Specialist Mortgages
Specific needs
Portfolio Landlord Mortgages
A portfolio landlord is a landlord that has 4 or more mortgaged buy to let residential properties including any new mortgage to be arranged.
Generally speaking a portfolio landlord would need to meet more stringent lending criteria and demonstrate their current buy to let portfolio is performing well, have a lower loan to value than normal.
LifeLink are experienced with working with portfolio landlords and will be able to help you achieve the most suitable product as we work with a number of lenders who are happy to consider Portfolio Landlords. Some lenders we work with are able to ignore the background buy to let portfolio as long as the rental income currently received covers the mortgage payments. Additionally, some lenders offer a low rental income stress tests when combined with longer term fixed rates.
As a portfolio landlord if you need help with a buy to let mortgage please contact Lifelink for a free no obligation quote.
HMO's
HMO Mortgages (Household in Multiple Occupation) are for properties which essentially require an HMO license. This occurs when individual rooms are let to individual tenants rather than an entire family occupying the entire property. This type of BTL property tends to produce a higher yield than properties let to a family unit as rents are charged per room rather than the entire property.
HMO mortgages are now more competitively priced due to greater competition between a larger number of lenders with more choice of products available. This is a complex area and the experienced Lifelink advisers are here to help you select the most suitable product.
Self Build
The main difference between a self build mortgage and a traditional mortgage is that with a self build mortgage money is released in stages as the build progresses.
Every self build project has identifiable stages, below is a typical example of the various stages lenders will be prepared to release funds for both traditional brick construction and a timber frame construction.
- Stage 1: Purchase of land
- Stage 2: Preliminary costs & foundations
- Stage 3: Wall plate level
- Stage 4:Wind & Watertight
- Stage 5: First fix & plastering
- Stage 6: Second fix to completion
- Stage 1: Purchase of land
- Stage 2: Preliminary costs & foundations
- Stage 3: Timber frame kit erected
- Stage 4: Wind & Watertight
- Stage 5: First fix & plastering
- Stage 6: Second fix to completion
There are additional criteria you should take into consideration, some lenders make payments based on projected costs, others on stage valuation, which may lead to less funds being advanced should the valuation be lower than expected. Finally some lenders issue payments in advance others in arrears of each stage so you can appreciate working through these options will require the expert advice of an experienced mortgage adviser.
In some circumstances, a remortgage may not always be the best solution. Second charge loans and bridging finance are both well known alternatives. If you’re looking to raise additional capital and have a property to secure the funds against, a second charge loan may be a solution.
A secured loan is secured on your home, exactly the same as a mortgage. Which means the asset can be used as payment to the lender if you don’t pay back the loan. This added level of security for the lender means that you can borrow more at a lower rate of interest than an unsecured loan.
The amount will all depend on your personal circumstances, each application is based purely on your individual financial circumstances.
Bridging loans – Helping you across troubled waters
Bridging loans will give you access to short term funds but at a high rate of interest when compared with a standard mortgages rate. They are commonly used to help with the purchase of a property if the sale of another has yet to complete, thereby giving you access to funds that would otherwise be tied up.
Think of it as a short term mortgage but at a higher cost as the lender is only providing funds for a short term they charge a higher Rate of interest.
