and all other contracts held in the past 12 months.

Or

If the contract is arranged with the client via an umbrella company:

  • Contract between the end client and the umbrella company (unless the contract is arranged via an agency, where it will be between the agency and umbrella company but may also detail the contractor and the end client)
  • Contract between the umbrella company and the contractor
  • Latest 3 months payslips from the umbrella company and the corresponding umbrella invoice reconciliation statements, and
  • Latest bank statement(s) evidencing pay.

Self employed      

Or

A company Director with a shareholding of 25% or greater

Latest 2 years’ SA302s supported by the latest 2 years’ Tax Year Overviews and the latest month’s business bank statement.

Our underwriters may request additional information to support the application at their discretion.

Pension

Evidence of pension income (e.g. P60, or former employer’s confirmation of pension).

Bank statements

Employed

Where requested we'll require* 1 full month’s statement for the account which the applicant’s wage/salary is paid into. Any statement provided must be no older than 3 months.

If the applicant’s income is not credited directly into a bank account, then we may not be able to assist with the mortgage application.

*Confirmation of our full requirements will be provided upon submission of the application.

Contractor/Pension

(Includes company Directors with a shareholding of 25% or greater)

1 full month’s statement will be required for the account which the applicant’s wage/salary/contracting income/pension is paid into. Any statement provided must be no older than 3 months.

If the applicant’s income is not credited directly into a bank account, then we may not be able to assist with the mortgage application.

Self employed

1 full month’s statement will be required for the applicant’s business bank account. If the applicant does not hold a separate business account, then 1 full month’s statement for their personal account will be required. Any statement provided must be no older than 3 months.

Proof of repayment strategy

(Only applies to interest only mortgages)

If the applicant is applying for an interest only mortgage, you will need to submit a completed ‘Repaying your interest only mortgage’ form and the appropriate supporting documents. We only accept the sale of this mortgaged property as the repayment strategy. This will be verified by an underwriter to ensure that it's credible.

You can find this form on our Forms and Guides page.

 

Applications for the purchase of residential properties that will be occupied by a dependant relative of the applicant are not acceptable.

If the property being purchased is being sold by a dependant relative who will then remain in the property after the sale takes place, the application will be declined.

E

All of our lending criteria is applicable to existing customers with some minor exceptions.

Further advance applicants must meet certain criteria:

  • Minimum loan size - £5,000
  • Maximum loan size - £1,500,000 (total mortgage including further advance)
  • Term - 2 years minimum (or product duration). The further advance term can be longer than the main mortgage. The charge on the property won’t be released until the further advance term has finished
  • Minimum income - £20,000 gross for the household (paid in £GBP)
  • Self employed - Must have been trading for 3 years but only the last 2 years' figures will be used
  • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
    • business or speculative purposes
    • payment of tax
    • gambling debts
    • a timeshare.

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

Debt consolidation loans will be considered subject to a maximum loan to value of 75% and individual assessment by our underwriters.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

Repayment options - We’re currently only accepting applications on a capital and interest basis.

Total Loan to Value (LTV) limits:

Maximum loan size Maximum LTV

<£500,000

90% plus fees

£500,001 - £750,000

85% plus fees

£750,001 - £1,000,000

80% plus fees

£1,000,001 - £1,500,000

70% plus fees

 

    • Property - for new build or newly converted properties, the LTV is limited to 85% for houses and 80% for flats. We define a new build property where either the house or flat was sold or first registered (for Leasehold) for the first time in the last 12 months.
    • Valuation of property - loans less than £20,000 with a total LTV less than 75% (based on a house price index) may not require a physical valuation of the property. Anything other than this will need a property revaluation (see fee scale below).
    • Where the last recorded Bank of Ireland UK panel valuation was more than 10 years ago, a standard valuation will be required. Please refer to the relevant criteria section. This will be assessed upon application.

 

Revaluation fee scale:

Property value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

 

  • Affordability - please call our enquiry line on 0345 266 8928* for a calculation
  • Adverse credit/payday loans - refer to the relevant criteria sections
  • All applications are subject to credit score, valuation and underwriting.

You can apply for a product transfer if:

  • your customer's account number starts with 80 and is ten digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need 1 offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has 6 months or less remaining on the ERC period
  • your customer is residing in the property, unless in the armed forces
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least 6 months.

To view our products or apply visit our product transfer page.

F

A sponsor is a close relative, normally a parent or step parent of any applicant, who is added as a co-borrower.

First Start products are available up to 95% LTV (including fees). Subject to meeting the following criteria:

  • Maximum loan of £500,000 (including fees)
  • Maximum of 4 applicants (however, only the income of the sponsor and the highest earning applicant will be assessed)
  • The sponsor’s minimum assessable income must be at least £30,000
  • The highest earning applicant must have a minimum assessable income of at least £20,000
  • Maximum age for sponsor at application is 60, and must not exceed 80 years old at the end of term
  • Where term extends into retirement please refer to our Lending into Retirement criteria
  • Purchases only
  • Repayment only
  • The sponsor must be a residential owner occupier living in the UK
  • The monthly payments need to come from 1 account
  • Applicants cannot own any other property at the time of completion. This doesn’t apply to the sponsor whose mortgage commitments are included in the affordability assessment.

You can choose if the property is owned by the applicant(s) only or jointly by the applicant(s) and the sponsor. If the property to be owned is in the name of the applicant(s) only, then the sponsor, as a condition of the mortgage Offer, must receive independent legal advice in respect of the transaction before completion.

The sponsor and applicant(s) are jointly and individually liable for the total mortgage.

See how much your client could borrow using our First Start Calculator

  • Funds from this scheme are an acceptable source of deposit. The monthly repayment must be included in the affordability calculation as a commitment.
  • For first purchases a copy of the Personal Information Note supplied to the applicant will be required to evidence deposit. For movers or remortgages the applicant’s payslip will be required to evidence the monthly loan outgoing.
  • For applicants who hold a Long Service Advance of Pay (LSAP), the payment must be included as an outgoing in the affordability calculation if continuing after completion.
  • Forces Help to Buy cannot be used as a deposit on 95% LTV products or in conjunction with any other Help to Buy scheme
  • Applicants using FHTB can’t have an interest in any other property.

We require confirmation that the applicant has the right to live and work in the UK. The applicant will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history, this is normally a minimum of 3 years.

The following applicants can apply up to our maximum LTV:

  • Irish Nationals.
  • EU, EEA and Swiss Nationals with ‘settled status’.
  • Non EU, EEA and Swiss Nationals with ‘indefinite leave to remain’.
  • Applicants who are born outside of the UK but who have received UK naturalisation.

The following applicants can apply up to 75% LTV:

  • EU, EEA and Swiss Nationals with ‘pre-settled status’.
  • Non EU, EEA and Swiss Nationals with limited rights to work/remain in the UK. Only Innovator, and Global Talent visas (previously Tier 1), Skilled Worker visas (previously Tier 2) and Ancestral Visas are acceptable. The underwriter will need to be satisfied that there is an adequate period of time remaining on the visa to warrant the granting of a long term loan.

Further advance applicants must meet certain criteria:

  • Minimum loan size - £5,000
  • Maximum loan size - £1,500,000 (total mortgage including further advance)
  • Term - 2 years minimum (or product duration). The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished
  • Minimum income - £20,000 gross for the household (paid in £GBP)
  • Self employed - Must have been trading for 3 years but only the last 2 years' figures will be used
  • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
    • business or speculative purposes
    • payment of tax
    • gambling debts
    • a timeshare.

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

Debt consolidation loans will be considered subject to a maximum loan to value of 75% and individual assessment by our underwriters.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

Repayment options - We’re currently only accepting applications on a capital and interest basis.

Total Loan to Value (LTV) limits:

Maximum loan size Maximum LTV

<£500,000

90% plus fees

£500,001 - £750,000

85% plus fees

£750,001 - £1,000,000

80% plus fees

£1,000,001 - £1,500,000

70% plus fees

 

  • Property - for new build or newly converted properties, the LTV is limited to 85% for houses and 80% for flats. We define a new build property where either the house or flat was sold or first registered (for Leasehold) for the first time in the last 12 months.
  • Valuation of property - loans less than £20,000 with a total LTV less than 75% (based on a house price index) may not require a physical valuation of the property. Anything other than this will need a property revaluation (see fee scale below).
  • Where the last recorded Bank of Ireland UK panel valuation was more than 10 years ago, a standard valuation will be required. Please refer to the relevant criteria section. This will be assessed upon application.

Revaluation fee scale:

Property value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

  • Affordability - please call our enquiry line on 0345 266 8928* for a calculation
  • Adverse credit/payday loans - refer to the relevant criteria sections
  • All applications are subject to credit score, valuation and underwriting.

G

We don’t offer guarantor loans on our standard products. 

We’ll consider joint borrower/sole proprietor applications on our First Start products. You can find out more on our First Start Information page.  

H

Capital raising for home improvements is acceptable to 85% LTV.

If the home improvements are significant and/or structural, please contact us to discuss prior to application providing the following:

  • Has the applicant(s) applied for Planning Permission and Building Regulations?
    Has the applicant(s) obtained party wall agreements if applicable?
    Will there be warranties/Professional Consultant Certificates issued upon completion?
    Who will be supervising the works and has the existing insurer confirmed agreement for the works to take place?
    Can they provide quotes/estimates for all works?
    Can they provide a schedule of works and times?
    Can they provide evidence that they'll have sufficient funds to cover all the works?
    Have they ever had experience of renovating/refurbishment works?
    Will they be able to still live in the property whilst works are undertaken?
    By what percentage will they be increasing the footprint of the property?

Depending upon these answers supplemental questions may arise.

We'll not lend on properties that are part way through a project e.g. incomplete extensions, loft conversions, incomplete kitchens and bathrooms, etc.

We'll not lend on very dated properties (which show after being inspected) that most purchasers would modernise/refurbish soon after moving in.

I

Inter family sales are generally acceptable, subject to confirmation that the vendor will not reside in the property after completion.

For existing customers moving home or taking a further advance - 

We're not currently accepting applications for additional borrowing on an Interest Only basis.

Where the customer has an existing Interest Only balance (no additional borrowing):

  • There’s no requirement for existing customers to earn the minimum of £50,000 sole/£75,000 joint (£20,000 minimum household income still applies)
  • You can borrow up to 60% LTV on an interest only basis. We’ll also consider up to 75% LTV if the amount you want over 60% is on a repayment basis
  • A minimum of £250,000 equity is required in the mortgaged property where ‘Sale of mortgaged property’ is chosen as the intended repayment strategy
  • An acceptable repayment strategy must exist and all of the repayment strategies must be held, valued and paid in £GBP.

The following repayment strategies are acceptable for existing customers whose interest only mortgage was taken out before 20th March 2017:

Repayment Strategy Required Information Required Evidence Criteria
Sale of the mortgaged property Property valuation Mortgage valuation A minimum of £200,000 equity
Endowment policies (all types)
  • Name of Insurer(s)
  • Lives assured
  • Maturity date
  • Guaranteed sum assured
Latest maturity projection from insurer(s)
  • We will agree an interest only loan up to the value of the mid growth rate determined by the Regulator for endowment policies (which may be subject to change).
  • The policy must have been in force for a minimum of 12 months prior to the application.
Stocks and shares ISA
  • Name of provider(s)
  • Owner
  • Current value
  • Intended future annual contributions
Latest fund valuation from provider(s)
  • We will agree an interest only loan up to the current value of the ISA plus projected future contributions assuming no growth.
  • ISA must have been in force for a minimum of 12 months prior to the application.
Unit trusts
  • Name of provider(s)
  • Owner
  • Current value
  • Intended future annual contributions
Latest fund valuation from provider(s)
  • We will agree an interest only loan up to the current value of the unit trusts plus projected future contributions assuming no growth.
  • Unit trusts must have been in force for a minimum of 12 months prior to the application.
Investment bonds
  • Name of provider(s)
  • Owner
  • Current value
Latest fund valuation from provider(s) We will agree an interest only loan up to the current value of the bond only. No growth is assumed.
Quoted stocks and shares
  • Name of company and number of shares for each shareholding
  • Owner
  • Current value
  • Share Certificates or Printout from a share registrar (e.g. Computershare) or stock broker
  • Must be quoted in £GPB
  • We will agree an interest only loan up to 80% of the value of the shareholding at the point of application.
  • FTSE 100 shares only.
Cash ISA
  • Name of provider(s)
  • Owner
  • Current value
  • Intended future annual contributions
  • Latest fund valuation from provider(s)
  • Must be quoted in £GPB
  • We will agree an interest only loan up to the current value of the ISA plus projected future contributions assuming no growth.
  • Cash ISA must have been in force for a minimum of 12 months prior to the application.
Cash deposits
  • Name of deposit taker(s)
  • Owner
  • Current value
Up to date statement to evidence balance in £GBP dated within 3 months of application
  • We will agree an interest only loan up to the current balance.
  • Any fixed term deposit must mature before the loan maturity date (or have a break clause if not).
Sale of other UK residential/BTL property
  • Address of the property
  • Initial Purchase Price
Address of the property
  • Only UK residential properties are acceptable (including let property).
  • The other property must be owned by the applicants solely or jointly, but not with a third party. There is no requirement for the property to have been owned for a minimum period of 12 months. It is acceptable for joint applicants to use a property owned by 1 of the applicants solely.
  • Only 80% of the calculated equity can be utilised.
Company pension
  • Name of pension provider(s)
  • Number of years in scheme
Letter of projected benefits at selected retirement age (with details of available tax free lump sum)
  • We will agree an interest only loan up to the value of the projected tax free lump sum.
  • Applicants must have been a member of the pension scheme for at least 12 months (frozen schemes will qualify towards this).
Private pension
  • Name of pension provider(s)
  • Number of years held
Letter of projected benefits at selected retirement age (with details of available tax free lump sum)
  • We will agree an interest only loan up to the value of the projected tax free lump sum.
  • Applicants must have been a member of the pension scheme for at least 12 months (frozen schemes will qualify towards this).
Other
  • Type of asset
  • Owner
  • Current value (net of borrowing)
At individual discretion of underwriter We will only provide an interest only loan where it is backed by a pension/sale of the mortgaged property/sale of other UK property/ISA/endowment/unit trust/investment bond or a combination of these. However, in determining whether a repayment strategy is credible, underwriters may consider other assets which the applicant may intend to sell, and may use these to justify an exception should the projected values from the repayment strategies not meet the required interest only amount. Any additional strategy must be held and valued in £GBP.

 

We're not currently accepting applications for additional borrowing on an Interest Only basis.

