Lending Criteria

Use our A to Z lending criteria to find the information you require.


In calculating employed income, we will use:

  • 100% of basic income
  • 100% of any contractual allowance such as London Weighting or shift allowance
  • 50% of regular additional payments (overtime bonus commission allowances)
  • 50% of income from interest or UK listed company dividends
  • We do not use expenses/reimbursements in the income calculation 
  • Income from employment/self-employment.
  • Income from trust funds
  • Pension income
  • Second and other jobs (see Additional Income section).
  • Investment or dividend income
  • Rental Income
  • Maintenance
  • Allowances confirmed by the DWP
  • Tax Credits
  • We do not accept income derived from foster care

Normal lending terms apply to properties up to three acres, providing the applicant does not intend to carry out a business from the property and there are no agricultural restrictions on the land or buildings.

The following additional income may be used:

  • 100% Maintenance income can be taken into consideration, providing this is covered by a court order or CSA/Child Maintenance Service (CMS) documentation
  • 50% of income from trust funds providing they are evidenced via an accountant
  • 50% of investment or dividend income providing this is evidenced via an accountant or 2 years tax returns
  • 100% of Disability Living Allowance, Personal Independence Payment or Employment Support Allowance (ESA) confirmed as permanent by the Department for Work and Pensions(DWP)
  • 50% of Tax credits providing these are confirmed via HM Revenues and Custom (HMRC) documentation
  • 100% of net profit from property rental where this can be evidenced by 2 years accounts or an accountant’s certificate 

We will not consider any applicant who:

  • Is bankrupt, has bankruptcy proceedings pending, or who is registered on the Scottish Debt Arrangement Scheme
  • Has been discharged from bankruptcy within the last 6 years
  • Has an individual voluntary arrangement (IVA) or a Trust Deed (TD) or Administration Order, recorded during the last 6 years
  • Has an unsatisfied CCJ
  • Has a satisfied CCJs recorded during the last 6 years where the total value of the judgment is more than £100. The Scottish equivalent is a Decree (DEC) and the same rules apply
  • Has any Defaults(s) registered in the last 12 months or has any Defaults(s) during the last 6 years totalling more than £500
  • Has any type of repossession 

All applications are subject to affordability assessment. The model uses the combination of total annual income, non-mortgage commitments, outgoings and subsistence to calculate affordability. The result is then used to ascertain whether or not the loan is affordable.

The maximum loan available will be calculated based on both the affordability results and the product/LTV criteria available.

We will not lend on any property with an agricultural restriction.

Property with Granny annexes will be considered on residential loans as long as the immediate family of the borrower will occupy, and it is suitable for the type of security.

The maximum number of applicants is two who, for Residential mortgages should both be occupying the property on completion.

We will not lend where the property is subject to a back to back transaction. Our definition of back to back is a property purchased by the vendor within the last 6 months.

Bank statements will be requested to support all applications. Internet bank statements are acceptable (for non-ID purposes). Where statements are also required for ID purposes, these should comply with the Bank’s standard ID requirements guidelines.

The following additional income may be used:

• 100% of Disability Living Allowance, Personal Independence Payment or Employment Support Allowance (ESA) confirmed as permanent by the DWP

We will use 50% of regular bonus payments.

Incentives of up to 5% of the purchase price are acceptable.

All Incentives must be declared on the UK Finance Disclosure of Incentives Form completed by the Seller(s). This information will be considered by the Valuer when providing the property value for mortgage purposes.

The loan to value is calculated on the lower of the purchase price or property value.

Rental guarantees from builders are not acceptable.

  • Minimum age of applicant is 21 at application. Maximum age is 75 at the expiry of the mortgage term.
  • Minimum time in current employment 6 months, minimum trading period for self-employment 2 years.
  • We will not lend to portfolio landlords. This is  defined as four or more buy-to-let properties.
  • BTL is only available to applicants who are currently owner occupiers and have been so for 6 months. For joint applications, we will accept one applicant being an owner occupier providing our credit search shows the applicants are married/cohabiting and are both permanently residing at the owner occupier address.

