Intermediary News

Employment status and minimum property value criteria changes to both HPP and BTL products

We are pleased to advise that we have made numerous enhancements to the criteria for our Home Purchase Plan (HPP) and Buy-to-Let (BTL) products.

Key highlights include:

Home Purchase Plan criteria

  • UK Nationals, resident in the UK, now need a minimum 6 months continuous employment in the UK (previously 12 months).
  • Detailed criteria now included for fixed term contracts and temporary workers.
  • 100% of guaranteed bonus, guaranteed overtime and housing allowance evidenced over a 12 month period accepted as employed income.
  • Minimum property value reduced to £95,000 for UK Expats, down from £100,000.
  • Signed copy of employment contract now acceptable rather than a certified copy.

Please note that to provide advice on HPP products you are required to hold specific HPP permissions with the FCA.

Buy-to-Let criteria for UK residents

  • First Time Buyers and First Time Landlords now accepted.
  • Contractors’ criteria has now been included.
  • 100% of guaranteed bonus, guaranteed overtime and housing allowance evidenced over a 12 month period accepted as employed income.
  • HMO/MUFB minimum property value reduced to £55,000 from £75,000.

Buy-to-Let criteria for UK Expats and International residents

  • Rent Only maximum term increased to 25 years from 15 years.
  • Contractors’ criteria has now been included.

View criteria here