New buy-to-let mortgages from Britannia

Posted: 03 Oct 2006 11:04:31 GMT

Britannia Commercial Lending has unveiled a new buy-to-let mortgage range for investors looking to expand their property portfolio.

Britannia Commercial Lending has unveiled a new buy-to-let mortgage range for investors looking to expand their property portfolio.

Available from October 1st, the Residential Investment Mortgage is aimed at residential property investors that have already had success in the traditional buy-to-let market.

The mortgage has a unique feature that allows it to grow with the needs of the borrower and does not require personal guarantees from behind a limited company, but relies on the cash flow and quality of the property portfolio.

David Dono, Britannia Commercial Lending head of residential investment, said: "This product is particularly suited to limited companies and individuals whose portfolios have grown beyond the typical Buy- to-Let offerings currently available in the marketplace."

The Residential Investment Mortgage is intended to complement the success buy-to-let products package from Britannia subsidiary Platform by looking specifically at larger portfolios requiring bespoke funding and a faster expedited approval process.

The minimum loan size for the new mortgage is £1 million, with loan sizes below this amount considered on a deal by deal basis, and a maximum loan to value (LTV) of 85 per cent for acquisitions and 80 per cent for refinancing.

Britannia Building Society won the Management Today-Unisys Customer Service Excellence Award for the financial sector last week and has welcomed the achievement.

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