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  • Mortgages & Finance

    New Holiday Let mortgages launched today

    Holiday let criteria from Paragon Mortgages - launched today and available via http://www.PropertyTribesFinancialServic...contact-us 

    The maximum loan to value per property for purchases and remortgages is:

    •             Up to 70% LTV – maximum loan up to £500,000

    Any fees that may be added to the loan are excluded from the LTV calculation.

    Affordability

    All calculations will be based on either the current published reference rate, or the product charging rate plus 2%, whichever is the greater.

    The affordability of the application will be assessed in one of two ways:

    1. Using the rental income that can be achieved on a monthly Assured Shorthold Tenancy for the property (AST), calculated at the standard Interest Coverage Ratio (ICR) percentages shown in the table below      or
    2. Where two years holiday rental income can be evidenced by accounts, the gross annual rental income, averaged over 12 months, should be equal to or exceed the ICR of 150%. There will be a secondary calculation to ascertain that holiday rental income can also cover a minimum of 100% of the achievable monthly AST rent

    Property

    Available for single self-contained properties only, with no restrictive covenants regarding occupancy in place. The property must be capable of being let on an AST basis, and have an acceptable level of rental demand.

    The property must be let on an approved holiday occupancy agreement, for a maximum period not exceeding one month. During the life of the mortgage, the property may subsequently be let out on an AST basis.

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    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.

    http://www.propertytribesfinancialservi...statement/

    Mansfield Building Society has announced that they have launched a new Holiday Buy-to-Let product aimed at borrowers who are seeking to purchase or remortgage a holiday let property.

    According to the lender, the three-year discounted product is offered to 70% LTV at a current rate of 3.65% (2.10% below SVR) - properties must have a minimum value of £150k and qualify as a Furnished Let under HMRC rules.

    The Mansfield also allows owners to reside in the holiday let for up to 60 days a year, providing an opportunity for those who wish to buy an investment property to use it as a holiday home too. Affordability is calculated by taking into account the average of Low, Mid and High season takings, plus any surplus earned income and/or personal wealth.

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