Criteria search

• All properties must be situated in mainland England and Wales.
• Properties in Scotland, Northern Ireland, Channel Islands, Isle of Man and Isle of Wight will not be considered.

Related words: UK, Britain, territory

Applications where the property has been constructed using modern methods of construction can be accepted where the valuer is satisfied that the property represents suitable security. In addition, the property must have been constructed by one of the following:

• Barratt Developments
• Berkeley
• Bellway
• Bloor Homes
• Bovis Homes
• CALA Homes
• Crest Nicholson
• Galliford Try
• Persimmon
• Redrow
• Taylor Wimpey

This list is not exhaustive. Please contact us for clarification if a developer is not listed above.

• Properties designated defective under part XVI Housing Act 1985 or pre-cast reinforced concrete (PRC) property, irrespective of whether repaired under a licensed repair scheme.
• Properties constructed with high-alumina cement.
• Timber framed properties with no brick skin or masonry cladding.
• Character period properties are considered on individual merits where buildings insurance is available on conventional terms.
• Properties where material environmental hazards are present.
• Any property deemed unsuitable security by the valuer.
• Any property where there is on-going movement or monitoring is required.
• Freehold flats or maisonettes unless lending is on a multi-unit property or conversion to an acceptable leasehold will be undertaken simultaneously with completion of the loan.
• Flats or maisonettes in blocks exceeding 20 storeys.
• Flats directly above public houses or fast-food premises.
• Non-standard construction.
• Mobile homes and houseboats.
• Grade I and grade II* listed properties.
• Properties where saleability may be adversely affected by local planning or an unsatisfactory mining search.
• Properties which are affected by Japanese knotweed.

Grade I and grade II* listed properties not accepted.

Properties aged less than 10 years must benefit from one of the following warranties, which must exist upon completion of the property and cannot be applied retrospectively:

• Advantage HCI
• Aedis Warranties
• Ark Residential New Build Warranty
• BOPAS
• Build Assure
• Building Life Plans
• Buildzone
• Checkmate (Castle 10)
• Global Home Warranties
• International Construction Warranties (ICW) 
• LABC
• NHBC Guarantee
• One Guarantee
• Premier Guarantee Scheme
• Professional consultants certificate (previously architect’s certificate)
• Protek
• The Q Policy
• Zurich Municipal ‘New Build’

This list is not exhaustive. Please contact us for clarification if a warranty provider is not listed above.

Up to 20 storeys in a block

Considered on a case-by-case basis. Flats directly above public houses or fast-food premises not accepted.

Related words: bar, shop, cafe, takeaway

Acceptable where the block is owner occupied.

Related words: council property, ex-council, social housing

Flats must have access to the highway.

Flats and maisonettes must be self-contained with private facilities.

Flat / maisonette minimum floor area 30m².

Freehold

• Acceptable for houses. 
• Not acceptable for flats or maisonettes unless:
  • lending is on a multi-unit property; or 
  • conversion to an acceptable leasehold will be undertaken simultaneously with completion of the loan.

Leasehold

Leasehold acceptable subject to there being a minimum of 50 years unexpired on the lease at the end of the mortgage term. Lending for the purpose of extending the lease is acceptable where this is simultaneous with completion of the loan.

Commonhold

Not accepted.

Properties in the applicant’s background portfolio can be located anywhere in the United Kingdom.

A property is considered an HMO if the following conditions apply:

• At least three tenants reside at the property, forming more than one household 
• Toilet, bathroom or kitchen facilities are shared with other tenants.

Standard single dwellings

• £150,000 minimum valuation inside M25
• £75,000 minimum valuation elsewhere.

• HMOs
• £150,000 minimum valuation inside M25
• £100,000 minimum valuation elsewhere.

MUFBs

• £150,000 minimum unit valuation inside M25
• £50,000 minimum unit valuation elsewhere.

Multiple houses on one freehold title not accepted.

Properties where adverse planning restrictions could prevent leases from being created are not accepted.

Properties built/converted in the last 12 months and/or not previously occupied will not be accepted.

30m² per unit/flat.

Each unit must have a separate tenancy agreement.

• Where applicable, an application for any HMO licence required by the local authority must have been made before completion. 
• The terms of the licence must be complied with at all times.
• We reserve the right to request proof of a licence throughout the mortgage term.

• MUFBs will be valued on an aggregate basis as opposed to block value.
• Each unit must also meet our minimum unit value requirement. 
• Minimum unit value:
  • £150,000 minimum unit valuation inside M25
  • £50,000 minimum unit valuation elsewhere.

• £150,000 minimum valuation inside M25
• £100,000 minimum valuation elsewhere. 

The capital valuation will be assessed on a comparable residential basis.

Up to six self-contained units in a single block.

Up to six HMO bedrooms.

MUFB properties are single structures that contain separate flats or units that are not subject to individual leases and the property is on one freehold title. 

All individual units must be completely self-contained and meet the current property criteria, including minimum valuation figures and rental calculations.