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      Bluestone Launches Interest-Only Buy-To-Let Offering

      Bluestone Mortgages has launched an interest-only buy-to-let option which will be available to first-time buyers & first-time landlords.

      Interest-only buy-to-let mortgages will be available for customers on Bluestone’s ‘Clear’ or ‘AAA’ products with a maximum LTV of 80%.

      Top slicing with income will be available on all interest only buy-to-let products, with a minimum rental income of 112% interest coverage ratio.

      The ICR for basic rate taxpayers will be 125%, and 140% for higher rate taxpayers. All products will be available using a full income and expenditure calculation where the ICR minimum is not achieved.

      The interest-only product will also be made available to first-time buyers & first-time landlords investing in a buy-to-let property, but a full income and expenditure calculation will be completed on a capital and interest basis.

      Steve Seal, director of sales and marketing at Bluestone Mortgages, commented: “Strengthening our buy-to-let proposition is a major development for us and a key part of our ongoing development plans and growth strategy. As a specialist lender, we are committed to providing suitable finance solutions to those who are currently underserved, or who have been excluded by mainstream lenders.

      "With our flexible products and market-leading buy-to-let lending criteria, we are confident that these improvements will provide customers with affordable borrowing solutions that suit their individual circumstances.”

      Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “Legal & General Mortgage Club worked with Bluestone on their launch into the UK market three years ago, so it’s great to see Bluestone further develop their proposition.

      "As a Mortgage Club, we are privileged to help lenders with their growth strategy and today’s offering shows how much can be achieved through a successful working relationship.

      "This is, however, not just about expansion for Bluestone. It is about providing customers who might have previously felt under represented with more lending choices. This could include self-employed workers or those who have suffered a slight blip on their credit score in the past through no fault of their own.

      Source - Financial Reporter 12/04/18

      Categories: BTL

      Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

      Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE. Registered in England & Wales under number 10607263.

      Your home may be repossessed if you do not keep up repayments on your mortgage.

      *From the 1st March 2018, there are No Broker Fees for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let). There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

      There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

      We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. 

      Our advice is covered under the Financial Ombudsman Service.  You may be able to submit a claim through the  EU Online Dispute Resolution Platform If you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.

      Association of Mortgage Intermediaires

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