A residential affordability assessment will be completed on a BTL application factoring in the applicants credit commitments and expenditure, in line with the guidance and/or rules set by the FCA, PRA and the Financial Policy Committee (FPC).  The affordability assessment will mirror the assessment completed on a residential application to calculate the applicant’s disposable personal income.
Where BTL applications meet the approved criteria the applicants personal income may be utilised to cover a shortfall in rental income received from the subject security

The following criteria will apply:

• Rental income as confirmed by a qualified surveyor for the subject security must cover the stressed mortgage payment at a minimum of 120% ICR (Interest coverage ratio)

• Acceptable income is in line with Residential Lending, excluding other rental income. Personal income cannot be utilised in the following situations:

• Applicants going past their disclosed retirement age, applicants already retired are acceptable subject to age criteria

• Existing BTL properties are not self-financing (maximum 3 properties)

• Joint applicants who have separate residential properties BTL personal income is only available to new customers to the Bank

• The Bank is unable to offer personal income assessment for Porting, Further Advance or Transfer of Equity.

For loans up to £350,000 household income must be £25,000. For loans between £350,001 and £500,000 minimum household income must be £60,000.

Loan size

The minimum loan is £25,001 the maximum is £500,000.

The maximum portfolio exposure is 3 Buy to Let properties totalling £1,500,000. If the applicant also has their main residential property with the bank, total exposure including residential loan must not exceed £2,500,000.

Loan purpose

We allow BTL loans for:

  • Purchase of a BTL property where the borrower, or a close relation has solely a commercial interest in the property and will not be residing in the property at any point
  • Remortgage of a BTL property where the borrower, or a close relation has solely a commercial interest in the property and will not be residing in the property at any point
Loan size Maximum LTV
Up to £350,000 75% 
£350,001 to £500,000  65%

Loans in excess of £350,001 are available subject to the following additional criteria:

  • Available for purchase or £ for £ remortgage only.
  • Not available on new build flats
  • Minimum household income £60,000.

The LTV is then also subject to limits on loan purpose

Purpose Maximum LTV
Purchase 75% 
Remortgage only (replacing the existing mortgage £ for £)  75%
Home improvements 75% 
Remortgage* Capital raising debt consolidation 70% 
Remortgage* raising (excluding business/speculative purposes) 70% 
Capital raising for business or speculative purposes Not available

*We do not allow capital raising for any purpose within the first six months of the original purchase date.

The Bank will not lend to individuals who own/or will own more than 3 BTL properties including the application security, as applicants will be classed as a portfolio landlord.

In addition to the mainstream requirements, the additional property criteria apply:

  • The property should be let on a single (AST) Assured Shorthold Tenancy agreement or a Private Residential Tenancy (PRT) in Scotland
  • The Bank will consider applications where property tenants will be in receipt of Housing Benefit
  • We do not lend on HMO’s. We define a HMO as a property let to 3 or more tenants who do not form one household, but share facilities such as a bathroom and kitchen
  • Applicants must ensure that buildings insurance arranged is suitable for a Buy to Let property
  • Multi let properties are not acceptable
  • We do not offer BTL loans on property in Northern Ireland.
  • The maximum LTV on a new build house/bungalow is 75%
  • We do not offer BTL loans on new build flats/maisonettes.
  • The property must not be an ex public sector flat
  • The tenant must not be either a family member or a previous owner
  • The applicant must have no more than 25% exposure in any block of flats
  • The property must be suitable for immediate letting
  • The property must not be subject to any sale and rent back agreement, or any similar scenario
  • We will only accept flats situated above/adjacent to commercial property where the valuer can confirm the valuation is not adversely affected by the surrounding property
  • We do not lend on properties that have internal door locks and/or separate utility services

The valuer will be asked in his instructions to provide a valuation for rental purposes giving a monthly rental figure based on an unfurnished basis for a single family occupation together with confirmation of the demand for letting and saleability.

