Bridgebank Launch new Residential Investment BTL Bridging Package

Bridgebank CapitBridgebank logo harvey bowes mortgagesal have launched an interesting bridging loan package for property investors. Designed specifically for the residential investment sector, they offer a fixed rate bridging loan with daily interest and no exit fee. This product has no upper lending limit and offers the loan to value of up to 65% of the open market value – even for a purchase.

This facility is an ideal was to structure a purchase where Exchange with Delays Completion (EDC) is available. This is because an investor can exchange contracts with completion delayed for a sufficient amount of time to carry out improvements to the property and therefore enhance the value, and then take the Bridging Loan to complete, with ending based on 65% of the property value and not the purchase price.

Furthermore, with lenders such as Shawbrook, Mortgage Trust, Virgin Money and more offering remortgages with no six month delay, it is an idea position for an experienced investor to pro-actively invest and use their investment pot wisely from project to project.

The product is available to investors for property in England, Scotland and Wales. The caveat to this is that the property must be within a one hour commute of major city conurbations.

To find out more about this product, and alternative funding to routes for investment purchase, refurbishment and then flip/refinance, please speak to a member of the Harvey Bowes team today on 029 2175 4150

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A LOAN SECURED UPON IT

Barclays / Woolwich increase BTL rental stress test

Barclays Woolwich BTL Mortgages mortgage broker cardiff harvey bowesBarclays, operating the Woolwich brand for its residential and buy to let mortgages, is increasing the rental cover requirement on BTL mortgages from Monday 19th May 2014. Instead of the existing requirement of 125% of the mortgage ‘pay rate’, the new criteria stipulates a minimum cover of 125% of the higher rate of 5.79%.

Where a property investor with an existing Woolwich BTL mortgage applies for a further advance, the assessment will involve a stress test under the new criteria for the whole of the borrowing.

Another criteria highlight for Woolwich is that mortgage offers and valuations will be valid for six months from the date the application is received. Compared with Paragon at the other end of the scale who’s mortgage offers last just two months from the date of the offer, the Woolwich offer shelf life is generous provided they employ reasonable underwriting and processing time scales.

To find out more about BTL mortgages, talk to Harvey Bowes Limited – whole of market mortgage brokers on 029 2175 4150.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE