14:52 PM, 30th January 2018, About 5 years ago
The Family Building Society are an interesting little niche lender for landlords especially now while criteria is such a key decision maker for borrowers. They are selling on availability to less standard requirements rather competing on price.
Buy to Let mortgages available for:
Limited Companies – if the borrowers do NOT want to provide a personal guarantee they can consider up to a maximum of 55% Loan to Value
Borrowers up to age 89
BTL Offset – will allow reduced mortgage payment as well as reduced term
Portfolio Lending – Can consider remortgaging multiple properties at the same time with one underwriting decision with No Max loan amount limit subject to overall percentage of the portfolio.
No HMO’s unfortunately though.
Minimum Loan amount £45,000
Maximum LTV 70%
Stress Testing: The loan amount is assessed on the basis that the monthly rent must be greater than or equal to 135% of the interest payable per month calculated on the Society’s Residential Investment Managed Mortgage Rate (currently 5.54%)
Discounted Rates start at 3.19% for three years max 65% LTV (including Ltd companies)
Five year fixed rates start at 3.64% max 70% LTV (including Ltd companies)
Five year offset mortgages start at 3.64% discounted rate maximum 65% LTV
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