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  • Mortgages & Finance

    Trying to remo a portfolio but LTV too high?

    One of the most frustrating new(ish) criteria changes implemented by BTL lenders on portfolio landlords is that if you try to remortgage a property (or properties) but your background portfolio has an aggregate LTV of 65% or more that the mortgage application could be refused.

    And then of course there is the limit on how many properties they allow a landlord to have as well.

    Just a handful of lenders will allow the remortgage or purchase of additional properties if the above is not met, but now Vida Homeloans has this week updated numerous criteria and they will allow;

    • background portfolio (up to 100 properties) at 80%LTV
    • up to 85%LTV BTL mortgages
    • if you have one years BTL experience, they now offer HMO mortgages for up to 8 bedroom properties
    • 40 year terms
    • ... and so much more

    http://www.PropertyTribesFinancialServices.com has access to the full range

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    TMW used to be such a good lender and the go to for us but now some, if not most of the above restrictions apply to portfolio landlords.


    Self product transfers are difficult too so costing more in legal and broker fees. 

    Then Virgin were helpful, but limited properties apply for them too.

    Vida and prescise seem to be the go to in terms of rates at the moment and accepting of those sole trade landlords who don't look good on a theoretical s.24 formulae.

    It is getting more difficult to hang on in there as a sole trader and make a yield worth the effort, even with s.24 mitigation strategies in place.


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