Maximum FTV levels & finance increased, change to Offer validity period and other criteria changes
Today we have announced a number of changes to our products, criteria, offer validity period and application packaging process, details of which are below.
Criteria and Product changes
We are delighted to announce today the following changes:
- We have enhanced our FTV product thresholds up to a maximum 80%
- We have increased the maximum finance level to £5m across our range of Buy-to-Let (BTL) and Home Purchase Plan (HPP) products
Summary of BTL Product changes:
| Product / Applicant Type | Max FTV to £2m | Max FTV £2m+ to £3m | Max FTV £3m+ to £5m |
| UK Resident | 80% | 75% | 70% |
| UK Expat | 80% | 75% | 70% |
| International Resident | 80% | 75% | 70% |
| HMO & MUFB | 75% | 70% Max FTV up to £5m | 70% Max FTV up to £5m |
Summary of HPP Product changes:
| Product / Applicant Type | Max FTV to £2m | Max FTV £2m+ to £3m | Max FTV £3m+ to £5m |
| UK Resident | 80% | 75% | 70% |
| UK Expat | 80% | 75% | 70% |
| International Resident | 80% | 75% | 70% |
Our products are available to UK residents, UK Expats, International residents and UK registered corporate entities looking to purchase or refinance property in England and Wales. Our full range of products can be found here.
Advance notice of reduction to finance Offer validity period from 15 November
Following a review of the current market, we have decided to reduce our Offer validity period from 6 months to 4 months. This change will take effect from Wednesday, 15 November 2023.
Offers issued up to and including Tuesday, 14 November will have a 6-month validity period. Any Offers issued after this date will be subject to a validity period of 4 months. Once an Offer has expired, a new application will need to be submitted on current products and new fees will apply. The Valuation Report will be valid for the period of the finance Offer.
Change to our Application Packaging Process from 15 November
If an application has not been satisfactorily packaged in accordance with our packaging guidelines, we will remove the application from the portal after 14 days of receipt of the signed application (previously 30 days). This change will also take effect from Wednesday, 15 November 2023. If the Customer wishes to proceed, a new application will need to be submitted to us on current products and new fees will apply.
If you have any queries or require further information and support with packaging Finance Applications, our team remains available via phone and email, details of which can be found here.
Thank you for your continued support.