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August Specialist Mortgage and Buy to Let Round-Up

Posted: 23/08/2017

As the specialist mortgage and buy to let lenders switch and change their products so frequently, we thought it would be helpful to provide you with the below summary of the latest criteria changes.

Precise Mortgages

• Now accept first-time buyer first-time landlord applications on their core buy to let range with rates starting from 3.19% up to 75% LTV – even if they have some historic adverse. This is an excellent addition to their criteria and they are one of only a few lenders who will consider lending to these customers.
• Five-year fixed rate buy to let products with 4% cashback on purchases.
• Rate reductions across Help to Buy mortgage range with DMPs accepted as a monthly commitment.
• Right to buy mortgages available at 90% or 100% of the discounted purchase price.

Magellan Homeloans

• Improved criteria for first-time buyers, such as the acceptance of family and builder gifted deposits; acceptance of undervalued sales and affordability calculation allowing up to 40% debt to income.
• Up to four applicants and four incomes now accepted on one mortgage application.

Vida Homeloans

• Maximum buy to let mortgage will now be capped at £500k, this includes expat buy to let mortgages.
• Expat buy to let applications only accepted from British Citizens living or working in a European Economic Area (EEA) country. This includes the EU, along with Iceland, Liechtenstein and Norway.
• The maximum number of portfolio properties owned by a landlord will be capped at 50 properties, regardless of the lender, including any additional properties being applied for with Vida.

Pepper Homeloans

• To compliment their mortgage near prime fixed rates, which start at 2.28% for 30 months, or 2.88% for 5 years, Pepper now offers non-conforming fixed rates from 3.23%.

For example, a client with 2 defaults/CCJs totaling £30k, registered over 18 months ago but unsatisfied should qualify for a 30 month fixed rate of 3.23%, up to 70% LTV.

The Mortgage Lender

• Limited semi-exclusive offer – procuration fee increased by £250 for applications received via Ingard until 31st August 2017.

Here to Help

For help placing a case, call our Specialist Lending and Protection Team on 01702 538 800 or request a call back.