Ascot Mortgages

Hi All,
Just had an announcement that Paragon have entered into the short term marketplace with a number of bridging products and bridge to let.
For investors who fit Paragon's criteria, their rates start from 0.45% for the lower loan to value properties and 0.65% for you 75% Loan to Value deals.
... If you refinance with them you will have the same underwriter review your application to keep the continuity of your deal throughout the process. You will also be able to refinance (as long as you stay with Paragon) within 6mths.
If you have any questions, feel free to contact us on 01925 711558
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Good news from Shawbrook they have announced a number of enhancements to their products including -
1. Interest only for upto 25yrs (Very few lenders in the commercial space offer this) 2. They will start to offer for their commercial investment range loans from £50k 3. They have revised experience criteria demonstrating our appetite to support smaller landlords diversify into commercial and semi-commercial property... 4. New minimum personal guarantee of 25% of the loan amount 5. Lastly they will be issuing clear guidance on valuation methodology and in what situations lending from market value may be available so hopefully more details around HMO Valuations!
If you have any questions, feel free to get in touch on 01925 711558.
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A few simple questions and answers from Paragon today regarding AirBnB and similar, nice to see one or two lenders starting to become more flexible in this area -
Q. Can landlords use a standard buy-to-let mortgage to finance an Airbnb property?
A. Landlords should always check with their lender before becoming an Airbnb host to make sure this is allowed under their mortgage conditions. Each lender offers a range of different mortgage products and not all products will allow ...customers to rent out their property on Airbnb.
At Paragon, landlords who want to let out a property on Airbnb will need to apply for a holiday let mortgage.
Paragon introduced holiday let mortgages into the product range in November 2018.
Importantly, when a landlord applies for a holiday let mortgage with Paragon, they don’t specifically have to say that they are intending to use Airbnb but they should have checked first that Airbnb hosting is allowed by their local authority and, if relevant, their freehold agreement.
If a landlord has a buy-to-let mortgage or a residential mortgage with another provider, they should also check their mortgage conditions to see if Airbnb letting is allowed. If they’re in any doubt, give the lender a call and ask them to clarify the situation. Likewise, if they’re searching for a new mortgage product, they should confirm their intentions for the property and clarify whether Airbnb lets are accepted.
Q. What type of information will mortgage lenders want to know?
A. Again, this will depend on the lender.
At Paragon, for example, we’ll want to check the proposed property is a single, self-contained unit and that it will be let under an approved holiday occupancy agreement for a maximum period of one month at a time.
We’ll also want to consider mortgage affordability. One way that landlords can demonstrate affordability is through holiday rental income. However, at Paragon, we’ll also want to know that the mortgage would be affordable if the tenancy was let on a standard Assured Shorthold Tenancy (AST).
Q. If Airbnb doesn’t work out, can landlords convert their mortgage back to a standard buy-to-let property?
A. Airbnb won’t work out in every case. Higher cleaning and support costs or more frequent voids may mean the economics are not attractive in practice. If this happens, some lenders, including Paragon, allow landlords to revert to letting on a more standard AST.
If you have any questions - feel free to get in touch on 01925 711558 or enquiries@ascotmortgages.co.uk
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Our Sister Company Ascot Bridging Finance Ltd uses common sense when it comes to bridging finance and we have access to the decision makers. Get in touch to see whether we can help you with your next project - 01925 711558.

