Buy-to-let policy
Allowable purposes
- We allow additional borrowing as part of a remortgage application for most reasons other than business purposes, stocks and shares, currency speculation, time-shares, ASU premiums and tax bills
- Allowable purposes include for the deposit on a new property, home improvements, secured or unsecured debt consolidation, paying off a help to buy equity loan in full, fully staircasing shared ownership
- For additional borrowing taken out as part of a let to buy transaction for the purchase of a new residential property, check the let-to-buy article of our BTL criteria
Maximum LTV
The maximum LTV for additional borrowing, including where it is for debt consolidation, is 80%.
Debt consolidation
For top slicing, we include the monthly payments of any debts being repaid (other than Help to Buy Equity Loans) in our affordability assessment as if they were not being paid off.