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  • Mortgages & Finance

    Secured loans on buy to let properties

    Shawbrook Bank are once again driving the secured loans market by launching a BTL secured loan product for the 1st time.

    The main product features are:

    Rates from 9.95%
    ■LTVs up to 65%
    ■Max loan of up to £75,000
    ■Min term 3 years; max term 25 years
    ■Early Repayment Charges of 3% apply in the first five years; 1% thereafter
    ■Loans available for any purpose except the purchase of another property
    ■Residential investment properties only; no DSS or HMOs
    ■Available to employed and self-employed applicants
    ■England, Wales & Scotland only
    ■Rental income must be at least 110% of the interest payments on the first and proposed second charge loans
    ■The applicants credit must be clean and this means
    ■No Mortgage/Secured loan arrears in the last 3 years
    ■Max 1 month unsecured arrears but it must now be up to date
    ■Satisfied or unsatisfied Defaults or CCJs over
    2 years and under £5,000 are ignored

    Despite what you think getting a secured loan on a BTL has had limited choice until recently with only Blemain Finance and Masthaven targetting this market and both offering rates over 10%.

    Regards
    Steve

    http://www.more4loans.com
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