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BTL gone kerazee


sarahbell
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11 minutes ago, sarahbell said:

Read the link. Portfolio landlords seem to be the main targets:

"The move is designed to help more landlords to qualify for its mortgage products. In cases where landlords are using earnings from outside their property portfolio to top up any shortfall in the rental calculations, Accord will continue to specify a minimum income of £50,000 per year."

Slightly less keen about:

"On a case-by-case basis, Accord will also now consider lending to first-time buyers who want to become landlords." Presumably high earners only though.

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With a crooked smile
14 minutes ago, Axeman123 said:

Slightly less keen about:

"On a case-by-case basis, Accord will also now consider lending to first-time buyers who want to become landlords." Presumably high earners only though.

I noticed this too. Does it mean you don't need to have a residential property that you own before getting into b2l. The obvious thing to do if it does is get a rental property on IO and then move in. In my experience there's no ongoing checks with b2l. 

Weve let a property on a residential mortgage in the past. Then we got a b2l mortgage and made it a holiday let after telling mortgage company it was on short term tenancy. As I said no real checking is done. 

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18 minutes ago, With a crooked smile said:

The obvious thing to do if it does is get a rental property on IO and then move in. In my experience there's no ongoing checks with b2l. 

Weve let a property on a residential mortgage in the past. Then we got a b2l mortgage and made it a holiday let after telling mortgage company it was on short term tenancy. As I said no real checking is done. 

Cheeky! Fair play though.

Another thing that just ocurred to me: no mention of LTV. Suspect this will be for lower LTV only, which would also imply a better ratio of rent:loan sevice costs. I imagine this will be for a small number of sought after borrowers.

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With a crooked smile

I was wondering about the interest rates as well. I've looked at some b2l finance that I'd describe as sub prime aprs are pretty dire. 

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3 hours ago, Axeman123 said:

On a case-by-case basis, Accord will also now consider lending to first-time buyers who want to become landlords." Presumably high earners only though

Novel.

They wouldn't lend to me as an owner occupier but will lend to me to buy somewhere to rent to someone else.

It is a really fucked up world.

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On 27/11/2021 at 00:10, Wight Flight said:

Novel.

They wouldn't lend to me as an owner occupier but will lend to me to buy somewhere to rent to someone else.

It is a really fucked up world.

Do you have a bad credit record? Bankrupt? I was under the impression, if you could breathe and had a job of any description you qualify for x10 salary 😂😂

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25 minutes ago, Green Devil said:

Do you have a bad credit record? Bankrupt? I was under the impression, if you could breathe and had a job of any description you qualify for x10 salary 😂😂

They'd had a minimum income of 25k for a while though. 

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