Moda Mortgages - new BTL lender
Posted on 28th October 2024 at 12:26
Moda Mortgages have come into the BTL space focused on supporting landlords with their specialist lending criteria. Some highlights from their lending criteria are:
Experienced Landlords
No minimum income
Adverse can be considered
Top slicing available
No maximum portfolio size (maximum of 20 with Moda)
Can accept inter company loans
Max LTV at 80%
First Time Landlords
Accept first time buyer / first time landlords for both standard and Ltd company
Affordability based on the property income and not the applicants income (please note for FTL minimum income is £30,000)
Property
Also;
HMO max 6 rooms / MUB max 6 units
Can accept shared utilities
For valuation on MUB / HMO looking at the aggregate valuation rather than bricks and mortar
Minimum 30 square meters for studio flats
Local authority flats accepted (with no deck access) and no minimum % of private ownership required
Rates
All rates available to all property types eg HMO / MUB / standard house
Free valuation and no application fee
2 year fixed starting at 3.69% with 5% fee (max 55% LTV)
5 year fixed starting at 4.69% with a 5% fee (max 55% LTV)
This lender is keen to be part of the specialist BTL space. Whilst their criteria may be standard compared with a lot of the specialist lenders in the market, I do believe their criteria will evolve - they certainly could be a good option for the first time landlords out there looking to get into the property market!
All data correct as at time of press 18/10/2024 and are all subject to change.
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