100% Maintenance income can be taken into consideration, providing this is covered by a court order or CSA/Child Maintenance Service (CMS) documentation.

We will accept 50% of Tax credits providing these are confirmed via HMRC documentation.

We will use 50% of regular of commission payments.

We will only lend on property that is built of standard construction as advised by the valuer.

We do not accept applicants with unsatisfied CCJs.

Secured, Unsecured and Revolving Credit

One missed mortgage payment or two unsecured payments in the last 12 months can be considered provided the application still passes credit score and a satisfactory explanation is received by the underwriter. Any payment less than the contractual monthly amount will be classed as a missed payment. Mortgage payments made by housing benefits are not acceptable.

If the borrower makes us aware of any criminal conviction (other than a driving offence) or there is a pending prosecution, the application will be declined. If the conviction is spent, it does not need to be declared.

We will allow capital raising for debt consolidation up to a maximum of 75% LTV for residential mortgages and a maximum 70% LTV for BTL.

Gifted deposits are acceptable providing that the deposit is being funded by a non-repayable gift from a family member – spouse, partner, parent, sibling, child, grandparent, aunt/uncle, nephew/niece, or where there is an obvious family connection which can be proved.   The donor will be required to sign an appropriate declaration and may be required to evidence available funds. 

For loans in excess of £500,000 we do not accept either a gifted deposit or deposit funded by capital raised on any other property owned by the applicant.

Proof of deposit may be required prior to approving an application where the deposit is not wholly funded by the equity from the sale of the applicant’s current property. This should be in the form of bank statements, building society passbook held in the applicant’s name showing a build-up of funds or proof of investment. The source of any lump sum will need to be established.

For all house purchase applications, including first time buyer applications, the source of the deposit must be captured. The deposit should be provided from the applicants own funds.  For clarity, funds withdrawn from a business are not considered acceptable. Loans, credit cards, secured loans/mortgages and other forms of credit are not acceptable as the source of the deposit. The only exception to this is for members of the Armed Forces, where deposit funded via the Forces Help to Buy Scheme will be acceptable.

We will only accept one Direct Debit per mortgage account. The DDM must be on the applicant’s personal account only. DDMs from business accounts/third party accounts will not be accepted.

For directors of limited companies, the applicants salary and dividends will be considered. The profit for the business should show an increasing trend over the 2 year period.

All borrowers must have an unrestricted right to live and work permanently in the UK.

The mortgage applicant must be usually resident in the UK at the time of the application and at least one of the applicants must be permanently residing or planning to reside in the property when the mortgage completes, unless a BTL.

We do offer mortgages to expatriates.

We only accept sterling income.

A purchase from a family member can be considered providing that the vendor will not be remaining in the property after completion.

Only one applicant has to be a first time buyer to qualify for a first time buyer product. BTL loans are not available to FTB’s.

Fixed term contracts are acceptable where the applicant has a minimum contract of 12 months with 6 months unexpired.

We will lend on flats providing they are:

  • Leasehold
  • Have a floor area in excess of 30 square metres
  • Not subject to balcony access
  • In blocks no more than 10 floors or 15 in Central London (See box below)

Prime London Postcode Area

N1  N1C  NW1  E1W  E14  EC

SW1  SW3  SW5  SW6  SW7  SW10

W1  W2  W8  W9  WC   SE1

For Leasehold flats - Platform will only accept leasehold flats where the Buildings Insurance is arranged by the Freeholder or Management Company under the terms of the Lease for the whole block.

Forces Help to Buy Scheme will be acceptable.

We do not accept foreign currency on new mortgage originations.

We do not accept income derived from foster care.

We will use 100% of any contractual allowance such as London Weighting or shift allowance.

We do not accept guarantors.

The Scheme is available to first time buyers as well as home movers.

The applicants cannot own or have an interest in any other property (i.e. a BTL in the background).

