Frequently asked questions

Welcome to the Offa FAQs. Here, we've got simple answers to help you understand everything you need to know as you embark on your journey.

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If you need to complain, you can call, email, or write to us. 

All we need to know is:

  • What went wrong, including how and when it happened
  • How you’d like us to fix it
  • Your name, address, and contact phone number

After you’ve made a complaint, we’ll get in touch with you within 24 hours. We’ll let you know that we’re on it and give you an idea of when you can expect a response. Plus, we’ll provide you with a unique reference number so we can easily locate your record.

We aim to resolve most complaints right away, but sometimes it might take a bit longer. Here’s what you can expect:

  • Immediate Resolution: We try our best to sort out your complaint within 3 business days. If we can do that, we’ll send you a Summary Resolution communication to confirm the resolution.
    Taking a Bit Longer: If we need more than 3 business days to address your complaint, we’ll send you a letter to let you know. We’ll also keep you updated on our progress until we have resolved your issue.

We will aim to resolve all complaints within 8 weeks.

Offa takes your privacy seriously and protects your personal information. During the application process, we’ll need to ask for your personal and financial details. This is to:

  1. Meet legal requirements, including verifying your identity.
  2. Ensure the products you selected meets your personal needs and circumstances.
  3. Make sure our financing criteria are met.

You can find full details about the information we need and how we use it in our Privacy Policy.

We do accept help from family members and friends for the deposit on the property you’re buying. 

However, we’ll need them to sign a gifted deposit letter. This letter confirms that the deposit is a gift and doesn’t need to be paid back, and that the giver doesn’t have any financial interest in the property.

No. We won’t accept unsecured loan money as a valid deposit.

We do accept these types of deposit funds:

  • Savings
  • Equity Release (like selling another property)
  • Gifts or Gifted Equity
  • Money from a Pension Pot
  • Endowments or Shares
  • Contribution from the builder (but it can’t be more than 5% of the purchase price)

Our conveyancers will need to confirm proof of your deposit before the purchase is finalised.

The maximum amount we can finance depends on the type of finance you need. Here’s a breakdown:

  • Buy-to-Let (BTL) for New Build Properties: Up to 80% of the property’s value.
  • Buy-to-Let (BTL) for Single Household Properties: Up to 80% of the property’s value.
  • Buy-to-Let (BTL) for First Time Landlords: Up to 80% of the property’s value.
  • Buy-to-Let (BTL) for Multi Household (HMO/MUB) or Short-term Let: Up to 75% of the property’s value.
  • Buy-to-Let (BTL) for First Time Buyers: Up to 75% of the property’s value.

You can use the buy-to-let calculator to see the rates and products available, and you can start an application whenever you’re ready.

We’ll need the following from you:

  1. Personal details like your income, address, and some form of ID maybe required (passport, driving licence, or national ID card).
  2. Information about the property you’re buying or refinancing, including its address and features.
  3. If you’re applying through a limited company, we’ll need your company number. And one or more of the following SIC code:
    • 68100 – Buying and selling own real estate.
    • 68209 – Other letting & operating of own or leased real estate.
    • 68320 – Management of real estate on a fee or contract basis.

For the initial Decision in Principle application, you don’t need to provide any documents. However, when you’re ready to proceed with a full application, we may need to see documents to verify your earnings.

A BDM/Advisor from Offa or your Broker will discuss this with you to ensure all requirements are met.

For the initial Decision in Principle application, you don’t need to provide any documents. However, once you’re ready to proceed with advice and a formal application, we may need to verify your identity with certain documents.

Here are the documents we accept as proof of identity:

  • Passport (UK or Non-UK)
  • Photocard Driving Licence (UK – Full or Provisional)
  • National Identity Card (EU)
  • UK Biometric Residence Permit

For the initial Decision in Principle application, you don’t need to provide any documents. However, once you’re ready to proceed with advice and a formal application, we may need to verify your address using specific documents.

Here are the documents we accept as proof of address:

  • Photocard or Old-Style Paper Driving Licence (UK – Full or Provisional)
  • HM Revenue & Customs (Inland Revenue) Tax Notification
  • Bank or building society bank statement
  • Finance or Credit Card Statement
  • Utility Bill (excluding electronic statements and mobile telephone bills)
  • Council Tax Bill (must be dated within the last three months)

Yes! You can refinance your current buy-to-let plan. Depending on your finance to-
value, you can also access more equity from your property, up to 80% of its value, as long as you meet our eligibility requirements.

Yes! You can have as many active accounts as you want, as long as the total amount doesn’t exceed £2.5 million.

You need to be at least 21 to get a buy-to-let offer from us. There’s no maximum age to start, but your finance term must end before you turn 80.

