Bridging Lending Criteria

Will we consider an application where there is Adverse Credit?

The following adverse is allowed per application and to all applicants:

• CCJs: Nil (3-year history),

• Defaults: Nil (3-year history),

• Missed Mortgage Payments: None in last 12 months,

• Missed Secured Loan Payments: None in last 12 months,

• Unsecured Arrears: N/A,

• Bankruptcy: Nil (6-year history),

• IVA: Nil (6-year history),

• Debt Relief Order: Nil (6-year history),

• Repossession: Nil (6-year history),

• Debt Management Programme: Nil (6-year history).

Depending on the product, the restrictions may not apply where all CCJs/defaults were registered more than three years ago and satisfied prior to application; where all CCJs/defaults were satisfied more than 12 months prior to application regardless of date of registration; where the CCJs/defaults in aggregate amount to less than £300, regardless of date of registration, and satisfied prior to application.

Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged between 3 and 6 years ago?

No - Must have been discharged for 6 years.

Will we consider an application where the applicant has historically been declared Bankrupt and whose Bankruptcy was discharged less than 3 years ago?

No - Must have been discharged for 6 years.

Will we consider an application where the applicant has historically been declared Bankrupt but whose Bankruptcy was discharged over 6 years ago?

Acceptable - Must have been discharged for 6 years with no residual debts.

Will we consider an application where the applicant is currently in Bankruptcy / Sequestration?

No - Must have been discharged for 6 years.

Do we have a 'Credit Repair' product or policy to assist applicants with Adverse Credit? If so what are the details of this?

Credit repair bridging products are not currently available. Please refer to your account manager.

Do we accept applications from First Time Bridgers? If so, what is the policy on this?

Please refer to your account manager.

Will we, the lender, consider a limited company that has directors and/or significant shareholders that are limited companies?

Acceptable. Available for non-regulated bridging finance only. Registered limited companies including those set up with the specific purpose of buying property (SPVs) are accepted. Businesses must have a UK registered office address and must operate entirely within the UK. Maximum 4 qualifying directors none of which may be another limited company. In all applications, personal guarantees will be required for all Directors, subject to the company having a maximum of 4 qualifying directors.

Will we consider an application lending to Pensions/SIPPS?

No. Please refer to account manager as considered via InterBay.

Will we consider an application from either a Trust or Trustees?

No. Please refer to account manager as considered via InterBay.

What is the Maximum Age acceptable by us at the point at which the application is submitted?

85 at the end of term for regulated bridging finance.

80 at the date of application for refurbishment buy to let.

85 at the end of term for non-regulated bridging finance.

What is the Maximum Age acceptable by us at the End of the Mortgage Term?

Maximum age: 85 at the end of term for Regulated bridging finance and Non-Regulated bridging finance.

What is the Maximum Number of Applicants that we will consider per application?

4

Do we have a minimum age requirement for the Shareholders of a Limited Company?

No. All shareholders must be disclosed and identifiable. The beneficial owners must be private individuals i.e. not corporate entities. The business must be 100% owned by the Directors / Directors’ dependants (i.e. no layering).

What is the Minimum Age acceptable by us at the point at which the application is submitted?

21

Will we consider an application from an applicant who is not a Homeowner or an Owner Occupier? If so what is our policy on this?

Applicants must have owned a property or had a mortgage within last 18 months.

Will we consider an application from someone who is not currently paying UK Tax?

No.

Will we consider an application to lend to an Offshore Company?

No.

Will we accept applications for Properties that are being Purchased through a Property/Investment Club?

No.

Will we consider an application for a Regulated Bridging Loan?

Acceptable. Please see product guides for clarity.

Will we consider an application whereby the Sale of the Property which the loan is secured against is the only Exit Route?

Acceptable. Please see product guides for clarity.

Is Statutory Sick Pay an acceptable source of income for Affordability Assessment? If so, what is the policy on this?

Statutory Sick Pay not acceptable.

Will we accept an Architect's Certificate as opposed to a Warranty on a property?

UK FINANCE Compliant Professional Consultants Certificate with proof of PI may be considered. Properties built within the last 10 years must benefit from an acceptable warranty scheme. Please refer to your account manger with the scheme details for clarity.

Will we consider an application where the applicant is purchasing via an Assignable Contract?

No.

