Fleet Mortgages
Allow single title multi-unit properties on a buy-to-let basis. This is where a property is split into a number of self-contained units but are registered on one freehold title. Fleet Mortgages allows up to 10 units on one title. Other lenders who allow such transactions are Woolwich up to six units on one title, Paragon up to 20 units and Shawbrook and Aldermore Commercial who will also consider these further.
NatWest
Allow a client to let their existing property out and move in to rented accommodation or move back in with family. Every case needs to be discussed on an individual basis. It also allows non-homeowners to purchase a buy-to-let property. These clients are generally classed as first-time buyer/first-time landlords and for most other lenders this is a no go.
The Mortgage Works (TMW)
If your client is under the age of 70 at application stage, TMW has no maximum age limits on its buy-to-let range. Other lenders who allow experienced landlords to borrow up to the age of 85 years old are Precise, Aldermore, Kent Reliance, National Counties, Harpenden and Fleet Mortgages.
Hinckley & Rugby Building Society
It offers a good pay rate calculation for properties with lower rental yields. Its variable discounted product sits at 2.89% currently and rental yield required is 135%. It lends in England and Wales only and has some other caveats such as minimum loan size and minimum age, etc. Precise also offers pay rate calculations with its LIBOR-tracked products - 3.70% at 125%.
Aldermore Bank
If rental income is short then personal income can be used to make up the difference within Aldermore’s stress rate calculation. Personal income must be proven in all circumstances.
BM Solutions
It considers capital raising for any legitimate purpose on a buy-to-let apart from injection of capital into a business, gambling and paying a tax bill.
Kent Reliance
If a property is above a commercial unit you can e-mail an underwriter at Kent Reliance for them to consider the possibility of lending. For example, a property that was above a blinds shop which had an estate agent one side and a fish and chip shop the other was considered as suitable security as it was not directly above the fish and chip shop.
