To find out whether you are eligible to apply for a Further Advance, Port or Transfer of Equity on behalf of your client, please review the high level criteria below before applying.
Please note the eligibility criteria are for guidance purposes only, the application is subject to underwriting and Bank's lending criteria.
The eligibility criteria guidelines are high level details that are used to determine the lending decision but as each application is unique further supporting evidence may be requested to finalise the lending decision. There may however be cases where the Bank will need to decline an application even if they appear to fall within lending criteria.
- Help to Buy variations are not accepted
- Your client is not eligible if they are a Buy to Let customer and will be residing in the property on completion
- Your client must have a right to reside in the UK
- The mortgage term must be less than or equal to 40 years
- Your clients must be 75 or under at the end of the mortgage term.
- Your client's total household income must be more than or equal to £15,000 for Residential customers and more than or equal to £25,000 for Buy to Let customers
- If your client is employed, their position is permanent or they have a retirement income
- If your client is working on a fixed-term contract, the contract is a minimum of 12 months with 6 months unexpired at the time of application
- If self-employed, then they must have a minimum trading period of at least 2 years.
- Your client must not have been made bankrupt in the last 6 years
- Your client must not have had an individual voluntary arrangement in the last 6 years
- Your client must not have ever had a property repossessed or voluntarily surrendered
- Your client must not have had a County Court Judgement for over £100 in the last 6 years
- Your client must not have had a Default for over £500 in the last 6 years and not been registered in the last 12 months
- Your client must have an existing mortgage with the Bank for a minimum of 6 months
- Your client must not have missed any mortgage payments in the last 6 months
- Your client must not have missed more than one payment on any credit agreement in the last 6 months, excluding mortgages.
- The additional loan must be for a minimum of £5,000
- Where a second charge is registered this will need to be postponed or repaid
- Minimum loan term is the lower of the unexpired term on the existing mortgage or 5 years
- The additional loan must not be for staircasing purposes.
Buy to Let
- The property must be let out if Buy to Let, and not let to a family member
- The property must be let on a single Assured Shorthold Tenancy (AST) agreement or Private Residential Tenancy (PRT) in Scotland.
Transfer of Equity
- The transfer of equity can't be to request a transfer of sole to sole.
- The property must be of standard construction
- If for a new build house purchase the maximum LTV is 85%
- If for a new build flat purchase the maximum LTV is 80%
- If for flat purchase there must not be more than 10 floors in the block or 15 floors for central London.
- We do not accept all Foreign Currencies, please call us on 0345 070 1999 for further information
- The minimum unexpired lease term relating to the property must be 85 years at application
- The ground rent must not be more than 0.1% of the valuation
- The ground rent escalation must be linked to the Retail Price index or similar.