Case Studies - Buy-to-Let Mortgages
Complex buy-to-let mortgages are medium to long term products designed to support both new and experienced landlords, especially in particularly complex circumstances.
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Using Rolled-Up Interest to Boost the ICR and Find a Way Forward
Read case studyComplex buy-to-let mortgages are medium to long term products designed to support both new and experienced landlords. They can be used by property investors making their first moves into the buy-to-let market, or by those who are expanding an existing portfolio.
Our mortgages bring our bridging speed and flexibility to the buy-to-let market. By embracing these aspects of our process, we can provide access to funding for landlords who may be facing difficult or unusual circumstances.
Our flexible buy-to-let mortgages are assessed similarly to how our bridging products are. After contacting us, you’ll be assigned an underwriter who will review your background to determine your eligibility. Regardless of your circumstances, you’ll be able to apply for an interest-only buy-to-let mortgage if you have a 25% deposit as a minimum.
We follow a simple 5-step process. Once we’ve received a few initial details, we’ll issue indicative terms, followed by the issuing of a decision in principle, once certain documentation is attained. A valuation will then be conducted, while solicitors get the legal ball rolling. Finally, once everything is agreed and aligned, you can drawdown the loan.
Our complex buy-to-let mortgages can cover multiple types of investments. This includes individual properties, multi-unit freehold blocks, houses in multiple occupation (HMOs) and more.
We’re happy to work with expats, foreign nationals, trusts, offshore companies, and those with impaired credit.
Here at Market Financial Solutions, our flexible buy-to-let mortgages are available from £150k to £10m, with a maximum gross LTV of 75%.
Visit our website for more information and to contact one of the team.
Flexible Buy-To-Let Mortgages
We launched our complex buy-to-let mortgage to provide the market with the flexible tracker and fixed rate finance it needs. Our flexible buy-to-let mortgages have a 10-year term with low Early Repayment Charges (ERC) for the initial term of 2, 3 or 5 years, and no ERCs at all in the final years.
We pride ourselves on our ability to look at complex circumstances and make them simple. We do this by employing a bespoke approach to our BTL mortgages and expert underwriting to each and every case, with the same contactable underwriter from enquiry to completion. We do not adhere to tick-box criteria and will always look for ways to lend, rather than looking for ways to say no.
We are the only lender to roll and defer interest to maximise the loan size, and we don’t penalise higher rate tax payers – utilising up to 130% ICR.
5 simple steps away from your flexible buy-to-let mortgage
Step 1: Loan Enquiry & Indicative Terms
Enquire your way – phone, email, online. The underwriter will require a few details before providing an indicative tier, rate & loan size. We have various tools to make Interest Cover Ratio (ICR) fit!
- We respond in under 4 hours
Step 2: Underwrite & Issue DIP
Like what you see? We require a small number of docs to finalise the underwrite. We then issue ‘credit approved terms’ in the form of a Decision in Principle (DIP), verified by our Credit Committee to ensure a yes means yes.
- DIP issued usually less than 24 hours
Step 3: Valuation
DIP signed, valuation & admin fee paid? Time to value the property. Our underwriters agree the best terms/timescales from our panel for the type of property. The valuation verifies the security details on which the DIP is based.
- Instructed usually less than 24 hours of fees being cleared
Step 4: Legal Documentation
Time for the solicitors to do their thing, issuing contracts, and progressing the case towards completion. We use our trusted panel to ensure that we complete on time. You are included in all steps of the process.
- We instruct quickly and only use Firms we know
Step 5: Loan Drawn Down
Great, the loan is ready to go and be put into use.
- Depending on the circumstances, this can be in as little as a week from Enquiry
Complex Buy-To-Let Mortgages –
All you need to know:
Features of this BTL mortgageHow do complex buy-to-let mortgages work?What fees do I need to pay?Can I apply for a complex buy-to-let mortgage?Can I get a mortgage when I have adverse credit?Are complex buy-to-let mortgages interest-only?How much deposit do I need?Can I re-mortgage my buy-to-let?Can I change my mortgage to buy-to-let?
