Our Specialist range of buy-to-let mortgages are available for an Individual or Limited Company when purchasing or remortgaging a House In Multiple Occupation (HMO), a Multi Unit Freehold Block (MUFB), or Flat Above a Commercial (FAC) premises as part of a single or portfolio application. New Build Specialist properties can be considered.
Summary details of our Specialist range are outlined below. Please check our Product Range document to see our current product and interest rate deals.
HMOs & MUFBs
Minimum Loan Term – 5 Years.
Maximum Loan Term – 35 Years.
Minimum Valuation – £100,000 for HMOs and MUFBs. £75,000 for FACs.
Minimum Loan Amount – £50,000.
Maximum Loan Amount – £1,000,000 up to 60% LTV.
NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 60%. We will require proof of the source of deposits.
2, 5 and 7 Year Fixed rate products.
Range of initial rates, fees and LIBOR linked reversion rates.
No missed mortgage or secured loan payments in the last 12 months and no more than 1 missed payment in last 24 months.
No more than 1 month in arrears on unsecured loan or Credit Card payments in last 24 months and no arrears in last 6 months.
Max 1 CCJ up to £250 in the last 3 years (0 in the last 12 months). Must be satisfied.
At least one applicant must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months.
Employed – must be in permanent position for at least 6 months and not under notice of termination.
Self Employed & Contractors – One full years evidence of income from accounts or accountants certificate or SA302 together with a tax-year overview.
Individuals and Limited Companies ICRs are reduced to the same level as their non-new build equivalents.
Flats above Commercial
150% ICR based on higher of payrate +2%, reversion rate or 5.5%. For 5 year + fixed rates, 150% ICR based on product rate.
135% ICR based on higher of payrate +2%, reversion rate or 5.5%. For 5 year + fixed rates, 135% ICR based on product rate.
All applications require a Valuer’s recommendation that the property forms a suitable security.
Flats above restaurants, takeaways or pubs are also subject to underwriting discretion.
Lender must have a first charge over the property.
England and Wales only (excluding Channel Islands and Isle of Man).
Freehold or leasehold.
Up to 10% of the outstanding balance can be repaid in any 12 month period without incurring an Early Repayment Charge.
Limited offer: NO upfront application fees
Product fees may be required.
LIBOR rate will be re-set on a quarterly basis, (March; June; September and December) with the ‘rate effective date’ being the first of each of these months.
The LIBOR rate will determined one day prior to the ‘rate effective date’ (subject to Bank Holidays and Weekends) using three month GBP ICE LIBOR rate.
LIBOR is set by the Intercontinental Exchange (ICE). You can find out information about current and historic LIBOR on the ICE website here. Please select the currency as GBP and the date of your choice to display the relevant rates.