The Intermediary – March 2025 - Flipbook - Page 72
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C AS E ON E
proceed immediately, because by the time the loan
completed, the CCJ would be over 24 months old.
First-time landlord with
adverse credit
client earning £55,000 wants to purchase
their first buy-to-let (BTL) for £220,000
with a 25% deposit. They have the required
deposit and a strong rental income projection.
However, they have a history of missed payments
on a personal loan and a satisfied County Court
Judgement (CCJ) of £3,000 from two years ago.
A
HARPENDEN BS
We can consider first-time landlords, with a
minimum income requirement of £30,000 met
jointly between all applicants. Unfortunately, we
need to be three years clear of any settled defaults
or CCJs in excess of £500.
C AS E T WO
TOGETHER
Our BTL offering allows up to three demerits in
the previous 12 months for applicants on our flexi
product, and one in 36 months on our specialist
product. Together is also happy to accept first-time
buyers and first-time landlords.
We can lend up to 75% loan-to-value (LTV) on
standard property types, meaning this applicant
could access lending assuming affordability and
valuations were as expected.
UNITED TRUST BANK
UTB would consider this despite the missed
payments. This would be subject to a decision in
principle (DIP) and affordability, and providing
the CCJ was over two years old – satisfied or
unsatisfied – and the personal loan account was
up to date and no longer in arrears. The applicant
would already have to own a residential property.
QUANTUM MORTGAGES
We accept up to £2,500 of satisfied CCJs within
a 24-month period; however, satisfied CCJs over
24 months ago can be disregarded. We could
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The Intermediary | March 2025
Mortgage for conversion
couple seeks to convert two properties
into a single home, priced at £400,000
and £300,000, with a 10% deposit for
each. However, this involves extensive structural
changes, and a Grade II listed building – special
planning permissions and strict regulations. The
projected conversion costs are £250,000. The
couple plans to finance the conversion costs
through personal savings and a mortgage.
A
TOGETHER
Together can consider providing a mortgage while
works are being carried out, subject to a review of
the schedule. As the property is for personal use,
this would be our standard regulated mortgage –
so monthly payments would be due and the funds
would be released in one stage.
This would be subject to a surveyor’s opinion
of the end value, which may be lower than the
combined value, while also understanding the
