Tag Archives: New build flats

News Flash – 80% LTV available on New Build Flats!! Buy to Let News, Commercial Finance, Landlord News, Latest Articles

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!Aldermore

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 npatterson@property118.com

Or if you would like to add your own requirements and search for the most popular available Buy to Let products please click here

Buy to Let Mortgage sourcing system and calculator

Buy to Let Mortgage sourcing system and calculator


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