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SPECIALIST LENDING PRODUCT NEWS ROUND UP

Updated 7th September

CALL US ON 01277 508 959 TO FIND OUT MORE

 

SPECIALIST RESIDENTIAL MORTGAGES

NEW PRODUCT: 85% LTV purchase and remortgage, available to self-employed and employed applicants. This product range features no credit scoring, will allow up to 4 applicants/4 incomes and will also allow recent adverse including missed secured payments, CCJ’s and defaults. Contact our team on 01277 508 959 for more information on the allowable adverse and available criteria.

NEW PRODUCT: Help to buy purchase and remortgage. Purchase up to 75% and remortgages up to 80% LTV. These products will allow recent adverse including missed secured payments, CCJ’s and defaults. Contact our team on 01277 508 959 for more information on the allowable adverse and available criteria. This product range is available in addition to our limited availability, semi-exclusive which considers applicants with adverse credit events including bankruptcy / DRO and those in current IVAs and DMPs.

WHAT’S HOT AT BRIGHTSTAR? Up to 95% LTV on a family assist scheme where a close family member is required to gift a minimum of 20% LTV via savings or equity and the remaining 5% from the applicant/s own resources. Contact our team on 01277 508 959 for more information on the available criteria.

 

General criteria:

  • Up to 95% LTV on the family assist scheme, 85% LTV for regular purchase and remortgage applications.
  • Rates from 1.47%.
  • Up to 6 x income (newly qualified professionals).
  • Furloughed employees considered at full LTV.
  • We have lenders who are willing to consider applicants who have taken payment holidays on their existing mortgage.
  • Options are also available for clients with missed mortgage payments up to 85% LTV (purchase & re-mortgage).
  • Clients with adverse credit can still be helped. Call us to discuss individual circumstances.

 

 

COMPLEX BUY-TO-LET MORTGAGES

NEW PRODUCT: 85% LTV including HMOs and multi-unit blocks and ex pats up to 75% LTV. This product range offers mortgages from £25k to £1.5m, requires no minimum income and light adverse is accepted. Contact our team on 01277 508 959 for more information on the available criteria.

NEW PRODUCT: Property investor credit facility (PICF). The PICF is a revolving credit facility that allows property investors to draw (and repay) funds secured against their property portfolio. Investors can secure against multiple properties in their portfolio (both on a first and second charge basis) up to maximum LTV of 70%. Contact our team on 01277 508 959 for more information on the available criteria.

WHAT’S HOT AT BRIGHTSTAR? We have a 5-year fixed product with 2-year ERC’s, allowing the client to either sell or refinance after 2 years. In some instances, the lender may allow the client to sell some of the properties within the development without penalty if the LTV is not affected. Contact our team on 01277 508 959 for more information on the available criteria.

 

General criteria:

  • Up to 85% LTV.
  • Rates from 2.69%.
  • 5 year product available with a 2 year ERC.
  • Ex-pat BTL available up to 75% LTV. Rates available from 2.74%.
  • Portfolio finance – single loan facilities available up to 75% LTV (full valuation required).
  • Desktop valuations can be used up to 65% LTV.
  • Options available to first time landlords looking to invest in property.
  • Bespoke products for loan sizes of £5+.

 

SECOND CHARGE MORTGAGES

NEW PRODUCT: Offering up to 85% LTV with rates from 4.20% (@65% LTV) with no ERCs. This product is available to employed and self-employed applicants with 1-year trading. Contractors are considered with income calculated at day rate x 5 x 48. This product also caters for applicants with historic adverse credit.

NEW PRODUCT: Residential 2nd charge mortgages up to 75% LTV with no loan to income calculations and are therefore based purely on affordability. The product caters for non-standard construction properties (if there are first charge mortgage options through conventional sources). Rates start at 3.99%.

NEW PRODUCT: Buy-to-let for the self-employed: with no credit scoring, up to 6 x’s income, historical adverse considered. Also 50% of commission, bonus and regular overtime considered. Rates start at 6.49%.