The new property is for owner occupation only (applicants cannot sublet the property).

The property being purchased must be New Build and covered by the  Banks approved New Build warranty providers and the Builder/Developer must be participating in the Help to Buy Scheme.

The maximum property value in London and England is £600,000 with the maximum value in Wales being £300,000.

A Minimum applicant deposit of 5% of the purchase price is required (excluding builder incentives) The maximum loan the Bank can consider for new purchases on the Help to Buy scheme is 75%LTV.

The Bank to have first charge on the whole property.

Minimum lease term for houses is 250 years and for flats 125 years Maximum Standard Mortgage term on capital and interest basis only.

The affordability assessment will take into account the interest only payments to the equity loan (only payable after year 5) at a flat interest rate of 3%.

Maximum LTI multiplier of 4.49. The equity loan can be repaid at any time. The minimum payment allowed is 10% of the properties market value at the time.

A Further Advance can only be considered to purchase an increased share in the property (known as staircasing). This would be subject to Home and Communities Agency (HCA) approval ( including agreement to a deed of postponement), a satisfactory Bank valuation and  compliance with Secured Lending Criteria including standard LTV limit.

The minimum Further Advance is 10% of the properties market value at application, or £5,000 if lower.

Where a customer applies for a further advance or a Transfer of Equity (TOE) the affordability assessment will be include the remaining Equity loan at a flat date of 3%.

All Help to Buy Lending is subject to Secured Lending Criteria.

For a list of ID requirements, please refer to the PDF document below.

Identity Requirements (PDF)

The following Interest Coverage Ratios (ICR) will apply to the applicant with the highest gross income:

  • Standard rate tax payer (20%) – 128% ICR
  • Higher/Additional rate tax payer (40% & 45%) – 145% ICR

The only exception is for a Higher/Additional rate tax payer requesting a BTL remortgage replacing the existing mortgage £ for £ where the minimum ICR is 128% with the following qualifying rules:

  • The property was purchased prior to January 2017
  • No further borrowing after January 2017

The maximum income multiple permitted, (subject to affordability assessment) on total gross verified income (incorporating any fee's added) is as follows;

  • 4.85 multiplier for loan of 80% LTV or less
  • 4.49 multiplier for loans above 80% LTV
  • Maximum multiplier for Help to Buy is 4.49

We must have

  • The latest 3 month’s computerised pay slips. Hand written documents will not be accepted.

Or

  • An employers reference of employment contract dated within the last 12 months. Plus the applicants personal bank statement for the last month showing the latest salary credit and household expenditure.

If the applicant works for the family business or for a business owned by their co-habitee we may request the qualified accountant’s confirmation of the annual gross income.

Minimum trading period is 2 years. 

The following proof of income can be accepted:

  • Last 2 years tax assessments (SA302 (hard copy or self-service version) AND Tax Year Overview).

OR

  • Certificate from a suitably qualified accountant with 2 years figures.

PLUS the customer’s personal bank statement for the latest full month showing the latest salary/income credit and household expenditure.

The Underwriter may, in addition, request accounts to support the assessment of the application by exception.

The proof of income figures provided must include the last financial year-end and this must be no more than 18 months old.

Where profits/income is declining, the application may be declined.

Where a self-employed applicant is relocating we require written confirmation from the acting accountant that the relocation will have no effect on the future profitability of the existing business. If this cannot be supplied the application will be declined.

Applicants that have had an individual voluntary arrangement (IVA) or a Trust Deed (TD) the Scottish equivalent recorded during the last 6 years will not be accepted.

When properties are subject to Japanese Knot Weed lending will be considered subject to valuation.

We will not lend to portfolio landlords. This is based on the PRA definition (SS13/16) of portfolio landlords which is four or more buy-to-let properties.

Leasehold properties should have a minimum unexpired lease of 30 years after the end of the mortgage term and a minimum of 70 years at the time of application.

