As a whole-of-market independent brokerage, Enness has access to an extensive range of mortgage products. This flexibility enables us to cater for clients who feel that an aspect of their personal circumstances—such as being an expat, or an older borrower—may prevent them from securing finance. However, this is very rarely the case. This week’s product of the week is a buy to let mortgage which caters for clients from a range of backgrounds.
This product allows clients to refinance highly geared properties, which many landlords are looking to do in light of recent changes in buy to let tax relief. Alternatively, it offers the opportunity to release equity from existing properties and purchase properties that have a low rental yield but are a good investment.
Furthermore, if you have a property with a low rental yield, this can be topped up by surplus income. Many buy to let lenders will not allow for this, but it is very conceivable you might have a property with low rental yield which remains a good investment.
The product is a 5-year fixed rate at 3.99%. It will therefore allow you to budget effectively and rest secure in the knowledge that your payments are set for the foreseeable future.
The greatest appeal of this product is the flexibility of the lender. This lender is open to a full range of potential clients from different backgrounds. For example, this lender has no minimum income requirements; many Enness clients have a low income on paper because of their unusual income structure. This lender will accept applicants with impaired credit history, although this would need to be fairly minimal.
It is also suitable for older borrowers. Many lenders have an upper age limit of between 65 and 70, but this lender is happy to consider borrowers who will be up to the age of 95 at the end of the term. It’s also available for expats who are investing in the UK, with no additional fees levied on the product.
As an additional bonus, there is no premium to pay if your property is let as a House in Multiple Occupation (HMO), providing you have one year’s landlord experience.
- 3.99% Fixed Rate
- 5-year Fix
- Up to 75% LTV
- 1.5% product fee
Clearly, this is a lender who is happy to work with a full range of clients; I have an excellent relationship with them and welcome any enquiries. If you think this product would suit you, contact me today for a further discussion.