The Family Building Society – IMPROVEMENTS to our BTL SPV Criteria & BTL criteria reminder

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.

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