HMO and Limited Company

Overview

Here at Precise Mortgages we’re proud to help landlords with complex lending needs as well as those who have been underserved by high street lenders. Whatever their circumstances we have a broad range of specialist lending solutions.

Making it easier

Click here to view our Buy to Let Mortgage submission guide. This document has been designed to help provide a smooth application process for you and your customer.

NEW – Top slicing now available across our entire Buy to Let product range

Our newest initiative is the extension and automation of top slicing, which is available for limited company, personal tax structures and portfolio landlords.

Top slicing allows landlord to:

  • Unlock access to 2 year fixed products
  • Choose from a wider choice of products
  • Achieve greater flexibility around loan size
  • Optimise their investment opportunity
  • Demonstrate that they can meet financial stresses using surplus earned or portfolio income

To find out more click here to view our online criteria guide or download our Guide to Top Slicing.

Highlights and features:

  • NEW! Click here to view our limited edition Buy to Let Mortgages guide.
  • Maximum term of 35 years
  • Maximum age at application 80 years
  • 2 and 5 year fixed rate products

What you need to know:

Limited Companies

  • Rental cover - Assessment rate:
    • Higher of pay rate + 2%, or revert rate (minimum 5.50%) for shorter term Fixed and Tracker products.
    • Pay rate for 5 year + Fixed rates (additional underwriting may be required).
  • Minimum property value: £50,000 (excluding London and HMO properties)
  • Loan size: up to £3m to 60% LTV, £1m to 70% LTV, £750k to 75% LTV, £500k to 80% LTV
  • Portfolio: up to 20 properties (LTV limits apply) to a total value of £10m with Precise Mortgages, unlimited with other lenders
  • Maximum term: 35 years (maximum guarantor age at application 80 years)
  • Ownership: No limit on number of shareholders under the age of 21, subject to them being a director’s dependant. Newly formed SPVs accepted, as well as personal to Limited Company with equity gifts and capital raising
  • Credit history: adverse credit considered, refer to Limited Companies product guide for details
  • HMO: applications for HMO properties considered
  • Other products: Bridge to Limited Company also available

HMO properties

  • Product range: Now includes Tier 2 customers
  • Experience: experienced landlords only. Applicants must have held a current buy to let for at least 12 months prior to application. No first time landlords
  • Maximum term: 35 years (maximum age at application 80 years)
  • Occupancy: properties with up to 8 bedrooms accepted
  • Loan size: up to £1m to 70% LTV, £750k to 75% LTV, £500k to 80% LTV
  • Minimum valuation: £250k in London, £100k elsewhere. Refer to HMO product guide for details
  • Portfolio: up to 20 properties (LTV limits apply) to a total value of £10m with Precise Mortgages, unlimited with other lenders
  • Rental cover - ICR: Bespoke ICRs based on individual circumstances to help you to maximise the loan size
  • Rental cover - Assessment rate:
    • Higher of pay rate + 2%, or revert rate (minimum 5.50%) for shorter term Fixed and Tracker products.
    • Pay rate for 5 year + Fixed rates (additional underwriting may be required).
  • Other products: Bridge to HMO also available

To find out more view the 0% facility fee bridging product guide, click here.

Packager Panel

Let our Packager Panel do the work for you.

You can submit a residential or buy to let mortgage to us direct or alternatively you can introduce a case to one of our packagers.

Contact one of our Packagers direct today.

LIBOR Trackers and the Reversion Rate

LIBOR Trackers and the reversion rate are variable rates that are linked to 3 month LIBOR and will change quarterly on 12 March, 12 June, 12 September, 12 December. Please note if this date falls on a non-working day then the LIBOR rate will be taken on the previous working day.

All of our LIBOR tracker products have a floor. This means that if LIBOR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above LIBOR. This means that the rate payable will never go below 0.00% plus the additional percentage rate of the tracker mortgage.

For intermediary use only
BBR 0.75% / 3 month LIBOR 0.85%