Free valuations with excellent BTL portfolio lender

by Howard Reuben CeMap CeRER

11:52 AM, 13th December 2018
About a month ago

Free valuations with excellent BTL portfolio lender

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Free valuations with excellent BTL portfolio lender

One of our excellent Buy to Let portfolio lenders, Fleet mortgages, has announced it is now offering free valuations on properties worth up to £500,000.

On top of this they have reduced the rental stress testing calculations to 125% interest cover at the pay rate allowing customers to borrow extra £20,000 per every £1000 of rent. DSS tenants will also now be considered and the maximum aggregate borrowing for each customer has increased to £4million.

Products are great for capital raising, Gaining bigger loans from smaller rental amounts and are now available to all standard and Ltd company clients with 5 year fixed rate options.

Example: Rent of £1000 per month at 135% at 3.89% can achieve a loan of £228,506

Example: Rent of £1000 per month at 125% at 3.89% can achieve a loan of £246,786

Criteria includes:

  • 75% LTV max (arrangement fee can be added on top of this)
  • HRT payers rent cal is at just 125% @ 5%
  • Multi AST’s accepted (no need for multi tenants on one AST)
  • Locks on bedroom doors accepted on standard BTL products
  • For portfolio landlords – one standard app form, no extra paperwork
  • Max age 79 at start, up to age 85 at end of term
  • First time landlords accepted, but must be a resi property owner, and doesn’t have to be an owner-occupier
  • Ltd Company borrowers accepted – no floating charges
  • £25k min income (can be net ‘SA302’ rental income) – and can lend to retired as long as overall current income is in excess of £25k
  • Multiple sources of income allowed
  • Local authority including deck access
  • Min val is £75k (or £100k for HMOs)
  • Room by room rental income accepted for multi lets
  • Corporate lets accepted
  • Studio flats min 33sq ft
  • Day 1 remortgages
  • Unlimited background mortgages
  • Sale to Ltd Company (deposit via directors loan)

For assistance with this or any other type of property finance please do not hesitate to get in contact with me using the form below.

Contact Howard Reuben

Mortgages, Commercial and Bridging Finance, Life Insurance, Wills, Trusts and LPA's
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