New 90% LTV BTL Second Charge

New 90% LTV BTL Second Charge

Another useful product has hit the market which may prove useful to assist your clients in raising cash on their BTL properties as follows:

• 90% LTV – previous best was 85% and much more expensive
• Rate 12.7%
• First, second or third charge is accepted
• Adverse credit plans available – still at 90% LTV but higher rate
• No physical valuation carried out – desktop only
• Standard 1 month ERC’s
• The applicants can be homeowners or tenants
• Maximum loan £20,000
• Any reasonable personal loan purpose – not keen on BTL deposits / business

This product is in addition to the other nine BTL second charge lenders we now have. We expect some lower rate products in the near future. Below is a reminder of the other key features available from these lenders.

• Complex
  1st and 2nd Charges
  75% LTV on purchase
  70% remortgages and 2nd Charges
  Rates start from 8.45%
  Only look at arrears on security property, ignore arrears on other properties
  Interest only available over £25,000
  Rental income must be 110% or 120% of secured loan lending – subject to plan
  Can use expected rental income if no AST is in place (use 90% of that figure)
  Accept adverse, Expats, no additional income, non standard properties.
  All adverse over 12 months old is ignored.
• Heavy adverse
  LTV – 70%
  £100,000 max loan
  Unlimited adverse
  Regulated agreement – Lower ERCs – a good short term solution
  Full income and expenditure including the rental as qualifying income
  Rate 15%
• Larger loans up to 85% LTV
  1st and 2nd Charges
  Loans over £100,000 on referral
  Min 120% rental coverage, full income and expenditure over 70% LTV
  Cross charges considered to support LTV
  HMO’s up to 70% LTV

To discuss a potential case speak to your underwriter on 01902 585052 or source a BTL second charge here.

www.promisemoney.co.uk

01902 585052