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Aldermore Buy to let Mortgage lending criteria

Aldermore Buy to let Mortgage lending criteria

Aldermore - Buy to let Lending criteria

Notes: The following information may contain errors. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

Mortgage Product

Advances
Upto 600,000 75% LTV
Upto 1,000,000 70% LTV

Notes
Mortgage NOT portable
- Mortgage is NOT for First time buyers

Website: www.aldermore.co.uk/resi

Maximum 10 Buy to let properties with Aldermore mortgages (plus 1 residential property), subject to a total exposure of 2m with Aldermore Residential Mortgages.

Accepted locations are England (including Isle of Wight), Wales (including Anglesey) and mainland Scotland.


Overpayments of up to 5,000 can be made in any 12 month period, without incurring an early repayment charge. If you do make an overpayment, then the amount you owe and the interest you are charged will reduce from the date the overpayment is credited to your account.
Overpayments totalling more than 5000 in any 12 month period will incur the early repayment charge(s) detailed in Section 10.

This mortgage includes a facility for additional secured borrowing. You can apply for additional secured borrowing after 6 months, subject to satisfactory conduct of your account and our lending policy at that time.

We may change the Aldermore Managed Rate before or after the mortgage starts under Condition 10 of the Aldermore Bank PLC Residential Mortgage Conditions 2010 (or in Scotland, Residential Mortgage Conditions (Scotland) 2013).

Buy to Let : Accepted
Let to Buy : Accepted
Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) Yes
With Profits Yes
Unit Linked Yes
ISA Yes
Split Repayment No

Fees


Arrangement : 1999 Can be Added
Booking : None

Early Repayment Charges
2.5% of loan to be paid within first 2 Years, Then 2% of loan to be paid for next year

Higher Lending
None

Valuation
Basic:
upto 100,000 - 400
upto 150,000 - 445
upto 200,000 - 445
upto 300,000 - 555
upto 400,000 - 655
upto 500,000 - 725
upto 600,000 - 770
upto 700,000 - 840
upto 800,000 - 920
upto 900,000 - 990
upto 1,000,000 - 1035
upto 1,200,000 - 1035
upto 1,400,000 - 1145
upto 1,600,000 - 1260
upto 1,800,000 - 1370
upto 2,000,000 - 1485
upto 2,200,000 - 1595
upto 2,400,000 - 1710
upto 2,600,000 - 1820
upto 2,800,000 - 1935
upto 3,000,000 - 2045
upto 3,200,000 - 2160
upto 3,400,000 - 2270
upto 3,600,000 - 2385
upto 3,800,000 - 2495
upto 4,000,000 - 2610
upto 4,200,000 - 2720
upto 4,400,000 - 2835
upto 4,600,000 - 2945
upto 4,800,000 - 3060
upto 5,000,000 - 3170

Min Valuation 75000
Completion & electronic funds transfer fees can be added to the loan.

Where the applicant(s) require a more detailed report, the Valuer will be instructed to collect the additional fee direct from the applicants.


Lenders Conveyancing Fee - 360.00 Payable on completion. Conveyancing fee, payable to your solicitor before the mortgage starts. The figure quoted here is an estimate and covers the work carried out for Aldermore bank PLC in setting up this mortgage. The total conveyancing fee may be higher.
Electronic Funds Transfer Fee - 30.00 Payable on completion.
Mortgage Discharge Fee - 90.00 Payable on early redemption.

Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Yes
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched Yes
Timber Framed Yes
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Yes
Listed Building Yes

Not Accepted
New Build acceptable. Min Valuation 75,000

Flats over 4 storeys accepted if there is a lift.

New build and newly converted flats, freehold flats, freehold maisonettes are not accepted.

New build is defined as built in the last 12 months, or has not previously been occupied.

Maximum 75% LTV for Ex-public Sector (i.e. local authority, housing association, Ministry of Defence, etc.) houses.

Non standard construction are not accepted.

Freehold or leasehold (with minimum of 60 years unexpired on the lease at completion and 40 years at end of term).

125% coverage at the product pay rate or reversion rate (whichever is higher).

Assured Shorthold Tenancy (AST) required, for a maximum of one year.

Property cannot be occupied by family members.

Ex-public sector (i.e. local authority, housing association, Ministry of Defence, etc.) flats - accepted up to LTV of 75%.
- Please refer to lender in order to check suitability.

Maximum 10 Buy to let properties with Aldermore mortgages (plus 1 residential property), subject to a total exposure of 2m


Accepted Locations : England, Scotland, Wales

Requirements
Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency No
Life Policy To Be Assigned No
Previous Lender References No

Insurance
Buildings Conditional

Conditions On Loan


Min Loan 25,000
Max Loan 1,000,000
Max Portfolio of BTL Loans 2,000,000
Min Age 21 years
Max Age 85 years
Min Term 6 years
Max Term 35 years
Proof of conduct required for all mortgages.

Vendor / Builder deposits maximum 5%.

Full family gifted deposits are acceptable from close relatives including step relatives. A close relative is defined as a spouse, parent, grandparent, sibling or child.

Maximum of two applicants.

First Time Landlords minimum age 25, minimum income 25,000 and must own current home, with 12 months satisfactory conduct where mortgaged. Maximum LTV 75%. Maximum loan 600,000.

For Let to Buy Criteria:
- In addition to the standard Buy to Let affordability assessment, applications will also be assessed to ensure applicants can afford repayments on a ‘residential owner-occupied’ basis should the new residential property purchase not proceed.
- Aldermore also financing the forward purchase of a new residential property is not currently accepted.
- A copy of the new residential purchase mortgage offer will be required prior to completion.


The property must be adequately insured under an acceptable buildings insurance policy.
Foreign Citizens Accepted
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 0
Refer to rental income calculations

Min months in current position 3
Min months in continuous service 3
Min no. of years accounts 1
Average years taken to calculate income none
Will consider declining profit No

Outgoings


Buy to Let calculation - Login to the Aldermore online system at www.aldermore.co.uk/resi

Rental income at 125% based on payrate or revision rate, whichever is higher.

No minimum (income will be verified to confirm applicants ability to withstand future interest rate changes and rental voids). First time landlords must have a minimum income of 25,000 per application.

Employed minimum 12 months history (last 3 in the same occupation).

Self employed minimum trading period 2 years.

Employed P60 and last 3 months payslips (or employers reference).

Self Employed SA302 or certified accounts covering the last 2 years.

Retired in receipt of personal / company pension income.

State benefits are not acceptable.

Hire Purchase NOT Taken into account
Personal Loans NOT Taken into account
Overdraft NOT Taken into account
Credit/Store Cards NOT Taken into account
Child Maintenance NOT Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed No
Other Income - Regular No
Other Income - Irregular No
Investment Income No
Mortgage Subsidy No
Large Town Allowance No
Maintenance Payments No
Non Contributory Pension No
Car Allowance No

Remortgage

Capital raising for business purposes is allowed up to 75% LTV, subject to this not supporting an ailing business.

Capital raising for payment of taxes and consolidation of debts that have not been maintained is not permitted.


Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes 75%
Divorce Settlement 75%
Unencumbered 75%



Adverse Credit


CCJs/Defaults : Accept:
1) There must be no CCJs/Defaultss in the last 36 months. This condition does not incur any rate loading.
Arrears : Accept:
1) No arrears (paid or unpaid) in the last 12 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.