The portfolio umbrella product is ideal for professional landlords who have struggled in recent years with most mainstream lenders turning away landlords with 10 or more buy-to-lets. This product allows you to put one or more properties under one mortgage making it easier to manage payments.
The loan is being offered as a semi-exclusive as the Buy to Let Business is piloting it with only one other broker nationally.
The product is available to trading and non-trading Ltd companies, LLPs, partnerships and individuals, and rates are negotiable between 2.5% to 4% over three month LIBOR (currently at 0.27%).
There is a 0.5% commitment fee (payable on offer and refunded on completion) and a 1.5% arrangement fee, which can be added to the loan.
As an interest only product the maximum LTV is 60%, rising to 65% for the repayment product.
The landlord must own a minimum of 10 properties in their portfolio, the minimum lending amount is £500,000 and no single property can be worth less than £75,000.
Ying Tan, managing director of The Buy to Let Business, says:
“With a distinct lack of products on offer for professional landlords we know our members have been crying out for a product like this. This rate is great for large portfolio landlords and allows them to refinance their entire portfolio at a really low rate. We're thrilled to have Santander Commercial on our panel and it's great to be able to give our members what they need.”