Will we consider an application where there are Cross Collateral Charges?

Yes. We can consider placing a charge on other security in order to improve its overall position. 1^st and 2^nd Charges will be considered on main residential properties. Where the former applies, the loan is to be treated as an FCA Regulated Mortgage Contract.

Will we consider an application where there is any element of a distressed sale?

Not accepted - No.

Is a Leasehold Flat / Apartment where applicant/s own part or all of the Freehold considered an acceptable security to us?

Please refer to your account manager.

How many years are required on the lease at the beginning of the term in order to consider an application?

The minimum remaining lease term should be 70 years at the time of application.

How many years are required on the lease at the end of the mortgage term in order to consider an application?

Typically 50 years unexpired on the lease after the end date of the mortgage term subject to valuer's comments. Please refer to account manager for short lease property.

Are Properties with a Sinking Fund considered acceptable security to us?

Yes.

Will the Lender consider an application on a Property where there is a Restrictive Covenant?

We are unable to consider any property that may have a restricted occupancy clause within the planning permission.

Is the applicant free to use any solicitor of their choosing and without the firm meeting specific requirements? E.g. Is there a requirement for a minimum number of Partners in a Practice or for the applicant to use a specific Panel of Solicitors?

The client can choose any solicitor to act for themselves but would need to pick someone from our explicit panel to act as a minimum for Precise as Separate Representation, they would be responsible for the costs and can also choose them on a Joint Representation basis acting for both Precise and the customer. There is no specific requirements for a separate representation solicitor provided they hold the appropriate licensing to practise law. E.g. registered on the Law Society.

Will we allow the Splitting of a Title Deed to be done on Completion?

Please refer to account manager.

What Tenures are acceptable to us? What is the specific policy detail on these?

Freehold - Individual freehold flats in England or Wales cannot be considered. For the avoidance of doubt, freehold blocks of flats up to six units can be considered.

Leasehold - Minimum 70 Years at application and normally there will be at least 50 years unexpired on the lease at the end of the mortgage term subject to valuers comments.

Heritable Title – Acceptable for Scottish Flats

Flying freehold - A property with an element of flying freehold can be considered providing it does not exceed 10% of the total area.

Commonhold - Not acceptable.

Will we, the lender accept Title Insurance, if so what are the parameters (remortgage only, LTV, standard only properties etc?)

Precise Bridging offer Title Insurance for loans up to £3m. Once you have received your Mortgage Offer, we will instruct our approved conveyancers who will be happy to arrange this.

The fee is a premium of 0.08% of the loan amount (net loan plus any fees added) plus Insurance Premium Tax - subject to a minimum premium of £150.

Do we Credit Score as opposed to Credit Check when underwriting?

Credit check only conducted as part of full mortgage application.

Do we Credit Check as opposed to Credit Score when underwriting?

Credit check only conducted as part of full mortgage application.

Will we consider an application for a Second Charge Loan?

'Second Charge Bridging loans are capped at 70% Max LTV* *Max LTV is inclusive of the full balance of the First Charge. All Second Charge advances above 50% LTV must be no less than 20% of the overall debt secured against the property.' We will also consider a second charge loan as an additional security and subject to criteria conditions.*

Will we consider an application where the deposit has come from a Limited Company?

This is acceptable for limited company lending subject to:

• The majority shareholder to mirror across SPV and connected company.

• Must be UK to UK company (no offshore companies). Loan needs to be repayable, and a term agreed.

• The loan term must not exceed that of the expected refinance exit.

• Rate of interest applied should be HMRC's 'Actual official rate' as a minimum.

• Connected company not to have any interest or charge over our security.

• A signed loan agreement must be provided which confirms that the loan is repayable, the term agreed, interest rate, monthly payment and that there is no interest or charge over the security property.

What Deposit Sources are acceptable to us?

The deposit should come from the applicant’s own resources and have originated within the EEA without recourse to additional borrowing.

We accept the following sources of deposit:

Family gifts, Director loan, Intercompany loan and remortgage or secured loan on an existing property owned by the applicant.

For vendor deposit, builder deposit and builder incentives. The value of the deposit/incentive must be deducted from the purchase price or value whichever is lower and lending based on the lower amount. The borrower must inject the required level of deposit to meet product requirements.

What Deposit Sources are unacceptable to us?

