The property must:
- Be located in England or Wales
- Have an EPC rating of E or higher dated in the last 10 years
- Provide basic standards
- Have a maximum of five bedrooms. For properties with five bedrooms, we will ask to see a copy of the AST agreement and Selective license where applicable.
- Be subject to selective licensing but is not a house in multiple occupation.
The property must be let on a single Assured Shorthold Tenancy (AST) agreement only.
- The AST must be renewable at least every 36 months, and no less than six months
- Where the tenancy is longer than 12 months, it must be in the form of a DCLG model agreement.
- Maximum of four people on an AST.
Property to be let as a holiday let is not accepted on buy-to-let products. Please refer to our commercial lending team for more details.
We agree to you letting the property subject to your compliance with the following conditions:
(a) Any tenancy existing at the date of completion or created subsequently must be
* in writing
* an assured shorthold tenancy as defined in the Housing Acts
* in respect of the whole of the property
* for a fixed period not exceeding 12 months
* to a private individual or, if to more than one such individual, to all of them jointly
* to an individual or individuals who do not enjoy diplomatic immunity
* for residential use only
Property type criteria
- £100,000 minimum property value
- Where flats are in a block:
- Maximum of 10 stories in a block
- Flats above the fourth floor need lift access
- Flats and studios need a minimum of 35sq meters
- Leasehold only (85 year lease minimum)
- Flats that require a EWS1 form, must provide a valid EWS1 form to support the property valuation.
- The following types will be unacceptable:
- Property with any commercial use, including flats in a block containing commercial, retail and leisure outlets.
- Flats converted from an office or industrial building
- Ex local authority flats, apartments or maisonettes
- Flats with open deck or balcony access.
- £70,000 minimum property value
- Leasehold, subject to a minimum unexpired lease term of 85 years
- Maximum three floors
Property must be constructed with the following methods:
- Brick or stone walls
- Structurally Insulated Panel Systems (SIPS)
- Modern steel frame
- Modern timber frame or oak frame
- Wimpey ‘no fines’ and Easy Form can be considered subject to a satisfactory valuation
- Insulated Concrete Formwork (ICF).
Properties can be clad in:
- Traditional bricks or stone
- Brick slips
- Metal (zinc, copper, aluminum or steel)
- Modern render system (cement, line, acrylic or silicone)
- Timber up to 25% of external wall surface area.
Acceptable roofs include:
- Pitched slate or tile roof
- Flat roofs are acceptable subject to a minimum of a 25 year insurance backed guarantee.
Houses fitted with solar panels are acceptable, provided that:
- Buildings cover includes adequate insurance to cover any damage caused to the property by the solar panels
- The lease agreement meets the Society’s minimum standards.
For remortgage applications on houses with solar panels fitted under a lease agreement, please note that our ‘free legal service’ is not available.
The property must not be constructed with the following methods:
- Straw bale, hempcrete and volumetric construction
- Mobile homes and houseboats
- Any construction covered by the housing defect legislation, such as high alumina cement; unrepaired prefabricated reinforced concrete, large panel systems
- Sedum (living green) roofs
- Properties with timber cladding covering more than 25% of the surface wall area.
The society does not accept applications for:
- Property that is classified as a House of Multiple Occupation (HMO). This includes properties subject to mandatory, selective or additional licensing requirements
- Second homes or holiday homes for personal use
- Holiday lets
- Properties not in a habitable condition
- Property intended for sub-letting (the applicant lets the property to the local authority who in turn offers the property for social housing)
- Properties being purchased from or connected to a property club.
Where a property is in a neighbourhood that is predominantly HMO licensed properties, we advise applicants/advisers to check with the relevant local authority whether the property is likely to require an HMO license prior to submitting an application.