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Criteria wrap-up: First Time Buyer/First Time Landlord
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Criteria wrap-up: First Time Buyer / First Time Landlord
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Take a look at some of our key criteria around First Time Buyer / First Time Landlords. And if you have any queries about your customer's case, the V-Hub team will be happy to help!
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FTB / FTL Criteria Highlights
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- No experience required for purchase of individual units. Less than 12 months landlord experience may be considered for HMOs (Houses of Multiple Occupancy) and MUBs (Multi Unit Blocks)
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- 21 years for primary applicant. 18 years for other applicants if direct family members
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- No minimum income requirements
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- First Time Landlords considered for loans up to £500,000. Applicants must own a UK property
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Rental Cover Rates:
- Basic rate & SPVs including Expats / HMOs & MUBs: 125%
- Higher rate including Expats / HMOs & MUBs: 140%
Rental Calculation:
- 5 or more years fixed rate products at the initial product rate. All other products at the product rate + 2% or 5.5%, whichever is higher.
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- One applicant should have at least 1 year’s landlord experience where 4 or more mortgaged properties are owned however, we may consider landlords with less experience.
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All applications are subject to full underwrite.
Let's get life moving for you and your customers.
To find out more or submit a DIP for your FTB/FTL cases, click the button below.
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