9:23 AM, 4th September 2014, About 7 years ago 1
When looking at financing an investment property that is not immediately suitable for a Buy to Let mortgage the costs and stress of repaying the initial Bridging loan required after 6 month can be high.
However Shawbrook Bank offer the ability to switch directly from their Bridging facility to their Buy to Let products with no additional processing or packaging work. Thus taking a lot of the stress and cost out of relying on another lender to complete before the loan has to be repaid. You can also raise additional capital at the same time if you have added value to the property thus releasing some of your initial investment.
This is a common concern from readers who are buying refurb or development projects they are looking to keep as long term investments
Shawbrook will also offer an existing customer discount of 0.25% up to £750,000 from the interest rate margin on the new Buy to Let product in an effort to retain their customers. Rates start from 4.75% and arrangement fees from 1.45%.
They lend to experienced property professionals and consider applications from individuals, partnerships or limited companies, (both UK and offshore where asset and main shareholder are UK based), also trusts and ex pats with a UK credit profile.
There is only a maximum lending restriction of £10 million per customer not number of properties. Your personal income must also cover your personal expenses.
Properties that can be considered are:
This lender will not be suitable for all borrowers on the basis of cost or criteria, but they do specialise in financing properties that “high Street” lender would not consider.
If you need any assistance please do not hesitate to complete the form below 🙂
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