Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
The Mortgage Works BuytoLet team have made major changes to their criteria and products focusing on First Time Landlords, Let to Buy, Purchasing from a family member and withdrawing from the regulated BuytoLet market.
This is significant for the whole of the BuytoLet market as The Mortgage Works have a very large market share of new business due to its popular, products, criteria and 80% Loan to Value range. All the changes detailed below are now in force for new applications.Regulated Buy to Let:
Regulated BuytoLet applications where a property will be occupied by a member of the borrower’s immediate family will no longer be accepted.
This is a shock to the market as it only leaves BM Solutions able to accept regulated applications and they have no customer facing sales force, so all applications must be submitted by a broker.
Vendor Family Sales:
No further applications will be accepted by clients looking to buy a property from a relative.
First Time Landlords (FTLs): Good News 75%
Previously a First Time Landlord could only borrow a maximum of 65% Loan to Value selected from the core BuytoLet range. Now The Mortgage Works have launched a new FTL range with a maximum Loan to Value up to 75%.
Example products below are all a maximum of 75% LTV:
Let to Buy:
The Mortgage Works have also launched a Let to Buy (LTB) product range for experienced landlords remortgaging their existing residential property as a BuytoLet.
Example products below:
To discuss or arrange a specific Buy to Let deal you can call us on 01603 489118 or email firstname.lastname@example.org
If you would like to add your own requirements and search for the most popular available Buy to Let products please click here
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