Ministry of Defence Loan, Forces Help to Buy and Crypto Currencies are unacceptable.

Any property being purchased using any social housing schemes (e.g. Right to Buy, Shared Ownership, Key Worker etc.) is not acceptable.

We do not consider re-mortgaging any property purchased under any such scheme, where the original vendor retains any interest, or where any pre-emption clause remains.

Will we accept a Deposit which has been Gifted from a Family Member?

A gifted deposit from an immediate family member is an acceptable source of deposit unless the property is being purchased from the family member who is providing the gift. Immediate family is classed as: spouse/civil partner, parents (including step parents), grandparents, siblings, children, aunt/uncle.

Where the property is being purchased from a family member at a discounted price, this is acceptable providing the family member will not continue to reside. Our lending and assessment of the maximum LTV will be based on the reduced price and the vendor relinquishing all rights to the property. The applicant must commit their own funds to the transaction.

For all mortgage applications a gifted deposit will be accepted from an immediate family member* that will reside in but not have an interest in the property (the giftor does not need to be a mortgage applicant).

Will we consider an application for Development Bridging secured against a Commercial Property?

Development loans not available but we do have a range of refurbishment products. Refer to your account manager.

Will we consider an application for Conversion Property Development?

Development loans not available but we do have a range of refurbishment products.

What is the Percentage Cost to Profit Margin required by us?

Development loans not available but we do have a range of refurbishment products.

Will we calculate the Exit Fee on the Loan as opposed to the End GDV?

Development loans not available but we do have a range of refurbishment products.

Will we consider an application from First Time Developers?

Development loans not available but we do have a range of refurbishment products.

Will we consider an application from a Ground Up Development?

Development loans not available but we do have a range of refurbishment products.

Will we consider an application for Development Bridging that is a Joint Venture?

Development loans not available but we do have a range of refurbishment products.

Do we lend on properties in England?

Development loans not available but we do have a range of refurbishment products.

Do we lend on properties in Northern Ireland?

No.

Do we lend on properties in Scotland?

Development loans not available but we do have a range of refurbishment products.

Do we lend on properties in Wales?

Development loans not available but we do have a range of refurbishment products.

What is our maximum exposure limit within a specific area?

Development loans not available but we do have a range of refurbishment products.

What is the Maximum loan amount that we will consider advancing?

Development loans not available but we do have a range of refurbishment products.

What is the maximum Loan to GDV LTV against End Value that we will consider for Development Bridging?

Development loans not available but we do have a range of refurbishment products.

What is the maximum LTV on Acquisition that we will consider for Development Bridging?

Development loans not available but we do have a range of refurbishment products.

What is the Maximum Term that we will consider?

Development loans not available but we do have a range of refurbishment products.

What is the Minimum loan amount that we will consider advancing?

Typical minimum loan £50K. Please refer to your account manager for less.

Will we consider an application where a minimum Cost to Profit Margin is not required?

Development loans not available but we do have a range of refurbishment products.

What is the Minimum Term that we will consider?

Development loans not available but we do have a range of refurbishment products.

Will we consider an application for a property which is Overseas or outside of the UK?

Development loans not available but we do have a range of refurbishment products.

Will we consider an application for Part Completed Developments?

Development loans not available but we do have a range of refurbishment products.

What Areas of the Country/Postcode Areas do we lend in? Are applications considered for the islands surrounding the UK Mainland? If so, which are acceptable?

Development loans not available but we do have a range of refurbishment products.

Will we, as the first charge Lender, permit an application for a subsequent Second Charge?

Development loans not available but we do have a range of refurbishment products.

Will we consider lending on a property with Outline Planning Permission?

Development loans not available but we do have a range of refurbishment products.

Will we consider lending on a property without Outline Planning Permission?

Development loans not available but we do have a range of refurbishment products.

Do we offer Development Exit Products?

Yes. Please refer to your account manager.

Will we consider an application for Development Finance?

Development loans not available but we do have a range of refurbishment products.

Will we consider an application to remortgage off development finance within the first 6 months of property ownership?

Development Finance not available. Remortgaging from another development finance lender is accepted up to 65% LTV.

Will we consider an application for Development Finance in respect to a Commercial Property?

Development loans not available but we do have a range of refurbishment products.

Will we, the Lender require the Applicant to have experience in Development?

Please refer to your account manager.

