Monmouthshire BS to launch portfolio mortgage range
Monmouthshire Building Society is set to launch a portfolio mortgage range.
Landlords will be able to mortgage multiple investment type properties under one loan with LTV and interest coverage ratio (ICR) requirements which can be assessed across the whole portfolio.
A diverse portfolio of buy-to-let, holiday let, HMOs and multi-unit freehold properties will be accepted.
There will be two variable discount products which come with a 1% fee; a 3.14% 2-year mortgage and 3.54% 5-year deal with a maximum LTV of 75%.
The 2-year product comes with a 2% ERC whilst the 5-year product has an ERC of 5% in the first year, 4% in the second, 3% in the third and 2% in the fourth and fifth years.
Dawn Gunter, chief operating officer at Monmouthshire Building Society, said: “The private rental sector is going through a lot of change and landlords have had little choice but to adapt.
“For example, the market has seen many professional landlords invest in more diverse portfolios and set up limited companies to manage their property businesses.
“As a lender, we need to respond by providing mortgages that meet the evolving needs of landlords.
“Our new portfolio range offers landlords and mortgage intermediaries a simple, flexible solution to financing diverse property portfolios.”
Landlords will be able to mortgage up to 20 properties and the offering is available to UK-based individual landlords and limited companies or SPVs with two years or more of experience.
The society will launch the range in November.