75% LTV Mortgages for Large HMOs or MUFB with a Maximum of 20 Letting Units Professional Landlords.
Mortgage for large HMOs up to 20 Flats. 2.75% Fixed Stepped Rate for 5 Years
Low 5 year fixed-stepped rate for multi unit residential investment of up to 20 self contained letting units of flats, studio apartments, bedsits etc. 75% Loan to value maximum loan of £500,000 or £1m at 70% LTV.
This 5 year stepped rate is fixed for each year starting at 2.75% , increasing by 0.5% pear year. ending at 4.75% in the fifth year. This gives an average fixed rate of 3.75% which is very competitive for a five year fixed rate period.
|Pay Rate||2.75% year-1, 3.25% year-2, 3.75% year-3, 4.25% year-4, 4.75% year-5|
|Rate Description||5 Year Fixed Stepped Rate|
|Reverting Rate||SVR currently 5.30%|
|Security Charge||First charge basis|
|Lenders Fee||2% (can be added to loan)|
|Minimum Property Value||£100,000|
|Minimum Loan Size||£30,000|
|Maximum Loan Size||£500,000 at 75% or £1,000,000 to 70% or £2,000,000 to 65%|
|Maximum Mortgage Term||25 years|
|Income Requirements||No minimum time in employment but must be permanent and not in any probation period. £25k joint or single minimum income. Self employed must have a minimum of 2 years trade.|
|Accepted Property Types||Residential letting houses and flats in England and Wales.|
|Property Types Cont.||Available to ex-council houses (exc. flats). Studio flats and bedsits accepted. Maximum of 20 units within the freehold.|
|Multi Unit Blocks||Up to 20 individual self contained letting units ( Flats, Studios, Bedsits)|
|Tenancy Types||Multiple AST. DSS tenants accepted. Student tenants accepted. Corporate tenants accepted inc local authority and housing association contracts accepted|
|Rental Stress Test||130% at 7%|