Are you eligible?

Applicants:

• Up to 2 individuals per application
• We accept first time landlords
• We accept first time buyers, if accompanied by an existing property owner.

Residency:

• You must be a UK resident with at least 3 years UK address history.

Age:

• Minimum age: 21
• Maximum age: There’s no maximum age for experienced landlords with a minimum deposit of 35%. Otherwise maximum age at application is 70.

Income:

• There’s no minimum income. The maximum amount you can borrow will be linked to how much the property is let for
• We accept self-employed applicants
• You can’t be bankrupt, or have been in the last 4 years, or have had a property repossessed in the last 6 years.

Portfolio landlord applicants:

• We accept applications from portfolio landlords.

Check our glossary for our full definitions.

The property must be used for residential letting purposes only and be in a lettable condition; holiday lets are not accepted. There’s no limit to the number of properties you can have in your portfolio, up to £7.5 million lending.

Minimum property value/purchase price: 

• £65,000 (apart from HMO where the minimum property value is £100,000).

Location:

• England, Wales and mainland Scotland.

Tenancy agreements:

• Assured Tenancy
• Private Residential Tenancies/ Short Assured Tenancy for properties in Scotland
• Occupation Contract for properties in Wales.

Tenants:

• You can’t live in the property yourself
• We don’t accept applications where your family members will be living in the property. 

New Build:

• We accept new build applications
• New build houses: Minimum deposit of 20%
• New build flats: Minimum deposit of 25%.

Lease terms:

• Minimum lease terms of 70 years or more, or 125 years for new build flats and 250 years for new build houses.

Studio flats:

• The floor area must be 30 square metres or more and contain a separate bathroom.

Deposit:

• Minimum deposit: 20% of the purchase price, or 25% if the property has a Energy Performance Certificate rating of D or E.

Term:

• Minimum term: 5 years
• Maximum term: 35 years.

Purpose of the loan:

• Purchase
• Remortgage, only after the property has been owned and let for a minimum of 6 months
• Borrowing more – see borrow more page for more information.

Minimum loan:

• £25,001 or £2,500 when borrowing more.

Maximum loan:

* Maximum loan on Green Further Advance products is £15,000.

These criteria are only applicable if you're applying under a limited company:

• Companies must have been set up solely for the buying, letting and selling of property.
• Acceptable SIC codes are: 68100, 68201, 68209, 68320.
• Only the director of the SPV will have account access with decision making responsibilities. For example completing a rate switch or amending the term or repayment method.
• The company must be registered in England and Wales or Scotland.

Company structure:

• Limited Companies only. Partnerships or LLPs aren't accepted.
• Companies must be a Special Purpose Vehicle (SPV), company structures outside of this are not acceptable
• Companies can only employ a maximum of two employees in addition to the number of directors listed, regardless of how many directors there are.
• Applicants
  • All directors/shareholders with a shareholding of more than 20%, or anyone in the SPV who is a person of significant control (PSC) must be party to the mortgage (the "applicants").
  • The maximum number of applicants is two.
  • Applicants must have a combined 75% of the shareholding and voters rights.
  • All applicants (whether director or shareholder) will need to provide a personal guarantee and obtain independent legal advice.
  • We'll accept applications where there are two directors, but only one is a shareholder who owns all shares within the company.
  • We'll accept applications where one applicant is only a shareholder (who owns more than 20% of the shares in the company). The other applicant must be a director and shareholder with at least 1% shareholding.
  • Directors/shareholders may only have one limited company financed with us.
• Minority Shareholders
  • A limited company may also have up to four additional shareholders who can own up to 25% of the company shares between them (the "minority shareholders").
  • Minority shareholders do not need to be part of the mortgage and won't be credit assessed or required to sign a personal guarantee, however their personal details will still need to be captured as part of the application.
  • No individual minority shareholder can have more than 20% of the total shares.
  • The minimum age of a minority shareholder is 21 years old.
  • Minority shareholders must be related to as least one of the names applicants (see the FCA definition of a 'related person').
  • Minority shareholders shares cannot be held in a trust or within another company.

Type of application:

• We accept first time landlords and portfolio landlords.
• We don't accept let to buy and regulated buy to lets.

Check our glossary for our full definitions.