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New BTL Loan – 80% LTV flexible overdraft

28th June 2022

By Karina Nowicka

What to know about the new 80% LTV Buy to Let Loan

The only flexible overdraft product with no drawdown or non utilisation fees secured on personally owned BTL’s.

What’s new 

  • Flexible overdraft option for the first 12 months of the loan – cheaper and better than bridging 
  • No minimum draw down – agree the facility and draw / repay it when needed without penalty
  • Unlike similar products this is available to landlords owning property personally

Key selling points

  • 80% LTV Second Charge term loan secured on BTL property 
  • Ok for personally owned or SPV Buy to let landlords (similar products are SPV only) 
  • Rates start at 4.6% – (cheaper starting rates than others) 
  • £25,000 to £1,000,000 
  • Max age at end of term 85 
  • Use for deposits, property refurbs, developing other property, business, debt consolidation

We think it’s the cheapest Buy to Let loan out there which also goes to 80% LTV

Other main points

  • Up to 4 applicants 
  • Property security located in England or Wales 
  • 125% DSCR 
  • The minimum age of the Primary applicant is 21 years. Other applicants 18 years. 
  • The Primary applicant must have a minimum personal gross income of £20,000 ( can be employment, self-employment, pension (private or state) or investment income.) 
  • Where the loan is being used for debt consolidation, creditor details are not required. 
  • Maximum loan term is 25 years. Minimum is 3 years. 
  • Must be a freehold, share of freehold or leasehold house, or a leasehold flat or maisonette, with remaining term of lease of at least 85 years at the valuation date and at least 65 years unexpired at maturity of the loan term. 
  • A copy of the current Assured Shorthold Tenancy (AST) agreement will be required. The AST must be for a period between 6 to 36 months. Rolling monthly tenancies are not acceptable. 
  • Corporate lets are not permitted (including contracts of any kind with a Local Authority or Housing Association) CBTL, Holiday or Airbnb lets are not permitted. 
  • After 12 months applicants can apply to extend the facility subject to underwriting

Talk to a Promise Money adviser for more details

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