  • Interest only or part and part is only available where 1 applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000)
  • You can borrow up to 60% LTV on an interest only basis. We’ll also consider up to 75% LTV if the amount you want over 60% is on a repayment basis
  • A minimum of £250,000 equity is required in the mortgaged property at application.
  • The loan term cannot extend past any applicants intended retirement age
  • We only accept the sale of the mortgaged property as the repayment strategy. This will be verified by an underwriter to ensure it's a credible solution.

We will verify income on every application. Income must be paid and contracted in GBP (£) and be subject to UK tax and National Insurance contributions.

For new clients

For repayment mortgages a minimum household income of £20,000 per annum is required.

Interest only or part and part is only available where 1 applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000).

For existing customers moving home

For porting and moving applications a minimum household income of £20,000 per annum is required. Exceptions may be considered for existing customers who do not require additional borrowing.

Additional borrowing on interest only is only available where 1 applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000).

The following is applicable to both new and existing customers:

Income from cryptocurrency is not acceptable. Minor trading that is classed as a hobby may be acceptable but each case will be considered on its merits.

We normally use the latest years’ director’s salary, plus an average of the latest 2 years’ dividends or the most recent year if lower.

We will normally use 100% of contractually guaranteed income and the inclusion of non-guaranteed income (such as bonuses or regular commission) can be considered up to 50%. For non-guaranteed income to be considered we would need to evidence a track record of it being received and satisfy ourselves that it will be ongoing and sustainable.

Our underwriters have some discretion to use a different proportion of variable earnings but a historic record of these earnings will normally be required in order to exceed 50%, typically 3 years.

We'll take into consideration employment type and sector when considering ongoing sustainability.

We'll assess the latest P60 and the year to date income and will normally use the lowest figure.
If variable earnings are high we may ask for further documentation to evidence track record and future sustainability.

For bonus payments, we'll require evidence of the actual bonus paid.

Share awards, for example Restricted Stock Units will not be considered as bonuses and therefore cannot be used as variable income.

New employment

To consider income from a new role we would need:

  • The new position to be in the same line of employment as current role
  • Proof of new position and salary via the new job offer or accepted contract
  • A condition of the mortgage offer may be receipt of the first payslip to confirm the applicant has started the new employment before we release the funds.
A confirmed pay rise

We’ll consider using income from a future pay rise subject to confirmation from the employer (such as a reference or pay rise notification).

We may request proof that the pay rise has taken effect where we can’t adequately confirm the salary increase.

Fixed term contracts are treated on merit and in context of each individual case. If the income is to be used in our assessment of affordability we would typically want the applicant to be able to demonstrate:

  • Evidence of previous contract renewal
  • Not all the income is dependent on a fixed term contract, for example a joint application with 1 applicant on a fixed term contract
  • A sufficient remaining period on the contract to warrant the approval of a long term loan.

Investment income is not acceptable.

Rental income will not normally be considered as allowable income unless it can be treated as an ongoing business, and criteria for self-employed applicants will apply.

Income generated from land and property will be calculated by deducting the total amount of ‘relief for finance costs’ from the ‘taxable profit for the year’ (in line with current tax calculation requirements).

We will accept up to 100% of child maintenance income. However it cannot be the only form of income on an application.

Any children associated with the maintenance payments should be entered as financial dependents.

To verify income we'll need the latest 3 months’ bank statements showing receipt of payments on all cases.

We'll also need 1 of the following:

  • a copy of a Court Order
  • Maintenance Assessment letter from the Child Support Agency
  • a written private agreement drawn up between the separating parties.

If any payment has been missed in that period, then the income cannot be used as part of the affordability assessment.

Pension income may be used to support a mortgage advance, as long as it can be fully verified and guaranteed for life.

We can consider using income from applicants with second jobs. The applicant must have held the 2 positions for at least 12 months.

Second incomes do not need to be in the same line of employment. Our underwriters will assess whether the income quality is adequate and if so, it will be included within the assessable income.

Self employed applicants must have been trading for a minimum of 3 years but only the last 2 years' figures will be used. For self employed applicants affected by Covid-19, we’ll also need to confirm they’ve resumed trading. We'll request their latest business bank statement to evidence recent trading activity.  We may request additional documentation to support our underwriting assessment, including cases where applicants haven’t restarted trading yet.

Contractors can continue to apply as self employed under existing criteria, or as a contractor. Details of the contractor criteria can be found under Contractors.

Contractors using an umbrella company for payroll services can be considered where:

  • They’ve been contracting for longer than 12 months
  • Earnings are over £50,000.

The annualised assessable income is calculated on the basis of:

  • The last 3 months’ payslips (from the umbrella company) showing the contractor’s:
    • Basic pay
    • Holiday pay, and
    • Any additional pay e.g. commission
  • An average of the last 3 months’ pay at 80% of the gross income earned after all the umbrella deductions have been made (such as employer National Insurance, umbrella margin and apprenticeship levy). These umbrella costs may be shown separately on a reconciliation statement often attached to the payslips
  • Copies of all contracts covering last 12 months (there should be no gaps between contracts greater than one month)
  • Clients who employ the services of an umbrella company but are not contractors can be considered. They'll be assessed as self-employed subject to us verifying income for the latest 2 financial years with a minimum of 3 year’s trading. We'll normally use an average of the 2 years’ income or the most recent year whichever is lower.

Please see what documents we’ll need for further requirements.

Benefit income:

We will not normally include income derived from benefits as part of our income and affordability assessments.

Employment in a family business:

We can consider applications from applicants employed by their family on merit of each individual case. We may request additional supporting information.

Foster income:

Applicants must have a minimum of 2 years' fostering income.

Income will be based on a 2 year average or the latest year if lower. We will verify your client’s  income with:

  • a letter from the Foster Agency confirming the total income paid for each of the last 2 years, or the last 2 years SA302’s and supporting tax year overviews, and:
  • latest bank statement showing receipt of foster care payment on all cases.

Foster children must be entered as financial dependents.

Zero hour contracts:

We'll consider income earned from a zero-hour contract if a suitable 2 years' employment history can be provided.

Agency employment:

We don't accept income earned from temporary employment through an agency.

J

We'll consider joint borrower/sole proprietor applications through our First Start product. You can find more information on our First Start Information page.  

We can't consider joint borrower/sole proprietor applications on our standard products.

L

Where term extends into the applicants retirement the following criteria will apply.

Where retirement is less than 10 years away:

  • Details of both current income and anticipated retirement income will need to be proven
  • The lower of the current income or anticipated retirement income is used for affordability purposes.

Where retirement is 10 years or more away:

  • Current income is to be used for affordability purposes
  • Evidence of existence pension contributions must be provided.

The following limits apply to both purchases and remortgages and are subject to product availability. Please note the minimum loan size is £25,001.

Applicants borrowing above 90% LTV - please also see the 'Loan to value limits (Residential) - borrowing above 90% LTV' section.

Loan Size Maximum LTV

£25,001 - £500,000

95% including fees (purchases only)

£25,001 - £500,000

90% plus fees

£500,001 - £750,000

85% plus fees

£750,001 - £1,000,000

80% plus fees

£1,000,001 - £1,500,000

70% plus fees

The vendor must have owned the property for a minimum of 6 months prior to completion of this transaction unless the seller is:

  • a personal representative of the registered proprietor
  • an institutional mortgagee exercising its power of sale
  • a receiver, trustee-in-bankruptcy or liquidator
  • a developer or builder selling a property acquired under a part-exchange scheme
  • a registered housing provider (Housing Association) exercising a power of sale.

Applicants can remortgage to raise additional capital up to 85% LTV (excluding fees), provided the capital is not used for:

  • business or speculative purposes
  • payment of tax
  • gambling debts
  • a timeshare.

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

Raising capital to repay outstanding debt is acceptable up to 75% LTV.

Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable.

  • Maximum 95% LTV (including fees).
  • Repayment only.
  • Purchases only.
  • Maximum loan £500,000 (including fees).
  • At completion, applicants must not hold an interest in another residential property that’s owner occupied. Applicants can hold an interest in BTL properties at completion as long as they are on a formal BTL basis (i.e. consent to let properties are not acceptable).
  • Not available to contractors.
  • Standard property considerations.
  • Please also see our 'First Start' section.
  • Further limits apply for newly built properties

Please check the individual product details as some products may have a higher minimum loan amount.

N

  • Purchases - maximum 85% LTV and 80% LTV for flats
  • Eligible new build properties that have been built or converted within the last 12 months and are subject to a first sale, even if previously occupied
  • Our offer of loan is valid for 9 months from the date of offer, unless stated otherwise in the offer document
  • If completion hasn't taken place before the offer expires, we can consider a 6 month extension. The application will be subject to a full reassessment against our current criteria including reverification of income and a revaluation of the property
  • The applicant will be charged for a revaluation of the property if they keep the same product or choose a new product that doesn't have a free valuation. This must be paid before the offer is extended. We won't charge a fee if a new product is chosen that has a free valuation.

Builders’ incentives are accepted up to 5% of the purchase price with no adjustment to the purchase price or loan. We don’t accept guaranteed rental income schemes. 

Incentive

Standard New Build

Stamp duty/LBTT

Yes

Legal Fees

Yes

Valuers Fees

Yes

Moving Costs

Yes

Estate Agent Fees

Yes

White Goods

Yes

Landscaping

Yes

Fixtures & Fittings

Yes

Option Vouchers (if no cash value)

Yes

Cashback

Yes

Builders Deposit

Yes

Part Exchange

Yes

Other Financial Incentives

Yes

Gifts such as Cars/Holiday

Yes

Guaranteed Rental Income

No

Mortgage Subsidy

Yes

A maximum 5% of the purchase price is permitted either individually or when incentives are combined.

All newly built properties (under 10 years old) must be covered by 1 of the below warranties:

  • NHBC
  • Premier Guarantee with the necessary certificate issued (provided the amount of cover is at least equivalent to the purchase price or the reinstatement/ insurance figure, whichever is the higher. The excess must not exceed £1,000)
  • Building Lifeplan (subject to cover including the contaminated land and Health & Safety for occupier’s options)
  • LABC New Home Warranty
  • Castle 10 (Checkmate)
  • Build Zone
  • Global Home Warranties
  • Q Policy (also referred to as The Q Assure Build New Build Warranty)
  • International Construction Warranties (ICW)
  • Protek
  • Advantage HCI
  • Aedis Warranties Ltd.
  • Where the property is a modern method of construction built under the Build offsite Property Assurance Scheme (BOPAS), the development must be underwritten by BLP (Building LifePlans Ltd) as the warranty provider.

If your client has an application with us and their purchase falls through, send us a New Property Details Form for a change of property.

By applying for a new property, your client's case will be reassessed by one of our underwriters. This means we may ask you for additional information. Our decision to lend may also be affected if there is a change in their circumstances or the new property isn’t considered suitable.

The maximum number of applicants is 4. We will only use the income of the 2 highest earners but assess all applicants' ability to pay.

O

Our offer of loan is valid for a period of 6 months from the date of the offer for both purchases and remortgages, unless stated otherwise in the offer document.

If completion hasn’t taken place before the offer expires, we can consider a 6 month extension. The application will be subject to a full reassessment against our current criteria including reverification of income and a revaluation of the property which the applicant will be charged for. A new product may need to be selected from our current range.

For new build offer expiry details please see our 'New build' section.

We'd normally expect any spouse, civil partner and/or cohabiting partner who is contributing towards the deposit to be a joint owner and joint borrower. If this is not the case please contact us.

Any dependant relative must be disclosed on the application as a financial dependant and must be occupying the property rent free.

Any persons aged 17 or over who are not party to the mortgage but are, or will be, occupying the property during the mortgage term must be declared on the application as an occupier.

P

We will consider applications from applicants on parental leave. We’ll independently obtain an employer's reference to give length of employment, confirmation of full parental benefits and that the applicant intends to return to work and on what date. We’ll need to be satisfied of the affordability of the loan during the period of reduced household income so we may request evidence of savings. We may also need confirmation of any childcare costs on their return to work.

We will not normally lend if any applicant has taken out a payday loan in the last year. Applicants with payday loans taken out more than 1 year ago will be assessed individually to make sure affordability can be demonstrated.

If your client is looking to move, you could help them port their rate to a new property or take out a new loan with us.

Please see our Porting and Moving page for more information on how you can help your clients.

We can consider an application for an applicant within their probationary period as long as their employment has been continuous. The reason for leaving their previous employment must be established, or where the applicant’s employment is the first appointment, we’ll need confirmation of what they did previously.

To help protect against fraud, Anti Money Laundering Regulations (AML) require us to check the names and addresses of all our customers.

We’ll attempt to do this electronically. If this fails, each applicant must supply 1 item from the Proof of identity list and 1 item from the Proof of occupancy list.

The same document cannot be used to verify both their identity and their residency.

Proof of identity:

Driving licence

Auto requested if applicant has failed AML check

Includes following:

  • Current full old-style UK driving licence (paper version) - not more than 51 years old
  • Current Full UK/EU/USA/Canada/Australia photo card driving licence - not more than 10 years old
  • Current Provisional UK Photo card driving licence - not more than 3 years old.

DWP / Benefits agency Letter

Correspondence from the DWP/Benefits Agency/Social Insurance documents/Disability allowance book /Disability pension book/ROI Pension book dated within the last 13 months.

EU National ID Card

EU National Identity Card (photographic) which must be valid and in date.

NI Electoral Office ID

Identity card issued by the Electoral Office for Northern Ireland (NI only).

HMRC correspondence

HM Revenue & Customs/Revenue Commissioners correspondence e.g. Tax coding notice dated within the last 13 months (note: P60s & P45s are not acceptable).

Passport

Full current signed valid Passport, not more than 10 years old.

Proof of occupancy:

Bank statement

Auto requested if applicant has failed AML check and has not been found on Voter's Roll for all residential addresses for past 12 months

Original or certified copy of Bank/Building Society/Credit Union statement*, dated within the last 6 months. If downloaded from the internet, the copy must contain Bank/ Building Society logo, date, full name and address.

Credit card statement

Original or certified copy of statement*, dated within the last 6 months. If downloaded from the internet, the copy must contain Bank/ Building Society logo, date, full name and address.

DWP / Benefits agency Letter

Correspondence from the DWP/Benefits Agency/Social Insurance documents/Disability allowance book /Disability pension book/ROI Pension book dated within the last 13 months.

HMRC correspondence

HM Revenue & Customs/Revenue Commissioners correspondence e.g. Tax coding notice dated within the last 13 months (note: P60s & P45s and internet copies are not acceptable).

Local Authority correspondence

Council Tax bill (internet copies are not acceptable).

