You are here: Home - News -

MHBS launches remortgage range for capital raising and short-stay let conversion

by:
  • 27/01/2021
  • 0
MHBS launches remortgage range for capital raising and short-stay let conversion
Market Harborough Building Society has launched a remortgage range for borrowers who want to raise capital or convert their property in to a short-stay let.

 

Rates start from 2.24 per cent and the maximum loan to value (LTV) for the range is 70 per cent if the borrower’s loan amount is above £500,000. For loans between £200,000 and £500,000 the LTV is 65 per cent.

The range has been designed for ‘out-of-the-ordinary’ remortgage cases, the society said.

The remortgage deals can be used to raise money for home improvements, provide a bridging loan exit route or raise funds on an unencumbered property to gift to family members or buy an investment property.

Borrowers can also remortgage to the Market Harborough to obtain consent to let out the property for up to 24 weeks a year.

Like-for-like remortgages on an interest-only basis will also be accepted. If the repayment strategy is to downsize or sell the home, the LTV is restricted to 60 per cent.

The products have a flat £995 product fee with fixed and variable deals available.

Tina Long, new business lead at the society, said: “These new products will help intermediaries find a solution for out-of-the-ordinary remortgage cases.

“With our flexible approach, we consider each remortgage application individually and manually underwrite every case.”

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Saffron BS launches 90 per cent LTVs and returns to limited company lending

Saffron Building Society has added 90 per cent loan to value (LTV) mortgages to its range and re-entered the limited...

Close