We will consider a remortgage of an applicants current owner occupier property on to a Buy to Let mortgage, providing they are not a first time landlord. We do not offer Consumer BTL’s

If the Bank is providing the new residential mortgage  for the applicant, and they are obtaining the BTL/LTB from another lender we will require the mortgage offer as proof.

Applications will be considered for the purchase or remortgage of an applicant’s main residence and will be secured by way of a first charge. Remortgages can be considered, the reason for the additional borrowing should be detailed on the application form.

The minimum term is 5 years and the maximum term is 40 years. This will also be dependent on the applicant’s ages. We will lend where the term goes beyond the applicant’s retirement age if the projected or actual pension income is sufficient to support the loan.

LTV by Loan Size 

Loan size Maximum LTV
Up to £350,000 

95% subject to the criteria listed below:

Property Purchase Only, not permitted for Remortgage or Further Advance

Only available on capital and interest basis
Up to £500,000

90% subject to the criteria listed below:

House purchase or remortgage only, not permitted for further advance

Only available on capital and interest basis
£500,001 to £750,000 85% 
£750,001 to £1,00,000 80% 
£1,00,001 to £2,00,000 75% 

For mainstream purchase, remortgage and further advance cases, the LTV will also be subject to the following limits:

Purpose Maximum LTV
Purchase main residence 95%
Remortgage only (replacing the existing mortgage £ for £) main residence 90%
Remortgage and purchase additional legal interest (buy out partner) main residence 90%
Home improvements main residence 85%
Purchase second residence for family use only 75%
Capital raising debt consolidation 75%
Capital raising other than for business or speculative purposes 75%
Capital raising (other) 75%
Capital raising for business or speculative purposes Not available

See Help to Buy Section for LTV limits at origination.

The Loan to Value ratio is calculated on the lower of the purchase price or property valuation.

All sale incentives must be deducted from the purchase price used to calculate Loan to Value.

We will allow applications in sole names for married, common law or civil partners. All persons detailed on the Title Deeds must be party to the mortgage.

If a customer is on or due to go on parental leave, income can be used from the most recent payslip, prior to leave, providing they intend to remain in current employment. If they have advised they will return on a part time basis, the lower income figure should be used.

Maximum Age is 75 at the end of the mortgage term.

Residential

Minimum Age at application is 18 years.

Buy to Let

Minimum age at application is 21 years.

Residential

The minimum household income is £15,000.

Buy to Let

The minimum household income is £25,000 for loans up to £350,000 and £60,000 up to loans of £500,000.

This is only applicable for First Time Buyers who requires a loan in excess of 75% LTV must have been in their current employment for a minimum of 6 months. For joint applications involving a FTB, the 6 month rule will be waived if the main earner has been in their current employment for the minimum of 6 months.

Platform definition of a new build property is one that has been built or converted within the last 24 months or one that has been built longer than this but has never been occupied since construction/conversion.

  • The maximum LTV on new build houses/bungalows is 85% for Residential and 75% for Buy to Let.
  • The maximum LTV on new build flats/maisonettes is 80% for Residential only. Platform does not lend on new build flats/maisonettes on Buy to Let.
  • The property must have passed a final inspection by a new home warranty provider prior to completion of the loan.

Where the applicant is a non-EU national then the application may be acceptable where all of the following apply:

  • Applicant is subject to UK tax laws
  • Applicant is not a Foreign Diplomat or Embassy Staff
  • Applicant has lived in the UK for a minimum of 2 years
  • Applicant has proof of indefinite leave to remain in the UK

The maximum number of applicants is two who, for Residential mortgages, should both be occupying the property on completion.

We will consider properties with outbuildings subject to valuations and providing there is no commercial usage.

We will use as allowable income 50% of regular overtime payments.

For residential mortgage applications only, rental income can be used as allowable income for affordability purposes.

We will use 100% of net profit from property rental where this can be evidenced by 2 years accounts or an accountant’s certificate.

