Heres a mortgage update from Mitchell Mann
“Things remain good for the buy-to-let mortgage market, with rates still available up to 85% with no early repayment charge, many lenders having no minimum income requirement and others with no maximum background portfolio limits.
There are also some extremely attractive deals with no early repayment charge for borrowers with a larger deposit, at 75% LTV you can get a tracker currently at 2.79% and if you can manage 60% LTV the rate drops to 2.39% – We find our clients using these products on deals where a bridge would be too risky, for instance we recently had a client wanting to buy a property that had a large side garden that he wanted to obtain planning permission on to build another property.
The risk was: Depending a) how quickly the planning application was processed, b) what changes the local authority might request and c) any subsequent refusals and appeals, a bridging loan may have run over the usual 12 month limit and have been very costly in the interim. Using one of these products our client was able to rent the donor property out and earn an income whilst the planning application was processed and didn’t have to worry about running over the 12 month bridging term.
Let us know what you would like to achieve and let us do the hard work.”
Contact Mitchell Mann here.