MORTGAGES INCOME SUPPORTED BTL FROM PRECISE

December 5, 2017 by in category Mortgage News with 0 and 0

Income-supported buy-to-let mortgages and remortgages will be launched next week.

This lets customers with excess income bridge the gap between the rent they need and the rent they would earn.

The new product will be designed to let brokers help customers who would otherwise struggle with prime lenders’ lending policies for buy to let mortgages

This will open up the buy-to-let market to more customers who want to invest in property.

The product is available for purchase mortgages and remortgages, including capital raising.

The lender will publish full details of the product on 5 December.

Alan Cleary of Precise says: “We believe that income-supported buy-to-let will be a real game changer, particularly where customers are struggling to get the loan size they need. This is built into our system. When the broker goes in, it asks them if they want to use the customers’ income. If they tick ‘yes’ and put in the income, it shows them how much loan they can get with and without the customer using that.”
Overview

Our range of buy to let mortgages offers landlords a variety of solutions, whatever their situation. We can help portfolio landlords, limited companies, those looking at HMOs, and even first time buyer and first time landlords. Using income to support a mortgage may be the solution for some, whilst a 5 year fixed rate could be more suited for another.

Highlights and features

New: Use income to support a rental shortfall above an ICR of 110% calculated at pay rate.
Ideal for low yield, high value properties
Available on any core buy to let product including short term fixed rates and trackers
Applicable to non-portfolio landlords
Rental cover – ICR: based on individual circumstances
Rental cover – Assessment rate: Higher of pay rate + 2%, or revert rate (minimum 5.50%) for shorter term Fixed and Tracker products.
Pay rate for 5 year + Fixed rates.
5 year fixed rate products that help maximise the loan size available
5 year fixed with 4% cashback available on purchases
Minimum property value of £50,000 (excluding London and HMO properties)
Maximum term of 35 years
Maximum age at application 80 years
2, 5 and 10 year fixed rate products

London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.

Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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