Limited Company and HMO buy to let mortgages. HMO properties

Transcription

1 Product guide Limited Company and HMO buy to let mortgages Key range highlights NEW! To ensure your customer gets the maximum benefit of the fixed rate, all our fixed rates up to a five year term are now available with an end date defined as a number of years from completion. Limited Companies Products: 10 year fixed products now available from 3.99%, 2 year fixed from 3.65% and 5 year fixed from 3.99% Maximum term: 35 years (maximum guarantor age at application 80 years) Ownership: newly formed SPVs accepted, as well as personal to Limited Company with equity gifts and capital raising Other products: Limited Company bridge to let also available HMO properties NEW! Now available up to LTV Products: 10 year fixed products now available from 3.99% Ownership: Personal and Limited Company accepted Maximum term: 35 years (maximum age at application 80 years) Occupancy: properties with up to 8 bedrooms and 2 kitchens accepted Other products: Bridge to HMO available am to 6pm, Mon to Fri enquiries@precisemortgages.co.uk Follow us precisemortgages.co.uk Correct as of:

2 Limited Company/Limited Liability Partnerships Tier 1 Acceptable adverse Income Loan amount LTV limit Term Portfolio Rental calculation Guarantor (applicant) No minimum income 2,000,000 60% Minimum: 5 years 125% of interest Minimum age: requirements on loans 1,000,000 70% Maximum: 35 years payment, calculated 25 years under 1,000,000. All on the higher of pay Maximum age: guarantors must 750,000 secured payments: 0 in 36 months rate or reversion 80 at the date of application Maximum loan size Unsecured loan arrears: 1 in 12 months, 2 in 36 months is 1,000,000 unless (worst status) See page 8 for more otherwise stated. of guarantors: All directors/shareholders/designated members will be required to guarantee the loan and their credit history will be taken into account when determining product eligibility. Maximum of 10 buy to let loans per individual (including buy to let loans which the individual has guaranteed), with Precise Mortgages up guide for further LIBOR Tracker Lifetime 3.89% 2.00% Maximum loan: 2,000,000 LTD91 LIBOR Tracker 2 years 3.39% LTD63 2 year Fixed 2 years 3.65% LIBOR +.62% LTD6 3 year Fixed 3 years 3. 5 year Fixed 5 years 3.99% LTD65 LTD66 10 year Fixed 30/10/ % 5% to 31/10/2017 % to 31/10/2018 3% to 31/10/2019 2% to 31/10/2020 1% to 31/10/2026 LTD67 LIBOR Tracker Lifetime.39% 2.00% Maximum loan: 2,000,000 LTD92 LIBOR Tracker 2 years 3.79% LTD68 2 year Fixed 2 years.39% LIBOR +.62% LTD69 3 year Fixed 3 years.9% 5 year Fixed 5 years.59% LTD70 LTD71 2

3 Limited Company/Limited Liability Partnerships Tier 2 Acceptable adverse Income Loan amount LTV limit Term Portfolio Rental calculation Guarantor (applicant) 0 in 2 months No minimum income 1,000,000 70% Minimum: 5 years 125% of interest Minimum age: 0 in 2 months requirements on loans 750,000 Maximum: 35 years payment, calculated 25 years under 1,000,000. All on the higher of pay Maximum age: secured payments: 0 in 36 months guarantors must rate or reversion 80 at the date of application Unsecured loan arrears: 1 in 12 months, 2 in 36 months (worst status) See page 8 for more of guarantors: All directors/shareholders/designated members will be required to guarantee the loan and their credit history will be taken into account when determining product eligibility. Maximum of 10 buy to let loans per individual (including buy to let loans which the individual has guaranteed), with Precise Mortgages up guide for further LIBOR Tracker Lifetime.19% 2.00% LTD93 LIBOR Tracker 2 years 3.79% LTD76 2 year Fixed 2 years.19% LIBOR +.62% LTD77 3 year Fixed 3 years.29% 5 year Fixed 5 years LTD78 LTD79 10 year Fixed 30/10/ % 5% to 31/10/2017 % to 31/10/2018 3% to 31/10/2019 2% to 31/10/2020 1% to 31/10/2026 LTD80 LIBOR Tracker 2 years.19% LTD81 2 year Fixed 2 years.79% LIBOR +.62% LTD82 3 year Fixed 3 years.89% 5 year Fixed 5 years.99% LTD83 LTD8 3

