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Is your portfolio landlord customer looking for a higher LTV limit?

James Forth


James Forth - Head of Sales – Precise Mortgages and Kent Reliance for Intermediaries

Published 24.06.2022

I was pleased to read recently that landlords are generally feeling more upbeat about things than they were this time last year.

According to the latest research by BVA BDRC, the number of landlords saying they felt ‘good’ or ‘very good’ about their business expectations for the next three months increased across a number of key metrics, including their own letting business, rental yields and the UK private rental sector¹.

And it seems that portfolio landlords, that is someone with four or more mortgaged buy to let units, who’re looking to buy another property are feeling even perkier about the future, with 69% saying they feel ‘good’ or ‘very good’ about their short-term prospects (v 46% on average)².

So I’m pleased to be able to announce an improvement we’ve made which gives them another reason to be cheerful - we’ve increased our portfolio lending limit to 80% LTV across the board, regardless of the loan amount or the number of applications.

So whether they need to borrow up to £3 million or want to buy another investment property to add to the 19 houses they already have with us, they can still benefit from up to 80% LTV on their new application.

It’s part of our new range of buy to let mortgages which could be ideal for those looking to grow their property portfolio. As well as the increased portfolio lending limit, customers can also enjoy:

  • A choice of 2 and 5-year fixed rate products
  • Rates from 3.69%
  • Options for £0 product fee, refunded valuations (maximum £630) and £500 cashback
  • Available to personal ownership, limited company, HMO and limited company HMO landlords
  • Loans of up to £3 million
  • Up to 20 buy to let mortgages to a combined value of £10 million with us (with no limit on the size or value held with other lenders).

As with all of our buy to let products, customers can benefit from our top slicing feature which enables them to use their surplus income to demonstrate they can meet financial stresses on their application, rather than through the rental income alone. They can achieve this using the rental income from their wider portfolio, their personal earned disposable income, or a combination of the two.

Take a look at our core buy to let or specialist buy to let product guides to find out more.

It’s just the latest improvement we’ve made to ensure brokers can access products which enable them to meet their customers’ diverse range of needs, backed up with straightforward criteria that’s clear and to the point.

Don’t forget, if you’ve got a question about our new range, a member of our sales team is always here. Alternatively, you can speak with us via Live Chat or call our dedicated support service on 0800 116 4385.

Sources:

1 BVA BDRC Landlords Panel Report Q1 2022 (slide 8)

2 BVA BDRC Landlords Panel Report Q1 2022 (slide 10)

 

For intermediary use only
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