Business lending criteria

We are currently only accepting business from:

• NACFB registered intermediaries who are already registered with us

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Lending criteria

We will lend to

• Sole traders
• Partnerships, excluding LLPs
• Limited companies

We are currently only accepting holiday let mortgage applications.

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Minimum loan

The minimum loan is £50,000.

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Maximum loan

The maximum loan is £500,000.

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Loan to value (LTV)

75% LTV for capital and interest, or interest only. May need personal guarantees above 60% LTV.

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Term

Minimum five years. Owner occupied – maximum 25 years.

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Tenure

Both freehold and leasehold are acceptable. If leasehold, the minimum required unexpired term on a lease must be at least 85 years from commencement of the mortgage.

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Arrangement fees

Usually 2% but negotiable.

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Early repayment charges

Apply for the first five years only; 10% annual overpayments allowed during this period.

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Procuration fee

Usually 50% of the arrangement fee but may be varied by arrangement, payment automatically made within 10 working days of completion with no requirement to submit an invoice.

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Security

First charge on the premises.

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Legals

Applicant's solicitors to be used on a dual representation basis wherever possible.