WHAT’S HOT AT BRIGHTSTAR? Due to LTV restrictions across most residential first charge mortgage lenders, we are seeing a rise in the number of enquiries at higher LTV bandings as we are able to access products up to 110% LTV on a 2nd or 3rd charge basis. This is registered as an equitable charge meaning no consent is required from the first charge lender and are also available with an AVM, both features allowing for a speedier completion. Contact our team on 01277 508 959 for full product information. LEARN MORE about equitable charges and the reasons our brokers are recommending them for their clients.

 

General criteria:

  • Up to 110% LTV available for residential and 85% for buy-to-let properties.
  • 2nd and 3rd charge options, some require no consent from the existing lender.
  • Rates from 3.37%.
  • Reduced credit score requirements on residential 2nd charge applications up to 95% LTV.
  • Furlough income can be considered on a case by case basis (up to 80% of clients’ income to a maximum of £2,500/month plus evidenced employer top-up).
  • For self-employed applicants – we can consider income via the self-employed income support scheme (SEIS), where this can be evidenced.
  • Contractors considered with income calculated at day rate x 5 x 48.

 

COMMERCIAL MORTGAGES & BUSINESS CASH-FLOW SOLUTIONS

NEW PRODUCT: 75% LTV commercial / semi-commercial investment mortgages with rates starting at 3.5% inclusive.

WHAT’S HOT AT BRIGHTSTAR? Trading businesses are reporting that their landlord has offered the chance to purchase their business premises. Not only are they finding that the purchase price is generally lower than they expected, they are also finding that a mortgage is often proving to be more cost effective than their lease or rent. Contact our team on 01277 508 959 for more information on the available criteria.

 

General criteria:

  • Access to high street lenders & market-leading rates from 2.5% + BBR. LTVs available up to 75%.
  • Capital raising is still available with a suitable explanation for use of funds.
  • Unsecured business loans with rates starting at 5.9% p.a. and loans up to £250k, providing vital funds to support your client’s business needs.
  • No upper loan limits, with all cases considered on individual merits.

 

BRIDGING & DEVELOPMENT FINANCE

NEW PRODUCT RANGE: A brand new, semi-exclusive product range covering a wide range of short term lending needs including: Bridging up to 70% LTV – Rates from 0.67% pcm, Development exit up to 70% LTV – Rates from 0.67% pcm, Conversions up to 70% LTGDV – Rates from 0.71% pcm, Refurbishments up to 70% LTGDV – Rates from 0.71%, Refurbishments at 70% NET (i.e. interest and fees rolled-up on top) at market-leading pricing at rates from 0.71% – 0.73% PM, Finish & Exit up to 65% LTGDV – Rates from 0.75% pcm, Ground up at 100% build costs, up to 65% day 1 – Rates from 7.5% pa (south of Birmingham/Leicester). Contact our team on 01277 508 959 for full product information.

NEW PRODUCT: Minimum advance now from £25k with rates from 0.99% per month. Loans from £50k with 0.79%. Contact our team on 01277 508 959 for full product information.

WHAT’S HOT AT BRIGHTSTAR? Heavy refurbishment projects now that lenders have returned with an appetite for this type of lending. We can assist with rates from 0.75% PCM and a max LTV of 70%, light refurb products are available up to 75% LTV. Contact our team on 01277 508 959 for full product information.

 

General criteria:

  • Up to 75% LTV on a case by case basis. Up to 100% LTV with additional security.
  • Short term lending solutions available on either a 1st charge or 2nd charge basis on residential/commercial/semi-commercial properties and land (with or without planning permission).
  • Rates starting from 0.42% per month.
  • No upper loan limits, with all cases considered on individual merits.

 

*Please be aware: interest rates and LTVs may vary dependant on case specifics.  Criteria correct at time of publishing and subject to change without notice.

 

FOR INTERMEDIARY USE ONLY AND NOT INTENDED FOR THE GENERAL PUBLIC