The maximum age limit for a mortgage depends on your personal circumstances. Please call us on 0345 1200 842* and we can discuss this with you.
If you are self-employed, a limited company director or salaried director with a shareholding in a company, we may need additional proof of your income. Usually this is obtained from your accountant. In addition to this we will require both personal and business bank account statements. A breakdown of our document requirements are detailed below.
The minimum amount you can borrow is dependent on the following criteria:
LTV for new build properties | |
---|---|
Up to £5,000,000 | 75% |
Up to £1,000,000 | 85% |
LTV for existing properties | |
---|---|
Up to £5,000,000 | 75% |
Up to £2,000,000 | 85% |
Up to £750,000 | 90% |
Up to £600,000 | 95% |
Loan to Value | Minimum Loan Amount | Maximum Loan Amount |
---|---|---|
Up to 75% | £25,001 | £5,000,000 |
75%-85% | £50,000 | £2,000,000 |
85%-90% | £50,000 | £750,000 |
Applications with a loan size over £600,000 will be subject to additional lending rules, which may impact the maximum borrowing that can be offered.
The LTV is your mortgage amount as a percentage of the purchase price or the valuation amount of the property, whichever is the lower of the two. For example, a £90,000 mortgage on a property worth £100,000 has an LTV of 90%.
The amount you can borrow is determined by your income and by also taking into account any existing financial commitments you have to ensure your mortgage payments will be affordable.
We consider the following:
When you apply for a mortgage, we'll need to see the following documents:
Click here to see a list of documents we will accept as proof.
Please note online bank statements and payslips do not need to be certified.
If your loan is less than 75% LTV:
If your loan is more than 75% LTV:
In addition to this we will write to your accountant for confirmation of your income. If your accountant is not on our list of recognised accountants (see list below) or you do not have an accountant, we require your latest 2 years SA302s.
In addition to this we will write to your accountant for confirmation of your income. If your accountant is not on our list of recognised accountants (see list below) or you do not have an accountant, we require your latest 2 years SA302s.
Salaried directors with less than 25% shareholding are treated for income purposes as employed applicants and the same evidence of income is required as detailed against employed applicants.
In addition to this we will write to your accountant for confirmation of your income.
Something to bear in mind: We'll always take into consideration the dividends for the last trading year or the average for the last 2 years, whichever is lower. If the business has been set up for less than 2 years, the finalised years figures and a projection for current year will be required.
All identification documents that you send must be originals or certified true copies. Please follow these guidelines to make sure we can accept what you send to avoid delays:
The person who certifies your copy must include the following on EVERY page of that copy. (For lengthy documents, such as accounts, the person certifying can state the following on the first page: the number of pages in the document and that they have seen and certify the full copy as a true copy of the original.)
Where a loan exceeds 75% of the purchase price or valuation (whichever is the lower) there is increased risk to us. To cover us against this risk, a Higher Lending Charge (HLC) is payable. This charge will be paid by us. Even though we will pay a HLC, you are still responsible for the money you owe, including any shortfall.
Use our simple calculator tools to work out how much your repayments could be, how much we could lend to you and if an Offset mortgage could save you money.
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