12:00 PM, 19th January 2016, About 5 years ago 5
Precise Mortgages have today launched a new flexible criteria for landlords looking to finance their portfolios into retirement with a maximum age of 110.
The maximum age at the point of application is 80 with a possible loan term of 30 years taking the borrower to 110.
Precise have also launched a new range of HMO products for experienced Buy to Let landlords. The definition of experienced is having held at least two Buy to Let properties for at least two years.
MD of Precise Mortgages, Alan Cleary, said “forcing a customer to sell a buy to let property just because they reach 75 is not a good thing, they may be reliant on it for income or it may just be a bad time to sell.
“Our change to policy means that customers can choose whether to hold onto their Buy to Let if it suits them irrespective of their age.”
“We are making our entire range of buy-to-let deals more flexible because we believe borrowers and landlords should be able to invest their money the way they choose. This goes for those choosing to invest in higher yield HMOs where products are too limited at the moment.”
HMOs will be valued as a single dwelling but multi-occupancy rental income will be used to assess the loan. Up to a maximum of six bedrooms 80% LTV and a loan of £500,000. Maximum exposure is 10 properties up to £5million with Precise.
For further advice and assistance please complete the contact form below and you can also view all Buy to Let mortgage products using our mortgage sourcing calculator click here
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleClause 24 Interview with Steve Bolton - Platinum Property Partners
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|