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FLEET MORTGAGES
Looking Ahead At The BTL Market In 2023
Vida Homeloans
First Time Landlord Case Studies
Sandy wants to invest in her first Buy to Let property.
She has a couple of missed payments in the past 2 years, including a phone bill and credit card payment. Sandy was hoping she would find a lender that would consider these small credit blips, and not let them stop her from purchasing her first investment property.
The property she’s really interested in is a flat in a high-rise building on the 5th floor, but there’s no lift. It’s also quite close to a petrol station. Sandy isn’t a cash buyer, and so needs to mortgage the property. She needs a lender who will consider this more specialist property along with her missed payments.
But, Vida can help!
- We’ll accept Sandy as a First Time Landlord
- We’ll consider Sandy’s missed payments, offering her products from Vida tier 24
- We consider high-rise properties without the need of a lift, and properties above/adjacent to commercial premises, including petrol stations and pubs/bars.
Gabriel wants to purchase a 7-bedroom HMO as an investment.
He has never purchased a Buy to Let property before. Gabriel was hoping he would find a lender that would consider him as a First Time Landlord, allowing him to purchase his first investment HMO as a Student Let.
Gabriel has managed to save a small deposit, but still needs to borrow up to 85% LTV to purchase the HMO. He was worried about being able to find a mortgage lender who would consider him in his situation.
But, Vida can help!
- We’ll accept Gabriel as a First Time Landlord, despite him purchasing a HMO
- We’ll consider an HMO as a Student Let. And we consider HMOs with up to 8 bedrooms.
- We’ll lend up to 85% LTV on our Buy to Let products, including HMOs and MUBs
Key Criteria:
- Up to 85% LTV
- Minimum age of 21 for primary applicant, 18 for other applicants if direct family members
- No minimum income
- Minimum loan of £50,000
- HMOs and MUBs considered where no previous landlord experience
- MUBs up to 6 self-contained units on single freehold title
- HMOs up to 8 bedrooms
For more information, visit our website here.
Landbay
Catch Me If You Can!
Each month one of our Account Managers will be hiding at a landmark in their region. We’ll share 3 clues and it’s up to you to guess their locations – for your chance to win a Sonos Roam!
This month we’re kick-starting with Helen McKinney, our Head of Sales in the South.
Check out Landbay LinkedIn recent posts for your clues!
Think you’ve cracked it? Make sure you’re registered on our broker portal then enter here.
Entries for Helen close 14th of June, so enter now & stay tuned for next month’s hiding place!
Precise Mortgages
Join Precise Mortgages at this year’s NACFB Commercial Finance Expo
If you need to talk to someone with a wealth of bridging expertise, why not come by the Precise Mortgages stand and talk to one of our specialist finance account managers?
They’ll be ready and waiting to discuss how we can support your cases, but can also explain how our sister brand InterBay could help with your commercial queries – just one of the benefits of our unique Group proposition.
It’s not all work and no play
While you’re there, why not take part in our ‘matching pairs’ game? All participants will be entered into a prize draw for a chance to win a £250 John Lewis voucher and a £50 donation to a charity of their choice.
Not only that, but you’ll be helping the environment at the same time, as we’ll donate £1 to the National Trust Plant a Tree scheme for every person that takes part.
Wednesday 14 June 2023, NEC Birmingham
Register to attend the NACFB Expo
For more information, speak with your business development manager or call our dedicated team on 0333 240 6180.
The Mortgage Lender
Tenants, Landlords and Energy Efficiency Pressures
Tenants are putting additional pressure on landlords to improve energy efficiency.
Recently, we posted an article that highlighted the legal burden landlords are under to meet EPC requirements. While most of these changes are driven by legal obligations, recent research by Shawbrook Bank has revealed another area where concerns have been raised. 21% of property renters have spoken to their landlords about making improvements to their properties as a means of increasing the levels of energy efficiency.
What has been the primary motivation for tenants to pick up this conversation?
The Exeter
Our highest benefit paid on income protection
Our highest paid claim to date on income protection is £500,000. That’s a significant amount of money that wouldn’t have been accessible to our member had they not taken cover in 2010.
