Builder’s deposit
- We can accept builder’s deposit / incentives up to 5%.
CCJs
- 0 in 36 months (none outstanding).
Capital raising remortgage / refinance
- Accepted.
Crown employees
- Crown employees, including members of the diplomatic service working overseas will be considered as a UK resident.
Debt management plan
- Must have been satisfied at least 24 months before and should not relate to a credit event in the previous 60 months.
Defaults
- 0 in 36 months (none unsatisfied).
We ignore communications up to £250. - 0 in 5 years for any secured mortgage defaults
The deposit must be provided from the customer’s own funds, the remortgage of a property already owned by the customer, a gifted deposit, inheritance, or from Directors’ funds (when purchasing via an SPV). Proof of deposit is required in all cases.
Documentation and Evidence of income only applies to cases using top-slicing/rental top-up
Proof of income: employed
- Latest P60, 3 most recent payslips, latest bank statement showing the salary credit.
If the applicant has just started their new role, and no payslips are available, we will accept a copy of the contract confirming the salary, will need the last 3 payslips from their previous role
Proof of income: self-employed
- Most recent years income accepted if trading for more than 2 years
- SA302 for the last 2 years, together with the Tax Year Overview (or 1 year if trading for less than 2 years) and 3 months business bank statements.
- Where 2 years’ SA302/Tax Year Overviews cannot be provided, other sources to evidence stability of income can be considered, subject to underwriter discretion.
Proof of income: other sources
- Child benefit: Most recent award letter and most recent bank statement showing the credit.
- Working or Child Tax Credits: Most recent award letter and most recent bank statement showing the credit.
- Maintenance: A copy of the maintenance agreement, received under a Court Order and latest bank statement showing the credit.
- Pension income: Most recent pension statement (dated within last 12 months) and latest bank statement showing the pension credit.
- Universal credit: Most recent award letter and most recent bank statement showing the credit.
- State disability allowances: Latest benefits statement and latest bank statement showing the credit.
- Carers Allowance: Latest award notice.
- Widowed parents attendance: Latest award notice.
- Employment and support allowance: Latest award notice.
Contractor
We are flexible on how we look at contractors, and realise one size does not fit all:
- First time contracting - If less than 6 months to run on the contract, we need confirmation the applicant has been previously employed for 24 months in the same line of work
- Single contract - 3 month history of contracting is required, with a minimum 12 months history in the same industry (unless first time contracting). There must be a minimum of 3 months remaining on the contract. However, we will accept confirmation of the renewal from the employer if the next contract is not yet available.
- If customer has multiple contracts - We will treat them as Sole Traders, Ltd Co Director and will request the same evidence as detailed above
- Umbrella Company - We treat contractors that are paid via an Umbrella Company, which pays tax & NI for our customer, as PAYE employed customers, so we will be looking for the latest P60 & latest 3 payslips
- Medical professionals - Whether they work under one or multiple Trusts, we will treat them as a single contractor rather than looking at the SA302s for evidence. Day rates can be considered
Second Job
- We can consider 100% of this income and if PAYE, our customer must have been working their primary job and second job for 6 months. We will need the latest P60 & 3 most recent payslips
Evidence of deposit
- Savings from income: latest 6 months’ bank statements.
- Sale of current home: Memorandum of Sale together with redemption statement from current lender.
- Gift: gifted deposit form from each donor.
Expenditure
- Latest 3 months’ bank statements.
Lending into retirement
- <10 years away from retirement age: if pension income is to be used for affordability, we will need to see the latest pension statement which will show a forecast of the pension amount.
- >10 years away from retirement age: evidence of contributions into a pension fund (including sale of other property and/or buy to let rental income) must be provided and will be reviewed on a proportionate basis.
Evidence of deposit
- Savings from income
- Sale of current home: Memorandum of Sale together with redemption statement from current lender.
- Gift: gifted deposit form from each donor.
Expats are acceptable provided the following criteria is met:
- Up to 80% FTV
- Maximum of 2 Expatriate applicants (plus UK based, up to 4)
- Customers must have a UK bank account
- A proof of UK footprint can be provided.
- The applicant must confirm that when (if) they return to the UK they do not intend to reside in the security property, unless they transfer the property to a Residential Home Purchase Plan.
StrideUp will require 3 years address history, regardless of where the applicant(s) have lived.
We will accept proof of ID and certification from a FCA Authorised UK intermediary, International Law or Accounting Firm, UK Embassy Official, Bank Staff, or a Public Body/Notary.
If the only available overseas address is a PO Box number, this will be acceptable provided it is:
- For employed applicants, supported by an employer's letter on company letter headed paper confirming the employee's address and the last 3 payslips.
- If self-employed - proof of residency from their accountant, and if retired, satisfactory evidence via pension statements of the overseas address will be needed.
- Residency cards will also be acceptable.
