Foundation Updates

22 July 2020

6 tricks to keying BTL applications on the Broker Portal

BDM Gemma Lang shares six questions to help you key in your clients’ application smoothly.

Our broker portal is designed to be as intuitive as possible, however, the specialist cases we normally help you with can have some very complicated details!

1. Is it a Single Dwelling?

  • If 1 family will be living in the one property it is a Single Dwelling so please select YES
  • If multiple people from different families live in the one property currently, please select NO

VERY IMPORTANT If it is currently a single dwelling property, but your customer wishes to buy it and convert it into an HMO, we will decline the case. The customer would need to buy the property on a bridge and then wait three months before remortgaging it to us.

Please note; They also will need a licence in place before completion of our mortgage.

2. Do I choose a Standard HMO or a Large HMO product?

  • Standard HMO = Up to 6 occupants
  • Large HMO = Up to 8 bedrooms

3. What product do I choose for MUBs? Always choose the Large HMO product

4. Do I need to key all shareholders of an LTD CO SPV onto the application?

  • Please only key details of any shareholders who have a 20% shareholding or more

5. What Credit Blips are allowed for HMO /MUB applications?

  • All HMO/MUB applications fall under our F2 range for Credit criteria. Please see the BTL product guide (in the document library) for up-to-date details of our current rates.

6. What Credit Blips are allowed for standard BTL applications?

  • We have 3 ranges F1, F2, F3 for standard BTL purchases. Please see the BTL product guide (in the document library) for up-to-date details of our current rates.

Please contact your Regional Account Manager if you have any further questions or case enquiries.

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