No mortgage choice for portfolio landlords

by Readers Question

8:36 AM, 2nd August 2018
About 4 months ago

No mortgage choice for portfolio landlords

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No mortgage choice for portfolio landlords

My broker has just come back with a long list of No’s

Skipton – maximum 10 properties in a portfolio
Accord – maximum of 15 properties but maximum of 10 with mortgages on them
Virgin – Maximum of 10 properties in a portfolio
Santander – do not accept clients with more than 4 properties
Leeds – maximum of 10 properties in a portfolio
Barclays – maximum of 10 properties in a portfolio
BM Solutions – maximum of 10 properties in a portfolio
Platform – maximum of 3 properties in a portfolio

TMX probably will do it for 2.64% but with a massive £1995 fee!

Where can I go for a rate below 3%

Chris



Comments

Neil Patterson

8:41 AM, 2nd August 2018
About 4 months ago

Hi Chris,

There is absolutely no way of knowing for individual circumstances without completing a full fact find and doing a whole of market search using one of the main broker search engines such as TriGold.

If your broker is fully qualified and whole of market then they have already done the heavy lifting and this is unfortunately likely to be your choice.

If you are not confident this has happened then email me at npatterson@property118.com and I will have one of our team do this for you 🙂

Mark Alexander

9:01 AM, 2nd August 2018
About 4 months ago

Business finance at sub 3% rates is pushing it I'd say.

There are plenty of commercial lenders that don't have the same restrictions, but they do charge accordingly.

You may also find it easier to borrow through a Limited Company these days, because lenders don't have to factor Section 24 restrictions on finance cost relief into their affordability calculations on that basis.

What is your operating status; sole owner, joint owner, partnership, mixed partnership, LLP or Limited Company?

Monty Bodkin

9:16 AM, 2nd August 2018
About 4 months ago

TMW
2.84% 2 year fix no fees 65% LTV

NW Landlord

13:58 PM, 2nd August 2018
About 4 months ago

They are slowly choking the buy to let Market for mortgages portfolio landlords from every angle

Howard Reuben CeMap CeRER

12:44 PM, 3rd August 2018
About 4 months ago

I am very surprised that a whole of market broker (if indeed yours is - not all brokers are) could not provide you with this list too;
Bath BS
Bluestone Mortgages
Cambridge and Counties
Family BS
Fleet Mortgages
Foundation HL
Interbay
Kensington
KRBS
Keystone
Landbay
Paragon
Shawbrook
Stafford Railway BS
Tipton and Cosely
Together
Vida HL
...... all of which have NO MAX PROPERTY PORTFOLIO SIZE RESTRICTION and who we have access to for you and all of our Clients.
And from the whole market I can possibly get you a 5 yr fixed without any lenders arrangement fee at 3.09%.
But this all depends on;
subject property LTV
aggregate LTV across portfolio
rental stress test
how many properties in your portfolio
how much you owe in total
whether individual or Ltd Company borrowing
etc etc
As Neil said, a full fact find (with a specialist BTL broker Firm - see my profile 😉 ) is the starting point.
Hope that helps.
Howard.

Whiteskifreak Surrey

13:07 PM, 3rd August 2018
About 4 months ago

Reply to the comment left by http://www.hdconsultants.net at 03/08/2018 - 12:44
Thanks Howard! Valuable information indeed.

Monty Bodkin

13:57 PM, 3rd August 2018
About 4 months ago

Reply to the comment left by http://www.hdconsultants.net at 03/08/2018 - 12:44
What's up with TMW Howard? Have they stopped portfolio lending?

Howard Reuben CeMap CeRER

15:01 PM, 5th August 2018
About 3 months ago

Reply to the comment left by Monty Bodkin at 03/08/2018 - 13:57
Hi Monty
I left TMW off the lst because I think the original post referred to it anyway "TMX probably will do it for 2.64% but with a massive £1995 fee!" I think he made a spelling mistake from TMW to TMX, but as he referred to TMW anyway, so I didn't need to do that again.

Ok, so for clarification, yes, TMW also offer no max (number of property) portfolio mortgages (albeit they do restrict borrowing in max £'millions).

New, remortgage and product switches for ALL of the above lenders are available via my Firm.

Click on my profile and contact us via the enquiry form anytime.

Howard


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