New products Bulletin - Self Build - BTL - Renovation Mortgages - HMO Mortgages

1. New BTL mortgage for properties requiring renovation/refurbishment before renting. The mortgage is based on the potential rent after works have been completed
• Ideal for properties requiring refurbishing before letting
• Mortgage up to 70% of purchase price or value
• Purchase or re-mortgage
• Extra £25k available after works
• No proof of personal income required
• Very low interest rate

2. BACK-TO-BACK! New below market value (BMV) purchase package for properties requiring light refurbishment. Allows 70% of open market value (OMV) to a maximum of 100% of purchase price.
• Buy with a bridging loan and exit with a BTL mortgage after works completed
• No credit scoring
• No minimum 6 months ownership rule
• Minimum loan £150000

3. New HMO mortgage product up to 70% LTV with flexible attitude to property size and location.
• Any size property considered
• 70% of purchase price or 70% of re-mortgage value
• Now only 5.00% fixed for 3 years
• Interest-only option if required

Lenders arrangement fee of 1.75% applies to this product

4. HMO’s not requiring licence

• Can include self contained flats
• Each flat must achieve an average value of £58,333
• Can include up to 2 studio flats
• Can have rooms let and share facilities
• Maximum 60% of property value, or purchase price
• Interest rate 6.39% fixed for 3 years or 5 years
• Lender’s arrangement fee 1.75%
• Portfolio option for 3 properties or more at 5.49% fixed for 3 years with 1.25% lender fee

5. MULTIPLE LETTING UNITS IN 1 FREEHOLD

• Up to 6 self-contained flats in the 1 freehold property
• Each flat must achieve an average value of £58333 (ie property value ÷ no of flats)
• Properties can include up to 2 studio flats
• Maximum 60% of property value, or purchase price
• Interest rate 6.39% fixed for 3 years or 5 years
• Lender’s arrangement fee 1.75%
• Portfolio option for 3 BTL/Multi-Let/HMO properties or more at 5.49% fixed for 3 years with 1.25% lender fee

6. Properties to be converted to HMO’s

• Must be non HMO licenced property at application
• Can include up to mixture of studios, flats and rooms to let
• Maximum 60% of property value, or purchase price
• Interest rate 6.39% fixed for 3 years or 5 years
• Lender’s arrangement fee 1.75%
• Ideal for properties to be converted to HMO’s.
• Further funds available as follows:
a) For fees to obtain an HMO licence
b) For essential repairs/improvements to bring the property up to HMO licence standards
c) For essential repairs to maintain property quality and HMO standards

7. New HMO Product (From Feb 2010)

• Ideal for larger hmo properties from 5 to 12 letting rooms
• Interest rates from 4.34%
• Up to 65% LTV purchase or remortgage
• Can repay up to 10% per year without penalty
• Maximum loan up to £1m per property

8. New Development funding product (From Feb 2010)

• Up to 20 units
• Terraced / Mews / Semi' / Detached property
• Apartments considered
• Loans from £25k to £5m
• Maximum lending up to 65% GDV
• Interest rates from 6.5% rolled up

9. BTL for Limited Company SPV (From Feb 2010)

• Mortgage Arranged in Ltd Co Name
• Interest rated from 4.34%
• Up to 70% LTV purchase or remortgage
• Maximum loan up to £1.5m per property
• Can repay up to 10% per year without penalty

Call us today to discuss your requirements

For further information on all our products please contact us on 0117 2232 050
Please note that there is a £75 application fee and a £55 administration charge on any mortgage, both of these are payable on submission of application forms and documentation and is non refundable.