ROI Government document

Document posted from Government body in ROI dated within the last 6 months (for use in NI only).

Solicitor house purchase letter

Letter from solicitors confirming recent house purchase within the last 6 months.

Utility bill

For example, gas, electricity, water, telephone (not mobile), Cable services, Satellite TV* e.g. Sky, original statement dated within the last 6 months (not 'dongle' contracts). If downloaded from the internet, the copy must contain company logo, date, customer’s full name and address.

 

Please be aware:

  • For Anti Money Laundering purposes, documents being used to provide residency must show at least one forename and surname. Variations of the name may be acceptable if they refer to the same person, for example Pat/Paddy or Liz/Betty. Documents which show the initials only are not acceptable.
  • The address must match against the application form
  • *Statements downloaded from the internet (e-statement) can only be accepted if Proof of Identity is provided either by Passport, UK driving licence or EU ID card. An e-statement must be printed as a PDF document, not an excel download. It must contain the bank name and logo, date, full name and address. If it's used along with a driving licence, the addresses must be the same.

You can securely upload and certify documents for assessment via our online application system.

You can apply for a product transfer if:

  • your customer's account number starts 80 and is 10 digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need 1 offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has 6 months or less remaining on the ERC period
  • your customer is not residing in the property for Buy to Let mortgages
  • your customer is residing in the property for residential mortgages, unless in the armed forces
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least 6 months.

To view our products or apply visit our product transfer page.

We’ll only lend on a maximum of 2 properties within the same exact postcode.

Construction Type Criteria

Traditional construction 

Houses must be of solid or cavity construction incorporating the materials brick, concrete block or stone. Render and tile hung finishes in addition to the above are considered traditional and acceptable.

Period properties of cob

Period properties of cob (mud and straw) construction may be acceptable provided roofs are thatched. They will be considered on their merits, depending on the comments made by the mortgage valuer.

The term ‘period property’ will normally be applied to a building built before 1850.

For other roof types please contact us prior to submission.

Single skin/ half brick thick walls

Single skin/half brick thick walls are only acceptable in older properties where the walls are within single storey structures and contain non-habitable rooms.

Any single skin wall structure above single storey is normally unacceptable.

Roofs

Roofs should normally be pitched and covered with tiles or slates (including artificial slates), or thatched.

100% flat roof

100% flat roofs on houses can be acceptable if the property is of traditional construction and the valuer confirms saleability and acceptability to other lenders.

100% flat roofs on flat developments are generally acceptable.

Modern timber frame

Modern post 1970 (post 1950 in Scotland) factory made timber frames are generally acceptable provided the properties have a conventional outer cladding of brick, rendered block or reconstructed stone.

Post 2000 flat developments with timber cladding will be considered on their merits subject to not being more than 4 storeys.

Period timber frame housing

Historic hardwood timber frame housing is acceptable, being period properties (usually) built between 1300 and 1800.

Period timber frame properties normally clad in stone/brick/lath and plaster are acceptable. As are those clad in clap board or weather board, providing that the Valuer confirms this is common to the locality and constructed prior to 1900.

Pre reinforced concrete construction

Properties listed as defective under the Housing Defects legislation are not acceptable if unrepaired.

Repairs must be licensed by PRC Homes Ltd.

Repair schemes that predate PRC Homes Ltd schemes will only be acceptable where a PRC Licence Scheme number was later granted.

Steel frame construction

Steel framed houses built in 1984 or later and which are conventionally clad in brick or rendered block work are acceptable.

Steel framed houses built before 1984 and which are conventionally clad in brick or rendered block work are acceptable subject to a satisfactory Structural Engineer's report.

Unconventionally clad steel framed houses are unacceptable irrespective of their age.

No fines/easy form

Only 2 storey structures are usually acceptable (3 storey in Scotland). Any evidence of cracks must be referred to a Structural Engineer and where appropriate, carbonation test will be required.

‘Easiform’ construction built prior to 1940 must be referred to a Structural Engineer.

Acceptability is dependent on continued market demand. 

Large panel systems

Houses not acceptable.

Flats may be considered if constructed after 2000 on an individual case basis.

Cross wall/curtain wall 

These types are generally acceptable providing the party walls are of conventional construction. This type of construction in conjunction with a flat roof is normally unacceptable unless the valuer can confirm that an established demand for these properties exists and that they are generally mortgageable.

Cross wall is only acceptable where party walls are of masonry.

Transactions where the borrower is purchasing through a Property or Investment Club are not acceptable.

We will lend for auction purchases in principle. To be acceptable the property must meet our minimum requirements for both condition and title. The applicant should ensure there is adequate time to process their application before legal completion.

Property description Criteria

Access to flats

Self-contained access from the front of the building MUST be in place. Properties with external rear/side access via narrow alleyways or public footpaths are unacceptable, including those accessed across commercial premises/carparks.

Blocks of flats exceeding 4 floors in height (excluding basement floors but including ground floor, i.e.0,1,2,3 floors) MUST have lift access to all floors to be acceptable. Unless it's a converted former house in a desirable location, e.g. Pimlico, Chelsea, Kensington or Belgravia, or a standard Scottish tenement for the area.

We don't allow access via an external staircase.

Annexes

We'll not lend on properties with annexes intended for any commercial use e.g. letting, holiday lets, Airbnb, student lets, shop - this list is not exhaustive. Working from home offices are normally acceptable. We'll not lend on Buy to Let properties with an annexe.

If there is no commercial use intended please contact us and provide the following information:
- When was the annexe created?
- Is there existing planning permission/building regulation approval etc for the annexe?
- What is the annexe currently used for?
- What do the applicants intend to use it for?
- Is the annexe attached to the main house and can it be accessed internally?
- Does the annexe have its own separate access?
- Does the annexe have separate utilities?
- Is the annexe detached from the main house?
- Does the annexe have separate pedestrian/vehicle access?
- Does the annexe have a kitchen/kitchen area and/or bathroom/shower room /toilet
facilities?
- Is the annexe on the same title as the main house?
- Does the annexe have its own postal address?
- Is the annexe subject to separate council tax?
- Is there good demand in the location for this type of property?

New build house/1st sale

Acceptable (maximum 85% LTV).

New build flat/1st sale/1st registration of lease (including new conversions)

Acceptable (maximum 80% LTV).

Former council/MOD

Acceptable subject to being 4 storeys or fewer with no open deck access.

Shared ownership

Not acceptable on purchases. Remortgages for final staircasing only.

Property acceptance is subject to Valuer approval and confirming the property is readily saleable, acceptable to the majority of mainstream lenders and the majority of the flats/properties within the development being in private (100% equity) ownership.

Shared equity property

Not acceptable on purchases. Remortgages for purchase of final equity share only.

Property location

We do not usually lend on properties that are next to, opposite, above or close to commercial premises or anything that may prohibit the peaceful enjoyment of the property.

For example: shops, garages, petrol stations, restaurants, takeaways, factories, industrial units, farms, overhead power lines, sub stations, pylons, mobile phone masts, noise nuisance, smell, etc. This isn’t an exhaustive list.

However, if the property is in a highly desirable area we may be able to consider it, so please contact us prior to application.

Flats in high rise developments

Can be considered.

If the property is 5 storeys or more with cladding/stacked decking then we may require:

  1. The current Fire Risk Assessment (FRA) report for the building (not a report recommending a review, the date of which has already passed).
  2. The current Fire Risk External Wall (external façade) Assessment (FRAEW) report for the building (not a report recommending a review, the date of which has already passed).
  3. The name and qualifications of the author of each of these reports, together with (if possible) a copy of the certificate confirming those qualifications. It's essential that we have these qualifications provided.

For properties over 10 storeys, please contact us with details of the property prior to submission for a decision in principle.

Flats converted from former office, industrial buildings and ex local authority blocks

Not acceptable.

Studio flats

Can be considered, subject to the valuer being comfortable there is good demand in the locality. The gross internal area (GIA) must exceed 30 square metres.

Holiday homes

Not acceptable.

Pied a terre

Can be considered on an individual case basis.

Properties with part commercial use in the title

Not acceptable. 

Properties less than 10 years old

Must be covered by an approved new home warranty scheme or Professional Consultants Certificate from a suitably qualified individual. Please see ‘New build property warranties’ section for acceptable warranties.

Properties outside mainland UK

Not acceptable with the exception of the following Isle of Wight, Anglesey, Skye, Bute, Lewis & Harris, Mainland Orkney, Mainland Shetland, Arran, Mull, Islay, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst.

Freehold flats

Not acceptable.

Leasehold terms of less than 85 years at the start of the mortgage

Not acceptable.

Onerous lease terms

Not acceptable.

The Bank will consider lending on properties with escalating ground rent clauses, however it will not lend upon properties with onerous leases. The Bank itself will not determine whether a lease is onerous or not. It relies on its panel valuers and conveyancers to advise on the onerous nature of a lease. This is based upon their professional knowledge and experience of both leases and the local housing market, since it is the market which determines this property attribute.

As far as ground rents are concerned, increases in line with RPI (or equivalent indexes) are generally acceptable to the Bank. However, multiplier increases will need to be referred to both the valuer and conveyancer, particularly if the multiplier is for a time period of less than every 25 years. The Bank’s professional advisers will consider market appetite for ground rent increases, which will vary from location to location.

Properties with occupancy restrictions

Not acceptable. 

Properties being acquired under assignable contract

Not acceptable.

Properties with communal heating, hot water or other services where the property is not individually metered

These are generally not acceptable. But in prime locations, particularly within London, unmetered systems may be acceptable. Please contact us before submitting the application.

Properties with solar panels

Can be considered on an individual case basis, please contact us prior to submission.

Overhead power lines

Properties where high power lines pass over the site are not normally acceptable.

Minimum floor area

The minimum acceptable floor area for a property is 30 square metres.

Property with land/smallholding

We will not usually lend on smallholdings. For properties with more than 10 acres or separate fields, please contact us prior to submission.

We will not lend on working farms or houses which connect to, or through, working farms.

Properties with 2 kitchens

Can be considered on an individual case basis, please contact us prior to submission.

Listed buildings

Acceptable.

Maximum property value

£4,000,000

Refurbishment/modernisation

We'll not lend on properties that are part way through a project e.g. incomplete extensions, loft conversions, incomplete kitchens and bathrooms etc or very dated properties (which show after being inspected) that most purchasers would modernise/refurbish soon after moving in.

If the applicant has in the last 6 years substantially altered, refurbished, remodelled or extended their property please contact us prior to application.

R

We do not offer partial retentions. Lending will be based on either:

  • current valuation with no retention, or;
  • after works valuation with a full retention.

We accept pitched roofs covered with thatch, slates or standard/artificial tiles. Thatched roofs must have specialist insurance cover in place.

Houses with 100% flat roofs may be acceptable if the property is of traditional construction and the valuer confirms saleability and acceptability to other lenders.

For semi-detached and terraced houses, party walls must extend above the flat roof covering between the properties for the property to be acceptable to us.

100% flat roofs on blocks of flats/apartments are generally acceptable.

Roofs which are pitched in a single direction and have materials more commonly used on flat roofed properties, such as felt, asphalt or similar materials, will need to comply with our policy for 100% flat roofs (see below).

For semi-detached and terraced houses, party walls must extend above any flat roof covering between the properties for the property to be acceptable to us.

All applicants must be resident in the UK prior to applying. The applicant will need to have lived in the UK for long enough to ensure we have a meaningful credit score and employment history. This is normally a minimum of 3 years. Please see the Foreign Nationals section for any rights to live and work in the UK.

S

Use our Solicitor search tool to find an acceptable law firm to complete the mortgage transaction. Instructing a firm of solicitors/licensed conveyancers from our approved panel means they’ll act for both Bank of Ireland UK and your client. This will keep costs down and save time.

If your client wants to use a firm that isn’t on our panel, we’ll appoint our own firm to complete the legal work on our behalf. This is known as ‘Separate Representation’. The work required by both law firms must be submitted prior to completion taking place. This means the transaction:

  • Can take longer to complete than using only one firm (from our approved panel)
  • Could cost your client more, as they'll have to pay two sets of legal fees.

 

Proof of deposit may be requested at our underwriter’s discretion.

The following are acceptable sources of deposit:

  • equity from sale of property
  • savings
  • family gift
  • inheritance
  • capital raising on another property
  • forces Help to Buy.

Unacceptable sources of deposit are:

  • personal loans
  • funding from credit cards
  • income from cryptocurrency trading
  • vendor/builder cashback without additional minimum deposit from an acceptable source.

In Scotland, if it is public knowledge a property is for sale, the seller in most cases must provide a Home Report to prospective buyers. There are some exceptional situations when a seller can choose not to provide a potential purchaser with the Home Report and cases where a Home Report is not actually required. Further information can be found at https://www.mygov.scot/buying-a-home/home-report

For applications where no Home Report is required or available, we'll instruct a mortgage valuation.

The Home Report contains the Property Questionnaire, Single Survey, and an Energy Performance Certificate (EPC); the majority will also contain a Generic Mortgage Valuation Report (GMVR).


For purchase applications we'll request a transcript of the GMVR from the valuer who prepared the original Home Report. That valuer must be on the Bank of Ireland Panel. We'll only accept transcripts from Home Reports that are no more than 12 weeks old. It is the seller’s responsibility to obtain a refreshed Home Report if this is older than 12 weeks.

The transcript we receive is valid throughout the offer period and a Home Report refresh is not required. If the offer expires and an offer extension is required, then we'll require a revaluation which the applicant must pay for.

To get the correct product and Loan to Value (where the purchase price is different from the Home Report) you should key the application with the lower of the valuation or purchase price and then in the additional information box put a note on to say what the correct purchase price is. The application must also include the name of the firm that completed the Home Report and the date when the Home Report was undertaken.

If the firm is on our panel and the Home Report in date, then a transcript can be instructed.
If the firm is not on panel, then a Standard valuation would be required, but if the product does not include a fees free valuation or the fees free valuation has already been used, then a valuation fee payment must be taken first.

Missives covers the exchange of correspondence between the purchaser’s and seller’s solicitors negotiating the conditions of the sale. Property transactions in Scotland become legally binding for all parties upon ‘conclusion of Missives’.

 

Scottish Private Residential Tenancies (PRT)

Scottish Private Residential Tenancies (PRT) are acceptable and we'll instruct a mortgage valuation.

 

Tenure

Tenure - typically referred to as Former Feudal, Simple/Absolute ownership is accepted.
Applications can be considered for security on the following Scottish Islands;
Lewis and Harris, Mainland Shetland, Mainland Orkney, Skye, Bute, Arran, Islay, Mull, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst.