Will we consider an application for Development Finance secured against Land? If so, what is the policy on this?

No.

What percentage of the Build Costs will we consider lending against?

Development Finance not available.

Will we consider an application for Development Finance secured against a Residential Property?

Development loans not available but we do have a range of refurbishment products.

Do we offer Development Funding?

Development loans not available but we do have a range of refurbishment products. Refer to your account manager.

What is the maximum Loan to Cost that we will consider for Development Bridging?

Development loans not available but we do have a range of refurbishment products.

Do we accept applications from Expats?

No.

Will we allow a mortgage to be redeemed within a fixed rate period without applying an Early Repayment Charge?

Yes. No early repayment charges. A minimum of 1 month’s interest must be paid.

Are Director's Loans an acceptable source of income?

Directors loan are acceptable for Limited Company lending, subject to:

• The individual is transferring a current/purchasing a new property into a company structure;

• Purchase price is at full market value to ensure tax liabilities are paid in full;

• The individual providing the director loan is a shareholder within the business;

• They are investing in the company by way of a directors loan and it will be included in the subsequent company accounts;

• The difference between the mortgage and the purchase price is covered by the director loan; and

• The loan is non-interest bearing.

Will we allow Serviced Interest?

Yes, only for non-regulated business, not regulated. Please refer to your account manager.

Will we accept an application to purchase a Holiday Let? 

We do not consider Holiday Let applications.

Will we accept an application for an HMO?

Yes. Please refer to your account manager.

Are properties with Multiple Tenancy Agreements and/or Room by Room Lettings considered suitable security to us?

Yes.

Are we happy to consider an Application where the property will be Let to Sitting Tenants on Completion?

No.

Is a property that has a Section 106 and/or is a Discounted Market Sale acceptable security to us?

New Build properties that are subject to Section 106 Planning Obligations are acceptable subject to no adverse comments from the conveyancer. Any property being purchased using any social housing schemes (e.g. Right to Buy, Shared Ownership, Key Worker etc.) is not acceptable. We do not consider re-mortgaging any property purchased under any such scheme where the original vendor retains any interest or where any pre-emption clause remains.

Will we consider an application for the Purchase of Equity?

No.

Will we consider an application for an Offshore Mortgage?

Not currently considered.

Do we accept applications for Large Loans over £500,000?

Yes - There is no maximum loan size.

What is the Maximum loan amount that you will consider advancing?

There is no maximum loan size. Please refer to your account manager for loans in excess of £1 million.

What is the maximum property value that is acceptable to us?

No maximum. Please refer to your account manager.

What is the Maximum Term that we will consider?

12 months for regulated bridging, 18 months for non regulated bridging.

What is the Minimum loan amount that you will consider advancing?

Typical minimum loan £50K.

Please refer to your account manager for less.

What is the Minimum property value acceptable to you?

The £75,000 minimum is for residential securities.

The minimum for Commercial securities is £150,000.

What is the Minimum Term that we will consider?

1 month.

Will we consider lending up to 100% against the purchase price?

Yes - subject to having sufficient cross collateral security to remain within our maximum LTV limits.

What is the Maximum Loan To Value that we will consider? How does this differ depending on the property/applicant/lending type etc.?

Typical maximum 75%. Please refer to your account manager.

Second Charge Bridging Loans maximum 70%.

Are Bridge to Term Combination Products available?

Yes. Please refer to your account manager.

Is there an option for the Interest to be Retained from the Gross Loan?

Yes. Please refer to your account manager.

Will we allow re-bridging?

Yes, up to a maximum of 65% and subject to underwriter review.

Is there an option for the Interest to be Rolled Up into the Loan?

Yes. Please refer to your account manager.

Do we have a specific product/range for Islamic / Sharia Law Mortgage lending?

No.

Is Short Term Lending acceptable to us?

Minimum term 1 month.

Are New Build Apartments/Flats considered suitable security for us?

Yes. Please refer to your account manager.

Are New Build Houses considered suitable security to us?

Yes. Please refer to your account manager.

Do we consider lending against properties with Agricultural Ties or Restrictions?

No.

Is a Barn Conversion acceptable security to us?

Yes. Please refer to your account manager.

Will we consider an application secured against a Commercial Property?

No – unless planning is in place to covert to residential.

