Tag Archives: Auction

Shawbrook Bank – Definitely not for “brand new customers only” Commercial Finance, Latest Articles

Shawbrook Bank are now offering a 0.25% discount on the margin or a 0.25% discount in the arrangement fee for clients who have already been party to a completed loan with them.

This makes a very refreshing change from lenders who have traditionally only chased new customers with deals showing they realise the value in repeat business and loyal customers.

Big advantages they have over many other less specialist commercial lenders is their desire to lend with far less onerous stress testing compared to high street banks, Interest Only for commercial and BTL property and lending directly to Limited companies. I have been told many times by our own preferred brokers that they driven by common sense not bureaucracy looking for ways of saying yes to clients and not the often received “computer says no” answer from many lenders.

Shawbrook Bank lend on single investment units, portfolios, multi-units, HMO’s and student lets. They lend to both individuals and Ltd Co’s and do not limit the amount of properties that the client can own or the business activities of the limited company.

However they are not able to offer any direct customer advice or sales, and only accept business from intermediary brokers registered to their panel.

Along with their residential investment products they offer interest only mortgages up to 75% LTV and have a range of Commercial Mortgages and short term loans.

Shawbrook commercial mortgages:

Cover both commercial investment properties and owner occupier trading businesses. Their products go up to 75% LTV and they also offer interest only loans which improves business Cash flow.

Short Term Finance

Shawbrook offer market leading rates on short term finance from 0.65% pm with no exit fees for between 6 and 18 months. This is ideal for auction purchases or a speedy purchase in order to secure a discount.

Short Term Light Refurbishment Finance

Shawbrook will lend up to 70% of the purchase price at 0.73% pm for between 3 and 12 months. This is suitable for clients looking to purchase, or refinance a residential or mixed use property quickly, undertake light refurbishment and then either sell on or hold for rental.

Medium Term Refurbishment Product

They will lend up to 70% of the after works value on an interest only basis. This product is for clients that are purchasing or refinancing property with the intention of completing minor refurbishment before letting the property out.

Obviously there are many other lenders that may be suitable in terms of criteria or lower costs and it this is not meant to be an advert to only use Shawbrook, but it is great to see a lender valuing its existing customers.

For assistance with any property finance requirements please, call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click hereShawbrook Bank

Buy to Let Mortgage products and market update – essential reading Buy to Let News, Landlord News, Latest Articles

Having just updated the Buy to Let mortgage products on our own in house Buy to Let Mortgage sourcing system and calculator I thought I would give you a summary of what’s Hot or Not in the current market.

Virgin Money have been added to the system because of their helpful attitude and criteria which includes:

  • Day one remortgages – So no need to wait 6 months to remortgage for cash purchases, refurbs, Auction purchases etc
  • First Time Buyers
  • Regulated Buy to Let

However Maximum LTV is 70%. Stand out different product is a 5 year fixed at 4.09% with £750 Cash Back and 2.5% product fee (better for smaller loan sizes where looking to fix costs long term is important.

The Mortgage Works (TMW) always been and old favorite of mine going back to 2003 have a selection of 80% LTV products and no income requirement for existing landlords.

Interestingly they have no longer term products currently above an initial 2 year deal. This will either be because they have purchased no long term funds or are uncertain of market direction at the moment. Example products range from:

  • 2.49% two year fixed with 2.5% arrangement fee at 60% LTV (really only a headline grabber) to
  • 4.14% 2 year fixed 2.5% fee at 80% LTV (one of the lower interest rate high LTV products)

BM Solutions were the old industry go to lender until introducing a maximum exposure of 3 mortgages, but still have one of the most comprehensive range of products up to 75% LTV.  They are also often helpful for flats above or adjacent to commercial premises.

  • 3.19% 2 year tracker £1295 fee 60% LTV
  • 3.89% 2 year tracker 0.5% fee 75% LTV
  • 4.34% 3 year fixed 1% fee 75% LTV
  • 4.99% 5 year fixed 1.25% fee 75% LTV

BM Solutions have NO customer service staff so any mortgages or further advances even must be done by a broker.

