85% Buy To Let - it's back!
...with a few caveats of course.
1. The product allows for borrowing on 70% of open market value but not to exceed 85% of the purchase price.
2. Remortgaging allowed within 6 months of ownership.
3. Rental criteria is 110% at payrate.
Note: Where ownership is less than 6 months they will fund at the lower of 70% of current OMV or 85% of original PP. If works have been undertaken during this ownership, IN ADDITION to this they will fund up to 85% of the costs of the works undertaken. This will have to be supported by invoices and bank statements to demonstrate genuine investment costs.
Call us now for full details and costs (They also have a HMO product).
Here's some other popular buy to let deals:
- Woolwich
Interest rate: 3.99%
LTV: 60%
Product Detail: Barclays bank base rate + 3.49
Arrangement Fee: 1.75%
Early Redemption Penalties: 6 months within first 32 months.
Our thoughts: Watch out for the base rate - its Barclays bank base rate not Bank of England base rate so won’t necessarily always be the same.
And of course our old favourite for 75% LTV.
- BM Solutions
Interest rate: 4.35%
LTV: 75%
Product Detail: 1 year tracker
Arrangement Fee: 3%
Early Redemption Penalties: 3% in first year.
Our thoughts: The lowest rental cover for 75% loan to value mortgages but watch the reversionary rate after the first year.
THIS DOCUMENT AND OTHER DOCUMENTS PROVIDED ARE FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION SHOULD NOT BE INTERPRETED TO BE A COMMITMENT ON THE PART OF RESIDENT BROKER LTD. RESIDENT BROKER LTD CANNOT GUARANTEE THE ACCURACY OF ANY INFORMATION PRESENTED AFTER THE DATE OF PUBLICATION. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED 'AS IS' WITHOUT WARRANTY OF ANY KIND. THE USER ASSUMES THE ENTIRE RISK AS TO THE ACCURACY AND THE USE OF THIS DOCUMENT.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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