This is a doubling of the previous maximum BTL exposure limit of £5m and will help brokers support clients looking to grow their portfolio or buy higher-value properties.
Chetwood Bank is also removing the 20-property portfolio limit for ModaMortgages, so borrowers can earn unlimited properties up to £10m with either brand as well as with other lenders.
All cases will be subject to underwriting review and assessment, and applicants’ circumstances and the impact of future interest rate increases will be taken into consideration.
Darrell Walker, Chetwood Bank’s group sales director, said: “Raising our maximum exposure limit to £10m for both our mortgage lenders marks an important step in our continued support for landlords and property investors. As the market evolves, we remain focused on delivering flexible, competitive products, including solutions that enable larger-scale portfolio growth and support higher-value investments.
“Brokers with investors with large portfolios just in excess of £10m are invited to pick up the phone and… speak with one of our BDMs to see if we can support their request.”
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Earlier this year, Chetwood Bank said it would combine the sales teams of ModaMortgages and CHL Mortgages for Intermediaries as part of plans to “develop its multi-brand strategy”.
