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Types of Borrower (Types of Borrower (Business (Individuals (Property 40%…
Types of Borrower
Types of Borrower
Private
Consumer buy-to-let
FCA regulated
Not 'wholly or predominantly' for business
High-net-worth
Min 300k net income
Min 3m net assets
Private (Personal)
Bridging Finance
Family home
Second charge
Buy-to-let
Special Purpose Vehicles
Commercial
Secured on commercial property
Assessment on business borrower
Business plan
Track record
Rental income/lease length
Not FCA regulated
Other
Mortgage trapped
Mortgage prior to 26/4/14
Unable obtain new mortgage
Assessed on prev. affordability checks
Vulnerable customers
FCA
Right to buy
Sale-and-rent-back agreements
Equity release applicants
Trustees
Trust Deed Inc. power to borrow
Personal representatives
Manage deceased estate
Purchasing property for deceased
Business
Individuals
Property 40% min used as residence
Funds use for small business - 1m less turnover
Not a LLP or limited company
MCOB regulated
Partnership
Joint and severally liable
Written partnership agreement
Limited liability partnership
Not regulated
Company lending
Personal guarantees
Special Purpose Vehicles (Limited company)
Shareholders
SPV (Legal Entity)
Property
Corporate
Limited company
Residential/Commercial borrowing
Athority to borrow
Directors/shareholder personal guarantees
Not FCA regulated
Attorney
Powers of Attorney
Unable to Borrow
Minors
18 under unable to enter into contract
Mentally incapacitated
Unable to borrow in own right
Power of attorney
Court of Protection appointed deputy
Undischarged bankruptcy/poor credit records
Insolvent
Bankruptcy petition
Trustee appointed
12mth undischarged bankrupt
Undischarged bankrupt borrowing
Mortgage
Yes
Not to acquire interest in property
Poss. on own property
No
Under £500
Yes
Legally allowed to borrow
No
Must disclose bankruptcy
IVA
Debt Relief Order
Official receiver order
20k less debts
Written off after 12mths
Power of Attorney
Ordinary
Ceases on mental incapacity
Enduring
No new EPAs
Lost mental capacity
Office of the Public Guardian Registered
Lasting
Health and welfare
Only on loss of mental capacity
Property and financial affairs
pre/post mental capacity
Mortgage Application
Lender assessment
Three Ps
Person
Legally acceptable
Purpose
House/home improvement
Property
Suitable security