Features of this BTL mortgage
Our complex buy-to-let mortgages can cover:
- First timers to Portfolio Pro’s – up to £10m with Market Financial Solutions
- Interest rates available: fixed & tracker
- We try to lend more than other BTL lenders, boosting loan sizes through deferred interest, rolled up/deferred months, and top slicing
- Use rolled interest to create breathing space – E.g. Roll 2 months of interest to undertake light refurb and find a tenant, then start the monthly payments
- Holiday lets, unlimited HMOs and 30 unit MUFBs – we do it all
- Term length: 10 years, with possibility to leave earlier – providing optionality for investment strategies
- We specialise in finance for Expats, foreign nationals, trusts & offshore companies
- We can offer refinancing on to Market Financial Solutions products to provide a longer term
- We are very comfortable with large loans – £3m at 75% LTV on single properties
- Ideal for a bridge exit – use Market Financial Solutions bridging to convert or refurb a property and exit to our longer term BTL range
How do complex buy-to-let mortgages work?
A BTL mortgage is an investment mortgage on a property that the owner lets out to a 3rd party in return for rental income. Typical 3rd parties include a single person, a family, unrelated groups (e.g. students, several tenants each renting a room), a short term let like an AirBnB, or a corporate let where a company leases a flat for visiting staff or a local authority to let out to those requiring a home.
Most buy-to-let mortgages are interest-only; meaning you pay monthly interest on the amount. However, this does mean that the capital borrowed at the start needs to be paid off at the end of the term either with the sale of the property, using savings to pay off the debt, taking a retention deal, or re-mortgaging with another lender.
What fees do I need to pay?
There are a few fees you will need to be aware of when arranging a flexible buy-to-let mortgage with Market Financial Solutions:
- Admin Fee: £199 per property, payable when you want to proceed to a property valuation.
- Product Fee: from 2% of the loan amount. This is paid when the loan is redeemed.
- External fees: valuation & solicitor fees. All properties need a valuation from a surveyor, and a solicitor needs to be involved to ensure all things are correct and ownerships recorded.
Can I apply for a complex buy-to-let mortgage?
Regardless of your circumstances you can apply for BTL finance if you have at least 25% deposit. However, it’s important to find a mortgage lender that considers your specific needs.
Our products have up to four tiers to suit a range of requirements. Find all details and applicable products to you.
Alternatively, call our mortgage team who are on hand to discuss your requirements and find the product which works best for you.
Can I get a mortgage when I have adverse credit?
Our complex buy-to-let mortgage does cater for clients with adverse credit, which means we can take the below issues into consideration when assessing the application:
- Missed mortgage payments
- Unsecured card/loan payments
- County Court Judgments (CCJs) & Defaults
- Bankruptcy / Individual Voluntary Arrangement (IVA) / Days receivables outstanding (DRO)
Are complex buy-to-let mortgages interest-only?
Our fixed-rate and tracker mortgages are interest-only. However, we do offer deferral of up to 2% and/or roll-up of up to 9 months of payments in order to boost loan sizes and provide flexibility.
How much deposit do I need?
The deposit needed will depend on your loan-to-value. Our maximum loan-to-value is 75% (for our Solutions BTL & Specialist BTL) and 70% (for our bespoke level). This means the minimum deposit you will require will be 25% of your property’s value.
Can I re-mortgage my buy-to-let?
Of course. Whether you are looking to re-mortgage from a different provider, exit another finance solution such as a bridging loan, or apply for another flexible buy-to-let mortgage from Market Financial Solutions, we will assess your application and provide you the finance you need.
Can I change my mortgage to buy-to-let?
You can, however this will depend on your intended use for the property. Your finance provider may allow you to move to a ‘consent to let’ agreement. However some lenders require you to take out a new mortgage on the property to move it from a residential to a buy-to-let. You will also need to ensure your asset is compliant with your local council’s buy-to-let rules and regulations if you are changing the use of the property.
Not sure how to find these? Visit gov.uk for more information.
