Our lowest rate
Standard Tier 1

50% LTV

Initial rate 0.47%

Facility fee 2%

 

Product highlights

Newtickmark

Up to 75% LTV available

Newtickmark

Rates from 0.47%

Newtickmark

New developer exit range

Newtickmark

Conversions into flats

LTV Standard Tier 1 Tier 2 Developer Exit Facility fee
50% 0.47% 0.59% 0.59% 2%
55% 0.47% 0.69% 0.69% 2%
60% 0.57% 0.69% 0.69% 2%
65% 0.57% 0.74% 0.74% 2%
70% 0.67% 0.79% 0.79% 2%
75% 0.75% N/A 0.79% 2%

Bridging finance tiers

TIER 1 - Rates from 0.47%pm LTVs up to 75% - non-regulated only

Works that do not alter the external footprint or outline of the property

Properties deemed uninhabitable by long term lenders, e.g. no kitchen/bathroom

Properties currently at ‘wind and water tight’ stage but require completion

Permitted development

Residential to HMO conversions of up to 6 lettable rooms (non-regulated only)

TIER 2 - Rates from 0.59%pm LTVs up to 70% - non-regulated only

Works that alter the external footprint or outline of the property

Works that require planning permission

Residential to HMO conversions of up to 10 lettable rooms

Conversion of a commercial into a maximum of 4 flats**

Conversion of a house into a maximum of 6 flats**

Developer Exit - Rates from 0.59%pm LTVs up to 75% - non-regulated only

Experienced developers with a residential development that has reached practical completion, with the benefit of all consents and a warranty or PCC

As part of our developer exit scheme, we can also consider the follow schemes, up to and including:**

Single properties valued at £2million or more;

Multi-unit schemes where there are 10 or more units; Total value £5million or more.

 

 

 

**A new homes warranty from one of the Group’s accepted warranty providers or Professional Consultants Certificate (PCC) must be provided at completion.

Acceptable credit profile

CCJs

Nil (3 year history)*

Defaults

Nil (3 year history)*

Missed mortgage payments

None in the last 12 months

Missed secured loan payments

None in the last 12 months

Unsecured arrears

N/A

Bankruptcy

Nil (6 year history)

IVA

Nil (6 year history)

Repossession

Nil (6 year history)

Debt Management Programme

Nil (6 year history)

*The restrictions may apply in the following circumstances

  • Where all CCJs/defaults were registered more than three years ago and satisfied prior to mortgage application;

  • Where all CCJs/defaults were satisfied more than 12 months prior to application regardless of date of registration;

  • Where the CCJs/defaults in aggregate amount to less than £300, regardless of date of registration, and satisfied prior to mortgage application.

Physical valuations

For buy to let and HMO/MUFB properties of up to six lettable rooms/units, full physical inspection for valuations will continue, and shall be conducted through our panel valuers Connells via the usual process.

For large HMO/MUFB properties of 7 to 10 lettable rooms/units or conversion of a commercial property, a valuation quote will need to be obtained prior to the full physical inspection of the property and shall be conducted via our in-house panel managers. Connells and other panel managers have issued clear guidance surrounding property inspections. If this guidance isn’t adhered to, surveyors could choose not to proceed with a valuation, but still charge abortive fees or additional fees to re-visit the property.

Fees

A £145 administration fee is payable on submission and is non-refundable. A 2% arrangement fee, payable on completion, can be added to the loan and is non-refundable. Valuation fees should be paid on submission of application.

Current processing times
Bridging
  • Commercial
  • Semi-commercial
  • Buy to let and HMO
  • Holiday let
  • Bridging

  • AIP review

    10 working days

  • Valuation review

    10 working days

  • Formal offer underwrite

    10 working days

  • Additional correspondence and documents

    10 working days

alerticon

Submissions after 4pm will be considered as submitted the following working day.

Last updated 07-07-2022

  • AIP review

    10 working days

  • Valuation review

    10 working days

  • Formal offer underwrite

    10 working days

  • Additional correspondence and documents

    10 working days

alerticon

Submissions after 4pm will be considered as submitted the following working day.

Last updated 07-07-2022

  • AIP review

    10 working days

  • Valuation review

    10 working days

  • Formal offer underwrite

    10 working days

  • Additional correspondence and documents

    10 working days

alerticon

Submissions after 4pm will be considered as submitted the following working day.

Last updated 07-07-2022

  • AIP review

    10 working days

  • Valuation review

    10 working days

  • Formal offer underwrite

    10 working days

  • Additional correspondence and documents

    10 working days

alerticon

Submissions after 4pm will be considered as submitted the following working day.

Last updated 07-07-2022

  • AIP review

    4 hours

  • Valuation review

    1 working day

  • Formal offer underwrite

    1 working day

  • Additional correspondence and documents

    1 working day

alerticon

Submissions after 4pm will be considered as submitted the following working day.

Last updated 07-07-2022

  • AIP review

    4 hours

  • Valuation review

    1 working day

  • Formal offer underwrite

    1 working day

  • Additional correspondence and documents

    1 working day

alerticon

Submissions after 4pm will be considered as submitted the following working day.

Last updated 07-07-2022

Current processing times
green alert icon

This information is for mortgage professionals only and not intended for use by the general public. All rates, programmes and pricing are subject to change at any time and without prior notice. Mortgages are subject to valuation and approval.