Applications where the applicant wishes to retain an existing property (mortgaged or not), the former marital home, rent out the property, or owns a second home will be considered. The following conditions will apply:

  • We do not lend to individuals who own more than 10 BTL properties
  • Where a loan is greater than £500,000 we will not accept applications where any part of the deposit is being raised against any existing property (including current residence, any Buy to Let, second home etc.) or is coming from a gift
  • All mortgages and property details must be disclosed on the application form
  • The existing mortgage(s) must have had no missed payments in the last 12 months and be up to date
  • Where the property is currently owner occupied and is now to be rented out (i.e. Let & Buy scenario), mortgages are only available where the customer is not a first time landlord and owns other Let properties. Also a rental certificate or written confirmation as to the anticipated rental figure must be obtained from an ARLA/NAEA registered independent third party, addressed to Platform, to confirm the rental income is sufficient to cover the 125% of the retained mortgage payment on an interest only basis. Applicant’s income must also be sufficient to service 50% of the remaining mortgage as a commitment (added into the affordability calculation). The maximum LTV in this scenario is 75%. Surplus rental income over and above the relevant mortgage payment cannot be taken into account as additional income

OR

  • Applicant’s income must be sufficient to service the remaining mortgage as a commitment (added into the affordability calculation). If this amount is increasing as a result of a remortgage transaction i.e. to raise funds for the deposit, the higher monthly mortgage payment must be provided and used in this calculation
  • All existing investment mortgages will be treated as self-funding

Maximum Age at expiry of mortgage term is 75. For customers retiring during the mortgage term, the application will be referred an underwriter to assess affordability on projected or actual retirement income.

If the applicant does not intend to retire before the term end the application will be assessed on the ability of the applicant to be able to continue the role until their chosen retirement age.

The term must finish 4 months before their chosen retirement age at the point of application.

We do not lend on either Right to Buy (RTB), Right to Acquire Schemes or property that is still in the pre-emption period.

We will accept accounts/accountant’s certificates from accountants qualified with one of the following bodies:

  • Institute of Chartered Accountants (England or Wales) FCA/ACA.
  • Institute of Chartered Accountants (Scotland) ICAS.
  • Institute of Chartered Accountants (Northern Ireland) ICAI (All chartered accountants may just sign as CA)
  • Chartered Association of Certified Accountants ACCA/FCCA.
  • Chartered Institute of Management Accountants CIMA/ACMA/FCMA.
  • Association of Authorised Public Accountants AAPA/FAPA.
  • Association of Accounting Technicians MAAT/AAT.
  • Association of Certified Professional Accountants ACPA/FCPA.

We do not lend on property that is subject to Shared Ownership.

We will use the applicant’s solicitors providing they are on our panel. If the applicants wish to use a solicitor who is not on our panel, we will require one of our panel solicitors to act for us at the applicant’s expense.

A Further Advance can only be considered to purchase an increased share in the property (known as staircasing). This would be subject to HCA approval (including agreement to a deed of postponement), a satisfactory Bank valuation and compliance with Secured Lending Criteria including standard LTV limits.

The minimum Further Advance is 10% of the properties market value at application, or £5,000 if lower

We will use 50% of Tax credits providing these are confirmed via HMRC documentation.

Platform will consider only if built after 1970 and subject to valuation where built of a timber frame with brick exterior.

All residential applications will be checked to see if they meet Platform’s Automated Valuation (AVM) criteria.

A physical inspection/valuation will only be obtained if it fails the AVM criteria.

A physical valuation is valid for 6 months from the date of inspection. A further valuation may be required if completion does not take place within 6 months of the date of the original valuation.

All buy to lets are subject to physical valuation. The valuer will be asked in their instructions to provide a valuation for rental purposes giving a monthly rental figure based on an unfurnished basis for a single family occupation together with confirmation of the demand for letting and saleability.

We will use 50% of Tax credits as acceptable income, providing these are confirmed via HMRC documentation.

We do not accept income from Zero Hour contract employment.