Borrower criteria

Individual and joint applicants

Age of borrower
Minimum age: 21.
Maximum age: 75 at end of loan term.
Residential status
Borrower must have been a resident in the UK for 36 months or more.

For Tier 1 Bridging and Development Exit: Individuals must have resided in the UK for a minimum of 36 months and must currently be a UK tax resident.

Nationality

  • UK or EEA (European Economic Area) nationality.
  • Non-EEA nationality is accepted subject to underwriter approval.
  • For Tier 1 Bridging and Development Exit: UK only.

Corporate applicants

Company origin
UK or EEA (European Economic Area) nationality only.

For Tier 1 Bridging and Development Exit: UK companies only, including UK LLPs.

Company security
Debentures or other fixed and floating security required.
Personal guarantees

  • UK companies: Full personal guarantees required from all directors and shareholders holding more than 25% of shares in the company.
  • Non-UK companies: Full personal guarantees required from the principal or beneficiary of the company.
  • For Tier 1 Bridging and Development Exit: UK only.

Personal credit profile requirements

It is very helpful to know up front about any existing credit and legal conditions. This information can delay the completion of the loan if left until the end.

Bankruptcy status
No bankruptcy/IVA in the last 3 years. If bankruptcy/IVA occurred in the last six years a full explanation is required.

For Tier 1 Bridging and Development Exit: No bankruptcy.

Criminal convictions
Not permitted unless relating to motoring offences or at underwriter’s discretion.
Mortgages and secured loans
All mortgages/secured loans loans should be up to date at the time of application with no arrears greater than one monthly payment in the last 36 months.
Unsecured loans and revolving credit
Any arrears or defaults on unsecured loans / revolving credit in the last 24 months are at the underwriter’s discretion to disregard.
Recent CCJs
Any County Court Judgements (CCJ) must be satisfied and should not exceed £5,000. If more than one CCJ is present in the last six years the LTV is restricted to 60%. If more than three CCJs are present in the last six years, the case will be declined. An explanation of any CCJ recorded is required.

For Tier 1 Bridging and Development Exit: If more than three CCJs are present in the last three years, case will be denied.

Corporate profile requirements

Bankruptcy status
No bankruptcy or winding up petition in the last six years.
CCJs
No CCJs unless by underwriter discretion.

Other general requirements

In addition to the above, we will also usually ask for proof and documentation of:

Identity verification
Passport or UK driving licence is required to verify the borrower’s identity.
Deposit
On purchase cases the source of deposit must be disclosed. Evidence may be requested.
Address verification
Utility bill, bank statement or tax demand dated within the last three months is required to verify the borrower’s personal address.
Funds for servicing
Underwriters must be satisfied that the borrower can service the monthly interest (where interest is not retained).
Refurbishment plans and costs
We need to see details of any refurbishment and the related costs in your application. Details of previous development experience is a deciding factor for major refurbishments and developments.

For Tier 1 Bridging and Development Exit: No heavy refurbishment. No structural, conversion or extension work (internal or external). No planning permission requirements.

HMO licences
All appropriate licences must be in place to refinance a loan with us on an HMO. Licences should be in place as soon as practical after completion if you are applying for a loan for a property that will be an HMO.

For Tier 1 Bridging and Development Exit: Not accepted.