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
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
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.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk