How we can help
A rolling credit facility that the customer can use to draw down at their convenience to fund further BTL purchases or the purpose for which the loan is sanctioned the applicant can also repay any funds that have already been drawdown and subsequently redraw them if there are sufficient funds in the facility.
The initial disbursement must be for the purchase of investment property. In the case of refinancing the initial disbursement should be for repayment of the existing mortgage loan and the capital raise should be for investment in properties.
This facility will be like an Overdraft against Buy to Let.
The product pricing will mirror standard Buy to Let range with the following additional loading onto the rate
What we can offer
Up to 60% Loan to Value: 0.5% Loading Rate
For Example: BTL Rate is 2.75%, the Overdraft Cost would be 2.75% + 0.5% = 3.25%
Lender Arrangement Fee: 1.5%
Maximum 15 years, subject to annual review
Overdraft: 12 months subject to annual review
Higher Limits considered
Minimum gross annual income: £25,000 (existing)
The property should not be the owners
Individuals/Sole Traders/ Partnership Firms
Private Limited Company. (Loan to any other type of firms/organisations will not be under the purview of the scheme)
In Case Of Individuals
Minimum 21 Years and Maximum age 65 years at the time of application and the term of the mortgage must not extend beyond the age of 80 years for any applicant
Maximum 4 applicants are allowed in case of joint applicants
In Case of Sole Traders/ Partnership Firms/Private Limited Company
The above firms/companies should be UK registered and the directors have experience in this line for at least 1 year.