What types of Non-Standard construction are acceptable to us? What is the policy on this?

Non standard constructions may be considered subject to valuers comments. Please refer to your account manager.

The following methods of construction are not considered acceptable:

• Properties containing Mundic concrete classified as class B or C are unacceptable. Classes A and A/B and A1, A2 and A3 are acceptable.

• Flats or maisonettes in blocks exceeding 20 storeys.

• Grade 1 listed buildings in England and Wales/Grades A and B in Scotland.

• Mobile homes and houseboats.

• Properties constructed with high-alumina cement, timber framed property with no brick skin or 100% steel or timber framed property.

• Property designated defective under Part XVI Housing Act 1985, Housing (Scotland) Act 1987 or Pre-Cast Reinforced Concrete (PRC) property (irrespective of whether repaired under a licence repair scheme).

Are crofted properties / houses considered acceptable security to us?

No.

Will we consider an application for a privately rented property where it is confirmed that the property has an EPC Rating below an E?

Minimum Energy Efficiency Standards (MEES) Compliance Properties must have a minimum Energy Performance Certificate (EPC) rating of E unless the customer can evidence a qualifying exemption factor.

Are Ex-Council/Local Authority Flats/Maisonettes considered acceptable security to us?

Ex-local authority (LA) flats/maisonettes where deemed unsuitable security by the valuer or they advise there is not an active and transactional market within the block/development.

Ex-LA properties within Right to Buy pre-emption period are unacceptable.

Are Ex-Council/Local Authority Houses considered acceptable security to us?

Yes - subject to Valuers comments.

Are Flats/Apartments that are above Commercial Premises considered acceptable security to us?

Yes. Subject to valuers comments.

Flats above commercial premises involved in the sale of food and drink; have a late license or where levels of noise; smell, etc., are produced; such as to affect the marketability of the property are unacceptable.

Are properties with any element of a Flat Roof considered acceptable security to us?

We will consider properties with any element of a flat roof, subject to valuers comments.

Are Flats/Apartments that are Not New Build/Re-Sale Properties considered acceptable security to us?

Yes.

Are Flats/Apartments that are in Converted Buildings considered acceptable security to us?

Yes - subject to Valuers comments.

Are Flats/Apartments that are above Food Outlets considered acceptable security to us?

Flats / Maisonettes / Apartments must be self-contained with private facilities and direct access to the highway via common parts. Where the security is situated above, adjoining or near commercial premises, it should represent satisfactory security.

Are Flats/Apartments that have Deck/Balcony Access considered acceptable security to us?

Yes - subject to Valuers comments.

Are properties with any element of Flying Freehold considered acceptable security to us? If so, what % do we accept, do cases need to be referred in the first instance?

Yes where this does not exceed 10% of the overall property area, valuer will need to confirm.

Are Freehold Flats/Maisonettes considered acceptable security to us?

We will not accept applications for freehold flats/maisonettes, with the exception of multi-unit properties.

Please refer to your account manger for clarity.

Are Freehold houses with self contained flats considered acceptable security to us?

Freehold houses or multi-unit properties are accepted. Individual freehold flats are unacceptable.

Are Grade 1 Listed Buildings considered acceptable security to us?

We will not accept Grade 1 Listed buildings in England and Wales or Grades A and B in Scotland.

Are Grade 2 Listed Buildings considered acceptable security to us?

Yes. Subject to valuer's comments.

Will we consider an application for a property where Heavy Refurbishment is required?

For first charge bridging - Please refer to your account manager.

For second charge bridging. Second charge bridging is only for standard and light refurbishment only.

Is a landlocked property with Easements / Rights of Way considered an acceptable security to us?

Please refer to your account manager.

Will we consider an application to lend against the purchase of Land?

Not acceptable.

Do we lend on properties in England?

Yes.

Do we lend on properties in Northern Ireland?

No.

Do we lend on properties in Scotland?

Region / Acceptable postcodes

Tayside - DD – All, Lothian - EH – All, Stirlingshire - FK – FK1 to FK16, Glasgow - G – All, Ayrshire - KA – All mainland, Fife - KY – All, Lanarkshire - ML – All, Renfrewshire & Argyll - PA – PA1 to PA19

Do we lend on properties in Wales?

Yes.

Will we consider an application for a property where Light Refurbishment is required?

Yes. Please refer to your account manager.

