Howard Reuben

Registered with
Friday 7th June 2013


Trading Status
Sole Owner

Providing essential rental accommodation since

Insures properties through a broker recommended by Property118

Latest Comments

Total Number of Property118 Comments: 341

Howard Reuben

3 weeks ago
PRA rules blamed for penalising landlords with 4 or more BTLs

A perspective from a BTL mortgage broker who has been doing this job for over 25 years now ....... OMG, it's a different world now! The new PRA GUIDELINES (not specific set of legislative rules) are being interpreted by different lenders in different ways. For example - what is a 'portfolio landlord'? Some say with 4 or more BTL properties. Some say with 4 or more BTL MORTGAGED properties. So, the latter is that if someone has 3 BTL mortgaged and 103 unencumbered, they are not being dragged through the new portfolio landlord specialist underwriting processes, whereas the former example landlords are!

Huge additional amount of paperwork, much slowed down processes, more and subsequent questions now being asked during the process (not just Fleet, but many others too) and of course the extra intrusive scrutiny of cashflow, business plans, bank statements etc now as well.
I believe that a BTL mortgage borrower is liable to even further delays and issues if they try and do it themselves, or via a mortgage salesman who is not au fait with the specialist BTL mortgage market as it has now become.
My Team are regularly trained and updated on the numerous lender changes (criteria, calculations, supporting paperwork required etc) and even this week at one of our Company Meetings we had a lender in to present their new wares to us. Now we can also offer even more mortgages for AirBnB style tenancies, 'self-build to rent' mortgages and the very helpful 'top slicing' income uplift too. Ask your normal broker if they know of these quirky propositions and the likely answer is no.
So, to make the new world of BTL mortgages more easy (in the face of the new PRA regime), my suggestion is to work with a specialist BTL Broker. 'Specialist' does not mean expensive, it means knowledgeable and efficient. Both of these factors should help you to process your applications faster and easier than otherwise.... Read More

Howard Reuben

4 weeks ago
235 Limited company BTL fixed rate deals now available

Interestingly, BM Solutions has today announced that they are not going to be offering BTL mortgages to Ltd Company borrowers. source > Read More

Howard Reuben

A month ago
Ltd company BTL options and timings

Hi Chris

We go through this process on a daily basis ... for our hundreds of existing and new Clients, so I can offer you a perspective from a very active mortgage processor.

Re "The property will be purchased upfront with cash, however I would then like to mortgage the property to free capital up for future purchases." As Neil said above, as long as you can show a plausible and viable explanation why you had to buy with cash, and that you are not trying to remortgage based on a new and unreasonable valuation, then there are indeed lending options available (subject to all of the other usual criteria too of course).

Don't forget to buy in the Ltd Company name too - you can't simply "remortgage" from your personal name to a Ltd Company name as part of a new mortgage arrangement.

Re "My main questions are around options and timings, at what point in the cash purchase price are we able to start applying for the mortgage? I have heard we may have to own the property for 6 months before we can start applying, but that there are lenders out there who may let you do it right away?"

This depends on which lenders you qualify for. If you own 4 or more BTL properties (owned across all names / entities) then you would be subject to the new (PRA led) specialist underwriting rules for 'portfolio landlords'.

Some lenders do indeed allow 'day one' remortgages, and others would make you wait for 6 months (or sometimes longer).

So, to determine which lender, product and rates / fees etc., you would be eligible for, our team of specialist BTL advisers are available to contact via my member profile link above.

Hope that helps.... Read More

Howard Reuben

A month ago
Best way to buy in my wife's name?

If your wife already has a BTL she may well qualify for an 'experienced landlord' status (depending on the new BTL lender) and there are many of these lenders who allow such landlords to have no / low minimum income for future applications.

Income is of course just 'one piece of the jigsaw' and many other factors will contribute to whether a lender offers a BTL mortgage nowadays.

For professional guidance through the new BTL mortgage maze, my Team of specialist Brokers is available via my profile link.

We work hand in hand with your own tax adviser to help you to secure the ost suitable and cost effective BTL mortgage strategy, whether you have one, or one hundred, property(ies).

Hope that helps.... Read More

Howard Reuben

2 months ago
First BTL lenders want proof of MEES min E rating

"Under new MEES rules as of the 1st of April a new tenancy can only be granted if the home has a minimum efficiency rating of E and by April 2020 all rental property must comply with the minimum.

Sales director of OneSavings Bank, Adrian Moloney, said: “The new regulations bring added complexities into a highly regulated market, but we want to ensure the new requirements are as straightforward as possible.”"

This is going to be the new 'norm' with many lenders as this new rule beds in.

A-E EPC's will be fine. You can check your own EPC rating on each of your properties here >

If necessary, EPC's can be arranged / bought here > Read More