Criteria wrap-up: First Time Buyer / First Time Landlord

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!

FTB / FTL Criteria Highlights

Experience

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)

Minimum age

21 years for primary applicant. 18 years for other applicants if direct family members

Maximum LTV

Up to 85% LTV

Income

No minimum income requirements

Expats

First Time Landlords considered for loans up to £500,000. Applicants must own a UK property

Affordability

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.

Portfolio

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.