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Expanded higher LTV criteria (95% LTV)
Remortgage & Additional Borrowing
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(95% / 90% New-build LTV Product Criteria)**
95% Product Lending Criteria (Excluding New Builds)
Applicants
Clean Credit history (0 missed payments in the last 3 years)
As with all lending above 85% LTV, the maximum LTI is <4.5x income
Income: At least 50% of the Homeowner's total income must be derived from permanent employed income (Employed income received from an directors own LTD company, fixed term or zero hour contractors, must be excluded from the 50%).
Example 1 > Employed owner receiving £50,000pa & a Self-employed owner receiving £40,000 dividends pa and a salary of £10,000pa. All income can be included.
Example 2 > Employed owner receiving £50,000pa & a Self-employed owner receiving £55,000pa. Only £50,000 of the Self-employed income should be keyed on the application.
Applications where the home owners have no employed income are not eligible for 95% LTV borrowing.
Loan
Property
90% Lending Product Criteria for Flats and New Build houses
New Builds are defined as any properties built or converted or first occupied in the last 2 years.
Applicants
Clean Credit history (0 missed payments in the last 3 years)
As with all lending above 85% LTV, the maximum LTI is <4.5x income
Income: At least 50% of the Homeowner's total income must be derived from permanent employed income (Employed income received from an directors own LTD company, fixed term or zero hour contractors, must be excluded from the 50%).
Example 1 > Employed owner receiving £50,000pa & a Self-employed owner receiving £40,000 dividends pa and a salary of £10,000pa. All income can be included.
Example 2 > Employed owner receiving £50,000pa & a Self-employed owner receiving £55,000pa. Only £50,000 of the Self-employed income should be keyed on the application.
Applications where the home owners have no employed income are not eligible for 95% LTV borrowing.
Loan
Property