Where the valuer identifies a flat with potentially combustible cladding and/or stacked balconies which could facilitate the spread of fire, we'll require the Fire Risk Assessment report (FRA) and Fire Risk Assessment External Walls (FRAEW), together with the names and qualifications of the authors of these documents, for the building. Once we have all of this information, our Property Risk team will assess and advise if acceptable to proceed.

We do not accept EWS1 forms for properties with cladding/stacked balconies.

All properties 10 storeys or higher must be referred to our Property Risk Team prior to application. Please contact us.

T

  • The maximum term is 35 years
  • The minimum term is 5 years (or term of promotional period for existing customers moving home).

V

The revaluation fees below apply to further advance applications only.

There is an admin fee of £25 included within the revaluation fee.

When we receive a further advance application, the case will go to the underwriter for assessment. If a valuation is required, the Mortgage Valuation Report will be instructed.

Property Value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

£1,600,001 and above

By negotiation

The valuation fee is non-refundable once the valuation has been completed.

This applies to all mortgages. The valuation fee includes an administration fee of £90. Reinspections incur a minimum charge of £50 per visit (this includes an administration fee of £8.50).

When we receive a new application, our admin team instruct the Mortgage Valuation Report. Once the valuation has been instructed and all requested documents have been received, the case will go to an underwriter for assessment.

Purchase Price or Valuation Standard Mortgage Valuation Report

Up to £150,000

£240

£150,001 - £250,000

£310

£250,001 - £350,000

£360

£350,001 - £500,000

£470

£500,001 - £750,000

£610

£750,001 - £1m

£840

£1,000,001 - £1.5m

£940

£1,500,001 - £2m

£1,090

£2,000,001 - £2.5m

£1,290

£2,500,001 - £3m

£1,490

£3,000,001 - £3.5m

£1,690

£3,500,001 - £4m+

£1,890

The valuation fee is non refundable once the valuation has been completed. We may choose to use an Automated Valuation Model (AVM) report in some instances. The report is for our sole use.

We no longer offer homebuyers reports.

Where we are approached by an applicant with a request to accept a retype, consideration will only be given in the following circumstances:

  • Valuation must have been carried out within the past 4 weeks (12 weeks for a Scottish purchase)
  • The valuer who carried out the original report must be on Bank of Ireland UK’s panel for the postcode in which the property is located
  • The previous valuation must have been carried out for another lender
  • A copy of the valuation report must be provided to Valuation Services before any retype can be agreed
  • The requested retype must be for the same applicant
  • It must also be for the same product type
  • The valuation fee will be the agreed panel fee. This is non-refundable once the valuation has been completed.

Vendor paid deposits for second hand properties will be deducted from the gross purchase price to give a true net purchase price. Our maximum LTV lending will be based on this lower sum.

Where an appeal against a valuation is requested we’ll need evidence of 3 transactions of similar properties (comparables) to be submitted within 14 working days from the date you were aware of the valuation.

Where appealing both rent and capital values, we’ll need 3 comparables for each.

These should be completed sales or lettings within the last 6 months of similar properties and locations, ideally in the same postcode.

The following information will need to be provided for each comparable item*:

  • Full address (i.e. house or flat number and postcode)
  • Details of who sold or let the property
  • The agreed sale price or rent
  • Date of the transaction
  • Source of information.

For any valuation decision queries please get in touch with us via case message

*We don’t accept links to web adverts. Estate Agent letters, automated valuations, details of unsold/unlet properties and previous Valuer’s opinions aren’t considered appropriate evidence and will not be considered.

If a valuation report is received and the survey does not provide a current market value due to a recommendation that specialist reports are required, please be aware of the following:

  • The application may still be declined even after the reports have been received if there is an issue with the property that does not meet our lending policy
  • If there are any recommended works stipulated within the specialist reports, these works must be completed before we can proceed with the application
Filter Criteria

A

  • Freehold
  • Commonhold
  • Leasehold - Minimum 85 years remaining at application
  • Simple/Absolute
  • Commonhold. 

We’re a clean credit lender. We won’t lend to any applicant who has ever:

  • been bankrupt
  • been subject to an Individual Voluntary Arrangement (IVA)
  • owned a previous property which has been taken into possession or who has surrendered voluntary possession to the lender.

We will not lend if, in the last 3 years, an applicant has had:

  • a County Court Judgement (CCJ) registered or settled within this time, or has an outstanding CCJ registered outside the 3 years
  • any arrears at all on a mortgage, fixed payment loan and/or rent
  • more than two consecutive missed payments on credit and/or store cards.

We will not usually lend if the applicant has defaulted or settled a past defaulted account on any credit agreement in the last 3 years, or has an outstanding default.

Communications and mail order records can be ignored, unless the scale and/or frequency of missed payments indicate cause for concern.

  • The minimum age is 21
  • The maximum age is 80 at end of mortgage term.

B

  • A ‘Back to Back’ transaction, where a property has been owned for less than 6 months, is not acceptable and will be declined.
  • Assignable contracts are not acceptable and will be declined.
Check our 5 golden rules
  • Must pass our credit score
  • Must meet our minimum income and loan size requirements*
  • Income to support the loan must be paid in GBP
  • Up to 90% LTV for residential and up to 75% LTV for Buy to Let 
  • Must meet our standard property criteria.

For further information, take a look at our Bespoke information page or search our dedicated Bespoke Lending Criteria to see how we can meet the needs of your clients with complex income.

 *The minimum loan size is £150,000 and the minimum income requirements are:
Residential: Repayment mortgage - At least one applicant must earn £40,000. Interest only mortgage - £50,000 for sole applicants and £75,000 for joint applicants. Buy to Let: At least one applicant must earn £40,000 for a repayment or interest only mortgage.

Builders’ incentives are accepted up to 5% of purchase price with no adjustment to the purchase price or loan. We don’t accept guaranteed rental income schemes.

Unless specified below, our usual Buy to Let criteria also applies to Top Slicing.

We’ll assess affordability using the applicant's personal income. This can be used to cover a rent shortfall to achieve 145% of the monthly interest due (inclusive of any product fees added to the loan).

We’ll look at your customer's overall affordability including their credit commitments, residential mortgage and existing Buy to Let properties.

Rental income must be at least 100% of the monthly interest due, inclusive of any product fees added to the loan. This is calculated using the notional interest rate below (whichever applies):

Product
Minimum Interest Rate

Fixed rate less than 5 years or a variable rate

The higher of 5.5% or product pay rate + 2%

Fixed rate 5 years or more

The higher of 4.5% or product pay rate + 1% 

Proof of income will be required once a full application has been submitted.

Most of our lending criteria is applicable to existing customers with some minor exceptions.

 

A minimum household income of £40,000 per annum is required.

We’ll verify income on every application and only accept income contracted and paid in £GBP for our affordability assessment.

See 'Income’ in the residential section for a full list of acceptable income sources.

The maximum number of applicants is 4. All applicants must live at the same address and at least one must be a home owner (at point of completion).

We’ll only use the income of the 2 highest earners but assess all applicants' ability to pay.

The minimum property value is £100,000.

C

We don’t accept concessionary purchase prices on Buy to Let applications.

Applicants can remortgage to raise additional capital up to 75% LTV (excluding fees) for any legal purpose, subject to underwriter assessment, excluding the following;

  • Business or speculative purposes (e.g. investment, replace savings)
    Gambling debts,
    Payment of tax,
    Purchase of an overseas property (including timeshares),
    Debt consolidation (repayment of other mortgages/staircasing is not considered debt consolidation),
    Repayment of bridging finance,
    Payment of care fees.

Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable. There are some circumstances where we can consider these applications (such as when an applicant has inherited the property or where a developer has taken the property as part exchange) so please contact us to provide details.

Where the valuer identifies a flat with potentially combustible cladding and/or stacked balconies which could facilitate the spread of fire, we'll require the Fire Risk Assessment report (FRA) and Fire Risk Assessment External Walls (FRAEW) for the building, together with the names and qualifications of the authors of these documents. Once we have all of this information, our Property Risk team will assess and advise if it is acceptable to proceed.

We do not accept EWS1 forms for properties with cladding/stacked balconies.

All properties 10 storeys or higher must be referred to our Property Risk Team prior to application so please contact us.

We won’t accept any applications where the broker has a financial interest in the property being mortgaged. Put simply, the broker submitting the case can’t also be the buyer/owner.

To advise on CBTL mortgages you must be registered to do so. To find out more please search ‘FCA - Changes to Consumer Buy to Let mortgages’.

We will not normally accept applications from applicants with a criminal record unless the conviction is for a minor traffic offence, or is spent under the Rehabilitation of Offenders Act 1974.

At least 1 applicant must be an owner occupier at the point of completion (with or without a mortgage).

D

Applicants with diplomatic status in the UK are not acceptable.

Payment by Direct Debit mandate is compulsory for all loan types.

We don't allow debt consolidation on Buy to Let or Let to Buy applications.

Debt consolidation would include: repaying any unsecured lending such as loans, hire purchase agreements, credit cards, overdrafts, etc.

We also classify the following as debt consolidation:

  • Repayment of any Second Charges
    Unsecured loans linked with original mortgages (i.e. Northern Rock Together mortgage)
    Repaying parents/family back to repay monies used to assist in the purchase of the property.

Remortgages where the applicant is looking to capital raise to reduce other mortgage borrowing, Buy to Let or Residential are accepted up to and including 75% LTV.

We don't consider repayment of Help to Buy or the repayment of final staircasing as debt consolidation.

When a full application has been submitted, visit the ‘Actions’ tab in our online application system to see which documents are needed for assessment.

You'll need to certify all documents when you upload them. You can do this online.

If we need any additional documents we'll let you know.

Proof of identity

We need proof of ID to help protect against fraud. Anti Money Laundering regulations (AML) require us to check the names and addresses of all our customers. We'll attempt to do this electronically, but if this fails then each applicant must supply 1 document as proof of identity.

Proof of residency

If the applicant isn't on the Voters' Roll, proof of residency will be needed for all the addresses resided at within the past 12 months.

Proof of income – only needed if applying for a Top Slicing mortgage

Employed

Latest P60 and latest payslip(s) covering a full month*

Or

Employer’s reference - we'll only ask for this if the above is not available.

*Paid monthly = 1 payslip

Fortnightly = 2 payslips

Weekly = 4 payslips

Contractors

Original or certified copy of the current contract and all other contracts held in the past 12 months.

Self employed      

Or

A company Director with a shareholding of 25% or greater

Latest 2 years’ SA302s supported by the latest 2 years’ Tax Year Overviews and the latest month’s business bank statement.

Our underwriters may request additional information to support the application at their discretion.

Pension

Evidence of pension income (e.g. P60, or former employer’s confirmation of pension).

Bank statements

Employed

Where requested we'll require* 1 full month’s statement for the account which the applicant’s wage/salary is paid into. Any statement provided must be no older than 3 months.

If the applicant’s income is not credited directly into a bank account, then we may not be able to assist with the mortgage application.

*Confirmation of our full requirements will be provided upon submission of the application.

Contractor/Pension

1 full month’s statement will be required for the account which the applicant’s wage/salary/contracting income/pension is paid into. Any statement provided must be no older than 3 months.

If the applicant’s income is not credited directly into a bank account, then we may not be able to assist with the mortgage application.

Self employed

(Includes company Directors with a shareholding of 25% or greater)

1 full month’s statement will be required for the applicant’s business bank account. If the applicant does not hold a separate business account, then 1 full month’s statement for their personal account will be required. Any statement provided must be no older than 3 months.

Rental income

We need bank statements (dated within the last 3 months), showing the rental income received for all existing rental properties.

Proof of energy efficiency
An energy performance certificate (EPC) does not need to be provided but must be available showing a rating of A-E, or A or B if applying for a Green Buy to Let mortgage. The EPC can be checked here, or here for Scottish properties.

E

All of our lending criteria is applicable to existing customers with some minor exceptions.

Further advance applicants must meet certain criteria:

  • UK resident - All applicants must be UK residents
  • Minimum loan size - £5,000
  • Maximum loan size - £750,000 (total mortgage including further advance)
  • Portfolio - Maximum total borrowing £2m. The total portfolio size is 3 Buy to Let (BTL) mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group
  • Term - 2 years minimum (or duration of product). The further advance term can be longer than the main mortgage. The charge on the property won’t be released until the further advance term has finished
  • Income - No minimum income required
  • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
    • business or speculative purpose
    • debt consolidation
    • payment of tax
    • overseas property (including timeshare)
    • gambling debts.

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

  • Residential home owner - your customer must be a residential home owner at the time of application (owned outright or subject to a mortgage)
  • Repayment options - Capital Repayment, Interest Only or Combination of the 2, subject to any Interest Only balance having a suitable Repayment Strategy. Please refer to the Interest Only section of the criteria lookup tool
  • Total Loan to Value (LTV) limit - Maximum loan of £750,000 and maximum LTV of 75%
  • Valuation of property - A revaluation will be required (see fee scale below) however where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. Please review the Valuation fees scale of charges. All Buy to Lets must have an EPC available with a rating of A-E before the re-valuation (or full valuation) is carried out. In England and Wales only, we’ll also accept properties listed on the PRS Exemptions Register.  

Revaluation fee scale:

Property value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

  • Affordability - your customer’s ability to pay is assessed on the rental income (which must be received in £GBP).

The rental income must be at least 145% of the monthly interest due, inclusive of any product fees added to the loan. This is calculated using the product rate plus 2.00% – subject to the following minimum rates:

Product Minimum Interest Rate

Fixed rate less than 5 years or a variable rate

The higher of 5.5% or product pay rate + 2%

Fixed rate 5 years or more

The higher of 4.5% or product pay rate + 1% 

  • Adverse credit/payday loans - refer to the relevant criteria sections
  • All applications are subject to credit score, valuation and underwriting.

You can apply for a product transfer if:

  • your customer's account number starts 80 and is a ten digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need 1 offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has 6 months or less remaining on the ERC period
  • your customer is not residing in the property
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least 6 months.

To view our products or apply visit our product transfer page.

All Buy to Let properties must have an EPC of A-E (Scotland A-D) available before the valuation is carried out, or A or B if applying for a Green Buy to Let mortgage. The EPC can be checked here, or here for Scottish properties.

In England and Wales only, we’ll also accept properties listed on the PRS Exemptions Register. We won’t accept applications if these conditions aren’t met.

F

Buy to Let mortgages for tenants who are related to the customer are not acceptable and will be declined. We define a related person as:

  • spouse
  • civil partner
  • parents
  • grandparents
  • siblings
  • children, and grandchildren.

