The lender will also accept applications for capital raising as long as the applicant has sufficient equity in an existing property.
Borrowers can access loans between £25,000 and £2m up to 80% loan to value (LTV). ModaMortgages recently increased its maximum LTV to this level.
The products are open to individual landlords, limited companies, those with small or large portfolios, first-time buyers and first-time landlords.
Darrell Walker (pictured), group sales director of ModaMortgages, said: “As the home of smarter, faster, simpler buy-to-let borrowing, we’re excited to announce this latest criteria enhancement, which offers brokers even more ways to support their clients.
“This could be perfect for landlords who purchased a property via a bridging loan for the purpose of letting it out and have enhanced or improved it, which has increased its value and are now looking to exit onto a longer-term buy-to-let mortgage. It could also be ideal for those who need to raise capital quickly for other purposes, such as purchasing another investment property.”
How to get your first-time buyer clients mortgage ready
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