4 Limited Company/Limited Liability Partnerships Tier 3 Acceptable adverse Income Loan amount LTV limit Term Portfolio Rental calculation Guarantor (applicant) 0 in 12 months, 2 in 2 months No minimum income 1,000,000 70% Minimum: 5 years 125% of interest Minimum age: (unlimited) requirements on loans 750,000 Maximum: 35 years payment, calculated 25 years 0 in 12 months, 1 in 2 months under 1,000,000. All on the higher of pay Maximum age: (max 2,500) 0 in 12 months, 1 in 36 months guarantors must rate or reversion 80 at the date of application secured loan payments: (worst status) Unsecured loan arrears: Not counted but may affect See page 8 for more of guarantors: customer s credit score All directors/shareholders/designated members will be required to guarantee the loan and their credit history will be taken into account when determining product eligibility. Maximum of 10 buy to let loans per individual (including buy to let loans which the individual has guaranteed), with Precise Mortgages up guide for further LIBOR Tracker 2 years.79% LTD85 2 year Fixed 2 years 5.29% LTD86 3 year Fixed 3 years 5.39% LTD87 LIBOR +.62% LIBOR Tracker 2 years 5.19% LTD88 2 year Fixed 2 years 5.79% LTD89 3 year Fixed 3 years 5.89% LTD90

5 Limited Company HMO products Tier 1 Acceptable adverse Income Loan amount LTV limit Term Portfolio Rental calculation Applicant No minimum income 1,000,000 70% Minimum: 5 years Maximum 10 individual 125% of interest requirements on loans buy to let loans with 750,000 Maximum: 35 years payment, calculated under 1,000,000. All Precise Mortgages up on the higher of pay applicants must secured payments: 0 in 36 months rate or reversion Unsecured loan arrears: 1 in 12 months, 2 in 36 months (worst status) See page 8 for more guide for further Minimum age: 25 years Maximum age: 80 at the date of application of guarantors: LIBOR Tracker Lifetime 3.99% 2.00% HMO6 LIBOR Tracker 2 years 3.39% HMO52 2 year Fixed 2 years 3.99% LIBOR +.62% HMO53 3 year Fixed 3 years 3.99% 5 year Fixed 5 years 3.99% HMO5 HMO55 10 year Fixed 31/10/ % 5% to 31/10/2017 % to 31/10/2018 3% to 31/10/2019 2% to 31/10/2020 1% to 31/10/2026 HMO56 LIBOR Tracker Lifetime.39% 2.00% HMO66 LIBOR Tracker 2 years 3.79% HMO57 2 year Fixed 2 years.39% LIBOR +.62% HMO58 3 year Fixed 3 years.39% 5 year Fixed 5 years.9% HMO59 HMO60 5

6 HMO products Tier 1 Acceptable adverse Income Loan amount LTV limit Term Portfolio Rental calculation Applicant No minimum income 1,000,000 70% Minimum: 5 years Maximum 10 individual 125% of interest requirements on loans buy to let loans with 750,000 Maximum: 35 years payment, calculated under 1,000,000. All Precise Mortgages up on the higher of pay applicants must secured payments: 0 in 36 months rate or reversion Unsecured loan arrears: 1 in 12 months, 2 in 36 months (worst status) See page 8 for more guide for further Minimum age: 25 years Maximum age: 80 at the date of application of applicants: 2 LIBOR Tracker Lifetime 3.99% 2.00% HMO63 LIBOR Tracker 2 years 3.39% HMO3 2 year Fixed 2 years 3.99% LIBOR +.62% HMO 3 year Fixed 3 years 3.99% 5 year Fixed 5 years 3.99% HMO5 HMO6 10 year Fixed 31/10/ % 5% to 31/10/2017 % to 31/10/2018 3% to 31/10/2019 2% to 31/10/2020 1% to 31/10/2026 HMO7 LIBOR Tracker Lifetime.39% 2.00% HMO65 LIBOR Tracker 2 years 3.79% HMO8 2 year Fixed 2 years.39% LIBOR +.62% HMO9 3 year Fixed 3 years.39% 5 year Fixed 5 years.9% HMO50 HMO51 6

7 Our Packager Panel You can submit a buy to let mortgage case to us direct or through one of our approved packagers, who are listed below. From time to time, select packagers will have access to exclusive residential and/or buy to let mortgage products. 3 YOUR SPECIALIST FINANCE PARTNER 3mc Active Investments AToM Brightstar Brilliant Solutions Buy to Let Club Complete FS Connect for Intermediaries Manor Mortgages Mortgage Trading Positive Lending Residential Home Loans Solent Mortgage Services TFC Homeloans The Mortgage Processing Centre