No prior Buy to Let experience is required, but at least 1 applicant must be an owner occupier at the point of application.

We require confirmation that the applicant has the right to live and work in the UK. The applicant will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history, this is normally a minimum of 3 years.

The following applicants can apply up to our maximum LTV:

  • Irish Nationals.
  • EU, EEA and Swiss Nationals with ‘settled status’.
  • Non EU, EEA and Swiss Nationals with ‘indefinite leave to remain’.
  • Applicants who are born outside of the UK but who have received UK naturalisation.

The following applicants can apply up to 75% LTV:

  • EU, EEA and Swiss Nationals with ‘pre-settled status’.
  • Non EU, EEA and Swiss Nationals with limited rights to work/remain in the UK. Only Innovator, and Global Talent visas (previously Tier 1), Skilled Worker visas (previously Tier 2) and Ancestral Visas are acceptable. The underwriter will need to be satisfied that there is an adequate period of time remaining on the visa to warrant the granting of a long term loan.

Further advance applicants must meet certain criteria:

  • UK resident - All applicants must be UK residents
  • Minimum loan size - £5,000
  • Maximum loan size - £750,000 (total mortgage including further advance)
  • Portfolio - Maximum total borrowing £2m. The total portfolio size is 3 Buy to Let mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group
  • Term - 2 years minimum (or duration of product). The further advance term can be longer than the main mortgage. The charge on the property won’t be released until the further advance term has finished
  • Income - No minimum income required
  • Reasons for borrowing - Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
    • business or speculative purpose
    • debt consolidation
    • payment of tax
    • overseas property (including timeshare)
    • gambling debts.

Raising capital to fund a deposit or outright purchase of a Buy to Let isn’t considered a business purpose.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

  • Residential home owner - your customer must be a residential home owner at the time of application (owned outright or subject to a mortgage)
  • Repayment options - Capital Repayment, Interest Only or Combination of the 2, subject to any Interest Only balance having a suitable Repayment Strategy. Please refer to the Interest Only section of the criteria lookup tool
  • Total Loan to Value (LTV) limit - Maximum loan of £750,000 and maximum LTV of 75%
  • Valuation of property - A re-valuation will be required (see fee scale below) however where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. Please review the Valuation fees scale of charges. All Buy to Lets must have an EPC available with a rating of A-E before the re-valuation (or full valuation) is carried out. In England and Wales only, we’ll also accept properties listed on the PRS Exemptions Register.

Re-valuation fee scale:

Property value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

 

  • Affordability - Your customer’s ability to pay is assessed on the rental income (which must be received in GBP).

The rental income must be at least 145% of the monthly interest due, inclusive of any product fees added to the loan. This is calculated using the product rate plus 2.00% – subject to the following minimum rates:

Product Minimum Interest Rate

Fixed rate less than 5 years or a variable rate

The higher of 5.5% or product pay rate + 2% 

Fixed rate 5 years or more

The higher of 4.5% or product pay rate + 1% 

  • Adverse credit/payday loans - refer to the relevant criteria sections
  • All applications are subject to credit score, valuation and underwriting.

G

We don’t offer guarantor loans on our Buy to Let product range.

Green Buy to Let mortgages are available for:

  • properties with energy performance (EPC) ratings A or B
  • purchases and remortgages
  • ICR and Top Slicing.

Please check the EPC to make sure the property is eligible before submitting an application. This can be checked here, or here  for Scottish properties.

H

We don’t lend on holiday lets.

We don’t lend on properties that need an HMO licence or where there are more than 4 people named on the tenancy agreement. An HMO is a house in multiple occupation. There are different rules around properties that fall into the category of an HMO, such as the number of sharers and the size of the property. This can be confirmed with the relevant Local Authority.

I

There’s no minimum income required.

Investment income isn’t acceptable.

Income from land and property should be excluded from the applicant's income figure. This will be asked for/calculated separately within our Top Slicing affordability calculator. 

Income must be paid and contracted in GBP (£) and be subject to UK tax and National Insurance contributions.

Interest only or part and part is available. Confirmation of the repayment strategy is required and all repayment strategies must be held, valued and paid in £GBP.

L

We don’t offer limited company Buy to Lets.

Loan size

Minimum £25,001, maximum £750,000 per property for purchases and remortgages.

Maximum total borrowing

£2,000,000

Maximum LTV

75% LTV. Fees may be added to the loan.

Maximum portfolio size

The total portfolio size is 3 UK mortgaged BTL properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Properties that are owned in the name of a limited company which an applicant is a director of, and applications in progress, should also be included.

 

Loan size

No minimum loan size, maximum loan size per property £750,000.

If £750,000 is already exceeded no additional borrowing will be allowed.

Further advance

Minimum loan size £5,000

Maximum loan size £750,000 (total mortgage including further advance)

Maximum total borrowing

£2,000,000. No maximum total borrowing as long as the total loan size does not exceed £750,000 per property.

Maximum LTV

75% LTV. Fees may be added to the loan.

Maximum portfolio size

n/a

We require the vendor to have owned the property for a minimum of 6 months prior to completion of this transaction unless the seller is:

  • a personal representative of the registered proprietor; or
  • an institutional mortgagee exercising its power of sale; or
  • a receiver, trustee-in-bankruptcy or liquidator; or
  • a developer or builder selling a property acquired under a part-exchange scheme; or
  • a registered housing provider (Housing Association) exercising a power of sale.

Applicants can remortgage to raise additional capital to fund most legal purposes, provided the capital isn’t used for:

  • business or speculative purpose
  • debt consolidation
  • gambling debts
  • overseas property (including timeshare)
  • payment of tax.

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

We require applicants to have owned the property for a minimum of 6 months prior to completion of this transaction.

Remortgage of a current residential to a Buy to Let and capital raising to fund the purchase of the new main residence is acceptable. To be acceptable we need to be satisfied that the applicant will be moving out of the property upon completion and moving into their new residence, otherwise it will become a regulated Buy to Let. It must be a simultaneous completion.

We'll require confirmation of the new correspondence address, purchase price, borrowing amount, monthly payment, a breakdown of how funds are being used e.g. deposit, fees, improvements etc. and a copy of the onward residential mortgage offer if applicable.  If there isn't a mortgage the solicitor must confirm the details.

We do not allow capital raising for any debt consolidation. We can accept both standalone Let to Buy applications and where we’re also providing the mortgage for the onward residential purchase.

All Let to Buy properties will require a valid Energy Performance Certificate (EPC) with a rating between A-E (unless exempt) or between A-D in Scotland. This must be in place at the time the valuation is carried out, if not, additional costs may be incurred and the application may be delayed.

 

N

If your client has an application with us and their purchase falls through, send us a New Property Details Form for a change of property.

By applying for a new property, your client's case will be reassessed by one of our underwriters. This means we may ask you for additional information. Our decision to lend may also be affected if there is a change in their circumstances or the new property isn’t considered suitable.

O

Our offer of loan is valid for a period of 6 months from the date of the offer for both purchases and remortgages, unless stated otherwise in the offer document.

If completion hasn’t taken place before the offer expires, we can consider a 6 month extension. The application will be subject to a full reassessment against our current criteria including reverification of income and a revaluation of the property which the applicant will be charged for. A new product may need to be selected from our current range.

For new build offer expiry details please see our 'New build' section.

P

We will not normally lend if any applicant has taken out a payday loan in the last year. Applicants with payday loans taken out more than 1 year ago will be assessed individually to make sure affordability can be demonstrated.

If your client is looking to move, you could help them port their rate to a new property or take out a new loan with us.

Please see our Porting and Moving page for more information on how you can help your clients.

Private sales where no estate agent is acting are not acceptable.

To help protect against fraud, Anti Money Laundering Regulations (AML) require us to check the names and addresses of all our customers.

We’ll attempt to do this electronically. If this fails, each applicant must supply 1 item from the Proof of identity list and 1 item from the Proof of occupancy list.

The same document cannot be used to verify both their identity and their residency.

Proof of identity:

Driving licence

Auto requested if applicant has failed AML check

Includes following:

  • Current full old-style UK driving licence (paper version) - not more than 51 years old
  • Current Full UK/EU/USA/Canada/Australia photo card driving licence - not more than 10 years old
  • Current Provisional UK Photo card driving licence - not more than 3 years old.

DWP / Benefits agency Letter

Correspondence from the DWP/Benefits Agency/Social Insurance documents/Disability allowance book /Disability pension book/ROI Pension book dated within the last 13 months.

EU National ID Card

EU National Identity Card (photographic) which must be valid and in date.

NI Electoral Office ID

Identity card issued by the Electoral Office for Northern Ireland (NI only).

HMRC correspondence

HM Revenue & Customs/Revenue Commissioners correspondence e.g. Tax coding notice dated within the last 13 months (note: P60s & P45s are not acceptable).

Passport

Full current signed valid Passport, not more than 10 years old.

Proof of occupancy:

Bank statement

Auto requested if applicant has failed AML check and has not been found on Voter's Roll for all residential addresses for past 12 months

Original or certified copy of Bank/Building Society/Credit Union statement*, dated within the last 6 months. If downloaded from the internet, the copy must contain Bank/ Building Society logo, date, full name and address.

Credit card statement

Original or certified copy of statement*, dated within the last 6 months. If downloaded from the internet, the copy must contain Bank/ Building Society logo, date, full name and address.

DWP / Benefits agency Letter

Correspondence from the DWP/Benefits Agency/Social Insurance documents/Disability allowance book /Disability pension book/ROI Pension book dated within the last 13 months.

HMRC correspondence

HM Revenue & Customs/Revenue Commissioners correspondence e.g. Tax coding notice dated within the last 13 months (note: P60s & P45s and internet copies are not acceptable).

Local Authority correspondence

Council Tax bill (internet copies are not acceptable).

ROI Government document

Document posted from Government body in ROI dated within the last 6 months (for use in NI only).

Solicitor house purchase letter

Letter from solicitors confirming recent house purchase within the last 6 months.

Utility bill

For example, gas, electricity, water, telephone (not mobile), Cable services, Satellite TV* e.g. Sky, original statement dated within the last 6 months (not 'dongle' contracts). If downloaded from the internet, the copy must contain company logo, date, customer’s full name and address.

 

Please be aware:

  • For Anti Money Laundering purposes, documents being used to provide residency must show at least one forename and surname. Variations of the name may be acceptable if they refer to the same person, for example Pat/Paddy or Liz/Betty. Documents which show the initials only are not acceptable.
  • The address must match against the application form
  • *Statements downloaded from the internet (e-statement) can only be accepted if Proof of Identity is provided either by Passport, UK driving licence or EU ID card. An e-statement must be printed as a PDF document, not an excel download. It must contain the bank name and logo, date, full name and address. If it's used along with a driving licence, the addresses must be the same.

You can securely upload and certify documents for assessment via our online application system.

You can apply for a product transfer if:

  • your customer's account number starts 80 and is 10 digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need 1 offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has 6 months or less remaining on the ERC period
  • your customer is not residing in the property for Buy to Let mortgages
  • your customer is residing in the property for residential mortgages, unless in the armed forces
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least 6 months.

To view our products or apply visit our product transfer page.

We’ll only lend on a maximum of 2 properties within the same exact postcode.

The total portfolio size is 3 UK mortgaged BTL properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Properties that are owned in the name of a limited company which an applicant is a director of, and applications in progress, should also be included.

Construction Type Criteria

Traditional construction 

Houses must be of solid or cavity construction incorporating the materials brick, concrete block or stone. Render and tile hung finishes in addition to the above are considered traditional and acceptable.

Period properties of cob

Period properties of cob (mud and straw) construction may be acceptable provided roofs are thatched. They will be considered on their merits, depending on the comments made by the mortgage valuer.

The term ‘period property’ will normally be applied to a building built before 1850.

For other roof types please contact us prior to submission.

Single skin/ half brick thick walls

Single skin/half brick thick walls are only acceptable in older properties where the walls are within single storey structures and contain non-habitable rooms.

Any single skin wall structure above single storey is normally unacceptable.

Roofs

Roofs should normally be pitched and covered with tiles or slates (including artificial slates), or thatched.

100% flat roof

100% flat roofs on houses can be acceptable if the property is of traditional construction and the valuer confirms saleability and acceptability to other lenders.

100% flat roofs on flat developments are generally acceptable.

Modern timber frame

Modern post 1970 (post 1950 in Scotland) factory made timber frames are generally acceptable provided the properties have a conventional outer cladding of brick, rendered block or reconstructed stone.

Post 2000 flat developments with timber cladding will be considered on their merits subject to not being more than 4 storeys.

Period timber frame housing

Historic hardwood timber frame housing is acceptable, being period properties (usually) built between 1300 and 1800.

Period timber frame properties normally clad in stone/brick/lath and plaster are acceptable. As are those clad in clap board or weather board, providing that the Valuer confirms this is common to the locality and constructed prior to 1900.

Pre reinforced concrete construction

Properties listed as defective under the Housing Defects legislation are not acceptable if unrepaired.

Repairs must be licensed by PRC Homes Ltd.

Repair schemes that predate PRC Homes Ltd schemes will only be acceptable where a PRC Licence Scheme number was later granted.

Steel frame construction

Steel framed houses built in 1984 or later and which are conventionally clad in brick or rendered block work are acceptable.

Steel framed houses built before 1984 and which are conventionally clad in brick or rendered block work are acceptable subject to a satisfactory Structural Engineer's report.

Unconventionally clad steel framed houses are unacceptable irrespective of their age.

No fines/easy form

Only 2 storey structures are usually acceptable (3 storey in Scotland). Any evidence of cracks must be referred to a Structural Engineer and where appropriate, carbonation test will be required.

‘Easiform’ construction built prior to 1940 must be referred to a Structural Engineer.

Acceptability is dependent on continued market demand. 

Large panel systems

Houses not acceptable.

Flats may be considered if constructed after 2000 on an individual case basis.

Cross wall/curtain wall 

These types are generally acceptable providing the party walls are of conventional construction. This type of construction in conjunction with a flat roof is normally unacceptable unless the valuer can confirm that an established demand for these properties exists and that they are generally mortgageable.

Cross wall is only acceptable where party walls are of masonry.

Transactions where the borrower is purchasing through a Property or Investment Club are not acceptable.

We will lend for auction purchases in principle. To be acceptable the property must meet our minimum requirements for both condition and title. The applicant should ensure there is adequate time to process their application before legal completion.

  • The minimum property value is £60,000 (£40,000 for properties in Northern Ireland).
  • The maximum property value is £4,000,000.
Property description Criteria

Access to flats

Self-contained access from the front of the building MUST be in place. Properties with external rear/side access via narrow alleyways or public footpaths are unacceptable, including those accessed across commercial premises/carparks.

