Maximum finance increased to £10m and other changes
We are delighted to announce with immediate effect that we are able to consider applications for finance up to £10m for both Home Purchase Plans (HPP) and Buy-to-Let (BTL) by referral. Details of the product changes are outlined below:
- For HPP we will consider finance on a single property for purchase or refinance of main residence for own occupation up to £10m of finance and up to a maximum of 70% FTV
- In the case of BTL, we will consider portfolios of up to £10m of finance, with a maximum of £5m on any individual property. The £5m applies whether an individual property is part of a portfolio or not
- In the first instance, all cases above £5m of finance will need to be referred to your BDM where sufficient details will need to be supplied in order for the Bank to assess if we would want to proceed the case to a formal application. Based on this assessment, the maximum FTV may be reduced or the case may be declined
- Intermediaries will not be able to bypass the referral process and go straight to application as the system is locked at £5m
- For more details on the process, please contact your BDM
We also have another tranche of funds available for residents of Hong Kong which covers both HPP and BTL applications. There is a monthly allocation which will be strictly monitored and allocated on a first come first served basis.
In addition, we are making a minor change to our finance term and fixed rate period end dates. All finance terms and fixed rate periods will now end on the last day of the calendar month in which the finance term/fixed rate period expires. (Example: A 2 year fixed rate period of a product that Completes on 21 September 2024 would end on 30 September 2026 and if it has a finance term of 25 years, the finance term will end on 30 September 2049).
Our product range is available to UK residents, UK Expats, International residents and UK registered corporate entities looking for property finance in England and Wales. Our full range of products can be found here.
If you have any queries or require further information our team remains available via phone and email, details of which can be found here.
To review our current service levels, click here.
Thank you for your continued support.