Bridging and buy-to-let product updates from Roma Finance and Legal and General Mortgage Club

by: Edward Murray
  • 23/01/2017
  • 0
Bridging and buy-to-let product updates from Roma Finance and Legal and General Mortgage Club
Bridging lender Roma Finance has launched a new first charge bridging product, with a monthly rate of 0.75% and a maximum LTV of 75% and Legal and General Mortgage Club has also updated its available products to reflect changes in the buy-to-let market.

Roma Finance has a fund of £10m available to introducers and the new terms and criteria will only be offered where funds have been allocated by 14 February.

In addition to the monthly interest rate of 0.75%, the standard LTV is 75%, although more will be considered with additional security. The product carries no exit fees and is for loans ranging from £100,000 to £500,000 on a six-month term. It is not available for re-bridging.

Scott Marshall (pictured), managing director at Roma Finance, said: “This can be a slow time of year for introducers and property developers and this special offer will allow many more residential investment property projects to be funded to completion. For those who are experiencing delays with other lenders this is also an ideal offer to move to the finishing line with stalled conversions and renovations.”

Reflecting changes made by lenders in the buy-to-let market, Legal & General Mortgage Club has updated its Buy-to-Let Matrix to include the latest Prudential Regulation Authority (PRA) changes that came into force on January 1 2017.

Lenders must now have the latest interest coverage ratio tests and interest rate stress tests in place and details of their new rental calculations have been updated on the matrix.

Jeremy Duncombe, director, Legal & General Mortgage Club said: “Our Buy to Let Matrix has now been updated to include these latest PRA changes, allowing brokers to familiarise and prepare themselves with the new rental calculations. Our latest update has all of the information that advisers will need to understand these changes and give their clients the best advice possible, based on the latest, most up-to-date data.”

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