It is great to see more lenders adapting to the market, I had this email from Natwest over the weekend we tenants on housing benefits -
Good afternoon,
We would like to inform you that as of today NatWest is announcing changes in its Buy to Let mortgage proposition and lifting all restrictions on landlords renting to tenants who are in receipt of housing benefits. ... The decision comes after the bank conducted an extensive review of our Buy to Let policies, to better understand the market and challenges that landlords and their tenants face. We were grateful that Shelter and the Residential Landlords Association agreed to work with us in shaping our understanding of the challenges their customers face and submitted information and insight that fed directly into the review. These changes will affect new and existing Landlords with fewer than ten properties. The outcome of the review extends our policy, and brings it in line with our policies for commercial buy to let customers, who have more than 10 properties. The bank has also decided to extend the maximum length of time of assured shorthold tenancy from 12 months to 36 months, which allows landlords to offer tenants the security of longer tenancies. Ian McLaughlin, Managing Director of Home Buying & Ownership said: “I am pleased that we are introducing these changes and extending our policy to support smaller landlords in this segment of the market. We would like to thank Shelter and the Residential Landlord’s Association for their thoughtful and thorough contributions to the review, to help us better understand the market in this area, and bring our policies in line with those in our commercial segment.”
If you have any questions, feel free to give us a call on 01925 711558.
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Great product !
There is currently a short term finance lender available who will allow upto 85% of the purchase price for light refurbishment projects.
They will allow upto 85% only if the total loan is lower than 70% of the Done up Value.
... Interest starting from 0.80%
Experience wise you will need to have a history of a minimum 1 one project of similar size or above to be deemed acceptable.
Feel free to get in touch if you would like more information and whether you qualify on 01925 711558 or kevingibson@ascotmortgages.co.uk
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A lot of our buy to let investors have been asking about limited companies and how the lending works for these transactions. We have done a quick Q&A section to share with everyone to assist in these circumstances -
Q. The company is new. Is that a problem?
That doesn’t matter. The lender will look at the directors and shareholders and base their lending decision on their personal information.
...Continue Reading

Great News again for Buy to Let Investors
Just had it announced from Kent Reliance that they are reducing their minimum value for HMO's and Limited company applications to £75k from £100k.
Please note if you want more than 75% LTV the minimum loan is £100k and therefore a higher minimum valuation will be needed to fit.

Interesting news for First Time Buyers from Lloyd’s this week...
https://amp.theguardian.com/…/lloyds-un veils-100-mortgage-f…

ATTENTION INVESTORS
Quick lending update -
Vida Home Loans have joined Kent Reliance and Kensington at a maximum 85% loan to value on buy to let’s (this includes HMO’s also)
... Property value starts at £70k for standard cases and £100k for HMO’s.
Get in touch if you would like to find out whether you qualify for this product or any suitable alternatives on 01925 711558.
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Unfortunately some bad news for property investors re BM Solutions, from Monday 21st January they will be increasing the minimum property value to £50k from £40k.
This just leaves Barclays below £50k at £46,667.
Please get in touch if you need any urgent help before the deadline on 01925 711558

Great news for property investors, there are now 15 plus lenders for buy to let who have no minimum income requirements.
Obviously lots of things will help a lender make a decision, if you want to know whether you fit in with the respective lenders, please get in touch on 01925 711558.

After a busy 2018, we are back in the office again ready to look at all your finance needs.
Whether you be looking to save money on your existing finances to reduce your outgoings down or refinancing a buy to let on a bridging loan get in touch today on 01925 711558.

Happy New Year to all our customers. Here’s to a great 2019Happy New Year to all our customers. Here’s to a great 2019

To all our customers, hope your 2018 has been good, but here’s to an even better and absolute awesome 2019.
Enjoy from all at Ascot

After a long hard week of getting all of the last minute completions over the line in time for Christmas, It was nice to end it on a high with the below message from one of our clients. It is messages like this that makes our job so rewarding and worthwhile -
"Dear Team,
I just wanted to reiterate a deep and sincere thank you, from the bottom of my heart, for all your effort to get us to today. You all went above and beyond the call of duty and your tenacity and persistence ...means we managed to get the result we so desperately needed today.
This has been a really testing time for me and my wife and it is at times like these you realise who you want in your corner. We genuinely feel like you had our best interests at heart and never gave up even when things were looking precarious. Your thinking outside the box and creative solutions are the sort of people we need in our team and you really came through for us."
On that note and from all at Ascot Mortgages we wish you a Merry Christmas and a Happy New Year. All the best for 2019.
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Commercial mortgages are more complicated than residential mortgages, so having an experienced commercial mortgage broker in your corner could potentially save you significant sums in interest and charges.
Get in touch today to get the best mortgage, efficiently and at the right price! https://ascotmortgages.co.uk/mortgages/co mmercial-mortgages/