Portfolio landlord finace

Landlord Discussion Property Investment
1

Hi.
I’m a newbie portfolio landlord with 7 properties. I’m trying to expand via remortgaging and finding that the mainstream buy to let lenders don’t want to continue lending to me due to the fact that all my rentals are in one town, and I have limited experience as a landlord.
This is pushing me to specialist lenders like paragon ect. Can anyone suggest a lender I can work with who doesn’t charge eye watering rates and fees?
(
Thanks
David

2

Hi.
I have a broker but their experience is mostly non portfolio so I would welcome ideas on a specialist broker

3

If you have limited experience as a landlord then I agree with them that you are a potential risk. You could make a simple error and face a £30k fine from the local authority, which I assume would affect your ability to make the repayments. Simple solution - join the NRLA take their foundation training course, become accredited and then think about whether you want to expand your portfolio.

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4

Hi.
Thanks.
I have been a landlord since 2016, but have recently expanded to hold 7 properties. I’m not disagreeing with their perception of the risk profile. I was just looking for suggestions of a lender who I could partner with, who wasn’t prohibitively expensive.

5

Try L&C mortgages. Advice is free. It cost you nothing to take mortgage advice. I am now a portfolio landlord myself and three of my properties are in one town.

I have a application in place now due to complete in few weeks.
They hooked me up to BM solutions lender. The lender charges only 100 pounds for valuation. No arrangement fee no exit fee. Rate is 1.97 far better than others. You can use the link below - is my referral link. I got the link when I completed my last purchase. Use it or go straight to the site. Keep me posted

https://click.email.landc.co.uk/?qs=b11fd14790b1448c1304384d057bf09d1aa6df37268620d43b7e98d5d5e46f80203a14eb34e5ce9c6d208499f2962c2712a64583bad4db0f45339d19bea731f8

6

Hi Charles
Thanks for the response. It’s a bit spooky that the advice you gave is exactly what I have ended up doing. I’m using both l and c and BM!!
I’m just waiting for the final approval now.

7

Awesome @David120. Glad you found a solution.

8

Hello @David120 how did it go? Any offer yet?

9

Hi
Thanks for checking in.
Yes they have offered a mortgage to me at a good rate. The offer only last for three months, but that should be ok.
How are things with you?

10

Congratulations.

Mine, they pulled out. It’s my fourth though and they claimed I don’t have experience. Less than 2yrs

11

I have developed properties in the past, so have owned different properties since 2016. Have you tried the mortgage works?

12

Or NatWest …

13

Will try NatWest. Mortgage works (nationwide) wants min two years experience

14

Tmw’s website says this

  • Experienced Landlord (EXPL) : An applicant who has owned and let a Buy to Let property for at least the last six months (they may or may not own and occupy their own home).

I would speak to them directly, you get closer contact with the underwriter. 0345 607 3021. To be fair they are the best lender in the UK

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15

It also depends if the figures stack up re interest cover etc. If you are only putting down minimal deposits, the interest cover could be a problem.