Product Type:
Fixed - 2 years
Individual/LTD:
Individual/LTD
Residency:
UK Resident
Property Type:
Single AST Occupancy
FTV:
80%
Purchase/Refinance:
Yes
Initial Rental Rate:
6.44%
Product Fee:
1% @ min £999
EBC:
Fixed 2 year EBC
Eligibility Criteria
Individual
Buy within the UK
If you’re purchasing property in England and Wales, you’re eligible for financing.
Earn minimum 21k
Have a minimum income of £21,000, applicable to at least one applicant.
Property value limit
The property’s value falls between £80,000 and £5 million.
At least 21
You need to be older than 20 to be eligible for financing.
Experienced in letting
For portfolio applications, we require candidates to have at least 2 years of experience as a Buy-to-Let landlord. First-time landlords can apply for standard Buy-to-Let properties however HMO or MUFB applications need prior experience.
Property Condition
The property must meet certain standards for habitability and safety, as determined by a professional inspection.
Finance limit
Finance amount falls between £60,000 and £1 million, with a total aggregate exposure limit of £2.5 million.
Limited Company
Agreement with Offa
The agreement will be made between Offa and the company.
Company Eligibility Rules
Companies must be registered and operating in England or Wales.
Listing Directors Requirement
All directors applying must be listed in the application to Offa.
Business Purpose and Industry Codes
The company must be established to purchase and manage residential investment properties, indicated by SIC codes 68100, 68209, 68320.
Shareholder-Director Rules.
Everyone listed in the application must also be shareholders.
Company Ownership and Shares
All shareholders must be directors and collectively own 75% of the company’s shares.
Personal Guarantee by Shareholders
Offa will ask shareholders to personally guarantee the finance amount.
Legal Advice Necessity
Shareholders must obtain independent legal advice on personal guarantee from a solicitor not associated with Offa,
Process for Overseas Directors
Offa will review applications if directors are non-UK residents, and all directors must be UK citizens.