Key criteria
Find out whether Nomo Property Finance is the right solution for your clients.
Age of applicants
- Minimum age: 18 years
- Maximum age at the end of the repayment period: 80 years for BTL or 75 for residential cases
Credit history
- No bankruptcy, IVA's or CCJ's
- No CCJ's in the last 3 years (all previous CCJ's must be satisfied before application)
- No missed mortgage or other property finance payments in the last 12 months
- Unsecured missed payments: Maximum of 2 missed or late payments on any account in the last 24 months and up to date for the last 6 months (this includes mobile phone/communications arrears)
- No voluntary enforced possession
- An up-to-date UK credit report is required from all applicants with an active UK footprint
- Defaults: None in the 12 months prior to application, maximum of one default of up to £300 between months 13 to 36 and must be satisfied before an application is submitted for finance
Finance purpose
Purchase, refinance and capital-raising
Debt consolidation and use for bridging finance
Gifted deposit
Gifted deposit is accepted if from a family member.
Income multiples
Maximum finance to income is up to 4.5 total income.
Number of applicants
Up to two applicants per application.
Residency
We can accept applications from applicants residing in:
- Bahrain
- Kingdom of Saudi Arabia (KSA)
- Kuwait
- Qatar
- United Arab Emirates
Portfolio landlords
We do not lend to applicants who are classed as a Portfolio Landlord. This includes investment properties owned by a limited company.
Property types
We offer finance against standard residential property subject to a satisfactory valuation report. If you are unsure about the property, please contact your BDM or email bdm@nomo.bank to discuss.
| Property Type | |
|---|---|
| New-build | All new-builds should have a National House Building Council (NHBC) or equivalent warranty |
| Country | England and Wales only |
| Minimum value | £150,000 outside of London, £350,000 inside of London (within M25) |
| Leasehold | Leasehold properties must have a remaining lease of at least 50 years at the end of the term |
| EPC rating | Properties with EPC rating A,B,C,D or E |
| Above commercial | Location above commercial premises is allowed, subject to assessment of nature of the business |
Sources of Income Considered
| Employed | Self-Employed | Other Income |
|---|---|---|
| Salary | Personal income, i.e. salary | Income from rental properties (100% of rental income after the deduction of finance payments and a 25% allowance for letting costs and void periods) |
| Bonus (50% of average of 3 years' cash bonus received) | Dividends (average of 3 years) | Income from investments (average of 3 years) |
| Commission (50% of average of 3 years' commission payments received) | Government allowances including man-power (Kuwait only), marriage and housing allowance, car allowance, town allowance | |
| Overtime (50% of average of 3 years' overtime payments received) | Pension retirement income |
Any income in a currency other than GBP will be converted to prevailing market rates using the XE Calculator (www.xe.com). No additional haircut is applied on foreign currency income if received from our acceptable country list.
Tenancy types
For buy-to-let lending:
| Letting Type | |
|---|---|
| AST | 12 - 24 months |
| HMO | |
| Short-term letting | Holiday lets, including AirBnB arrangements |
| Let to family member or relatives | |
Type of applicants
Currently, we only offer finance to individual applicants. We do not offer finance to limited companies or accept guarantors.