Blocks of flats exceeding 4 floors in height (excluding basement floors but including ground floor, i.e.0,1,2,3 floors) MUST have lift access to all floors to be acceptable. Unless it's a converted former house in a desirable location, e.g. Pimlico, Chelsea, Kensington or Belgravia, or a standard Scottish tenement for the area.

We don't allow access via an external staircase.

Annexes

Not acceptable.

New build house/1st sale

Acceptable.

New build flat/1st sale/1st registration of lease

Not acceptable.

Former council/MOD/Former work houses

Acceptable.

Former council/MOD/Former work flats

Acceptable, subject to a minimum value of £90,000, 4 storeys or fewer with no open deck access.

Shared ownership and shared equity houses

Not acceptable.

Shared ownership and shared equity flats

Not acceptable.

Large properties

Properties which have the following are acceptable:

  • Properties must be readily marketable for owner occupation and located in predominately residential areas
  • Properties with more than 4 bedrooms are only acceptable if they are within an area of predominately single family occupancy, subject to the valuer confirming it is a suitable security and there is a demand for single family rentals in the area
  • Let to a single family or a maximum of 4 sharers on a single assured shorthold tenancy (or equivalent).

Properties outside of this criteria could be deemed as a House in Multiple Occupation (HMO), which are unacceptable to the Bank.

Property location

We do not usually lend on properties that are next to, opposite, above or close to commercial premises or anything that may prohibit the peaceful enjoyment of the property.

For example: shops, garages, petrol stations, restaurants, takeaways, factories, industrial units, farms, overhead power lines, sub stations, pylons, mobile phone masts, noise nuisance, smell, etc. This isn’t an exhaustive list.

However, if the property is in a highly desirable area we may be able to consider it, so please contact us prior to application.

Flats converted from former office, industrial buildings and ex local authority blocks

Not acceptable.

Studio flats

Can be considered, subject to the valuer being comfortable there is good demand in the locality. The gross internal area (GIA) must exceed 30 square metres.

Holiday homes

Not acceptable.

Properties with part commercial use

Not acceptable.

Properties with part commercial use in the title

Not acceptable.

Properties less than 10 years old

Must be covered by an approved new home warranty scheme or Professional Consultants Certificate from a suitably qualified individual. Please see ‘New build property warranties’ section for acceptable warranties.

Properties outside mainland UK

Not acceptable with the exception of Isle of Wight, Anglesey, Skye, Bute, Lewis & Harris, Mainland Orkney, Mainland Shetland, Arran, Mull, Islay, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst.

Freehold flats

Not acceptable.

Leasehold terms of less than 85 years at the start of the mortgage

Not acceptable.

Onerous lease terms

Not acceptable.

The Bank will consider lending on properties with escalating ground rent clauses, however it will not lend upon properties with onerous leases. The Bank itself will not determine whether a lease is onerous or not. It relies on its panel valuers and conveyancers to advise on the onerous nature of a lease. This is based upon their professional knowledge and experience of both leases and the local housing market, since it is the market which determines this property attribute.

As far as ground rents are concerned, increases in line with RPI (or equivalent indexes) are generally acceptable to the Bank. However, multiplier increases will need to be referred to both the valuer and conveyancer, particularly if the multiplier is for a time period of less than every 25 years. The Bank’s professional advisers will consider market appetite for ground rent increases, which will vary from location to location.

Properties with occupancy restrictions

Not acceptable.

Properties being acquired under assignable contract

Not acceptable.

Properties with communal heating, hot water or other services where the property is not individually metered

These are generally not acceptable. But in prime locations, particularly within London, unmetered systems may be acceptable. Please speak to your BDM before submitting the application.

Livework units

Not acceptable.

Properties with solar panels

Can be considered on an individual case basis, please contact us prior to submission.

Overhead power lines

Properties where high power lines pass over the site are not normally acceptable.

Minimum floor area

The minimum acceptable floor area for a property is 30 square metres.

Property with land/smallholding

We will not usually lend on smallholdings. For properties with more than 10 acres or separate fields, please contact us prior to submission.

We will not lend on working farms or houses which connect to, or through, working farms.

Properties with 2 kitchens

Not acceptable.

Listed buildings

Acceptable.

Properties with an Energy Performance Certificate (EPC) rating of A-E (or A-D in Scotland) Acceptable. In England and Wales only, we’ll also accept properties if they’re listed on the PRS Exemptions Register.

Maximum property value

£4,000,000

Refurbishment/modernisation

We'll not lend on properties that are part way through a project e.g. incomplete extensions, loft conversions, incomplete kitchens and bathrooms etc or very dated properties (which show after being inspected) that most purchasers would modernise/refurbish soon after moving in.

If the applicant has in the last 6 years substantially altered, refurbished, remodelled or extended their property please contact us prior to application.

 

Purchases where the vendor is a building firm or development company in which the applicant has a financial interest are not acceptable.

Buy to Let properties must predominantly appeal to the residential home owner market, and must already be suitable to be let at the time of the property valuation. They should be tenanted within 60 days of being marketed.

We don't lend on new build flats as a Buy to Let. We can consider ex-council properties but only in good condition and in locations with both a strong rental and owner occupier demand.

For ex-local authority flats we accept a maximum height of 4 storeys. We do not accept blocks with open deck access, unless there is a secure entry-phone system and doors to all stairwells.

For ex- local authority properties we have a minimum value of £60,000 (£40,000 in Northern Ireland). For ex-local authority flats the minimum value is £90,000.

R

Ability to pay is assessed on the rental income (which must be received in £GBP).

The rental income must be at least 145% of the monthly interest due inclusive of any product fees added to the loan.

This is calculated using the notional interest rate below (whichever is applicable):

Product Notional interest rate

Fixed rate less than 5 years or a variable rate

The higher of 5.5% or product pay rate + 2%

Fixed rate 5 years or more 

The higher of 4.5% or product pay rate + 1% 

We accept pitched roofs covered with thatch, slates or standard/artificial tiles. Thatched roofs must have specialist insurance cover in place.

Houses with 100% flat roofs may be acceptable if the property is of traditional construction and the valuer confirms saleability and acceptability to other lenders.

For semi-detached and terraced houses, party walls must extend above the flat roof covering between the properties for the property to be acceptable to us.

100% flat roofs on blocks of flats/apartments are generally acceptable.

Roofs which are pitched in a single direction and have materials more commonly used on flat roofed properties, such as felt, asphalt or similar materials, will need to comply with our policy for 100% flat roofs (see below).

For semi-detached and terraced houses, party walls must extend above any flat roof covering between the properties for the property to be acceptable to us.

All applicants must be resident in the UK prior to applying. The applicant will need to have lived in the UK for long enough to ensure we have a meaningful credit score and employment history. This is normally a minimum of 3 years. Please see the Foreign Nationals section for any rights to live and work in the UK.

S

Sale and rent backs where the vendor is becoming the tenant upon completion are not acceptable and will be declined.

Transcripts are not permitted.

Use our Solicitor search tool to find an acceptable law firm to complete the mortgage transaction. Instructing a firm of solicitors/licensed conveyancers from our approved panel means they’ll act for both Bank of Ireland UK and your client. This will keep costs down and save time.

If your client wants to use a firm that isn’t on our panel, we’ll appoint our own firm to complete the legal work on our behalf. This is known as ‘Separate Representation’. The work required by both law firms must be submitted prior to completion taking place. This means the transaction:

  • Can take longer to complete than using only one firm (from our approved panel)
  • Could cost your client more, as they'll have to pay two sets of legal fees.

 

Proof of deposit may be requested at our underwriter’s discretion.

The following are acceptable sources of deposit:

  • equity from sale of property
  • savings
  • family gift
  • inheritance
  • capital raising on another property.

Unacceptable sources of deposit are:

  • personal loans
  • funding from credit cards
  • vendor/builder cashback without additional minimum deposit from an acceptable source.

In Scotland, if it is public knowledge a property is for sale, the seller in most cases must provide a Home Report to prospective buyers. There are some exceptional situations when a seller can choose not to provide a potential purchaser with the Home Report and cases where a Home Report is not actually required. Further information can be found at https://www.mygov.scot/buying-a-home/home-report

For applications where no Home Report is required or available, we'll instruct a mortgage valuation.

The Home Report contains the Property Questionnaire, Single Survey, and an Energy Performance Certificate (EPC); the majority will also contain a Generic Mortgage Valuation Report (GMVR).


For purchase applications we'll request a transcript of the GMVR from the valuer who prepared the original Home Report. That valuer must be on the Bank of Ireland Panel. We'll only accept transcripts from Home Reports that are no more than 12 weeks old. It is the seller’s responsibility to obtain a refreshed Home Report if this is older than 12 weeks.

The transcript we receive is valid throughout the offer period and a Home Report refresh is not required. If the offer expires and an offer extension is required, then we'll require a revaluation which the applicant must pay for.

To get the correct product and Loan to Value (where the purchase price is different from the Home Report) you should key the application with the lower of the valuation or purchase price and then in the additional information box put a note on to say what the correct purchase price is. The application must also include the name of the firm that completed the Home Report and the date when the Home Report was undertaken.

If the firm is on our panel and the Home Report in date, then a transcript can be instructed.
If the firm is not on panel, then a Standard valuation would be required, but if the product does not include a fees free valuation or the fees free valuation has already been used, then a valuation fee payment must be taken first.

Missives covers the exchange of correspondence between the purchaser’s and seller’s solicitors negotiating the conditions of the sale. Property transactions in Scotland become legally binding for all parties upon ‘conclusion of Missives’.

 

Scottish Private Residential Tenancies (PRT)

Scottish Private Residential Tenancies (PRT) are acceptable and we'll instruct a mortgage valuation.

 

Tenure

Tenure - typically referred to as Former Feudal, Simple/Absolute ownership is accepted.
Applications can be considered for security on the following Scottish Islands;
Lewis and Harris, Mainland Shetland, Mainland Orkney, Skye, Bute, Arran, Islay, Mull, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst.

Where the valuer identifies a flat with potentially combustible cladding and/or stacked balconies which could facilitate the spread of fire, we'll require the Fire Risk Assessment report (FRA) and Fire Risk Assessment External Walls (FRAEW), together with the names and qualifications of the authors of these documents, for the building. Once we have all of this information, our Property Risk team will assess and advise if acceptable to proceed.

We do not accept EWS1 forms for properties with cladding/stacked balconies.

All properties 10 storeys or higher must be referred to our Property Risk Team prior to application. Please contact us.

T

 

England & Wales

Scotland & Northern Ireland

With Vacant Possession

With Tenant In Situ

With Vacant Possession

With Tenant In Situ

Purchases

Yes

Yes

Yes

No

Remortgages

Yes

Yes

Yes

Yes

Tenanted Possession Restrictions

The existing tenancy must have commenced after 28 February 1997 and the existing tenant must not have resided in the property before the date of the agreement.

Scotland: Remortgages will only be considered provided the tenant has not been resident in the property 5 years earlier than the date of our offer.

Northern Ireland: Remortgages will only be considered if the existing tenancy is a Protected Shorthold Agreement or an Uncontrolled Letting.

Tenancy Types

The tenancy mustn’t exceed 2 years in duration and must normally be written in one of the following formats:

  • England: Assured Shorthold Tenancy (AST)
  • Wales: Occupation Contract
  • Scotland: Private Residential Tenancy (Formerly Shorthold Assured Tenancy (SAT)
  • Northern Ireland: Protected Shorthold Agreement or Uncontrolled Letting

Maximum of 4 tenants on a single AST (or equivalent)

Company/housing association lets are not acceptable.

  • The maximum term is 35 years
  • The minimum term is 5 years (or term of promotional period for existing customers moving home).

V

The revaluation fees below apply to further advance applications only.

There is an admin fee of £25 included within the revaluation fee.

When we receive a further advance application, the case will go to the underwriter for assessment. If a valuation is required, the Mortgage Valuation Report will be instructed.

Property Value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

£1,600,001 and above

By negotiation

The valuation fee is non-refundable once the valuation has been completed.

This applies to all mortgages. The valuation fee includes an administration fee of £90. Reinspections incur a minimum charge of £50 per visit (this includes an administration fee of £8.50).

When we receive a new application, our admin team instruct the Mortgage Valuation Report. Once the valuation has been instructed and all requested documents have been received, the case will go to an underwriter for assessment.

Purchase Price or Valuation Standard Mortgage Valuation Report

Up to £150,000

£240

£150,001 - £250,000

£310

£250,001 - £350,000

£360

£350,001 - £500,000

£470

£500,001 - £750,000

£610

£750,001 - £1m

£840

£1,000,001 - £1.5m

£940

£1,500,001 - £2m

£1,090

£2,000,001 - £2.5m

£1,290

£2,500,001 - £3m

£1,490

£3,000,001 - £3.5m

£1,690

£3,500,001 - £4m+

£1,890

The valuation fee is non refundable once the valuation has been completed. We may choose to use an Automated Valuation Model (AVM) report in some instances. The report is for our sole use.

We no longer offer homebuyers reports.

Vendor paid deposits for second hand properties will be deducted from the gross purchase price to give a true net purchase price. Our maximum LTV lending will be based on this lower sum.

Where an appeal against a valuation is requested we’ll need evidence of 3 transactions of similar properties (comparables) to be submitted within 14 working days from the date you were aware of the valuation.

Where appealing both rent and capital values, we’ll need 3 comparables for each.

These should be completed sales or lettings within the last 6 months of similar properties and locations, ideally in the same postcode.

The following information will need to be provided for each comparable item*:

  • Full address (i.e. house or flat number and postcode)
  • Details of who sold or let the property
  • The agreed sale price or rent
  • Date of the transaction
  • Source of information.

For any valuation decision queries please get in touch with us via case message

*We don’t accept links to web adverts. Estate Agent letters, automated valuations, details of unsold/unlet properties and previous Valuer’s opinions aren’t considered appropriate evidence and will not be considered.

If a valuation report is received and the survey does not provide a current market value due to a recommendation that specialist reports are required, please be aware of the following:

  • The application may still be declined even after the reports have been received if there is an issue with the property that does not meet our lending policy
  • If there are any recommended works stipulated within the specialist reports, these works must be completed before we can proceed with the application
Filter Criteria

A

Affordability
Residential - Affordability

For clients that need an individual approach to their outgoings, for example we consider:

  • Offsetting school fees/childcare if proof of ringfenced funds can be provided
  • Offsetting existing and new Consent to Let (CTL) mortgages subject to an ARLA member (The Association of Residential Letting Agents) confirming the expected rental for the property and this estimated rental meeting our standard BTL assessment.
Buy to Let - Affordability

Bespoke Buy to Let (BTL) is a personal income supported BTL proposition for landlords allowing larger loan lending, and using applicants’ personal income within the affordability assessment where the Interest Coverage Ratio (ICR) falls below the minimum requirements.