We can measure success through our claims paid statistics, but we believe it’s the story behind the numbers that really counts. Stories that help raise awareness of the importance of income protection.
West One
Five areas affecting self-employed in the Buy-to-Let Market
West One highlights five challenges complicating property purchase for the self-employed and look at how specialist lenders can alleviate these obstacles.
It’s common that those classed as self-employed find it difficult to secure finance/ mortgages from high street lenders when looking to purchase property, but there are ways this process can become a smooth transaction, whether it’s from a new home or investment.
- Is Buy-to-Let for self-employed?
- Affordability of Buy-to-Let
- Trading History
- Tax rules and regulations
- Set-up through limited company
Foundation Home Loans
Extending the EPC conversation
Many lenders have been highly proactive and innovative in the way they have engaged with the intermediary and landlord communities around the potential benefits attached to green mortgages in recent times.
Kent Reliance for Intermediaries
Do you know how to identify a vulnerable customer?
Did you know that as many as 24.9 million people in the UK exhibit some characteristics of vulnerability*?
Whether it’s because of illness, a traumatic life event, limited resilience to financial or emotional shocks, or low confidence in managing money, it’s never been more important you’re able to quickly identify customers who could benefit from some extra support.
Take a look at Kent Reliance for Intermediaries latest article to find out more about:
- the Financial Conduct Authority’s four key vulnerability drivers
- what we do to ensure customers are treated with an appropriate level of care
- useful links to other organisations and charities that also offer support
Speak to your business development manager to find out more, or contact our broker liaison team on 01634 888276 or using Live Chat.
* https://www.fca.org.uk/data/financial-lives-2022-early-survey-insights-vulnerability-financial-resilience
Mansfield Building Society
Versatility Case Study – unusual property, debt consolidation and downsizing
Our specialist Versatility range is for complex circumstances and this case study shows how we’ve helped where there is an unusual property, debt consolidation and property downsizing involved:
- Remortgage with debt consolidation and capital raising
- Unusual property type – windmill in commercial use 2 days per year
- Interest only with property downsizing at the end of the 6 year term
We worked with a mortgage broker on a remortgage application from joint borrowers who owned a property attached to a windmill. The remortgage was at 30% Loan to Value and the applicants were looking to consolidate credit card borrowing and raise money for home improvements.
The application was on an interest only basis with property downsizing as the repayment strategy at the end of the 6 year term as there was enough equity in the property to meet the minimum requirement for downsizing (£150,000).
A restrictive covenant meant that the windmill must be open to the public 2 days per year and although unusual, we were happy to accept the restriction.
A common sense approach
If you’ve got a case on your desk that requires a common sense approach to lending then please pick up the phone to our Broker Support team on 01623 676360 or visit https://www.mansfieldbs.co.uk/intermediaries/.
Watts Commercial
Darren Byrne to Regional Director
Watts Commercial Finance, the award-winning Cheshire based commercial finance brokerage, has announced the internal promotion of Darren Byrne to Regional Director – further bolstering their management team.
Having joined Watts Commercial just over 10 years ago, Darren has been a constant and integral member of the team as Commercial Manager.
Commenting on the announcement, Phil Gray, Managing Director of Watts Commercial Finance said: “I am delighted that Darren has accepted the position of Regional Director to help me grow Watts Commercial over the coming years. Darren is Watts Commercial through and through, loyal, knowledgeable, passionate and with standards beyond reproach! It always pleases me to promote from within and Darren joins a long list of his colleagues who have grown and flourished since joining the firm. The future at Watts Commercial is very exciting and we welcome Darren to the senior management team to help shape the next decade and beyond!”
Darren Byrne, Regional Director added: “I am absolutely delighted to take up the position of Regional Director for Watts Commercial Finance and I am very much looking forward to working alongside Phil to help achieve the growth plans with him across the UK over the coming months and years. Having worked for Watts Commercial Finance for the last 10 years as a Commercial Manager, I understand the DNA of the company and I now look forward to working hard to help achieve and drive those plans and to attract the best talent around the UK for the continued success of Watts.”
