Specialist mortgage and buy to let product round-up
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.
• Maximum term has been extended to 35 years.
• Defaults in the last 12 months accepted on some products.
• A DTI up to 40% can be considered on the Complex Prime range.
The Mortgage Lender
• Limited semi-exclusive offer – procuration fee increased by £250 for applications received via Ingard until 31st August 2017.
• Mortgage rates reduced by up to 0.71%. 2 year tracker mortgage rates now start at 1.89%.
• New help to buy product range with 2 year tracker rates from 3.74% and no product fees, plus tiers 4 and 5 allow active and recently satisfied DMPs.
• Minimum loan size reduced across core buy to let mortgage range from £80,000 to £50,000.
• Rates cut across 5 year fixed buy to let range, allowing more customers with small amounts of adverse to get the loan size they want.
• Launched expat range targeting UK property owners living abroad who wish to invest in UK buy to let property. Maximum loan sizes are £1m for existing UK buy to let landlords and £500k for first-time landlords. Maximum LTV is 75% and there is no minimum income requirement or employment restrictions (applicants can be retired).
• Rates reduced for customers with marginal credit score fails; 2 year and 30 month fixed rates now start at 2.28% up to 70% LTV, and 2.78% up to 85% LTV. 5 year fixed rates now start at 2.88%, for purchase and remortgage.
• Missed mortgage payments criteria change – now only consider number of missed payments instead of worse status.
Here to Help
For help placing a case, contact our Specialist Team:
Call 01702 538 800 or email email@example.com.