Kent Reliance are really mostly famous for being THE 85% LTV lender.

However minimum property value £75,000, proof of £25,000 income required stress tested at 192 times monthly rental income.

  • 4.99% 2 year fixed 2.5% fee 85% LTV reversion rate 6.58%
  • 4.89% 2 year discount 2.5% fee 85% LTV reversion rate 6.58%

Aldermore have a good range of 80% LTV products at 4.98% including 2, 3 and 5 year fixed and a varibale rate for the term. They will do day 1 remortgages for properties bought with a bridging loan on a like for like basis and inherited properties.

They will also consider customer with light adverse credit which very few lenders will allow including:

  • 1 or 2 missed mortgage payments over 12 months
  • CCJs and Defaults registered over 3 years ago
  • Missed unsecured credit payments such as credit cards, mobile phone, loans et

Principality have a penalty free no tie in 2 year discount product at 3.39% with only a 1% + £99 fee at 60% LTV.

Also interestingly they will consider Holiday Homes on their BTL range!

Godiva owned by the Coventry building society are the “Does what it says on the tin lender” I liken them to the Yorkshire tea, or a sliced white loaf of a the buy to let product market. Nothing spectacular just a good solid no frills value for money products.

  • 3.49% variable penalty free for the term of the loan, £999 fee max 65% LTV (very good value with flexibility)
  • 3.79% 2 year fixed, £500 fee max 65% LTV
  • 4.74% Standard variable penalty free no fee max 65% LTV

Cost and product wise the market has been reasonably stable with small improvements adding up each month giving a healthier range of options available especially in niche areas such as:

Terms beyond retirement age, Bridge to Let, Remortgages inside 6 months, Ltd company applications, Higher LTV, Lower fees, Light adverse, Holiday let and more.

All of the above products, lenders and many more can be found by using our Buy to Let calculator and quote engine Please Click Here

If you need any assistance with a Buy to Let mortgage you can also:

Email: info@property118.com or

Telephone: 01603 489 1182013

Who will lend on a property with no bathroom? Latest Articles, UK Property Forum for Buy to Let Landlords

I’ve got my heart set on a property going to auction, which has no bathroom.

I can get a mortgage to easily cover the cost of the property. But the problem being, it’s got no bathroom.

Went to Lloyds, and delved into what their surveyors will pass an approval on, and basically saved £300 on a survey, by finding out prior to ordering a survey, that they won’t pass a mortgage unless it has a kitchen, and bathroom (in no matter what condition though).

Would someone be kind enough to enlighten me as to what products are out there, that would lend on such a property?

I believe The Mortgage Works have just pulled a product which would have covered this? Who will lend on a property with no bathroom



Renovating Properties Latest Articles, UK Property Forum for Buy to Let Landlords

I am looking into buying cheap properties at auctions and updating them. The idea is to sell them on for a profitt hopefully. Renovating Properties

What would be the best mortgage to apply for?

I am a qualified joiner and plan to do most of the work myself.

Would I have to take out house insurance while I am renovating the property if only for a month or so?

I am planning to do this as a living and have £30,000 to start with.

Any advice would be welcome

Many thanks


It’s all falling apart and I could do with some advice please Latest Articles, UK Property Forum for Buy to Let Landlords

Our first flat was bought at auction and cost 33k, spent 7k on a refurb and was valued at 55k, it rents out for £335 pcm. I re-mortgaged for 30k and bought another one bedroom flat for 23k also at auction. It has just become vacant after 2 years during which time it rented for £350 pcm.

My third investment property I bought for 25k, spent 17k on refurb and was valued at 90k. It currently rents for £450 pcm.

The tenant in the flat which cost 23k (my second purchase) has moved out and conveniently forgot to tell me. The council informed me the rent had been stopped so I realised she had gone. She had taken the cooker, my fireplace and there were two smashed windows, she was also fiddling the electric, VERY DANGEROUS.

