Alliance & Leicester has unveiled a new buy-to-let mortgage product designed to cater for professional residential landlords.
The 'wholesale buy-to-let' home loan deal allows full-time landlords to manage and expand their portfolio.
Only available on portfolios of five or more properties with a total value in excess of £1 million, the bank is prepared to loan up to 75 per cent of the cumulative value.
Landlords can, however, borrow 100 per cent of the value of a new addition to their portfolio and have the guarantee of committed funding via a revolving credit facility secured against the value of the investments.
"Our wholesale buy-to-let product is designed to offer flexibility and committed funding for professional landlords to facilitate active portfolio management," explained Charles White, Alliance & Leicester's director of strategy and commercial property lending.
"We are confident that the new product will meet a demand that is not currently widely catered for," he added.
The mortgage is available to landlords now.
We have helped thousands of UK people obtain advice on Remortgages.
We Believe the Best Advice is 'Independent' Advic
- CML shatters interest-only mortgage myths
Interest-only mortgage borrowers are no less equipped to repay their home loans than homeowners with capital and interest mortgages, a new report shows. Conducted by.... - UCB simplifies buy-to-let criteria
Home specialist lender subsidiary to Nationwide, UCB, has just announced a reorganisation of lending criteria for the buy-to-let mortgage. The new mortgage can be lent.... - Spanish Barclays launches 80% LTV mortgage
Potential property investors in Spain are getting a little nudge closer to owning their dream house as Barclays Spain launches a low loan-to-value (LTV) mortgage.... - Paragon: Buy-to-let remains strong
Contrary to a report published yesterday by the Royal Institute of Chartered Surveyors (Rics), rental yields in the UK's buy-to-let sector remain high, according to....