Mortgage Criteria
Our Buy to Let mortgage criteria is designed to help your landlord customers to increase their investment and to grow their business. This includes those who are first-time landlords, raising capital on a remortgage or purchasing their next property.
Our Buy to Let calculator has been built with you in mind, it’s simple to complete and will give you an indication of the maximum we could lend your client.
Minimum age:
Maximum age:
Maximum applicants:
Guarantors:
First-time landlords:
CCJs & defaults:
Mortgage arrears:
Unsecured arrears:
IVA & Bankruptcy:
Debt management plans:
Pay day loans:
Repossessions:
Residential status:
Visa Requirements:
Accepted subject to:
One Applicant MUST have indefinite leave to remain. Additional applicants must have Indefinite leave to remain OR Right to Reside with acceptable visa type:
Visa’s must have a minimum 12 months validity
Diplomatic immunity:
Minimum earned income:
Foreign currency:
Rental income:
Employed:
| Income type | Proportion considered |
| Basic salary | 100% |
| Car allowance | 100% |
| Bonus | 50% |
| Overtime | 50% |
| Commission | 100% |
Self-employed: Sole Trader
Additional remuneration considered where applicants own 100% of the company:
Where additional remuneration is to be added back, finalised accounts will be required
Self-employed: Company Director/Partnership
Retired:
Pension income
Secondary/additional income
Maximum LTV:
Maximum term:
Minimum term:
Minimum loan:
Maximum loan:
The maximum loan size is £2 million within the following LTV limits:
Number of mortgages with Pepper:
Remortgage applications:
Repayment:
Portable:
Offer validity:
Let to Buy:
Right to Buy:
Evidence of deposit:
Applicants’ savings:
Capital raising remortgage:
Inheritance:
Gifted deposit:
Unacceptable sources:
New build definition:
Minimum property value:
Locations considered:
Retentions:
Acceptable property:
Timber framed construction:
Flying freeholds:
Coal mining and other forms of extraction:
Electromagnetic fields:
Contaminated land:
Japanese knotweed:
Solar panels:
Freehold:
Leasehold:
Commonhold:
Structural reports:
Reports may be accepted from members of the following bodies:
The report must be referred to the valuer for comment. If the report is not addressed to the applicant, written confirmation must be obtained from the originator that its contents may be relied upon by the applicant(s).
We will not lend on any property with either ongoing movement or where monitoring is required, where this is identified by either the valuer, or where evident in the structural engineers’ report.
The valuer may request additional reports from specific governing bodies.
Specialist reports:
We may require specialists’ reports. These most commonly will be:
General:
Flats/maisonettes:
Non-standard construction:
Flooding:
Restrictive covenants:
Full mortgage application:
Proof of deposit (purchase):
Use of funds (remortgage with a further advance):
Proof of address & identification:
| Table 1 | Table 2 |
| Valid passport | Valid (old style) full UK driving license |
| Valid photo card driving license (full or provisional) | Recent evidence of benefit entitlement |
| National identity card | Instrument of a court appointment |
| Firearms certificate or shotgun license | Current council tax demand letter or statement |
| Identity card issued by the Electoral Office for Northern Ireland | Non-internet generated bank statements and utility bills |
Proof of Visa:
Visa Types Acceptable:
Visa’s must have a minimum 12 months validity
Proof of income – employed:
Proof of income – self-employed:
Other sources of income:
State Pension – Latest annual statement of pension/due on retirement
Pension Credits – Latest Pension Credit Award Notice
Universal Credit – Latest Award Notice
Disability Living Allowance – Latest Award Notice
Private Pension – Latest annual statement of pension/due on retirement or
Latest payslip from pension provider or Latest letter from pension provider confirming pension
due on retirement
Rental/mortgage history:
Portfolio landlords:
We have no limit on background portfolio.
Written asset and liabilities statement which includes details of:
Details of any void periods in last 12 months and brief overview of intentions for each property
Resources
To discuss a case, or find out more about our products, call our experienced team. Ready to submit? Log into the application portal to get started, or register if it’s your first case with Pepper Money.
For Intermediary use only
About Pepper Money
Pepper Money is the brand name used globally by all Pepper Group companies to market consumer finance products. In the UK, Pepper Money offers a range of residential, buy to let, and second charge mortgages to borrowers.
Pepper Money is part of the Pepper Group, a diversified, global financial services business, whose senior management team is some of the most experienced in the UK mortgage industry having built a long-lasting reputation for creating innovative, flexible home loan products and services.
UK Mortgage Lending Ltd (UKMLL) t/a Pepper Money is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 710410 as a provider of regulated mortgages. The FCA does not regulate our Buy to Let mortgages. UKMLL is a member of the Finance and Leasing Association and follows its Lending Code as a provider of second charge regulated mortgages. Registered Office: 4 Capital Quarter, Tyndall Street, Cardiff, CF10 4BZ. Registered in England and Wales under Company Number 08698121.
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Responding to application portal broker messages on:
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Currently reviewing valuations received on:
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