Magellan Homeloans have entered the buy-to-let market with selected partners including TFC Homeloans. Check out the highlights below:
Individual, SPV and trading limited company applications;
BTL Guarantor option which allows lower tax-rate, inexperienced and first-time landlords to buy investment property, including complex property such as HMOs and Multi-units by having an experienced or professional landlord act as a guarantor;
up to four applicants / shareholders per application;
deposits including gifted deposits/equity between family members as well as director loan deposits;
we make no distinction between Non-portfolio and Portfolio landlords;
have no limits on the portfolio size or mortgage debt with other lenders;
no unnecessary cashflow statements and business plans;
no personal guarantees for Special Purpose Vehicles (SPVs) and borrowing <65% LTV;
no floating charges for applicants applying via an SPV;
joint legal representation by borrower-selected solicitors with relevant experience and scale;
have a fully online application process through the Magellan Hub; and
refinancing of property within 6 months of original purchase to release invested capital.
LTVs up to 80% (and product fees can be added);
tracker rates with no Early Repayment Charges;
two and five year fixed rates from 2.69%;
different fee/rate options; and
credit blemishes permitted.
ICRs starting at 125%;
5-year fixed stressed rate starting at the pay rate; and
a bespoke ICR calculator option that enables borrowers to take advantage of blended applicant tax rates.
tenancies of up to 36 months as standard, and 72 months if tenant is an educational institution; and
tenants including corporates, state-supported (DWP), students and housing associations.
Houses in Multiple Occupancy (HMO) and Multi-units Blocks (MUB) of up to 6 bedrooms/units;
shared houses on standard product ranges;
flats above/adjacent to commercial property where saleability is unaffected;
multi-units with shared utilities or units previously sold on long leases;
new build properties with 5% builder incentives and 120-day offer validity;
properties in need of a refurbishment in areas of good demand and lettable in current condition;
short term leasehold property with only 35 years remaining at end of term; and
New rate reduction across heaviest adverse offering
Bluestone Mortgages have made some significant changes to their products relating to their heaviest adverse offering.
Rate reductions on all products within A & BBB credit
New rates across Clear, AAA & AA credit tiers
Bluestone understand one size doesn't fit all. Each customer is different. Their credit history, the way they work, how they get paid and how they manage their money is unique so they've designed their products to support these customers circumstances.