RIO – Retirement Interest Only mortgage

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Slowly but increasingly lenders are considering interest only residential mortgages with no or extended end dates for older and retired applicants. Additionally at least one lender has announced acceptance of properties in retirement developments – where ownership is restricted for example to those over age 55. Traditionally lenders have shunned such properties because of the perceived restricted resale market.

ibmco welcomes these further options for older houseowners. Please contact David or Pav for further information.

Holiday Let 5 year fixed product

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Leeds Building Society added a five year fix to their range of Holiday Let products. With a maximum of 70% loan to value the rate is fixed at 2.99% until 31 October 2023. Please contact Pav or David for details.

Precise Mortgages Refurbishment Buy to Let Mortgage

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Precise Mortgages have commenced a pilot scheme of their new refurbishment Buy to Let mortgage scheme. Effectively a combination of bridging loan and Buy to Let mortgage the scheme can provide simultaneously an offer for the initial advance and an offer for the long term BTL mortgage based on expected value after refurbishment. Available now via ibmco – please contact David or Pav for details.

Buy to Let Mortgages for HMOs and Multi-Unit properties from Kensington

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Kensington mortgages new range of buy to let mortgages for HMO and Multi Unit properties includes 2 year and 5 year fixes for mortgages up to 80% of value at 3.44% and 4.19% respectively.

Maximum 6 beds (HMO) or 6 units in a block; minimum valuation for HMOs is £75,000 but no minimum for Multi-unit block. Maximum loan £1m per property; maximum term 40 years. Available for individuals and company applicants. No maximum age at end of the mortgage term for landlords and company directors. No limit on the number of properties owned, but not suitable for first time landlords.

These products are available through ibmco. Enquiries welcome.