Mortgage lenders for 10+ property portfolio other than TMW

by Readers Question

8 months ago

Mortgage lenders for 10+ property portfolio other than TMW

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Mortgage lenders for 10+ property portfolio other than TMW

Hi is anyone aware of any mortgage lenders available for a 10+ portfolio with values from £50k other than TMW (I have given up looking for 40k lenders unless anyone know of one).

My wife and I have built up a portfolio of 15 properties over the last two years, generally for between 50-60k each (although a few of the early ones were for 40k when lenders were still available). At the moment it seems that our only option for further purchases and remortgages of the initial purchases (where we are trying to pull out equity) is TMW the others having low portfolio limits.

Is anyone aware of any alternative lenders out there?

Many thanks

Rohan



Comments

Neil Patterson

8 months ago

Hi Rohan,

Is the problem that if you remortgage some of your BTLs away from TMW (assuming they are all in one portfolio mortgage) that they are insisting you move them all, because the overall Loan to Value no longer meets their criteria?

If you can remortage one or some to different lenders that may be easier, but there are much fewer portfolio single loan options available now post credit crisis unless you are looking at a more commercial lender.

You can search for options using basic criteria on our new improved mortgage sourcing tool see >> https://www.property118.com/finance/mortgage-sourcing/
However, these tools are never able to go into the minutiae of criteria. This is where you need a broker to perform a full fact find and whole of market search using the full TriGold, MortgageBrain type profession search engines.

If you need assistance you can always email me on npatterson@property118.com and I can get one of the team to give you a call.

Rohan Pickard

8 months ago

Reply to the comment left by Neil Patterson at 03/11/2017 - 09:01
Hi I probably used the wrong term, the 15 properties are on individual mortgages with a variety of lenders, but I can't find any alternative lenders going forward other than TMW

Cheers

Rohan

Puzzler

8 months ago

I am in a similar position and the ones that I have recently used are TSB and Precise. I think Paragon also do. Have you not got a broker who can investigate for you?

Rohan Pickard

8 months ago

Reply to the comment left by Puzzler at 03/11/2017 - 10:22
Maybe my brokers limitations but they have only been able to come up with TMW will take a look at the others you mention although TSB have recently dropped to something like 4 properties max regardless of lender, cheers

Jamie Nelson

8 months ago

I have the same issue. It's become increasingly difficult over the last 5 years or so. TSB are still part of the Lloyds Group aren't they ? If so I think they have very low limits for total number of mortgages.

Even TMW get twitchy when you have too many. Their advertised limits are quite generous but it doesn't mean that they have to honour them.

John Stallan

8 months ago

Hi Rohan,
Its the impact following the introduction of the PRA rules in late September that is altering things. Lenders changing their criteria on how they wish to underwrite business has caused changes to these limits.

Here at HD Consultants we have access to lenders across the board, some with low limits such as TSB and others who while impose limits on the number of properties with them don't have a limit (or have very high values) to the number of properties you can have in background.

John Stallan
HD Consultants

Richard Connell

8 months ago

I'm in the same position but worse as in Scotland so even more limited. Have some BMS mortgages coming to end of 2 yr deals and decided to product transfer to new deal with BMS rather than get TMW remortgage (which was cheaper). If moved away from BMS knew would never be able to get back to them so figured it was better to stay with them as didn't want too many with TMW. Mortgage advisor says Aldermore is also available to me.

NW Landlord

8 months ago

I am using aldermore, keystone, precise and I have 70 plus. I am using them to purchase through a newly set up limited company. My brokers says this PRA is just a tick box exercise but it is definitely taking longer to get them over the line. All these doom and gloom articles on line are nonsense it’s business as usual just in a adapted form. We are also using together for development finance and I am finding them very good to deal with. Lenders need to lend at the end of the day it’s how they make money but I believe more specialist lenders are the way the Market is going.

NW Landlord

8 months ago

Has anyone heard of this new alliance led by the nationwide ?

Could property 118 get involved sounds like a step in the right direction

http://www.telegraph.co.uk/property/landlord-guide/new-cross-industry-alliance/

Adrian Alderton

8 months ago

Hi Rohan, as mentioned by others i rely on my mortgage broker to advise of lenders criteria re no. of properties/loans with them. I'm in a similar position to you and obtained a mortgage this summer with BMS. Pretty sure their criteria is no more than 3 loans with them but not so restrictive on total portfolio.
Adrian

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