Applicant type
- Our loans are available to both individual and multiple applicants (up to 4 applicants) with up to 3 buy-to-let properties
- Portfolio landlords (4 or more BTL properties)
Age
- Minimum age of the main applicant is 21 years
- Maximum age of the main applicant at the end of the term of the loan must not exceed 85 years
- Minimum age of co-applicants, if any, is 18 years
REsidential Status And Citizenship
- Individuals, who may be UK citizens or non-UK citizens, must be currently UK resident(s)
Personal Income
- The main applicant must have a minimum evidenced gross personal income of £20,000
Credit History and other Key checks
All Applicants
- No previous bankruptcy or individual voluntary arrangement (IVA) in the last 6 years
- No ‘gone away’ or deceased flag set at address
- No previous defaults in the last 6 years on any mortgage credit
Main Applicant
- Must meet Scroll’s minimum credit score criteria
- No arrears on any mortgage credit in the last 12 months
- No arrears > 1 in the last 24 months on any mortgage credit
- No unsatisfied CCJs > £100
- No satisfied CCJs > £1,000 in last 3 years
Borrower TYPE
- SPVs registered in England or Wales and at least 6 months old
- SPVs with a simple shareholding structure (only individual shareholders)
- Currently, we do not accept SPVs with corporate or limited company shareholders
- SPVs with the following SIC codes:
• 68100 – Buying and selling of own real estate
• 68209 – Other letting and operating of own or leased real estate
• 68310 – Real estate agencies
• 68320 – Management of real estate on a fee or contract basis
Directors and Significant Shareholders
- The main applicant applying on behalf of the SPV must be a director
- Up to 4 Directors and any number of Significant Shareholders permitted
AGE
- Minimum age of the primary applicant applying on behalf of the SPV is 21 years
- Maximum age of the primary applicant at the end of the term of the loan must not exceed 85 years
- Minimum age of co-applicants, if any, is 18 years
RESIDENTIAL STATUS AND CITIZENSHIP
- Applicants, who may be UK citizens or non-UK citizens, must be currently UK resident(s)
PERSONAL INCOME
- For SPVs with multiple directors, only the main applicant must have a minimum evidenced gross personal income of £20,000
Credit history and other key checks
All applicants
- No previous bankruptcy or individual voluntary arrangement (IVA) in the last 6 years
- No ‘gone away’ or deceased flag set at address
- No previous defaults in the last 6 years on any mortgage credit
Main applicant
- Must meet Scroll’s minimum credit score criteria
- No arrears on any mortgage credit in the last 12 months
- No arrears > 1 in the last 24 months on any mortgage credit
- No unsatisfied CCJs > £100
- No satisfied CCJs > £1,000 in last 3 years
Security property refers to the Buy-to-Let residential property owned by the applicant(s) on which a second legal charge will be registered for the purposes of the loan.
Security Property Criteria
- Buy-to-Let residential properties located within England or Wales
- Minimum property value of £75,000. Properties purchased directly from a local authority must have a minimum property value of £150,000
- Must be 100% owned by the borrower(s), except for the first mortgage
- Must be a freehold, share of freehold or leasehold house, or a leasehold flat or maisonette, with remaining term of lease of at least 85 years at the Scroll valuation date and at least 65 years unexpired at maturity of the Scroll loan term
- No commercial or part-commercial properties
- Not a flying freehold property
- Must not be an unencumbered property
- Must not have solar panels installed where they are subject to a lease agreement
- Currently, we are not lending to HMO/MUFB properties. COMING SOON!
Security property must not known to be:
- A flat above or below commercial property
- Non-standard construction (e.g. concrete, timber or where existing or possible structural defects are apparent)
- Designated as defective under any Housing Act
- Major damages to the property
- Planned major refurbishment to the property
- A converted flat where the applicant occupies a property in the same building
Tenancy:
- Must be let on assured shorthold tenancy basis for an original term of 6 to 36 months
- No corporate lets (including contracts with Local Authorities or Housing Associations)
- No holiday lets or Airbnb’s
- Properties let to, or occupied by, the applicant(s), a family member, or an employee of the applicants, are not acceptable
Purpose
- Purchase of another property
- Investments (including investment in business)
- Large one-off expenses (such as medical expenses, other loan repayment or debt consolidation)
- Scroll products are currently not available for consumer buy-to-let (Consumer BTL)
Loan terms
- Minimum loan term - 3 years
- Maximum loan term - 25 years
Repayment method
- All Scroll loans are currently interest-only. We will accept applicants with existing mortgages that are interest only. Capital repayment mortgages - COMING SOON!
Loan size
- Minimum loan size - £25,000+
- Maximum loan term - £1,000,000
Payments
- Through monthly direct debit
Rate types
- Home equity types:
• Variable rate
• Fixed rate for up to 5 years. Early repayment charge will be payable over the fixed rate period
- HELOC
• Variable rate only
Existing first mortgage
- The first mortgage must have been taken at least 6 months ago
- If the first mortgage lender has placed a restriction on the Land Registry, lender consent will be required
- No existing second or third mortgage will be allowed
