AIRBNB and Short-Term Let Mortgages – Personal – Limited Company – SPV
Landlords are now letting their properties via AIRBNB and short-term lets because of the higher rental returns they offer. Short-term lets allow landlords...
Read More...The majority of lenders require you to have owned a property for 6 months before they will accept a remortgage application. The length of ownership is normally verified by searching the land registry. However, where the ownership is not showing on the Land Registry website the acting solicitor can confirm the purchase, date and price.
However, there are many circumstances in which this isn’t suitable and you need to remortgage your property much sooner. This is known as a day 1 remortgage and there a number of reasons why a day one mortgage may be required:
Whatever the reason, there are a limited number of lenders that accept day one remortgages. However, they are slowly becoming more available.
The choice of lenders who accept Day 1 remortgages has increased with Kent Reliance entering the marketplace.
Lender | Residential | BTL – Personal | BTL – SPV/Ltd Co. | LTV |
---|---|---|---|---|
Virgin | Yes | Yes | No | 90% Lend against purchase price |
Fleet | No | Yes | Yes | 75% Lend against improved value |
Kent Reliance | Yes | Yes | Yes | 75% Lend against improved value |
Paragon | No | Yes | Yes | 75% Lend against improved value |
Landbay | No | Yes | Yes | 80% Lend against purchase price |
Axis | No | Yes | Yes | 75% Lend against improved value |
All lenders expect that works that have been carried out can be evidenced to the lender against increased value.
Contact us for the current rates and a Free Consultation
A fee of £495 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.
The Financial Conduct Authority does not regulate some forms of buy-to-lets.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.
Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.