8 General information Employment rules Employed A minimum of 12 months employment history for all employed applicants is required. Self-employed The minimum self-employed trading period is 12 months. We reserve the right to ask for additional income validation at underwriter discretion. Bank Statements Buy to let product tier 1 including Lifetime Trackers Bank statements are not required for BTL cases which fit our tier 1 product requirements. The underwriter retains the right to request bank statements if it is considered that these are necessary to approve the loan. Please note, bank statements will be required for loan sizes over 1,000,000. Buy to let products tiers 2 and 3 3 months bank statements will be required in order to establish that the applicant can manage their finances satisfactorily and have sufficient income to adequately cover expenditure. It is then the underwriter s discretion if further verification is required. Limited Companies must be a limited company or limited liability partnership (LLP) set up solely to own/buy/sell/let property. the company/llp should have the following SIC codes (Standard Industrial Classification): (a) Buying and selling of own real estate (b) Other letting and operating of own or leased real estate (c) Management of real estate on a fee or contract basis. all members of an LLP must be designated members. all directors/shareholders/members must guarantee the loan. maximum directors/shareholders/members none of which may be another limited company or LLP. Legal representation Full details of our conveyancing options can be found at precisemortgages.co.uk/conveyancerpanel. New build definition Valuation and assessment fee scale Valuation up to Valuation and assessment fee Homebuyers report and assessment fee Valuation up to Valuation and assessment fee Homebuyers report and assessment fee 100, , , , , , , , , , ,000, ,05 300, ,250,000 1,090 1, , ,500,000 1,200 1,955 00, ,750,000 1,315 2,055 50, ,000,000 1,50 2, , ,05 Refer to the Refer to the 2,000, , ,105 criteria guide criteria guide Standard valuation and assessment fee payable on application. The valuation fee is refundable if the valuation is not carried out; the assessment fee of 180 is non-refundable. Procuration fee As a guide we pay procuration fees to your chosen Network, Club or Packager within 10 working days. You may receive your payment sooner or later depending on when your chosen submission route distribute their procuration fees to you. Procuration fee: 0.50% Other fees Telegraphic transfer fee 35 Post offer product switch fee 120 Redemption administration fee 120 Please refer to Tariff of mortgage charges document for full A downloadable version is available on the Precise Mortgages website under Document downloads All fees include VAT (where applicable) We define new build as a property that has never been occupied. LIBOR Trackers and the Reversion Rate LIBOR Trackers and the reversion rate are variable rates that are linked to 3 month LIBOR and will change quarterly on 12 March, 12 June, 12 September, 12 December. Please note if this date falls on a non-working day then the LIBOR rate will be taken on the previous working day. All of our LIBOR tracker products have a floor. This means that if LIBOR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above LIBOR. This means that the rate payable will never go below 0.00% plus the additional percentage rate of the tracker mortgage. Please refer to our criteria guide for further information. 8

9 Contact details Roger Morris Director of Sales Call Roger if you would like to discuss our wide range of residential and buy to let mortgages, bridging and second charge loan products Stephen Wrigley Business Development Manager Call Stephen if you would like to discuss the products and services we offer and you are in the following postcode areas - NP, CF, BS, BA, GL. stephen.wrigley@precisemortgages.co.uk Jamie Pritchard Head of Sales Call Jamie if you would like to discuss our wide range of residential and buy to let mortgage products. jamie.pritchard@precisemortgages.co.uk Fran Green Business Development Manager Call Fran if you would like to discuss the products and services we offer and you are in the following postcode areas - BL, CH, M, L, SK, WA, WN. fran.green@precisemortgages.co.uk Richard Keen Head of Key Accounts Call Richard if you are a member of a Network or Club and would like to discuss our wide range of residential and buy to let mortgage products. richard.keen@precisemortgages.co.uk Rory Cleary Business Development Manager Call Rory if you would like to discuss the products and services we offer and you are in the following postcode areas - AL, E, EC, EN, HA, N, NW, UB, W, WC, WD rory.cleary@precisemortgages.co.uk Kevin Beale National Sales Manager - New Builds Call Kevin, or our New Build Priority Processing Service on to discuss new build specific enquiries. kevin.beale@precisemortgages.co.uk Get in touch with our intermediary support team am to 6pm, Mon to Fri enquiries@precisemortgages.co.uk Follow us precisemortgages.co.uk We can provide literature in large print, Braille and audio. Please ask us for this leaflet in an alternative format if you need it (9.) 9