Reductions to UK BTL rates, improvements to packaging requirements and now accepting Intercompany Loan deposits
We are delighted to announce that we have today repriced our range of Buy-to-Let (BTL) products for UK residents where rates have been reduced by 0.25% across all products. This includes Green, SPV Limited Companies, HMOs and MUFBs. In addition, we have some positive criteria changes as detailed below.
New Rates:
- 2-year fixed rental rates starting at 5.39%
- 5-year fixed rental rates starting at 5.65%
Self-Financing BTL applications and Packaging requirements
For UK resident BTL customers who own at least one other property, and providing the property is self-financing, we have reduced our documentation requirements to include:
- No minimum income required
- No income evidence required (may be requested at underwriter discretion)
- No requirement for bank statements (unless they are being used to evidence deposit or requested at underwriter discretion)
Where the customer does not own another property, minimum income will apply along with income evidence and supporting bank statements.
To reflect the above changes, our ‘Packaging Guidelines - BTL UK’ document has now been renamed Packaging Guidelines - BTL self-financing UK residents and can be found here.
To clarify the income requirements for your finance application, please refer to the ‘Minimum Income (All employment types)’ section of our Buy-to-Let Criteria for UK residents on our website.
UK Intercompany Loan deposits now accepted
Intercompany loans from UK limited companies or SPVs can now be considered as a source of deposit. Any intercompany loan being used must come from a UK limited company and have identical directorship and shareholders to the application. For more detailed information, the ‘Directors Loans Guidance’ document has now changed to Guidance on UK Intercompany, Director, and Shareholder Loans on the Bank’s website.
Gifted Deposits made easier
Bank statements for donors are no longer required (uncertified proof of ID is still required) and our declaration form has been simplified.
Our updated Gifted Deposit Guidance and Gifted Deposit Declaration Form can be found on our website.
Our new products can be found here. These changes reflect our ongoing commitment to offering competitive finance options.
You can speak to your local BDM and refer to our criteria guides for further information and eligibility.
Our product range is available to UK residents, UK Expats, International residents and UK registered corporate entities looking to purchase or refinance property in England and Wales.
To review our current service levels, click here.
Thank you for your continued support.