Buy to let mortgages
Mercantile Trust offer a wide range of first or second charge mortgages that can be secured on buy to let properties.
Property owners can borrow up to £500,000 over 3 to 25 years.
We offer capital and repayment or interest-only mortgages on fixed or variable rates.
Key facts
- Up to 75% loan to value
- Individuals, SPV and Limited companies
- First time landlords/First time buyer
- Portfolio landlords
- Minimum rental cover 125%
- Top slicing
- Coverage in England, Mainland Scotland Wales and Northern Ireland
Applicants
- Minimum age 18 years old
- Maximum age 85 years old
- Individual and corporate ownership
- First time landlord/First time buyer
- Portfolio landlords
- Maximum number of applicants 2
- Up to 5 loans per applicant
- 3 years residency history
- 12 month mortgage or rental history needed
Loan details
- 1st charge loans up to £500,000
- 2nd charge loans up to £250,000
- Capital repayment and interest-only
- 3 – 25 year term
- Variable and fixed rate offering
- 2% commission on net loan
Status units
- 1 unit of adverse in the last 12 months
- Ignore CCJ’S Under <£300, <£3k satisfied, and all >12 months old
- Ignore credit card/ unsecured loan/ utility less than 3 months down
- Ignore mail order and communications for adverse
- Ignore discharged bankrupts >3 years old
Security/Valuation
- Automated valuations available (subject to criteria)
- Most non standard construction types accepted
- Minimum £75k property value
- Valid ASTs to be provided in all cases
- Current buildings insurance to be provided
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