First time buyers
- Allowed
- UK resident first time buyers FTV up to 80% with a minimum income of £25,000 (£30,000 inside London)
- Expat first time buyers FTV capped at 75%
Foreign nationals
We can accept foreign national applicants if they have permanent rights to reside or are on a visa with at least 1 year remaining.
If the application includes a customer who does not have permanent rights to reside, the following criteria must all be met for any single Or Joint Application:
- Resident in UK for last 24 months (12 months for applicants within professions and occupations noted on the Government’s Skilled Workers and Visa list)
- Visa/Residency permit - 12 months remaining for applicants within professions and occupations noted on the Government’s Skilled Workers and Visa list
- Valid Passport
Gifted deposit
- 100% gifted deposit acceptable, from any number of sources, including friends and family.
Guarantors
- Guarantors are not considered.
HM Armed Forces
- Members of the British armed forces stationed overseas will be considered.
Homes in Multiple Occupation (HMOs)
- Are acceptable up to a maximum 6 bedrooms,
- Customer(s) must hold a minimum 2 years buy to let experience or 1 year experience as a HMO/MUB landlord,
- FTV is capped at 75%
- Top Slicing is not available for HMOs
Location
- England only.
Marital status
- We can consider a sole application even if the applicant is in a legally sanctioned relationship, for both purchases and refinances (an ILA may be required).
Maximum FTV
Per BTLPP:
- 80% FTV up to £750k
- 70% FTV up to £1m
- HMO/MUB capped at 75% FTV.
Maximum age
- No maximum age unless top-slicing applies
- If top-slicing applies then applicant can not exceed 75th birthday at the end of the term based on the eldest applicant (whose income is used for affordability).
Maximum applicants
- 4 applicants
Maximum financing
- £1m per BTLPP
- £2m on portfolio with StrideUp
(See Finance to Value for maximum finance amount at each FTV level.)
Maximum term
- 30 years.
Maximum value
- Uncapped
Minimum age
- 21 years
Minimum financing
- £50,000.
This criteria only applies to cases using top-slicing/rental top-up.
Minimum income only applies to first time buyers.
- At least one applicant must have a minimum income of £25,000 (a minimum of £30,000 is required in London and the South East).
Minimum term
- 5 years.
Minimum unexpired lease
- 85 years must be remaining on the lease at the date of application.
Minimum value
- £85,000
Multiple Unit Buildings (MUBs)
- Are acceptable up to a maximum units is 5 on a single freehold title,
- FTV is capped at 75%
- Top Slicing is not available for MUBs
Overseas deposits
- Deposits from overseas accounts can be considered.
Payday loans
- 1 not exceeding £300 in 36 months.
- 0 in last 12 months.
Private Limited Companies / SPVs
StrideUp will accept applications from private limited companies set up as a corporate Special Purpose Vehicle (SPV) with a property related Standard Industrial Classification code (SIC) codes acceptable to StrideUp as shown below - collectively known as “Special Purpose Vehicles / SPVs”. (Note that the SPV is a limited company set up solely for property investment purposes). StrideUp will not provide financing to trading companies. There is no minimum trading period for an SPV, however we will only accept applications rom SPVs with the following SIC codes:
Acceptable SIC Codes:
- 68100 - Buying & selling of own real estate
- 68209 - Other letting and operating of own or leased real estate
- 68320 - Management of real estate on a free or contract basis
- 68201 - Renting and operating of Housing Association real estate
No other SIC codes are acceptable, either in addition to the above or on their own.
Property Use
- The property must not be used by any applicant or a member or their immediate family.
- No commercial use is allowed (work from a home office / study is not considered commercial use).
Refinance
- Accepted
Residency
Any applicant with a permanent right to reside qualifies. Permanent right to reside is defined as a person who is or has:
- a British citizen
- British expats residing abroad
- a citizen of Ireland
- pre-settled or settled status through the EU Settlement Scheme
- indefinite leave to enter (ILE) or indefinite leave to remain in the UK (ILR)
- a UK spouse or equivalent (long term) visa and the partner falls into any of the above categories and they are legally married or in a civil partnership
If the application includes a customer who does not have permanent rights to reside, the following criteria must all be met for any single Or Joint Application -
- Resident in UK for last 24 months (12 months for applicants within professions and occupations noted on the Government’s Skilled Workers and Visa list)
- Visa/Residency permit - 12 months remaining for applicants within professions and occupations noted on the Government’s Skilled Workers and Visa list
- Valid Passport
Secured arrears or missed payments
- Maximum 1 missed payment in 36 months.
- 0 in last 6 months.
Top slicing is acceptable where the property rental income is not sufficient to reach the Rental Coverage Ratio, however a minimum RCR of 110% must be met before Top slicing is possible.
All income requirements for top slicing mirror the HPP Criteria, please search through the HPP Criteria to answer any income related questions. StrideUp will only use ONS data to support expenditure assessment.
Top slicing will not be considered for:
- Portfolio landlords
- Expats
Unsecured arrears or missed payments
- Worst status of 2 in last 24 months.
- We ignore communications up to £250.