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
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Member Since July 2013 - Comments: 1264 - Articles: 1
6:23 PM, 3rd November 2017, About 8 years ago
Reply to the comment left by Jamie Nelson at 03/11/2017 – 11:08
No TSB is not part of the Lloyds Group any longer, they had to be split away but I see they reduced to max 4 properties. Darn, should have taken one when I had the chance!
Member Since April 2014 - Comments: 38
10:27 AM, 4th November 2017, About 8 years ago
There seems to be little mortgage choice for landlords who have more than 10 properties and rates seem to be quite high.
Member Since October 2013 - Comments: 804
10:36 AM, 4th November 2017, About 8 years ago
It’s moving towards more specialist lenders with higher rates u just need to grind better deals out with higher yields main stream lenders are hard work
Member Since July 2015 - Comments: 344
12:43 PM, 4th November 2017, About 8 years ago
“My brokers says this PRA is just a tick box exercise”
Your brokers are half right. If your finances stack up, you will sail through, but it will just take a bit of time. In that way it is a bit like passport control – if your paperwork is legitimate then there will not be a problem.
Member Since October 2013 - Comments: 804
1:12 PM, 4th November 2017, About 8 years ago
Lenders need to lend at the end of the day it’s just going to take longer and we weed out the risky applicants and professionalise the industry which isn’t a bad thing.
Member Since October 2016 - Comments: 189
8:16 PM, 4th November 2017, About 8 years ago
Dear Rohan
My firm acts as valuers and we do lots of portfolios (many at low values) for Lloyds Bank. You could also try Together Money or Aldermore; it depends what you are looking for and what your precise situation is as to which one suits. They all have different criteria and operate in slightly different markets so on a forum like this it’s not possible to say one is better than another. Your best bet is to use a broker to search the market.
Graham
Member Since November 2017 - Comments: 1
7:43 AM, 5th November 2017, About 8 years ago
In 2016 I sold my business and started to invest. Now have 19 properties in my portfolio and bought 10 for my business partner.
Tmw whilst they say are unlimited asked us to take a 6 month break after owning on 9
BMS limited to 3
Santander limited to 5
Paragon now have 3 and seem flexible
Looking at possibly incorporating all in 2018/2019
Started to talk to some of the commercial banks re facilities eg henkelbenken etc whilst it’s a slow process good advice is worth its weight in gold.
Member Since July 2013 - Comments: 1264 - Articles: 1
1:55 PM, 5th November 2017, About 8 years ago
My broker has told me th at while before rental income was excluded in the affordability calculation, now that it is taxed it can be counted. So if your earned income is less than the magic £25000 you can now add your gross rental income and lenders will include it.