Here is an update from the BTL and Commercial Mortgage lender, Hampshire Trust Bank. For full details see their latest product information here. This is a packaged only lender so give our team a call and we can talk you through any enquiries you may have.
HTB Announcement
New Criteria: Enhanced Flexibility for Buy-to-Let Refinancing
As part of our ongoing commitment to meeting the evolving needs of our brokers and their clients, HTB is pleased to announce a significant update to our Buy-to-Let refinancing criteria. This change underscores our dedication to providing flexible and competitive products that respond to current market dynamics.
Listening to Broker Feedback:
We’ve listened closely to the challenges you face in today’s rapidly shifting market. In response, we are making it easier for your clients to refinance their Buy-to-Let properties by enhancing our criteria for pound-for-pound refinances. This update is designed to give both brokers and borrowers greater flexibility and a more straightforward path to refinancing.
New Criteria for Pound-for-Pound Refinance:
Key Update: For £ for £ refinances, HTB will now apply the same serviceability criteria on a 2-year fixed rate at pay rate without any loading. This means no additional stress-testing for 2-year fixes—making refinancing more accessible and straightforward for your clients.
- Consistent ICR Calculations: Borrowers can expect uniform ICR (Interest Coverage Ratio) calculations for both 2-year and 5-year fixed terms, offering more leverage.
- Greater Flexibility: This change allows your clients to choose the term that best aligns with their financial strategies without worrying about differing criteria.
- Inclusion of Fees: We also allow fees to be added to the loan, ensuring the existing term lender is fully redeemed without additional upfront costs.
HTB’s team remains on hand to support you and your dedicated contact is ready to assist with any queries or applications, ensuring a smooth and streamlined experience.
We are excited about these enhancements and believe they will provide significant value to both you and your clients. Thank you for your continued partnership and trust in HTB.
If you have any questions, please contact your dedicated BDM here, or call the Specialist Mortgages team on 020 7862 6244.