ModaMortgages opens door to day one remortgages for bridge exits

Published on

Specialist buy-to-let lender ModaMortgages has expanded its criteria to allow day one remortgages for landlords exiting bridging finance.

The enhancement applies across both the lender’s core and limited edition buy-to-let product ranges. As part of the update, ModaMortgages will also consider applications for capital raising, provided there is sufficient equity in the property.

The lender is offering loan amounts from £25,000 up to £2 million, with maximum loan-to-value ratios of 80%. The announcement follows a series of recent changes, including an increase in the lender’s maximum LTV and the introduction of £0 and 3% product fee options within its limited edition offering.

Products are available to a broad spectrum of landlord profiles, including individuals, limited companies, first-time buyers and first-time landlords, as well as those with both small and large portfolios.

Darrell Walker (pictured), group sales director at ModaMortgages, said: “As the home of smarter, faster, simpler buy to let borrowing, we’re excited to announce this latest criteria enhancement which offers brokers even more ways to support their clients.

“This could be perfect for landlords who purchased a property via a bridging loan for the purpose of letting it out and have enhanced or improved it which has increased its value and are now looking to exit onto a longer-term buy to let mortgage. It could also be ideal for those who need to raise capital quickly for other purposes, such as purchasing another investment property.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

EXCLUSIVE: Mortgage industry launches festive concert to aid homeless

A collective of leading mortgage brokerages are joining forces this festive season to raise...

Virgin Money and Clydesdale Bank cut product transfer window to four months

Virgin Money and Clydesdale Bank are reducing the length of time customers can apply...

The Leeds cuts mortgage rates and lowers barriers for first-time buyers

Leeds Building Society has announced a raft of mortgage rate reductions of up to...

Accord widens access for those on Universal Credit and without indefinite leave to remain

Accord Mortgages has relaxed key elements of its lending criteria in a move it...

Vulnerable equity release customers still overlooked, warns ERG

The Equity Release Group (ERG) has warned that the financial advice industry is failing...

Latest publication

Latest opinions

HMOs: market realities, future prospects, and the broker opportunity

The HMO sector remains one of the most dynamic parts of the private rented...

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Passing the affordability exam

As teachers and students of various ages have spent August nervously opening exam results...

Investors are changing their approach – and lenders should too

The buy-to-let market never stands still, but the pace of change in recent years...

Other news

EXCLUSIVE: Mortgage industry launches festive concert to aid homeless

A collective of leading mortgage brokerages are joining forces this festive season to raise...

Virgin Money and Clydesdale Bank cut product transfer window to four months

Virgin Money and Clydesdale Bank are reducing the length of time customers can apply...

The Leeds cuts mortgage rates and lowers barriers for first-time buyers

Leeds Building Society has announced a raft of mortgage rate reductions of up to...