Property Types Buy to Let

Most intermediaries rightly associate the need for a specialist mortgage lender with cases where clients have been refused a loan by a high street lender. But what about the type of property they are looking to purchase or remortgage? In fact you may have several clients who believe they cannot remortgage, despite borrowing from a high street lender in the first place, because the type of property they invested in is no longer considered appropriate security for a loan.


Who is this product for?

Customers who wish to purchase or remortgage properties which include:

  • HMOs: Up to 8 bedrooms with a minimum valuation of £100,000
  • EX LOCAL AUTHORITY FLATS: Up to 80% LTV and up to 4 storeys where there is deck access
  • FLATS ABOVE COMMERCIAL PREMISES: up to 75% LTV. If above or next to restaurants, takeaways or launderettes, up to 60% LTV
  • STUDIO FLATS: Where the internal floor area is greater than 30 sq.m.
  • MINIMUM PROPERTY VALUATION: £50,000 up to 70% LTV. Ex local authority flats/maisonettes from £80k outside London.
  • NEW BUILD HOUSES & FLATS: Up to 85% LTV.
  • NO LIFT REQUIRED: In blocks where the flat to be purchased is on one of the first 4 floors
  • MULTI UNIT BLOCKS: Up to 5 units. Just one year's landlord experience required. Valuations from £125,000 for the freehold block

Key Lending Criteria

  • Available across all buy to let products
  • Valuation from £50,000 for single unit properties with the exception of ex-LA flats/maisonettes which is £80,000 outside Greater London or £200,000 within
  • Ex-LA/Housing Association or Ministry of Defence houses are considered if:
    • There is no outstanding pre-emption requirement to repay a proportion of the discount
    • The property is of suitable security and standard construction, and additionally a Wimpey No Fines house (provided it was constructed post 1945 and is not a bungalow) or Laing maisonettes
    • Easiform house (provided it was constructed post 1965 and is not a bungalow)
  • Ex-local authority/Housing Association or Ministry of Defence flats or maisonettes are considered up to 80% LTV if:
    • Minimum property value of £80,000 (£200,000 in Greater London)
    • Block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units are considered on an individual basis.
    • Balcony access accepted