OUR MORTGAGE CRITERIA
General Criteria
| Borrower Type |
| UK or overseas Individuals, UK or overseas SPVs, Trusts or Pension Funds are acceptable. |
| Age |
| Applicants must be 18 years or over at time of application. We have no maximum age and a pragmatic approach to retirement income. |
| Guarantors / Joint Borrower, Sole Proprietor |
| Applications involving guarantors or joint borrower, sole proprietor are acceptable. |
| Number of Borrowers |
| No more than four individual Borrowers per application. |
| Adverse Credit or Information |
| We cannot accept applications whereby any borrower named on the application has: - had a property repossessed by a mortgage lender - been bankrupt or subject to an IVA |
| For more information see our Tariff of Charges. |
| LTV |
| We will consider lending up to 60% LTV on an Interest Only basis. LTVs above this can be on a part Interest Only part Repayment basis up to the LTV limit of that Loan Type. |
| Repayment Strategy |
| We take a pragmatic approach to repayment strategies and can consider these on a case-by-case basis. |
| Separate Legal Representation |
| All conveyancing for our applications is carried out on a separate representation basis. Clients will be expected to cover the legal costs of B&C, with an estimate for these works provided as part of the client's illustration. |
| Charge of Property |
| We offer first charge mortgage lending only. |
| Loan Size |
| We offer mortgages with loan amounts between £200,000 and £3,000,000 inclusive. |
| Loan Types |
| Owner-occupied, residential investment, HMO, semi-commercial properties and commercial properties can be considered. |
Residential Mortgages
| Pre-funded Interest |
| Where applicants are unable to demonstrate affordability, but are able to demonstrate large cash savings, we can consider lending on a pre-funded basis, with the client paying mortgage interest up-front. |
| Nationality & Residency |
| Whilst B&C does not have specific restrictions on borrower nationality or residency, in accordance with our KYC requirements, some applicants may be subject to enhanced due diligence or lending restrictions. |
| We have no cap on our Loan to Income multiples and can consider a wide range of complex income scenarios, including but not limited to: - self-employed retained profits - director's loans - short trading scenarios - short term contractors |
| LTV |
| We can consider a maximum LTV of 70% for Residential applications. |
| Term |
| The maximum term available is 35 years. |
Buy to Let Mortgages
| Rental Income |
| We use our own Affordability Calculator which takes into account , but is not limited to, the client's income tax status, cost of maintenance, letting agent fees and void periods. We do not have a set Interest Coverage Ratio to determine affordability. |
| Top Slicing |
| We do not offer top slicing and are unable to consider using personal income towards affordability of a buy to let application. |
| Credit History |
| The landlord must be creditworthy and must not be overcommitted on other secured or unsecured borrowing. |
| First Time Buyers |
| We will consider applications from first time buyers subject to underwriting. |
| Personal Income |
| The landlord must be able to evidence personal income and that they are not reliant on the rental income being received from the security property. |
| LTV |
| We can consider a maximum LTV of 65% for Buy To Let applications. |
| Term |
| The maximum term available is 25 years. |
| Holiday Lets |
| We will consider holiday lets subject to a three year track record and a full assessment of the relevant financials. |
| Houses in Multiple Occupation |
| We will accept applications for HMOs as long as the relevant licence and planning is in place. |
| Tenancy Type |
| We require an Assured Shorthold Tenancy with a maximum of 12 months to be in place at time of completion. The AST must be signed and in-date. If the Borrower is unable to provide this at time of completion (for example in a purchase transaction), we may ask for funds to be held back from the advance until this can be provided. |
Expatriate & Overseas Investor Mortgages
| For owner-occupied mortgages |
| Affordability is based on the client's assessable Sterling income. We are unable to consider foreign income to support this type of application. |
| For investment properties |
| See our Buy To Let Mortgages Affordability section. |
| Nationality & Residency |
| Whilst B&C does not have specific restrictions on borrower nationality or residency, in accordance with our KYC requirements, some applicants may be subject to enhanced due diligence or lending restrictions. |
| Process Agent |
| Where clients reside overseas, they must have a UK-based process agent in place to receive and forward correspondence on the client's behalf. This must be in place for the duration of the mortgage. |
| LTV |
| We will consider a maximum LTV of 65% for both expatriate and overseas investor mortgages. |
| Term |
| The maximum term available to expatriate and overseas investors is 5 years. |
Commercial & Semi-Commercial Mortgages
| We use our own Affordability Calculator which takes into account the client's income tax status, cost of maintenance, letting agent fees and void periods. We do not have a set Interest Coverage Ratio to determine affordability. We will not consider owner-occupied commercial mortgages. |
| Credit History |
| The landlord must be creditworthy and must not be overcommitted on other secured or unsecured borrowing. |
| First Time Buyers |
| We will consider applications from first time buyers subject to underwriting. |
| Personal Income |
| The landlord must be able to evidence personal income and that they are not reliant on the rental income being received from the security property. |
| Loan Type |
| We will consider lending in relation to commercial and semi-commercial investment properties only. |
| LTV |
| We will consider a maximum LTV of 70% for commercial mortgages. |
| Term |
| The maximum term available for commercial mortgages is 25 years. |
Short Term Bridging Finance
We do not currently offer traditional interest roll-up, but instead offer pre-funded interest payments. Subject to affordability, the client can also service the interest payments on a monthly basis. |
| LTV |
| We can consider a maximum LTV of 60% for short term bridging finance. |
| Term |
| The maximum term available for short term bridging finance is 1 year. |
OUR MORTGAGE TEAM
If you have any questions relating to your clients' applications, our experienced team are on-hand to discuss your enquiries. We do not use call centres nor market directly to clients.
To get in touch, you can call us on 0808 164 80 40 or email us at: