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We Forecast a Buy to Let Heatwave

Posted: 08/05/2017

Over the last few weeks, many of our specialist buy to let lenders have cut their rates and improved their criteria, resulting in a heatwave of business from landlords who are keen to secure a great deal.

Specialist Buy to Let Mortgage Highlights

  • No credit scoring
  • 5 year fixed rates from 3.28%, up to 75% LTV
  • First-time buyer, first-time landlords permitted
  • Debt consolidation remortgages up to 85% LTV
  • No max value for CCJs and defaults – under £250 in the last 3 months ignored
  • Max age 80 years at the date of application (max term of 35 years)
  • No product fee and free legals
  • Gifted deposits accepted

Products available which cater to employed individuals, self-employed individuals, contract workers, limited companies and borrowers with adverse.

Criteria Improvements From Ingard’s Specialist Buy to Let Lenders

Below is a summary of some of the recent product changes and a few key pieces of unique criteria which set these lenders apart from the competition.

Pepper Homeloans

  • Limited edition 2 year fixed rates starting from 3.38%, up to 70% LTV
  • 5 year fixed rates with rental calculation based on 140% of pay rate, with rates from 4.18%
  • No credit scoring
  • No max value for CCJs and defaults
  • Debt consolidation remortgages up to 85% LTV
  • Free legals on all remortgages – standard legal work only

Precise Mortgages

  • Five year fixed rates from 2.99% for loans > £350k, up to 75% LTV
  • 4% cashback on 5 year fixed 4.69% product, up to 75% LTV
  • For 5 year fixed, assessment rate is on pay rate, now starting from 2.99%
  • Bespoke ICRs based on individual circumstances to help maximise the loan size
  • Maximum age 80 years at the date of application (maximum term of 35 years)

Vida Homeloans

  • LTV for portfolios increased to 80%
  • Property valuation reduced to £50k
  • Buy to let debt consolidation relaxed
  • Charges over the BTL SPV no longer required
  • Just 12 months’ landlord experience for HMOs and MUBs

Aldermore

  • 5 year fixed rates from 3.28%, up to 75% LTV
  • Loans up to £1m, more available on referral
  • No product fees on selected ranges
  • ICR reduced to 120%
  • Free legals on selected remortgages – standard legal work only
  • Products for standard buy to lets, Ltd Cos, HMOs and multi-units

Bluestone Mortgages

  • First-time buyer, first-time landlord permitted
  • Gifted deposits accepted
  • No credit scoring
  • 100% affordability based
  • CCJ’s/Defaults under £250 ignored even in last 3 months

To discuss a case, call our Specialist Lending & Protection team on 01702 538 800 or request a callback.