All her belongings were still in the property but I have since had them all removed, the windows fixed and the locks changed. Nightmare!!

The block of 9 flats have deteriorated greatly in the past two years to my horror and I am going to try and sell at auction.

I am scared that if it does not sell it wont rent out either. Out of the 9 flats there are only two being rented, not good and the other flats are falling into disrepair. This is why I have decided to sell, all the other landlords in the block don’t want to know?

I am living through a nightmare at the moment, not eating, sleeping, worrying etc etc.

I applied for a re-mortgage of the cottage before this all started and the offer has just come through of £67,500.

I have suddenly become more fearful about taking on more debt because of what is happening at the moment.

I would like some advice as to which is the best way forward.

My confidence is at an all time low and some good advice would be greatly appreciated.

I hope all this makes sense.

I have just got back from the nightmare flat so my nerves are a bit shot and I thought a post on Property 118 might just ease the pain.


Mark LancasterIt's all falling apart and I could do with some advice please

Help please – Lost NHBC certificate and lender won’t remortgage Latest Articles

I need an urgent help please. I purchased a property off auction last November. I am at the stage of re-mortgaging it this month.

The Property was built in 2004, the builder went bust in 2009 and property was repossessed by bank.

The mortgage company has come back asking for the NHBC / Builders Certificate before they will complete the re-mortgage.

On a quick call to NHBC, they could only find 5 plots (9,10,11,12,1) out of the 12 plots (1 – 12) of the site plan that was registered. Also the door numbers are not on the details they have rather they have “plot” numbers. So my postal address is not in their computer.

NHBC have asked me to scan to them my TP1 document which shows the plan. But my property is showing as plot 6 which is not part of the 5 plots on their computer. Though I am yet to send my TP1 to NHBC.

NHBC also asked me to call Zurich or Premier as they might have it.

Now am asking is there a way I can get the Builder’s Certificate just in case Zurich or Premier don’t have it.

Will be much appreciated if any one here can provide some guidance.


Why auctions are an excellent way to sell tenanted properties Latest Articles, Property Market News, Property News, Property Sales & Sourcing

Why auctions are an excellent way to sell tenanted propertiesAuctions are an excellent way to sell tenanted property because auction rooms attract investors.

A key benefit from the sellers perspective is there is no requirement to decant tenants, thus ensuring rental revenue right up to the point of sale and removing costly void periods.

Keeping tenants in situ also has the added benefit that properties tend to view better when lived in, provided of course the tenant is reasonably tidy. Continue reading Why auctions are an excellent way to sell tenanted properties

Negotiating with estate agents Latest Articles, UK Property Forum for Buy to Let Landlords

Negotiating with estate agentsOver the last few days a newbie property investor called Craig has been picking the brains of myself and Mary Latham by email. Yesterday we got talking about negotiating with estate agents and the advice we shared with Craig is well worth sharing here so that others can benefit from it too in my opinion. Between us, Mary and I have 64 years of experience in buying property as an investment. This number will grow massively as others share their opinions and as more questions and answers are added to this thread.

Negotiating with estate agents

Having viewed properties which match your requirements in terms of attracting the right tenants – a good agent will always call to you to ask for feedback. When they do, tell the agent that you really liked the property and would love to buy it but you think it’s priced too high for you to want to make an offer. Continue reading Negotiating with estate agents

Newbie property investor seeks advice Landlord News, Latest Articles, Property News, UK Property Forum for Buy to Let Landlords

Newbie property investor seeks adviceI am just getting started off in the property game and my ambition it to set up a small portfolio of properties for a steady rental income. I aim to keep this portfolio long term as a pension for my wife and I and something to leave for my children.

I am looking at the low end of the property scale in Liverpool and have been to one auction so far without buying basically just to familiarise myself with this new world to me. I have also visited several potential rental areas around Liverpool and spoke with a few contractors. I’m looking at properties that either have tenants in all ready or that are ready for immediate occupancy. Continue reading Newbie property investor seeks advice

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