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  • Mortgages & Finance

    Portfolio landlord mortgages

    Can anyone tell me which lenders are still lending to landlords with over 20 properties?  I am having difficulty finding decent rates at the moment in spite of a 999 credit score and only requiring 65% LTV on a remortgage.

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    Paul, there are still quite a few lenders who will do this for you right now, but of course (and a reminder for all readers) that portfolio owners who are trying to secure mortgages from October '17 onwards may find it harder as the new portfolio underwriting (ie affordability scrutiny) processes are implemented.

    Many of the portfolio lenders available today are only accessible via Brokers, so call the Team on 01206 654 444 anytime (or send an email enquiry - see below for details) for personalised and specific advice and recommendations.



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    Thanks but I was just looking for a list of lenders at this stage rather than going through a full fact find before seeing if there is anything suitable.  Best I have come up with so far is Aldermore at 3.39% which seems very high compared to the many available at under 2% if not limited by the number of properties owned.

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    Look at the Family Building Society and Hinckley and Rugby BS BTL offset mortgage products

    Ideal for long term considerations without ever again having to remortgage with all their attendant costs.

    Plus the offset facility is very useful

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    If you are asking for one lender to finance a portfolio - that is a harder question to answer and needs a full commercial application really.
    Its more of which lender has the appetite at the time bearing in mind there commercial limitations - whats on there books and what they are processing.


    If your question is more - I want a buy a property but am a portfolio landlord. - it is a difficult to list lenders. Sure some lenders cap it at 1/2 properties but others also cap it at £x in background, or £x with there banking group.

    Its a matter of proper research by a Specialist Buy to Let Mortgage Broker such as Bespoke Finance on 08009202001 or email hello@bespokefinance.info

    I mean if your comparing mortgages yourself, you can check lenders criteria yourself and remove them yourself... I don't think your on track if Aldermore is best you can find at 65% LTV.
    From memory New Street has rates at 1.75% Fixed, they have a maximum of 3 properties with them but no exposure limits overall.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


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    Thanks Adam.   That was exactly the type of response I was looking for.  I'll give you a call tomorrow to discuss further.

    Thanks Paul. The info on the offset facilities may be useful on other properties in my portfolio as they become due but on this one I was just looking for a short term (2 year) low rate and fees as low as possible.

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    I think you'll find the offset mortgages have low rates.

    OK due to the BoE rate

    Can't see that going anywhere apart from down..

    Remember the PRA are tightening up

    Have you seen the FCA are investigating the IO mortgage market, with a view to banning them!

    I guess this includes BTL.

    Time to get those long term tracker rate offset mortgages, 30 year terms!!

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    FBS has 2.99% 2 year discount with £999 arrangement. £175 application plus val so pretty competitive.  Definitely an interesting product although their standard variable is a bit higher than others. 

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    Spot on Paul Barrett, I think is key now getting long term IO for BTL, and the offset is making them even more interesting...I did the same on a residential mortgage for my house in 2007, a 25 year IO at base rate + 0.18% for £ 350,000...I pay £ 125 per month of interest only nowadays, and still 15 year to go!

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    Paul Barrett ? Why the fandom for Offset mortgages.

    They are rare in nature not many of them about - that tends to mean low competition on the rates. Though Offset is not for everyone, it is generally better if you have the cash to pay down the mortgage to get a lower LTV. There are some instances where it can be beneficial if you are using the cash for one part of the year but not on the other half for instance.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________


    I called and left my number this morning Adam.  If you could get back to me asap please as this looks like a good deal and I would rather use you than my normal broker as you found the deal.

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