As members of the Mortgages for Business Network (MFB) and as a fellow landlord we are pleased to announce that Mortgages for Business and Aldermore Commercial Mortgages have launched Keystone Buy to Let Mortgages, a new buy-to-let mortgage funding line for professional property investors.
The product range is aimed at both individual and limited company investors who already own at least one residential investment property. The range includes a selection of fixed and discounted rate buy-to-let mortgages for vanilla, HMO and multi-unit property.
As a partner of MFB we can;
- Get direct access to decision makers and directors
- Support and assist you from the initial enquiry to completion
- Provide independent advice to you
- Identify if your request meets their criteria
- Work for you and not the lender
How much can you borrow subject to a maximum LTV of 75%-based on current rates September 2012
Based on a 3 year fixed rate for an individual
| Amount of Loan | Rate | Fee | Reversionary Rate | APR | |
| Standard Buy to Let | 176 times monthly rent | 5.23% | 2.25% | LIBOR + 4.5% | 5.92% |
| Multi Unit | 173 times monthly rent | 5.33% | 2.50% | LIBOR + 4.6% | 6.05% |
| HMO | 170 times monthly rent | 5.43% | 2.75% | LIBOR + 4.7% | 6.19% |
Based on a 3 year fixed rate for a limited company
| Amount of Loan | Rate | Fee | Reversionary Rate | APR | |
| Standard Buy to Let | 161 times monthly rent | 5.73% | 2.75% | LIBOR + 4.99% | 6.50% |
| Multi Unit | 158 times monthly rent | 5.83% | 3.00% | LIBOR + 5.09% | 6.63% |
| HMO | 155 times monthly rent | 5.93% | 3.25% | LIBOR + 5.19% | 6.76% |
Early repayment Charges for 3 year product 5%,4%,3%
Other products include a 5 year fixed rate and a 3 year discounted rate
Loan Criteria
Purpose: Purchase or remortgage
Repayment type: Capital repayment or interest only
Term: Minimum 5 Years Maximum 20 years
Loan size: Minimum £25,000 Maximum £350,000
Existing mortgage: Proof of conduct required for all mortgages
Loan to value: Up to 75% on all products
Applicants
Age: Minimum 21 Maximum 85 at the end of mortgage term
Minimum income: No minimum (applicants must have a verifiable income source, see income
verification)
Employment / Self-employment:
- Employed: Minimum 12 months history (last three in same occupation)
- Self-employed: minimum trading period two years
Income verification:
- Employed: P60 and last three months payslips
- Self-employed: SA302 or certified accounts covering the last two years
- Retired: in receipt if personal / company pension income
- Other income: income from second jobs, trust funds, occupation pension schemes, investment and rental income will be considered. State benefits are not acceptable
Residency: All applicants must be UK or EU nationals providing they have been residents in the UK for the last two years and also have a non conditional right to reside. Ex-pats will be considered. They must have been resident in the UK within the last five years.
Property
Tenancy: 12 months Assured Shorthold Tenancy (AST) required
Location: England or Wales (including the Isle of Wight and Anglesey)
Valuation: Minimum property value £50,000
Tenure: Freehold or leasehold (40 years at the end of mortgage term)
Buy to let maximum exposure and experience: No maximum number of buy to let properties. First time landlords not accepted.
They do not currently lend on:
- Properties in Scotland or Northern Ireland
- Right to buy or self build
- Part repayment and part interest only
- Freehold flats
- Non standard construction
Terms and conditions apply and are subject to credit approval.
Warning: Any property used as security, which may include your home may be repossessed if you do not keep up repayments on your mortgage