What are the Maximum Number of Bedrooms per property that we will consider as security?

HMO maximum is 10 bedrooms. Multi-units maximum is 6 units.

What is the Maximum Number of bedrooms that we will consider on an HMO as security?

10 bedrooms.

Where a multi-storey property does not have a lift, what is the maximum number of floors / storeys that is acceptable?

Flats above fourth floor must be served by a lift to be deemed acceptable.

Flats in blocks of up and including 20 storeys will be considered in London, 10 storeys in other areas.

What are the Minimum of Bedrooms per property that we will consider as security?

Typically 1, but studio flats are also considered subject to minimum 30sqm.

Are Mixed Use Properties with a Part Commercial element considered acceptable security to us?

Yes, providing commercial usage does not exceed 20% unless purpose of loan is to convert property to 100% residential use.

Are Multi Let/Multi Unit Properties considered suitable security to us?

Yes. Subject to Valuer's comments.

• Typical minimum valuation - £150,000 in London and £100,000 elsewhere (applies to each unit).

• Maximum of 6 units within a single block.

• Each unit must have a separate tenancy agreement.

• New build properties and properties defined as an HMO are not acceptable.

• The property must be entirely on a freehold title, any property with separate leases won’t be accepted.

• Each unit must be self-contained with its own services and have a minimum floor area of 30m2.

• Multiple houses held on one freehold are not acceptable.

• Holiday Lets are not acceptable.

• Any adverse planning restrictions that could prevent the creation of leases are not acceptable.

Available for properties in England and Wales.

Will we accept an application to purchase a property which is in a Multi-Unit Freehold Block? If so, what is the policy on this?

Yes. Subject to Valuers comments.

Are properties identified as being of a Non-Standard Construction considered suitable security to us?

Non standard constructions may be considered subject to valuers comments. Please refer to your account manager.

The following methods of construction are not considered acceptable:

• Properties containing Mundic concrete classified as class B or C are unacceptable. Classes A and A/B and A1, A2 and A3 are acceptable.

• Flats or maisonettes in blocks exceeding 20 storeys.

• Grade 1 listed buildings in England and Wales/Grades A and B in Scotland.

• Mobile homes and houseboats.

• Properties constructed with high-alumina cement, timber framed property with no brick skin or 100% steel or timber framed property.

• Property designated defective under Part XVI Housing Act 1985, Housing (Scotland) Act 1987 or Pre-Cast Reinforced Concrete (PRC) property (irrespective of whether repaired under a licence repair scheme).

Is a property with Non Standard Utilities considered acceptable security to us?

Please refer to your account manager.

What is the Maximum number of floors / storeys in a building that will be acceptable to us?

20 in London and 10 in all other areas.

What are the maximum number of kitchens that are acceptable us?

No maximum subject to valuer's comments. Please refer to account manager.

Will we consider an application for a property which is Overseas or outside of the UK?

No.

What is our policy surrounding planning permissions? Will we consider Restrictive or Unusual Planning Permissions?

All planning permission/consents must be in place prior to lending and we are unable to consider any property that may have restrictions on occupancy or planning. New builds with Section 106 are subject to conveyancer comments.

What Areas of the Country/Postcode Areas do we lend in? Are applications considered for the islands surrounding the UK Mainland? If so, which are acceptable?

Lending is only allowable in England, Wales, and specific areas in Scotland:

Region / Acceptable postcodes

Tayside - DD – All, Lothian - EH – All, Stirlingshire - FK – FK1 to FK16, Glasgow - G – All, Ayrshire - KA – All mainland, Fife - KY – All, Lanarkshire - ML – All, Renfrewshire & Argyll - PA – PA1 to PA19.

Do we consider Properties that are close to Commercial Outlets as suitable security?

Yes. Subject to valuer's comments.

Flats in proximity of commercial premises involved in the sale of food and drink, have a late licence or where levels of noise, smell, etc., are produced, such as to affect the marketability of the property, are unacceptable.

Will we consider an application for a Property with an Annex?

Yes. Subject to valuer's comments.

Please refer to your account manager.

Will we consider an application for a Property with Land?

Yes but valuation will be based on property and its immediate land. There is no set limit to the size of the title subject to valuers comments.

Will we consider an application for a Property with Outbuildings?

Yes. Subject to valuer's comments.

Please refer to your account manager.

Will we consider an application for a Property that has either Shared Access and/or Shared Services?

Yes. Subject to valuer's comments.

Please refer to your account manager.

Do we consider Semi-Commercial Properties as suitable security?

Yes, providing commercial usage do not exceed 20% unless purpose of loan is to convert property to 100% residential use.

Are properties with single skin brick and block work acceptable to us? If so, what is our policy on this?

Not acceptable.

Is a property that has spray foam insulation on underside of roof considered acceptable security to us?

Not Acceptable - Properties subject to spray foam insulation within the roof space are not currently considered.

Are Studio Flats or Studio Apartments considered to be acceptable security to us?

Yes.

• Must be at least 30sqm, please see product guides for clarity.

• Must be self-contained with private facilities and have direct access to the highway via common parts.

• Flats above fourth floor must be served by a lift to be deemed acceptable.

• Flats in blocks of up and including 20 storeys will be considered.

The Valuer shall use discretion as to whether the position of the flat within the tower block is such that the flat isn’t readily saleable and readily mortgageable.

Do we offer products designed with speed of completion that are suitable for lending against purchases made from auctions?

Yes.

Are properties that are being purchased Below Market Value acceptable to us?

Yes. Can lend up to 90% of the purchase price or 75% of the open market value, whichever is the lower. Gifted equity however is not acceptable and purchase price/LTV will be based off the actual price being paid.

Will we accept applications for Properties that are being Purchased at Auction?

Yes.

Will we consider a new purchase application from a Limited Company?

Yes.

Will we consider an application from an applicant Purchasing a property from either their Own or their Family's Limited Company?

Please refer to your account manager.

Will you consider an application where the proposed security is attached to a property already owned by the applicant and where there is NO intention to knock through?

Please refer to your account manager.

Will we consider an application for Bridging against a Residential Property?

Yes. Please refer to your account manager.

Will we accept an application from a person with Diplomatic Immunity?

Not acceptable.

Will we consider an application from an applicant who is a British National who is working either abroad or offshore?

BFPO addresses considered as UK, all other overseas or Offshore workers not acceptable.

Will we consider lending to an applicant who is a Director of a company but whose position is based overseas?

No.

Do we accept applications from Non UK, EU or EEA Foreign Nationals?

Yes. Must have been resident in the UK for 3 years and provide evidence of permanent rights to remain in the UK.

Will we consider an applicant without placing a minimum period of time that must be remaining an applicant's Visa?

No minimum time left on visa but non-EEA nationals are required to have permanent rights to remain in the UK and EEA nationals a settled or pre-settled status.

Do we consider applications from applicants who have changed their trading status from a Limited Company to a Sole Trader?

Yes.

Will we consider an application from a Limited Liability Partnership?

Not accepted.

For those classed by us as Self Employed but who are a Director of their own Limited Company, will we consider using Net Profit in the Applicant's assessment of Affordability?

Yes. Subject to satisfactory evidence of an exit lender whom will use net profit for their affordability calculations.

Do we consider applications from applicants who have changed their trading status from a Sole Trader to a Limited Company?

Please refer to your account manager.

Will an application be accepted without proof of personal or photographic ID?

In all cases we will try to electronically verify the identity of the applicant.

On occasion this is not possible and we will require certified documentary evidence to satisfy our requirements.

The documentation you need to provide to us is detailed in our Anti-money laundering guidelines.

Will an application be accepted without proof of residential ID?

In all cases we will try to electronically verify the identity of the applicant.

On occasion this is not possible and we will require certified documentary evidence to satisfy our requirements.

The documentation you need to provide to us is detailed in our Anti-money laundering guidelines.

Will we consider an AVM, desktop or drive by valuation as opposed to a physical inspection of the property?

AVM's accepted for standard houses up to maximum of 75%. Flats, new builds or properties that have undergone significant changes or that need works are not eligible for an AVM.

AVM's accepted for Second Charge Bridging is up to maximum of 70% (Standard and Light refurbishment only).

Will we accept Re-Type Valuations?

Please refer to your account manager.

Will we instruct a valuation immediately on application?

We will instruct a valuation subject to receipt of the valuation fee and on receipt of any items required by the underwriter that may prevent a valuation instruction. E.g. schedule of works, title plans, planning permissions where applicable.