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loanarrangerVerified Poster
Senior Member
Last Activity: 20-09-2017, 20:30 PM
Joined: 14-02-2014
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  • dazwalsh, I do like your terminology , makes me smile.
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  • loanarranger
    replied to Bm solutons
    Philip , the reason why Landlords use a broker is to determine which lenders have criteria which might accommodate specific applications. I appreciate that today BM and the likes of TMW have been easy to submit applications to but there are indeed others whose criteria might be suitable. BM is nolonger...
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  • loanarranger
    replied to Bm solutons
    As per my promise to Bloetus
    I have been assured that BM will accept two applicants on the mortgage application where the combined incomes amount to at least £30000.
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  • loanarranger
    replied to Bm solutons
    Hi Boletus
    I will call them later and post their response , I have a feeling that if there are two parties on the mortgages then it would be the collective income ,but I will clarify for you.
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  • loanarranger
    replied to Bm solutons
    As per my note , if you are looking for a fourth mortgage then yes you appear to fall outside of the minimum of £30000: unfortunately they will not take the Gross Income , it is the taxable amount , in your case £18000 that is used as the income determinant.
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  • loanarranger
    replied to Bm solutons
    Here is the official criteria from BM Solutions following a lengthy conversation I have just had.

    If the applicant owns no more than 3 Buy to Let properties , then there is no minimum income , however the underwriter has sole discretion to request such information as is deemed necessary...
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  • loanarranger
    replied to Bm solutons
    Boletus , I will call BM myself on Philips behalf and post the exact details relating to their criteria.
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  • loanarranger
    replied to Bm solutons
    With respect I said that if yout total income fell below the £30000 inclusive of the taxabale profit from property then you would indeed find it difficult in meeting the minimum threshold as stated.
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  • loanarranger
    replied to Bm solutons
    Philip the £30000 does not relate to your primary income , this figure having delved into the minutiae of their web site states the following:
    "
    • Minimum earned income of 30k – Income defined as; earned income from employment or self-employment (including taxable profit from the property
    ...
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  • loanarranger
    replied to Bm solutons
    I must confess that I have heard nothing to this effect, either the broker is mischief making ( probably not) or the local BDM may have been indiscreet in mentioning a considered minimum income requirement of £30000 for those falling into the Portfolio category , however my view for the present is...
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  • loanarranger
    replied to Bm solutons
    To avoid any confusion, BM do NOT state a required minimum income of £30000, for sometime and even before the new PRA rules kicked in they worked on a broad affordability basis; clearly for those with 4 or more mortgaged properties the assessment will be more intrusive and may disappoint those who...
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  • loanarranger
    replied to Mortgage News
    The following article appeared in one of my Trade Magazines and is relevant to the London property investment market.

    The number of London buy-to-let investors has fallen by a third in the last year, according to a property asset manager.

    Within London Central Portfolio’s...
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  • Unless you are buying for cash , I would suggest getting your short term bridging facility in place so that you can complete within the normal 28 day notice period otherwise you could run it close in making the deadline.
    Whilst there are always exceptions it is reasonable to assume that the properties...
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  • loanarranger
    replied to Mortgage News
    Not necessarily, each lender operates differently. In the main they make the assumption that everything as declared on the DIP and full application can be supported and will meet their criteria, so instructions are immediately passed to the valuer.

    Barclays have in my experience never been...
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  • I will look forward to hearing what the banks attitude is; as it is a pure commercial transaction much rests either in the loan documentation or by subsequent referral.
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  • loanarranger
    replied to Mortgage News
    Godiva has this afternoon published their revised criteria for Portfolio Landlords which are with immediate effect. There certain additional qualifying points which they have included not least of which is the minimum period of ownership of the first BtL property.

    A portfolio landlord is/are...
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  • loanarranger
    replied to Mortgage News
    As the old phrase says "Don't panic Mr Mainwaring"
    if your application has been accepted and in the system then you have little to fear. The fact that the announcement states "From the 19th" means new applications received....
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  • Hi Hech123
    its not a question of what 2nd charges might be available and at what rates, it is whether the main stream lender will permit a second charge to be registered.
    it has been a major issue for a long time where. Borrowers are enjoying very low reversionary rates but have significant...
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  • loanarranger
    replied to Mortgage News
    I am making the following comment as I have just completed two full property appraisals in advance of making loan applications for clients.

    May I respectfully make one word of caution for Portfolio Landlords affected by the PRA changes: .Lenders when assessing the portfolio will undertake...
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  • loanarranger
    replied to Mortgage News
    Here is a summary of a survey published in Mortgage Trade Publication relating to the PRA Changes

    Just 54% of brokers are comfortable that they fully understand what the upcoming PRA changes for portfolio landlords entail, and what they will mean for their business, according to research...
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