Ever since the Credit Crunch it has been very hard to finance new build flats on Buy to Let mortgages with lenders criteria either a straight No, or at a reduced Loan to Value.
However Aldermore commercial have now released new criteria allowing 80% maximum LTV on new build flats for individual, company applicants and Scottish borrowers 🙂
There is also no minimum income required, no maximum portfolio size and Ex-pats will be considered!
Basic Criteria includes:
- Loan size: Minimum £50,000 (Minimum £100,000 for HMOs and ex-pats)
- Maximum £1,000,000.
- Maximum age: 85 years at end of mortgage term.
- No minimum income (applicants must have a verifiable income source.)
- Non-homeowners or first-time landlords not accepted.
- Minimum property value £75,000 for Standard Buy to Let property
- Minimum property value £200,000 for HMO property (exceptions may apply).
- Ex-pats will be considered. They must have evidence of UK buy to let experience (tax returns & SA302s); proof of UK citizenship; proof of residency abroad (not PO Box) within last three months; proof of residency in UK within last five years; proof of UK mailing address (not security address); provide a copy of overseas contract and proof of salary (last three months’ bank statements; and, have a UK bank account for rent payments.
Product Range for 80% LTV with a 2.5% arrangement fee starts at:
- 3 year discount 5.29% reverting to LIBOR+5.00% stress tested at 125% of pay rate
- 3 year fixed 5.79% reverting to LIBOR+5.00% stress tested at 125% of pay rate
- 5 year fixed 5.99% reverting to LIBOR+5.00% stress tested at 125% of pay rate
If you need any help with a Buy to Let application you can call me on 01603 489118 or email firstname.lastname@example.org
Or if you would like to add your own requirements and search for the most popular available Buy to Let products please click here