Bespoke BTL varies from our existing BTL Top Slicing proposition by allowing larger loan sizes (up to £1.5m) and a broader range of applicant types.

Monthly rent is not to be less than 100% of the monthly interest when calculated at the stress rate, with a minimum ICR of 145%, including available personal non-rent income.

Cases where rental income fits on a 145% ICR basis but require another area of Bespoke BTL criteria are acceptable, subject to full income verification.

Income assessment will be in line with our Bespoke Residential criteria.

Age of applicant(s)
Residential - Age of applicant(s)

The minimum age is 18.

The maximum age is 80 years for the eldest applicant at the expiry of the mortgage term (75 for Interest Only and Part & Part mortgages).

Buy to Let - Age of applicant(s)

The minimum age is 21.

The maximum age is 80.

C

Contractors
Residential - Contractors

The term ‘contractors’ covers those trading as either self employed or as a limited company, as well as contractors working through an umbrella firm. Contractors have the option to apply as self employed, requiring 3 years’ trading and 2 years’ income figures, or as an employment type contractor.

Our contractor lending criteria: (if your applicant falls outside of the minimum income, 80% contract value or minimum 12 months contracting period please contact us)

  • Maximum 90% Loan to Value, exclusive of fees
  • Applicants must have a minimum gross contracting income of £50,000pa for the contractor (not the household)
  • Affordability is based on 80% of gross contract income
  • Minimum contracting period is 12 months in current occupation. The contract doesn’t have to be with the same agency/employer. Our Bespoke underwriters can consider less than 12 months history where the circumstances make sense and the applicant profile is strong
  • Current contract is required for income assessment. This can be either the original or a certified copy. We’ll also need copies of all other contracts held in the past 12 months
  • Short gaps between contracts in the last 12 months can be considered
  • Eligible for Interest Only, subject to our Interest Only lending criteria
  • Where contractors use an umbrella company to manage their payroll, please also refer to our umbrella companies income criteria.

We won’t lend to Construction Industry Scheme (CIS) contract workers under our contractor criteria. But we can consider them under our self employed income criteria.

Buy to Let - Contractors

The term ‘contractors’ covers those trading as either self employed or as a limited company, as well as contractors working through an umbrella firm. Contractors have the option to apply as self employed (see Self Employed section under Income for further details), or as an employment type contractor.

Our contractor lending criteria: (if your applicant falls outside of the minimum income, 80% contract value or minimum 12 months contracting period please contact us)

  • Maximum 90% Loan to Value, exclusive of fees
  • Applicants must have a minimum gross contracting income of £50,000pa for the contractor (not the household)
  • Affordability is based on 80% of gross contract income
  • Minimum contracting period is 12 months in current occupation. The contract doesn’t have to be with the same agency/employer. Our Bespoke underwriters can consider less than 12 months history where the circumstances make sense and the applicant profile is strong
  • Current contract is required for income assessment. This can be either the original or a certified copy. We’ll also need copies of all other contracts held in the past 12 months
  • Short gaps between contracts in the last 12 months can be considered
  • Eligible for Interest Only, subject to our Interest Only lending criteria
  • Where contractors use an umbrella company to manage their payroll, please also refer to our umbrella companies income criteria.

We won’t lend to Construction Industry Scheme (CIS) contract workers under our contractor criteria. But we can consider them under our self employed income criteria.

Capital raising
Buy to Let - Capital raising

Applicants can remortgage to raise additional capital up to 75% LTV (excluding fees) for any legal purpose, subject to underwriter assessment, excluding the following;

  • Business or speculative purposes (e.g. investment, replace savings)
    Gambling debts,
    Payment of tax,
    Purchase of an overseas property (including timeshares),
    Debt consolidation (repayment of other mortgages/staircasing is not considered debt consolidation),
    Repayment of bridging finance,
    Payment of care fees.

Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable. There are some circumstances where we can consider these applications (such as when an applicant has inherited the property or where a developer has taken the property as part exchange) so please contact us to provide details.

Residential - Capital raising

Applicants can remortgage to raise additional capital up to 85% LTV (excluding fees) or 75% if there is any element of debt consolididation.

Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for;

  • business or speculative purposes (e.g. investment, replacing savings)
    payment of tax
    gambling debts
    a timeshare
    payment of care fees

Applicants can remortgage up to 90% LTV on a like for like basis or if they're repaying a Help to Buy loan in full, purchasing the final staircase on shared ownership or buying out someone from the title of the property (transfer of Equity).

Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable. There are some circumstances where we can consider these applications (such as when an applicant has inherited the property or where a developer has taken the property as part exchange) so please contact us to provide details.

Current property ownership
Buy to Let - Current property ownership

We’re able to consider non-owner occupiers where the underwriter is satisfied the loan is for a Buy to Let investment subject to the profile of the customer and property making sense, and we are satisfied that our security will be let and not used for the applicants own residential use. (We won’t consider First Time Buyers).

D

Document's we'll need
Residential - Documents we'll need

Our Bespoke underwriters will provide tailored packaging requirements for your client, depending on their individual circumstances.

We’ll usually need:

  • Employed: Latest payslip and P60. Additional P60’s/proof of previous bonus payments may be required where non-guaranteed income is being used
  • Self Employed: Latest two SA302’s and associated Tax Year Overviews or an accountants’ certificate
  • Latest 1 month’s personal bank statement for the salary receiving account (or business bank statement for self employed applicants).
Debt to income
Residential - Debt to income

When assessing applications we consider the level of debts the customer(s) is committed to relative to their income, how they've paid these and how much credit they have left available.

Dependant relative
Residential - Dependant relative

Applications for the purchase of residential properties that will be occupied by a dependant relative of the applicant are not acceptable.

If the property being purchased is being sold by a dependant relative who will then remain in the property after the sale takes place, the application will be declined.

F

Foreign Nationals
Residential - Foreign Nationals

We’ll require confirmation that your client has the right to live and work in the UK. Your client will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history. This is normally a minimum of 3 years but we can consider less, subject to credit score.

 The following applicants can apply up to our maximum Loan to Value (LTV):

  • Irish Nationals
  • EU, EEA and Swiss Nationals with ‘settled status’
  • Non-EU, EEA and Swiss Nationals with ‘indefinite leave to remain’
  • Applicants who are born outside of the UK but who have received UK naturalisation.

 The following applicants can apply up to 75% LTV:

  • EU, EEA and Swiss Nationals with ‘pre-settled status’
  • Non-EU, EEA and Swiss Nationals with limited rights to work/remain in the UK. Only Innovator, and Global Talent visas (previously Tier 1), Skilled Worker visas (previously Tier 2) and Ancestral Visas are acceptable
  • Second applicants on a dependent visa may be acceptable, subject to one applicant holding one of the above visas
  • The underwriter will need to be satisfied that there is an adequate period of time remaining on the visa to warrant granting a long term loan. Where the applicant doesn’t have settled status, you should include details of your client’s long term plans.

For good quality clients that don’t meet the above requirements, please contact us.

Buy to Let - Foreign Nationals

We’ll require confirmation that your client has the right to live and work in the UK. Your client will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history. This is normally a minimum of 3 years but we can consider less, subject to credit score.

The following applicants can apply up to our maximum Loan to Value (LTV):

  • Irish Nationals
  • EU, EEA and Swiss Nationals with ‘settled status’
  • Non-EU, EEA and Swiss Nationals with ‘indefinite leave to remain’
  • Applicants who are born outside of the UK but who have received UK naturalisation.

 The following applicants can apply up to 75% LTV:

  • EU, EEA and Swiss Nationals with ‘pre-settled status’
  • Non-EU, EEA and Swiss Nationals with limited rights to work/remain in the UK. Only Innovator, and Global Talent visas (previously Tier 1), Skilled Worker visas (previously Tier 2) and Ancestral Visas are acceptable
  • Second applicants on a dependent visa may be acceptable, subject to one applicant holding one of the above visas
  • The underwriter will need to be satisfied that there is an adequate period of time remaining on the visa to warrant granting a long term loan. Where the applicant doesn’t have settled status, you should include details of your client’s long term plans.

For good quality clients that don’t meet the above requirements, please contact us.

Further advance
Residential - Further advance

To apply for a further advance for your client, they must meet certain criteria:

  • Minimum loan size- £5,000
  • Maximum loan size- £2,500,000 (total mortgage including further advance)
  • Term - 2 years minimum (or product duration). The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished.
  • Minimum income:
    • Repayment – One applicant must earn £40,000
    • Interest Only £50,000 or £75,000 jointly (if one applicant doesn’t earn £50,000).

Self employed – See self employed section under Income.

A solicitor may occasionally be required to act. Your client is able to choose their own solicitor. You can check if the solicitor is on our panel using our solicitor lookup tool.

Repayment options - Capital Repayment, Interest Only, or combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy and meeting Interest Only criteria

See ‘Loan Size’ section for maximum LTV’s (including the additional borrowing)

Valuation of property - A re-valuation will be required (see fee scale below) however where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. A re-valuation fee will also be required if the further advance exceeds £20,000. Please review the valuation fees scale of charges.

Re-valuation fee scale:

Property Value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

£1,600,001 and above

By negotiation

The valuation fee is non-refundable once the valuation has been completed.

Buy to Let - Further advance

To apply for a further advance for your client, they must meet certain criteria:

  • UK resident - All applicants must be UK residents
  • Minimum loan size - £5,000
  • Maximum loan size:
    • £1,000,000 – 75% LTV
    • £1,500,000 – 60% LTV (total mortgage including further advance)
  • Portfolio - Maximum total borrowing £2,000,000. The total portfolio size is 3 Buy to Let mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group
  • Term - 2 years minimum (or duration of product). The further advance term can be longer than the main mortgage. The charge on the property won’t be released until the further advance term has finished
  • Income – Minimum income £40,000
  • Reasons for borrowing - Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital isn’t used for:
    • Business or speculative purposes
    • Gambling debts
    • Payment of tax
    • Purchase of an overseas property (including timeshares)
    • Debt consolidation (repayment of other mortgages/staircasing is not considered debt consolidation)
    • Repayment of bridging finance.

Raising capital to fund a deposit or outright purchase of a Buy to Let isn’t considered a business purpose.

A solicitor may occasionally be required to act. Your client is able to choose their own solicitor. You can check if the solicitor is on our panel using our solicitor lookup tool.

  • Residential home owner – non-owner occupiers are acceptable
  • Repayment options - Capital Repayment, Interest Only or combination of the 2, subject to any Interest Only balance having a suitable Repayment Strategy. Please refer to the Interest Only section of the criteria lookup tool
  • Total Loan to Value (LTV) limit - Maximum loan of:
    • £1,000,000 -75% LTV
    • £1,500,000 - 60% LTV
  • Valuation of property - A re-valuation will be required (see fee scale below) however where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. A re-valuation fee will also be required if the further advance exceeds £20,000. Please review the valuation fees scale of charges. All Buy to Lets must have an EPC available with a rating of A-E (England & Wales) or A-D (Scotland) before the re-valuation (or full valuation) is carried out. In England and Wales only, we’ll also accept properties listed on the PRS Exemptions Register.

Re-valuation fee scale:

Property Value Fee

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

£1,600,001 and above

By negotiation

The valuation fee is non-refundable once the valuation has been completed.

  • Affordability – Your clients ability to pay is assessed on a combination of rental & earned income
  • Must have a rental income of at least 100% of monthly interest when calculated at the stress rate.

Ensure the transaction is plausible as a Buy to Let investment for a non-owner occupier.

First Time Buyers
Buy to Let - First Time Buyers

First time buyers are not eligible for Bespoke Buy to Let.

First time landlords
Buy to Let - First time landlords

No prior Buy to Let experience is required, and we can consider non-owner occupiers (not First Time Buyers).

G

Green New Build mortgages
Residential - Green New Build mortgages

Green New Build mortgages are available for properties with energy performance (EPC) ratings A or B.

Please check the EPC to make sure the property is eligible before submitting an application. This can be checked here (or here for Scottish properties).

H

Home improvements
Residential - Home improvements

Capital raising for home improvements is acceptable to 85% LTV.

If the home improvements are significant and/or structural, please contact us to discuss prior to application providing the following:

  • Has the applicant(s) applied for Planning Permission and Building Regulations?
    Has the applicant(s) obtained party wall agreements if applicable?
    Will there be warranties/Professional Consultant Certificates issued upon completion?
    Who will be supervising the works and has the existing insurer confirmed agreement for the works to take place?
    Can they provide quotes/estimates for all works?
    Can they provide a schedule of works and times?
    Can they provide evidence that they'll have sufficient funds to cover all the works?
    Have they ever had experience of renovating/refurbishment works?
    Will they be able to still live in the property whilst works are undertaken?
    By what percentage will they be increasing the footprint of the property?

Depending upon these answers supplemental questions may arise.

We'll not lend on properties that are part way through a project e.g. incomplete extensions, loft conversions, incomplete kitchens and bathrooms, etc.

We'll not lend on very dated properties (which show after being inspected) that most purchasers would modernise/refurbish soon after moving in.

I

Interest Only
Residential - Interest Only

Interest Only accepted on Bespoke:

  • Minimum income £50,000 or £75,000 joint (if one applicant doesn’t earn £50,000)
  • Minimum loan £150,000
  • Minimum equity £250,000 at start of mortgage
  • Will accept Part & Part mortgages
  • Up to 75% LTV maximum (60% LTV on Interest Only).

No lending into retirement on Interest Only, we will accept pension income that is already being received.

For good quality clients that don’t meet the above requirements, please contact us.

Income

Bespoke Residential:

  • Repayment - Minimum individual assessable income £40,000
  • Interest Only – Minimum income £50,000 or joint £75,000 (if neither earns £50,000).

Bespoke Buy to Let:

  • One applicant must earn at least £40,000.
  • Income must be paid and contracted in GBP (£) and be subject to UK tax and National Insurance contributions.
Barristers

Barristers income can be obtained directly from the Chambers without the requirement to obtain SA302’s/full accounts.

The certificate will be provided at application, or sent to the Chambers directly, by the Bank.

The certificate will collect the latest 2 years’ financial figures (where available) and in addition, will collect anticipated future earnings based on work already scheduled.

