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
• 8.99% fixed for 3 years
• Interest-only option if required

4. HMO’s not requiring licence

• Can include self contained flats
• Each flat must achieve an average value of £58333
• 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 0800 4969595
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.
We are directly authorised and regulated by the Financial Services Authority (registered no. 302672) as MortgageMakers Limited t/a The Mortgage Café. However for the purposes of Commercial, Buy-to-Let and HMO mortgages, the FSA regulations do not apply.