Buy to Let
Buy to Let
International Mortgages 4 You 0800 298 5136
Buy to Let and commercial mortgage criteria
It is possible to arrange a foreign currency buy to let mortgage and foreign currency commercial finance provided the rental income more than offsets the costs associated with servicing the loan.
Clients should be able to verify gross personal annual income in excess of £100,000; ideally from a non property related source. A client's net worth and asset / liability ratios will also be considered so income criteria is not set in stone.
Debt management programmes can be arranged. The aim of the program is to reduce the balance by switching the debt into currencies that are likely to fall in value against sterling.
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Lenders criteria
Minimum loan size of £250,000
Buy-To-Let and some commercial property considered.
Debt / Equity ratio should not exceed 70% of the value of the property or portfolio.
Generally, the rental cover requirement for a Buy-To-Let is approximately 130% of the mortgage payment calculated using a notional rate (UK Bank Base Rate plus 1%). However, lenders will consider 'top slicing' if there is a shortfall and the client has sufficient surplus income.
Some lenders will consider smaller loans on an affordability basis.
Terms are up to 20 years.
All loans are Interest Only.
The interest rate is variable and linked directly to the Base or LIBOR equivalent of your preferred currency. The lender will charge a margin to cover their costs and make a profit. The margin is negotiable between 0.8% and 1.75%.
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You must be prepared to tolerate an increase in your sterling equivalent debt and payments.
Buy to Let and commercial mortgages are not regulated by the Financial Services Authority.
Changes in exchange rate may affect the sterling equivalent of your loan.
Japanese Yen - Sterling - Australian Dollars - - - - - - - - - Euro - Swiss Francs - United States Dollars
