For applications including a combination of Additional Rate/Higher Rate/Basic Rate borrowers, we can apply a Blended ICR to determine loan affordability based upon each borrower’s tax status and their individual share of ownership/rent. Please refer to the affordability calculator held on the Documents page of our website to calculate how much your clients can borrow. …
ICR
Basic Rate 125%. Limited Companies / LLP 125% Higher Rate 140%. See also Blended ICR Related words: Company, Ltd Co, Limited Liability Partnership, affordability, tax, assessment
Acceptable HMO Classes
Small HMO – C3 and C4. Large HMO – C3, C4 and Sui Generis. Related words: Planning permission, student, bedsit, house share
Tenure & Leasehold
Standard, Studio Flat, New Build, Above/Adjacent to Commercial, Ex-local Authority, HMO – Freehold and Leasehold, MUFB – Freehold Only. Leasehold terms of less than 76 years remaining at application considered at underwriter discretion and are subject to a maximum LTV of 60%. Minimum 51 years remaining at maturity. Transactions involving Head lease/Sub lease are unacceptable. …
Maximum LTV
75% NOTE: For CHL 1 products the total LTV inclusive of fees cannot exceed 80% Related words: Loan to value, loan size, loan amount, council
Ex-local authority
Max. 10 storeys in a block inside M25 (5 elsewhere). Areas with medium / high levels of private ownership. Related words: Council property, ex-council, social housing, former
Above/adjacent to commercial
Positive valuer comments required Related words: Retail, shop, cafe, restaurant, business
New build warranties
All properties less than 10 years old must hold an adequate warranty. CHL accepts the following new build warranties: National House-Building Council Buildmark Scheme (NHBC) Building Life Plan Premium Guarantee Scheme Checkmate Castle 10 LABC New Home Warranty Build-Zone Structural Warranty Zurich Municipal Advantage Aedis Warranties Global Home Warranties Protek ICW Ark Residential New Build …