We'll be making the following changes to our lending criteria for new cases received from Thursday 24 March:
- Leasehold properties must have a minimum lease term of 70 years at application (previously 55 years).
Houses in Multiple Occupation (HMOs)
- The property must contain no more than seven lettable rooms (previously nine).
- The minimum property value will be £100k (previously £50k).
- The minimum valuation for Buy to Let and Let to Buy applications remains unchanged at £50k.