Times are changing on Limited Company/Special Purpose Vehicle (SPV) mortgage lending. Until now Ltd Co/SPV mortgages were only available from specialist lenders; with the major players being Paragon, Precise and Kent Reliance.
On the 29th June 2018, The Mortgage Works (TMW), the buy-to-let arm of Nationwide Building Society, entered the marketplace. We hope that this will be the start of a trend where we see other major high street buy-to-let lenders (BM Solutions, Coventry, Santander) follow suit and launch similar products, putting pressure on existing lenders to reduce rates and fees.
The Mortgage Works Special Purpose Vehicle Mortgage Products
To keep it simple TMW have launched 3 SPV mortgage products. Please see some examples below:
Buy to Let
|Product||PUR||REM||75% LTV||80% LTV||Arrangement fee (% fees min £595)||Benefit|
|Rate||Product Code||Rate||Product Code|
|2 Year Fixed until 30/09/2020||✓||✓||3.24%||W20006||2% of loan amount||Free standard valuation|
|5 Year Fixed until 30/09/2023||✓||✓||3.49||W90002||£1,995||Free standard valuation|
Buy to Let: Houses in Multiple Occupation
|Product||PUR||REM||75% LTV||Arrangement fee (% fees min £595)||Benefit|
|2 Year Fixed until 30/09/2020||✓||✓||3.79%||W20007||£1,995||Free standard valuation|
- 125% rental coverage at pay rate on standard BTL purchase
- 170% rental coverage at pay rate on HMO. (Houses in Multiple Occupation)
- Free valuation
- Fixed £1995 arrangement (best value for larger loans)
- Nil arrangement fee option (best value for smaller loans)
- Up to 80% loan to value
- No requirement for floating charge
- Available on a purchase and remortgage basis
Why Use Neil Soundy Financial Services For Your Mortgage Advice?
- We are experts in SPV / Ltd Co lending.
- Your initial consultation is free with no obligation
How Much Will It Cost Me For Your Advice?
A fee of £345 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or account for advice in these areas
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.