It shouldn’t be an issue, but we might need extra proof of income depending on your job change:

  • Employed to Self-Employed: We’ll need at least 1 year’s tax return. If you’ve been self-employed for less than 2 years, we’ll also consider you if you can show you were in a similar job for at least 2 years before.
  • Self-Employed to Employed: We’ll need your latest tax return and the most recent month’s payslip if you’ve been employed for less than 3 months.

Yes, you can! Here’s how we consider your Limited Company Buy-to-Let application based on your shareholding:

  • For companies: All directors with shares must be listed on the application. At least 75% of shareholders must apply for the Buy-to-Let.
  • For partnership firms: All partners must be named on the application.
  • For LLPs or other entities: All members must be listed on the application.

Also, make sure all applicants have the proper authoriszation from their board to proceed with the transaction.

And have with the following SIC codes: 68100, 68209, 68320

We’ll look at the size and how long ago you got the CCJ to decide if we can offer you finance.

For all applicants on the finance:

  • You can’t have any CCJs that you haven’t paid off.
  • If you’ve paid off CCJs, we’ll consider up to £500 worth, as long as they happened in the last 36 months.

Yes! We provide buy-to-let finance for new build properties to our customers.

We also offer tools like the buy-to-let calculator and rental income calculator to help you with your investment decisions.

Yes, you can apply. We may need to see when you’re planning to go back to work. Just reach out to us and we’ll guide you through the process.

To be eligible for finance, you need to have indefinite leave to enter or remain in the UK, or a visa that falls under certain categories such as the EU Settlement Scheme, Family Visa, Skilled Worker Visa, etc. Your visa must have at least 12 months left before expiry when you provide proof for your application.

If you’re British and Irish dual citizens, this rule doesn’t apply to you.

Regarding residency, whether you’re applying as an individual or a director of a company, you must have been living in the UK continuously for at least 2 years before applying for buy-to-let financing.

We accept the following:

  • Freehold: We accept freehold properties for houses. However, individual flats are not considered. Note: Freehold blocks of flats can be considered for commercial purposes.
  • Leasehold: We accept leasehold properties if the lease has at least 70 years left when you apply. If you’re financing to extend the lease, we can accept this as long as it’s done at the same time as the loan is finalised.
  • Flying Freeholds: We consider flying freeholds as long as they don’t make up more than 10% of the total area. The valuer will confirm the percentage during the assessment.

Even if your property is empty, you still need to keep making your finance payments. Try to minimise the time it’s vacant. Also, make sure utilities and council tax are paid during these periods, and let your insurance provider know when the property is unoccupied.

The minimum property value for our Buy to Let Home Purchase Plan (BTL HPP) finance is £80,000.

For ex-local authority flats and maisonettes, it’s £100,000. 

Additionally, the minimum finance amount we offer is £60,000.

No. You’ll need to provide the full address of the property you want to buy. This helps us run checks and value the property so we can give you a finance offer.

If you haven’t found a property yet but want to know how much we can offer, you can get a Decision in Principle (DIP). Then, once you find a property, you can continue with a full application.

To secure the finance product you want, you’ll need to finish your application. Your chosen finance product is only secured after you’ve submitted your application.

Our offers typically last for 90 days. If you need more time, we might be able to extend it, but we can’t guarantee this. If you have questions or need an extension, reach out to your Offa BDM/advisor or your Broker.

After the Initial Fixed Period, your monthly rent payments will be reviewed and fixed every quarter based on our current Standard Variable Rate. 

We’ll let you know 30 days before and offer options to switch products if available.

SVR stands for ‘standard variable rate’

Our goal is to make your experience as smooth as possible, but if something goes wrong, please let us know and we’ll fix it.

For more details on how we handle complaints, click here.

Your Decision in Principle (DIP) is valid for 90 days.

If your income, expenses, or deposit amount changes, or if your DIP expires, please contact us for an updated document.

We need to ensure that we have the most up-to-date information about your personal details and financial situation.

We understand that circumstances can change during the application process. If this happens, please contact your BDM/Advisor or Broker as soon as possible to discuss the changes.

Of course, you can apply together with up to 2 people on an individual application. 

If you’re applying through a Limited company (SPV), up to 4 people can be involved in the application.

If you want to change the bank account for your payments, you’ll need to fill out a new direct debit form.

Just remember, the bank account must be in your name and able to accept direct debits.

Yes, you can change your payment date to any date between the 1st and 28th of the month. However, a payment needs to be collected every month, so it has to be within the same month.

You can make an extra payment of up to 10% of the original loan amount within the first 12 months without paying any extra fees. We’ll let you know about any allowances for future years in your annual statements.