Happy Wednesday, some great news, The Family Building Society have reviewed their BTL SPV criteria and they have now REMOVED their requirement that for a BTL SPV case there could be no more than 3 other properties within it. In the current market this was overly restrictive and has now been taken out so they can accept a broader range of portfolio landlords for new cases.
As a reminder, their BTL criteria is as below:
LTD Company (UK Residents Only)
- SPV’s only
- 60% LTV available with no personal guarantee’s. 70% with PG.
- Maximum of 8 directors/shareholders.
- Product fee’s from £999 (product specific)
General BTL Criteria
- Max age 89 at application
- No minimum income criteria
- No maximum portfolio size with other lenders
- No background stress on their portfolio – just needs to be profitable.
- ICR Calculations (irrelevant of clients own personal tax bracket)
- £4£ Remo – 130% @ 5.5% or the product rate + 2% (whichever is higher) unless using 5yr Fixed
- Capital Raising 145% of the above.
- Max LTV 70%
- 4 applicants on a mortgage allowed
- Multi-Unit Freehold Blocks Considered
EXPATs
- Over 40 countries of residence accepted. They will still lend to ExPATs in Europe.
- For the majority of countries, no restrictions on employed/Self Employed/Retired.
Some higher risk countries may mean the clients need to have an employer with a UK office. Please contact The Family Building Society for further information. - Clients only need a live UK mortgage, do not need multiple lines of open credit
- UK Correspondence address required – usually close family members.
For help or more information call 07387040895 or email nathan.waller@familybsoc.co.uk.