For newly qualified Barristers, where both self employed and pupillage income fall inside the latest 12 months, our Bespoke underwriters can consider combining the two incomes together, providing the work scheduled for the following year is at least equal to this amount AND providing the Barrister has been fully qualified for a minimum of 6 months.

This future ‘scheduled’ income will only be used to support using the latest year in isolation and cannot be used as the assessable income.

1 month’s personal bank statements will also be required.

Bonus, commision and other additional payments

We can include non-guaranteed income in the affordability assessment, such as bonuses, overtime or commission up to a maximum of 100%, where it’s considered sustainable and a track record of the payments can be established at the level being used.

Dentists (Recently self employed)

For Dentists that have been self employed for less than 2 years, we can consider using income as follows:

Time Self Employed

<9 Months

≥9 Months - <12 Months

>12 and <24 Months

Use net income earned to date.

Average and annualise the income providing the invoices don’t show a downward trend.

SA302 & Tax Year Overview to evidence applicant is declaring income to HMRC. Assessable income derived using net income from last 12 months’ invoices.

Evidential Requirements

<9 Months

≥9 Months

>12 and <24 months

1. Invoices - Year to date

2. Latest month business bank statement to evidence trading.

1. Invoices - Year to date

2. Latest month business bank statement to evidence trading.

1. Latest SA302 & Tax Year Overview

2. Invoices YTD from financial year end 3. Latest month business bank statement to evidence trading.

Doctors (new GP/new practice)

GP’s that have recently become partners in a practice can be considered.

We can accept a letter from the Managing Partner/Office manager confirming expected earnings.

We’ll require the applicant’s latest month’s personal bank statement showing income from the partnership.

For newly appointed partners, or those with less than 2 years partnership, confirmation of income can be obtained from the Finance/Senior Partner or from the practice’s external accountant. In these situations, we’ll require the letter to confirm expected earnings, as well as the previous P60 to evidence the level of income the applicant was earning before becoming an equity partner.

Equity partners

Equity partners of large partnerships (typically Solicitors & Accountants) will be treated as self employed, irrespective of their shareholding. Therefore, to verify income, we’ll require the latest two years’ SA302’s and corresponding Tax Year Overviews.

For newly appointed partners, or those with less than 2 years partnership, confirmation of income can be obtained from the Finance/Senior Partner or firm’s accountant.

In these situations, we’ll require the letter to confirm previous and expected earnings, as well as the previous P60 to evidence the level of income the applicant was earning before becoming an equity partner.

We’ll require the applicant’s latest month’s personal bank statement and these must show income from the partnership.

Income from various sources

Acceptability will depend on the source(s) of income. Our Bespoke underwriters have discretion to utilise additional income sources where this can be evidenced as sustainable.

Customers with income from multiple sources, or who have a variable income composition which requires a more detailed assessment, are acceptable providing the underwriter can demonstrate sustainability.

If you can’t find the information here, please contact us.

Self Employed

Our standard proof of income requirement is the latest 2 years’ SA302s supported by the latest 2 years’ Tax Year Overviews and the latest month’s business bank statement.

Our Bespoke underwriters have the discretion to use other forms of self employed income which wouldn’t be visible from tax return data (SA302/Tax overview). Examples include:

  • Utilisation of entitlement to net profit after tax
  • Adding back of one off exceptional items
  • Using the latest year’s income in isolation
  • Dividend income of shareholders holding less than 25%
  • Customers who have recently changed their status to self employed in the same occupation or have bought (or are buying into) a going concern.

Where your client doesn’t meet our requirements for minimum trading period or requires an individual review, please contact us.

L

Loan size and Loan to Value limits
Residential - Loan size and LTV limits

Loan Size

Loan to Value (LTV)

£150,000* to £1,000,000

90%

£1,000,001 - £1,500,000

85%

£1,500,001 - £2,000,000

80%

£2,000,001 - £2,500,000

75%

Maximum property value is £4,000,000.

*Please note minimum loan size for all Bespoke applications is £150,000, and maximum LTV is 90% including any fees.

Buy to Let - Loan size and LTV limits

Loan Size

Loan to Value (LTV)

£150,000* to £1,000,000

75%

£1,000,001 - £1,500,000

60%

The total portfolio size is 3 UK mortgaged Buy to Let properties (including any Consent to Let (CTL) properties) per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Properties that are owned in the name of a limited company which an applicant is a director of, and applications in progress, should also be included.

Total group exposure is £2,000,000.

*Please note minimum loan size for all Bespoke applications is £150,000, and maximum LTV is 75% including any fees.

Lending into retirement
Buy to Let - Lending into retirement

Where term extends into the applicant’s retirement the following criteria will apply:

 Where retirement is less than 10 years away:

  • Proof of current income and anticipated retirement income will need to be provided
  • The lower of the current income or anticipated retirement income is used for affordability purposes.

Where retirement is 10 years or more away:

  • Current income is to be used for affordability purposes
  • Evidence of existing pension contributions must be provided.
Let to Buy

Remortgage of a current residential to a Buy to Let and capital raising to fund the purchase of the new main residence is acceptable. To be acceptable we need to be satisfied that the applicant will be moving out of the property upon completion and moving into their new residence, otherwise it will become a regulated Buy to Let. It must be a simultaneous completion.

We'll require confirmation of the new correspondence address, purchase price, borrowing amount, monthly payment, a breakdown of how funds are being used e.g. deposit, fees, improvements etc. and a copy of the onward residential mortgage offer if applicable.  If there isn't a mortgage the solicitor must confirm the details.

We do not allow capital raising for any debt consolidation. We can accept both standalone Let to Buy applications and where we’re also providing the mortgage for the onward residential purchase.

All Let to Buy properties will require a valid Energy Performance Certificate (EPC) with a rating between A-E (unless exempt) or between A-D in Scotland. This must be in place at the time the valuation is carried out, if not, additional costs may be incurred and the application may be delayed.

 

N

New Builds
Residential - New builds

Purchases - maximum 85% Loan to Value (LTV) (90% for New Build Green Properties) and 80% LTV for flats.

We define New Build properties as those that have been built or converted within the last 12 months and are subject to a first sale, even if previously occupied.

Our offer of loan is valid for 9 months from the date of offer, unless stated otherwise in the offer document. If completion hasn't taken place before the offer expires, we can consider a 6 month extension. The application will be subject to a full reassessment against our current criteria including reverification of income and a re-valuation of the property.

The applicant will be charged for a re-valuation of the property if they keep the same product or choose a new product that doesn't have a free valuation. This must be paid before the offer is extended. We won't charge a fee if a new product is chosen that has a free valuation.

Buy to Let - New builds

Purchases - maximum 75% LTV for houses. New Build flats are not acceptable.

Eligible New Build properties that have been built or converted within the last 12 months and are subject to a first sale, even if previously occupied.

Our offer of loan is valid for 9 months from the date of offer, unless stated otherwise in the offer document. If completion hasn't taken place before the offer expires, we can consider a 6 month extension. The application will be subject to a full reassessment against our current criteria including re-verification of income and a re-valuation of the property.

The applicant will be charged for a re-valuation of the property if they keep the same product or choose a new product that doesn't have a free valuation. This must be paid before the offer is extended. We won't charge a fee if a new product is chosen that has a free valuation.

Number of applicants
Buy to Let - Number of applicants

Maximum 4 – all must reside at the same property.

O

Outgoings
Residential - Outgoings

For clients that need an individual approach to their outgoings, for example we consider:

  • Offsetting school fees/childcare if proof of ringfenced funds can be provided
  • Offsetting existing and new Consent to Let (CTL) mortgages subject to an ARLA member (The Association of Residential Letting Agents) confirming the expected rental for the property and this estimated rental meeting our standard Buy to Let assessment.
Occupancy
Residential - Occupancy

We'd normally expect any spouse, civil partner and/or cohabiting partner who is contributing towards the deposit to be a joint owner and joint borrower. If this is not the case please contact us.

Any dependant relative must be disclosed on the application as a financial dependant and must be occupying the property rent free.

Any persons aged 17 or over who are not party to the mortgage but are, or will be, occupying the property during the mortgage term must be declared on the application as an occupier.

P

Property

The property must meet our standard property criteria.

Access to flats

Self-contained access from the front of the building MUST be in place. Properties with external rear/side access via narrow alleyways or public footpaths are unacceptable, including those accessed across commercial premises/carparks.

Blocks of flats exceeding 4 floors in height (excluding basement floors but including ground floor, i.e.0,1,2,3 floors) MUST have lift access to all floors to be acceptable. Unless it's a converted former house in a desirable location, e.g. Pimlico, Chelsea, Kensington or Belgravia, or a standard Scottish tenement for the area.

We don't allow access via an external staircase.

Cladding

Where the valuer identifies a flat with potentially combustible cladding and/or stacked balconies which could facilitate the spread of fire, we'll require the Fire Risk Assessment report (FRA) and Fire Risk Assessment External Walls (FRAEW) for the building, together with the names and qualifications of the authors of these documents. Once we have all of this information, our Property Risk team will assess and advise if it is acceptable to proceed.

We do not accept EWS1 forms for properties with cladding/stacked balconies.

All properties 10 storeys or higher must be referred to our Property Risk Team prior to application so please contact us.

Location

We don't usually lend on properties that are next to, opposite, above or close to commercial premises or anything that may prohibit the peaceful enjoyment of the property.

For example: shops, garages, petrol stations, restaurants, takeaways, factories, industrial units, farms, overhead power lines, sub stations, pylons, mobile phone masts, noise nuisance, smell, etc. This isn’t an exhaustive list.

However, if the property is in a highly desirable area we may be able to consider it, so please contact us prior to application.

Private sales
Buy to Let - Private sales

Private sales where no estate agent is acting are not acceptable.

Property value
Buy to Let - Property value

The minimum property value is £200,000.

The maximum property value is £4,000,000.

Property condition and letting requirements
Buy to Let - Property condition

Buy to Let properties must predominantly appeal to the residential home owner market, and must already be suitable to be let at the time of the property valuation. They should be tenanted within 60 days of being marketed.

We don't lend on new build flats as a Buy to Let. We can consider ex-council properties but only in good condition and in locations with both a strong rental and owner occupier demand.

For ex-local authority flats we accept a maximum height of 4 storeys. We do not accept blocks with open deck access, unless there is a secure entry-phone system and doors to all stairwells.

Please note our minimum loan amount is £150,000.

Portfolio size
Buy to Let - Portfolio size

The total portfolio size is 3 UK mortgaged BTL properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Properties that are owned in the name of a limited company which an applicant is a director of, and applications in progress, should also be included.

R

Residency status
Residential - Residency status

All applicants must be resident in the UK prior to applying. The applicant will need to have lived in the UK for long enough to ensure we have a meaningful credit score and employment history. This is normally a minimum of 3 years. Please see the Foreign Nationals section for any rights to live and work in the UK.

For good quality clients that don’t meet the above requirements, please contact us.

Buy to Let - Residency status

All applicants must be resident in the UK prior to applying. The applicant will need to have lived in the UK for long enough to ensure we have a meaningful credit score and employment history. This is normally a minimum of 3 years. Please see the Foreign Nationals section for any rights to live and work in the UK.

For good quality clients that don’t meet the above requirements, please contact us.

Rental calculation/margin
Buy to Let - Rental calculation/margin

Ability to pay is assessed via a combination of rental income and personal non-rent income (which must be contracted and received in £GBP).

Monthly rent to be not less than 100% of the monthly interest when calculated at the stress rate, with a minimum ICR of 145% including available personal non-rent income loan.

 This is calculated using the notional interest rate below (whichever is applicable): 

Product

Notional interest rate

Fixed rate less than 5 years or a variable rate

The higher of 5.5% or product pay rate +2%

Fixed rate 5 years or more

The higher of 4.5% or product pay rate + 1%

Repayment types
Buy to Let - Repayment types
  • Interest Only
  • Part & Part
  • Repayment.

T

Term
Residential - Term

Maximum term is 40 years.

The minimum term is 5 years (or term of promotional period for existing customers moving home).

Buy to Let

Maximum Term is 35 years.

The minimum term is 5 years (or term of promotional period for existing customers moving home).

V

Valuation Fees
Residential - Valuation Fees

This applies to all mortgages. The valuation fee includes an administration fee of £90. Re-inspections incur a minimum charge of £50 per visit (this includes an administration fee of £8.50).

When we receive a new application, our administration team instruct the Mortgage Valuation Report. Once the valuation has been instructed and all requested documents have been received, the case will go to an underwriter for assessment.

Purchase Price or Valuation Standard Mortgage Valuation Report

Up to £150,000

£240

£150,001 - £250,000

£310

£250,001 - £350,000

£360

£350,001 - £500,000

£470

£500,001 - £750,000

£610

£750,001 - £1m

£840

£1,000,001 - £1.5m

£940

£1,500,001 - £2m

£1,090

£2,000,001 - £2.5m

£1,290

£2,500,001 - £3m

£1,490

£3,000,001 - £3.5m

£1,690

£3,500,001 - £4m+

£1,890

The valuation fee is non-refundable once the valuation has been completed. Any valuation fee (if applicable) must be paid within 3 working days or the application will be cancelled.

We may choose to use an Automated Valuation Model (AVM) report in some instances. The report is for our sole use.

We no longer offer homebuyers reports.

Buy to Let - Valuation Fees

This applies to all mortgages. The valuation fee includes an administration fee of £90. Re-inspections incur a minimum charge of £50 per visit (this includes an administration fee of £8.50).

When we receive a new application, our administration team instruct the Mortgage Valuation Report. Once the valuation has been instructed and all requested documents have been received, the case will go to an underwriter for assessment.

Purchase Price or Valuation Standard Mortgage Valuation Report

Up to £150,000

£240

£150,001 - £250,000

£310

£250,001 - £350,000

£360

£350,001 - £500,000

£470

£500,001 - £750,000

£610

£750,001 - £1m

£840

£1,000,001 - £1.5m

£940

£1,500,001 - £2m

£1,090

£2,000,001 - £2.5m

£1,290

£2,500,001 - £3m

£1,490

£3,000,001 - £3.5m

£1,690

£3,500,001 - £4m+

£1,890

The valuation fee is non-refundable once the valuation has been completed. Any valuation fee (if applicable) must be paid within 3 working days or the application will be cancelled.

We may choose to use an Automated Valuation Model (AVM) report in some instances. The report is for our sole use.

We no longer offer homebuyers reports.

Valuation transcripts
Buy to Let - Valuation transcripts

Not accepted.

Bespoke now includes Buy to Let

Top Slicing helps your landlords with complex cases boost the amount they can borrow.

 

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