The Mortgage Works reintroduces 80% ltv for Buy to Let

From today, Thursday 22 March, The Mortgage Works are reintroducing new 2 and 5 year fixed rate products at 80% LTV, with rates starting from 2.99%. (Previous maximum ltv 75%)

The new range of 80% LTV products for Buy to Let and Let to Buy includes: 

·        Purchase, remortgage and further advance

·        A choice of fee options

·        Free standard valuation and £250 cashback options

They’re also increasing the maximum LTV for Houses in Multiple Occupation to 75%, (previously 65%) with rates now starting from 2.84%. 

Shared Accommodation properties

Shared Accommodation properties


Problems raising a Buy to Let mortgage on a property used as shared accommodation, but falling short of needing to be licenced as an HMO can be:

  • Lender will only allow rent to be assessed as a single family let – not as shared accommodation
  • Lender won’t accept separate tenancies
  • Locks on the doors not acceptable


All the above can be overcome by applying to the right lender. At ibmco our many years of experience dealing with Buy to Let mortgages have taught us which lenders are best for which properties. Please contact us.

EPC regulations for let property

The creep of regulation continues…..this time affecting the EPC rating of let properties.


From 1 April 2018, it will be against the law for landlords to grant a new tenancy in England and Wales to either new or existing tenants if the property doesn’t have an Energy Performance Certificate rating from A to E.  There are circumstances in which it is possible to apply for an exemption.


This is likely to be reflected in Buy to Let lenders turning down applications if it turns out the property’s EPC rating is higher than E, unless there is an exemption in place.


Of course the aim is to reduce the number of poor and unsuitable rented properties and hopefully the number of properties affected will be few.


But landlords may find it useful to see the government’s guidance :  


If unsure about the EPC rating of your property – and if one has been carried out in the past – you can find the details by entering the postcode at the following web address:

£750 cashback on Buy to Let mortgages

Hot on the heels of BM Solutions announcement of £500 cashback on some of its Buy to Let mortgages Virgin Money go one better with a limited time offer of £750 cashback on some of their Buy to Let products. Contact ibmco to find out more.

Houses in Multiple Occupation – new rules

It seems that greater levels of regulation are never too far away, and there will be an extension of HMO licensing from the 1st October 2018. 

In effect, the definition of a HMO will be changing, bringing an estimated additional 177,000 properties under the HMO rules, meaning they will also need licensing. Under the new rules any property which is occupied by five or more people, comprising individuals from two or more separate households – regardless of the number of storeys in the property – will be classified as a HMO from October. 

If you own and let a property which will fall into this category ideally you should be thinking ahead and finding out from your local authority what the requirements will be for a successful licence application.

The good news is that ibmco can help raise finance and remortgages for shared letting properties whether a licence is needed or not. So please send us your enquiries.

£500 cashback on Buy to Let remortgages

BM Solutions are offering £500 cashback on remortgages until 8th April 2018

Planning ahead with a Forward Funding Facility for Buy to Let

Planning ahead with a Forward Funding Facility

Let’s suppose you are applying for a Buy to Let mortgage for a new property purchase and you plan to buy more properties in the near future; or, maybe you are applying to remortgage an existing Buy to Let to release capital which you will use as deposits for future purchases.

Why not take the opportunity at the same time to apply for a facility sufficient to cover the expected additional new mortgages?

As a simple example, lets say you are raising a mortgage on an existing unencumbered property to raise £200,000. You plan to use the cash raised to purchase 4 additional properties at around £200,000 each putting in a 25% deposit on each. So your initial mortgage application is for £200k and you anticipate needing 4 further mortgages for £150k each – a total of £600k. It’s possible to request a forward funding facility of £600k on top of the initial £200k application.

So you now have your funding in place which means:

  • A shorter and quicker application process for further properties
  • You are in a strong position to negotiate your purchase because you can demonstrate availability of funding and promise quick completion
  • You can even consider, for example, auction purchases

Of course the property itself must be acceptable to the lender and a valuation survey will be required but as an applicant you are pre-approved. Applicants must be ‘portfolio landlords’ i.e. own more than 3 let properties and can be individuals, partnerships or limited companies.

There is no additional cost in setting up the facility so it really makes sense to do this.

Contact ibmco for further details