• All applicants must be aged 18 or over, and they must be no more than 85 years old at the end of the mortgage term. Applicants must apply before their 75th birthday for purchases and remortgages. There is no maximum age at application for further advances, porting or transfer of equity cases.
• County Court Judgements, defaults or arrears recorded against your name within the last six years will affect whether we are able to lend to you. Please speak to one of our advisors on 0800 121 8899 to find out more about how this may affect you.
• You must not have a bankruptcy or IVA currently registered against your name. We may be able to lend to you if you were previously bankrupt or subject to an IVA, provided that it has been fully discharged/completed for at least six years.
• You have previously owned a property in the UK. Buy to Let loans are not available to first time buyers.

For all applicants: if all applicants declare their individual income is less than £49,000 each year (£42,500 if resident in Scotland), including all gross income, total gross monthly rental income on this application and all other investments. And they declare themselves to be lower rate taxpayers*, the minimum rental income required is 125% of your monthly mortgage interest payment on a reference rate of 5.5% or the product rate +2%, whichever is higher.

For any applicant: if any applicant declares their individual income is £49,000 or more (£42,500 or more if resident in Scotland), including all gross income, total gross monthly rental income on this application and all other investments. And declare themselves to be a higher rate tax payer*, the minimum rental income required is 145% of your monthly mortgage interest payment on a reference rate of 5.5% or the product rate +2%, whichever is higher.

* Lower rate tax payers are: non or basic rate tax payers (basic/starter/intermediate rate if resident in Scotland). Higher rate tax payers are: higher or additional rate tax payers (higher/top rate if resident in Scotland).

** Where the total loan has 5 years or more remaining on a fixed rate product the reference rate is currently 4.5% or the product rate, whichever is higher.

** Or for remortgage applications with no additional borrowing the reference rate is currently the higher of 4.5% or the product rate, whichever is higher, or where you are taking a fixed 5 year + product the higher of 4.5% or the product rate.

Maximum loan amounts

• The aggregate loan limit on all rental properties in mortgage to us is £2,000,000.
  
• The maximum loan to value for a new build/converted apartment, flat or coach house is 50%. The maximum loan to value for a new build house is 85%. These are subject to availability. We define new build as properties that have been built within two years of the mortgage application or are properties to be occupied for the first time. This includes flat conversions.

• The maximum number of mortgaged rental properties you can have with us is five per household and a maximum of ten properties with all lenders.

• Properties must have a minimum purchase price or valuation of £75,000.
• For purchase applications, the lower of the purchase price or valuation must be at least £75,000.
• For remortgages, the valuation must be at least £75,000.

• The property must be in England (including the Isle of Wight), Wales (including Anglesey) or Scotland (including the Scottish Isles).
• It must be of acceptable construction. This generally means built of brick or stone with a tile or slate roof. A mortgage valuation will be used to confirm the suitability of the property. If you think the property falls outside of our accepted construction types please call one of our advisors on 0800 121 8899.
  
• For leasehold properties, the unexpired leasehold term must be at least 70 years at completion.
• It is your responsibility to ensure that your property meets the Minimum Energy Efficiency Standard (MEES). For more information visit the Government website.

The property must be let on a single Assured Shorthold Tenancy (AST) agreement (England), Occupation Contract (OC) standard-contract (Wales), Private Tenancy (PT) agreements (Northern Ireland), or a Private Residential Tenancy (PRT) agreement (Scotland) for a minimum term of 6 months.

In England, the maximum term for a tenancy agreement is up to 36 months; where the tenancy agreement is between 12 and 36 months a Department for Levelling Up, Housing and Communities (DLUHC) model tenancy agreement must be used.

In Northern Ireland, the maximum term for a tenancy agreement is 12 months, and in Scotland and Wales, there is no maximum tenancy/contract term.

The property must be let to either a:

• sole occupant
• single family unit
• maximum of four tenants
• Corporate Body*

* Where the property is let to a Corporate Body**, the maximum term of the tenancy agreement between the Corporate Body and the occupier(s) is 36 months (England) or 12 months (Northern Ireland). In Scotland and Wales, there is no maximum tenancy/contract term. Where the property is in England or Wales and the term of the tenancy agreement between the Corporate Body and the occupier(s) exceeds 12 months, a Department for Levelling Up, Housing and Communities (DLUHC) model tenancy agreement must be used.

Tenants/contract-holders must not hold any level of diplomatic immunity.

**A Corporate Body is any one of the following:

a. a business

i. constituted as a company under Companies Act legislation; or

ii. a limited liability partnership.

and in each case registered with Companies House in the UK.

b. a partnership established under a partnership deed in England & Wales, Scotland, or Northern Ireland.

c. a Crown body, central government department, devolved government body of any UK nation or region, local government authority or any publicly funded body established by legislation.

d. a housing association or not-for-profit business providing properties for rent to residential tenants.

e. an educational establishment including any university, higher or further education body, private or local authority funded school, academic trust or not-for-profit educational company.

f. a charitable body registered with the Charity Commission for England & Wales, the Office of the Scottish Charity Regulator, or the Charity Commission for Northern Ireland.

• If you are remortgaging you must have owned the property for at least six months for an application to be considered, except where the property has been inherited by the new owners.
• For purchase applications, the vendor must have owned the property for a minimum of six months.

• Applications to remortgage a main residence to a Buy to Let are not accepted unless the main residence has been let for six months prior to application.
  
  
• Applications intended for 'sale and rent back' are not accepted and will be declined. ('Sale and rent backs' are situations where a property is being purchased on a Buy to Let basis where the property is to be let to any previous owner(s), or any member of their family).
  

• Properties with more than one kitchen, or designed or converted for multiple occupancy are not accepted.
  
  
• Applications where it is identified that tenants hold any level of diplomatic immunity are not accepted and will be declined.