August Specialist Mortgage and Buy to Let Round-Up
• 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.
• 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.
• 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.
• 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.