Getting a commercial mortgage
Buy to let update
Buy to let update
BTL funding seems to be on the increase again – quite a lot of home improvements to increase the rental yield.
Please check out this reminder of some niche products which might rescue some of your cases from time to time.
BTL First Charge
- Up to 85% LTV
- Mortgages from only £25K – great for the northern portfolios
- Remortgage only products with no product, valuation or legal fees (Aldermore)
- Flats above restaurants and takeaways
- Debt consolidation up to 70% LTV
- HMO unlimited number of rooms
- NEW adverse plans rates from to 5.09% – 4 CCJ’s / 3 arrears in the last 24 months
BTL second charge
- Projected rental income accepted
- Non rental income included in affordability assessment
- No stress test on first and second charge
- Portfolios – standard affordability calculations – no in depth business plans required
- NEW – Limited company and SPV’s accepted – now at lower rates
- Low value or non-standard construction
- NEW High rise ex council / deck access – now lower rates
- No consent required to a second charge – Many first charge BTL lenders withhold consent
- Prime or heavy adverse catered for
BTL bridging
- NEW – 80% LTV bridging – 1st and 2nd charge
- Expedite Plan – complete in under 1 week from enquiry.
- No consent bridging
- Bridge to pay off a bridge / development loan
- Specialist light / heavy refurbishment products
- Adverse credit accepted
Clearly there are many other niches and quirks we can accommodate.
For one stop solutions to BTL problems please call 01902 585052 and select the relevant underwriting team.
01902 585052
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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
Representative example
£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.
Secured / Second Charge Loans
Representative example
£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.
Unsecured Loans
Representative example
£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.