We’re delighted to be introducing more changes to our products in 2024, following the introduction of our Limited Edition Buy-to-Let product earlier this month.
Live from today, we’re reducing our rates across our product offering:
- Complex Buy-to-Let: reductions of up to 0.55%, with rates now starting from 5.69%.
- Digital Buy-to-Let: reductions of up to 0.5%, with rates now starting from 5.99%. (Keep an eye out for our next case study coming soon – an expertly packaged case delivering a 37 hour application to completion, using a combination of AVMs, our new underwriting platform and PEXA.)
- Semi-Commercial: reductions of up to 0.35%, with rates now starting from 6.79%.
- Commercial: reductions of up to 0.55%, with rates now starting from 7.44%.
- Bridging: reductions of up to 0.1% per month, with rates now starting from 0.69% per month.
We’re committed to supporting professional property investors with a diverse product offering that can deliver their property ambitions, whether they’re refinancing their existing properties or starting out on their professionalisation journey.
Don’t forget, we’re your go-to lender for large loans. We have products available for loans up to £25m, backed by an expert team who specialise in big-ticket property financing. For customers seeking to borrow £5m and over, please contact your National Relationship Manager to discuss any bespoke pricing requirements.
We’ve also updated our lending criteria! Some key points include:
1. Commercial Investment “OpCo-PropCo” Transactions
We’re simplifying our commercial investment proposition when part of a commercial or semi-commercial property is occupied by a linked trading business (OpCo-PropCo). The rental income from the un-connected tenants must meet 100% DSCR and, when combined with the adjusted net profit for the business, the overall income must meet the normal product minimum DSCR.
2. Bridging for Properties with Planning
We can now consider lending on properties with planning for conversion but limited use in their current configuration subject to a maximum 60% LTV. The published maximum product LTVs continue to apply for assets with good demand in their current use.
We’ve also made some changes to our approach to valuations, and will now be guided by the valuer on whether a vacant possession or residual valuation is most appropriate for properties to be developed.
3. Top-Slicing for BTL & Commercial Mortgages
We announced new criteria to facilitate top-slicing on the 4th January, supporting your clients with strong outside income to achieve the leverage they need to refinance or purchase new assets. If you haven’t already, please reach out to your National Relationship Manager to find out more.